# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001752724-23-049410
**Filing Date:** 2023-3
**Character Count:** 223200
**Document Hash:** e7fd999533ff4674b9d48c823901fcf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049410.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049410

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 23691003

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

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

## Series and Classes Contracts Data

### KraneShares CICC China 5G and Semiconductor Index ETF (Series ID: S000067201)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000216191 | KraneShares CICC China 5G and Semiconductor Index ETF | KFVG            |

## Nport-Ex

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China Leaders 100 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.1% <sup>‡</sup>** |  |  |
| **China — 100.1%** |  |  |
| Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;China South Publishing & Media Group, Cl A | 9100 | $13126 |
| &nbsp;&nbsp;&nbsp;G-bits Network Technology Xiamen, Cl A | 600 | 27129 |
|  |  | 40255 |
| Consumer Discretionary — 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;Changchun Faway Automobile Components, Cl A | 7500 | 9062 |
| &nbsp;&nbsp;&nbsp;Chongqing Department Store, Cl A | 2600 | 8887 |
| &nbsp;&nbsp;&nbsp;Chongqing Zongshen Power Machinery, Cl A | 8700 | 7469 |
| &nbsp;&nbsp;&nbsp;FAWER Automotive Parts, Cl A | 9000 | 5724 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 20300 | 102896 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances of Zhuhai, Cl A | 57100 | 266731 |
| &nbsp;&nbsp;&nbsp;Guangdong Xinbao Electrical Appliances Holdings, Cl A | 4200 | 10107 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl A | 28000 | 44638 |
| &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group, Cl A | 5800 | 11040 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems, Cl A | 20000 | 50095 |
| &nbsp;&nbsp;&nbsp;IKD, Cl A | 4500 | 11844 |
| &nbsp;&nbsp;&nbsp;KingClean Electric, Cl A | 1500 | 6079 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 44300 | 331665 |
| &nbsp;&nbsp;&nbsp;Ningbo Huaxiang Electronic, Cl A | 6200 | 12456 |
| &nbsp;&nbsp;&nbsp;Wuchan Zhongda Group, Cl A | 39500 | 27461 |
| &nbsp;&nbsp;&nbsp;Zhejiang Supor, Cl A | 2100 | 15012 |
| &nbsp;&nbsp;&nbsp;Zhejiang Wanfeng Auto Wheel, Cl A \* | 19400 | 16683 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weixing Industrial Development, Cl A | 7900 | 11555 |
|  |  | 949404 |
| Consumer Staples — 8.5% |  |  |
| &nbsp;&nbsp;&nbsp;Heilongjiang Agriculture, Cl A | 9100 | 18098 |
| &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development, Cl A | 13200 | 49470 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yanghe Brewery JSC, Cl A | 7700 | 178621 |
| &nbsp;&nbsp;&nbsp;Meihua Holdings Group, Cl A | 27000 | 39726 |
| &nbsp;&nbsp;&nbsp;Shanghai Flyco Electrical Appliance, Cl A | 600 | 5839 |
| &nbsp;&nbsp;&nbsp;Tongwei, Cl A | 34200 | 190701 |
|  |  | 482455 |
| Energy — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl A | 41800 | 166865 |
| &nbsp;&nbsp;&nbsp;Shanxi Lu'an Environmental Energy Development, Cl A | 15200 | 37018 |
| &nbsp;&nbsp;&nbsp;Yankuang Energy Group, Cl A | 11600 | 56300 |
|  |  | 260183 |
| Financials — 35.7% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 404100 | 169960 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 266800 | 121854 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 347800 | 238273 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 85100 | 69247 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 65500 | 352736 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China Leaders 100 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 443700 | $278321 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 121400 | 308639 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 122900 | 233762 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl A | 137800 | 92015 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 148700 | 156462 |
|  |  | 2021269 |
| Health Care — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Anke Biotechnology Group, Cl A | 14900 | 20157 |
| &nbsp;&nbsp;&nbsp;China Animal Healthcare \*<sup>(A)</sup> | 4000 |  |
| &nbsp;&nbsp;&nbsp;Hubei Jumpcan Pharmaceutical, Cl A | 4700 | 18491 |
| &nbsp;&nbsp;&nbsp;Jointown Pharmaceutical Group, Cl A | 11900 | 22428 |
| &nbsp;&nbsp;&nbsp;Shandong Buchang Pharmaceuticals, Cl A | 7000 | 21256 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 13400 | 51537 |
| &nbsp;&nbsp;&nbsp;Sunflower Pharmaceutical Group, Cl A | 3800 | 12731 |
| &nbsp;&nbsp;&nbsp;Wuhan Easydiagnosis Biomedicine, Cl A | 1000 | 8277 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 9100 | 71497 |
|  |  | 226374 |
| Industrials — 16.6% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Construction Engineering Group, Cl A | 15200 | 10545 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl A | 130100 | 104549 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 265400 | 208289 |
| &nbsp;&nbsp;&nbsp;CNPC Capital, Cl A | 32100 | 25842 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl A | 154000 | 113739 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 75300 | 72700 |
| &nbsp;&nbsp;&nbsp;Hangcha Group, Cl A | 4400 | 10690 |
| &nbsp;&nbsp;&nbsp;Hefei Meiya Optoelectronic Technology, Cl A | 4500 | 15544 |
| &nbsp;&nbsp;&nbsp;Jiangsu Guotai International Group, Cl A | 12400 | 15234 |
| &nbsp;&nbsp;&nbsp;Jingjin Equipment, Cl A | 3700 | 15765 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 38400 | 29637 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Construction, Cl A | 8700 | 8475 |
| &nbsp;&nbsp;&nbsp;Shanghai Tunnel Engineering, Cl A | 27900 | 21251 |
| &nbsp;&nbsp;&nbsp;Shenzhen Tagen Group, Cl A | 16600 | 13100 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge, Cl A | 23700 | 38091 |
| &nbsp;&nbsp;&nbsp;Sinotrans, Cl A | 20000 | 11100 |
| &nbsp;&nbsp;&nbsp;Tian Di Science & Technology, Cl A | 21000 | 15783 |
| &nbsp;&nbsp;&nbsp;XCMG Construction Machinery, Cl A | 74800 | 54812 |
| &nbsp;&nbsp;&nbsp;Xiamen C & D, Cl A | 19100 | 37682 |
| &nbsp;&nbsp;&nbsp;Xiamen ITG Group, Cl A | 17800 | 18369 |
| &nbsp;&nbsp;&nbsp;Xiamen Xiangyu, Cl A | 14300 | 21226 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 13700 | 54849 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weixing New Building Materials, Cl A | 8100 | 24983 |
|  |  | 942255 |
| Information Technology — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A | 8900 | 35297 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 32714 | 22648 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 50300 | 66739 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China Leaders 100 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Hanergy Thin Film Power Group \*<sup>(A)</sup> | 65064 | $– |
| &nbsp;&nbsp;&nbsp;Olympic Circuit Technology | 2700 | 5612 |
| &nbsp;&nbsp;&nbsp;Universal Scientific Industrial Shanghai, Cl A | 8400 | 19704 |
| &nbsp;&nbsp;&nbsp;Yangling Metron New Material, Cl A | 2400 | 17052 |
| &nbsp;&nbsp;&nbsp;Zhejiang Jiecang Linear Motion Technology, Cl A | 2500 | 9236 |
|  |  | 176288 |
| Materials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Jinhe Industrial, Cl A | 4300 | 20199 |
| &nbsp;&nbsp;&nbsp;China Lumena New Materials \*<sup>(A)</sup> | 718 |  |
| &nbsp;&nbsp;&nbsp;Gansu Qilianshan Cement Group, Cl A | 7900 | 11338 |
| &nbsp;&nbsp;&nbsp;Huaibei Mining Holdings, Cl A | 12600 | 23310 |
| &nbsp;&nbsp;&nbsp;Nantong Jiangshan Agrochemical & Chemical, Cl A | 2200 | 14016 |
| &nbsp;&nbsp;&nbsp;Shanghai Zijiang Enterprise Group, Cl A | 15400 | 11129 |
| &nbsp;&nbsp;&nbsp;Tianhe Chemicals Group \*<sup>(A)</sup> | 40000 | – |
|  |  | 79992 |
| Real Estate — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl A | 86200 | 226749 |
| &nbsp;&nbsp;&nbsp;Gemdale, Cl A | 39900 | 58995 |
| &nbsp;&nbsp;&nbsp;Hangzhou Binjiang Real Estate Group, Cl A | 15800 | 20164 |
| &nbsp;&nbsp;&nbsp;Rongan Property, Cl A | 12100 | 5159 |
|  |  | 311067 |
| Utilities — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 119300 | 103456 |
| &nbsp;&nbsp;&nbsp;Fujian Funeng, Cl A | 9900 | 15139 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 37800 | 59168 |
|  |  | 177763 |
| TOTAL CHINA |  | 5667305 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,958,315) |  | 5667305 |
| TOTAL INVESTMENTS — 100.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,958,315) |  | 5667305 |
| OTHER ASSETS LESS LIABILITIES – (0.1)% |  | (4217) |
| NET ASSETS – 100% |  | $5663088 |

---

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. <br> \* Non-income producing security. <br> (A) Level 3 security in accordance with fair value hierarchy.

*Cl — Class*

*JSC — Joint-Stock Company*

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China Leaders 100 Index ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $40255 | $– | $– |  | $40255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 904766 | 44638 |  |  | 949404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 482455 |  |  |  | 482455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 260183 |  |  |  | 260183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 2021269 |  |  |  | 2021269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 226374 |  |  | <sup>‡‡</sup> | 226374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 942255 |  |  |  | 942255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 176288 |  |  | <sup>‡‡</sup> | 176288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 79992 |  |  | <sup>‡‡</sup> | 79992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 311067 |  |  |  | 311067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 177763 | – | – |  | 177763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 5622667 | 44638 | – |  | 5667305 |
| Total Investments in Securities | $5622667 | $44638 | $– |  | $5667305 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets. |
| ‡‡ | Security or securities with a market value of $0. |

---

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

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

KRS-QH-001-1900

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CSI China Internet ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.1% <sup>‡</sup>** |  |  |
| **China — 100.1%** |  |  |
| Communication Services — 41.9% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 2572965 | $78732729 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 17146284 | 245387853 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 9952344 | 238194717 |
| &nbsp;&nbsp;&nbsp;China Literature \* | 16831600 | 65342825 |
| &nbsp;&nbsp;&nbsp;iQIYI ADR \*<sup>(A)</sup> | 13579029 | 71968854 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 1696786 | 53601470 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR \* | 11814312 | 240657535 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 36176600 | 120975696 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 32405100 | 294990020 |
| &nbsp;&nbsp;&nbsp;NetEase | 18355805 | 269282913 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 16201275 | 693306921 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR \* | 35448348 | 293512321 |
| &nbsp;&nbsp;&nbsp;Weibo ADR \* | 3323517 | 63545645 |
|  |  | 2729499499 |
| Consumer Discretionary — 46.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding \* | 48905964 | 540444128 |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 189958000 | 161848660 |
| &nbsp;&nbsp;&nbsp;Dada Nexus ADR \* | 3468057 | 24172357 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 25456900 | 232717675 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A \* | 14610240 | 412196734 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 23501700 | 526043984 |
| &nbsp;&nbsp;&nbsp;Pinduoduo ADR \* | 4473279 | 364795902 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology \*<sup>(A)</sup> | 19748800 | 53895213 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR \* | 17622899 | 124241438 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings \* | 46223800 | 111222104 |
| &nbsp;&nbsp;&nbsp;Trip.com Group \* | 7601600 | 266471632 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR \* | 14500474 | 197786465 |
|  |  | 3015836292 |
| Financials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;360 DigiTech ADR | 4204422 | 85602032 |
| &nbsp;&nbsp;&nbsp;Lufax Holding ADR | 31076220 | 60287867 |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H \*<sup>(A)</sup> | 24486400 | 67451758 |
|  |  | 213341657 |
| Industrials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR \* | 30807471 | 246459768 |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Chindata Group Holdings ADR \* | 6223493 | 49601239 |
| &nbsp;&nbsp;&nbsp;Ming Yuan Cloud Group Holdings <sup>(A)</sup> | 39681000 | 35690251 |
|  |  | 85291490 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CSI China Internet ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings ADR \* | 15930941 | $222395936 |
| TOTAL CHINA |  | 6512824642 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,822,897,143) |  | 6512824642 |
| **SHORT-TERM INVESTMENT — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Cl Institutional, 4.220% <sup>(B)(C)</sup> | 69616234 | 69616234 |
| TOTAL SHORT-TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $69,616,234) |  | 69616234 |
| TOTAL INVESTMENTS — 101.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,892,513,377) |  | 6582440876 |
| OTHER ASSETS LESS LIABILITIES – (1.2)% |  | (78962844) |
| NET ASSETS – 100% |  | $6503478032 |

---

---

| | |
|:---|:---|
| ‡ | Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. |
| \* | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at December 31, 2022. The total market value of securities on loan at December 31, 2022 was $66,445,833. |
| (B) | The rate shown is the 7-day effective yield as of December 31, 2022. |
| (C) | This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2022 was $69,616,234. |

---

*ADR — American Depositary Receipt*

*Cl — Class*

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

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

KRS-QH-002-1900

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Bosera MSCI China A Share ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6% <sup>‡</sup>** |  |  |
| **China — 99.6%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;China United Network Communications, Cl A | 4984500 | $3227495 |
| &nbsp;&nbsp;&nbsp;Focus Media Information Technology, Cl A | 2324702 | 2244450 |
|  |  | 5471945 |
| Consumer Discretionary — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 414189 | 15383214 |
| &nbsp;&nbsp;&nbsp;China Tourism Group Duty Free, Cl A | 446132 | 13929756 |
|  |  | 29312970 |
| Consumer Staples — 16.2% |  |  |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 418920 | 4819589 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 693012 | 3105050 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yanghe Brewery JSC, Cl A | 163022 | 3781702 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 136189 | 33993858 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 159646 | 5175051 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 576345 | 4060909 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 132316 | 5450145 |
| &nbsp;&nbsp;&nbsp;Tongwei, Cl A | 487493 | 2718296 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 421079 | 10996736 |
|  |  | 74101336 |
| Energy — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl A | 1694647 | 6765019 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 2490716 | 6688612 |
|  |  | 13453631 |
| Financials — 18.4% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 13444407 | 5654585 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 6198699 | 4246635 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 1043718 | 4895127 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 3257758 | 17543965 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 1079114 | 3824317 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 1933922 | 5565142 |
| &nbsp;&nbsp;&nbsp;East Money Information, Cl A | 2086794 | 5851232 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 9935026 | 6231963 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 3280722 | 8340678 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 3064671 | 5829158 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 1710698 | 11620834 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 4635446 | 4877407 |
|  |  | 84481043 |
| Health Care — 9.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 1520167 | 6826507 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A | 345670 | 4388041 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 1380639 | 7688564 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 262394 | 11983008 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 555182 | 6499597 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Bosera MSCI China A Share ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 130450 | $5438709 |
|  |  | 42824426 |
| Industrials — 16.5% |  |  |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 10390358 | 8154483 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 604653 | 34381810 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 3155960 | 4693674 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 500369 | 6356900 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 1658736 | 5849694 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 1212959 | 10126034 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 368038 | 5947036 |
|  |  | 75509631 |
| Information Technology — 12.4% |  |  |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 21928945 | 10712739 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A \* | 4432291 | 27072221 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 4142250 | 19008424 |
|  |  | 56793384 |
| Materials — 11.2% |  |  |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 1662077 | 22256796 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material, Cl A | 553343 | 10500069 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 12768092 | 18454067 |
|  |  | 51210932 |
| Real Estate — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl A | 1542700 | 4058064 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 1899177 | 4153082 |
|  |  | 8211146 |
| Utilities — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 4525600 | 3695649 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 3602394 | 10933937 |
|  |  | 14629586 |
| TOTAL CHINA |  | 456000030 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $543,989,430) |  | 456000030 |
| **RIGHT — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma <sup>‡‡(A)</sup> | 66139 | – |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Bosera MSCI China A Share ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| RIGHT — continued |  |  |
| TOTAL CHINA |  | $– |
| TOTAL RIGHT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| TOTAL INVESTMENTS — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $543,989,430) |  | 456000030 |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 1921456 |
| NET ASSETS – 100% |  | $457921486 |

---

---

| | |
|:---|:---|
| ‡‡ | Expiration date not available. |
| ‡ | 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. |

---

*Cl — Class*

*JSC — Joint-Stock Company*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $456000030 | $– | $– |  | $456000030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 456000030 |  |  |  | 456000030 |
| &nbsp;&nbsp;&nbsp;Right | – | – | – | <sup>‡‡</sup> | – |
| Total Investments in Securities | $456000030 | $– | $– |  | $456000030 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets. |
| <sup>‡‡</sup> | Security or securities with a market value of $0. |

---

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

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

KRS-QH-003-1800

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Bloomberg China Bond Inclusion Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount <sup>(A)</sup>** | **Value** |
| **GLOBAL BONDS — 74.6%** |  |  |
| **China — 74.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Development Bank of China |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/24/2026 | $930000 | $137050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.060%, 08/05/2023 | 3500000 | 508740 |
| &nbsp;&nbsp;&nbsp;China Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.040%, 04/10/2027 | 1650000 | 249883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.040%, 07/06/2028 | 1650000 | 252064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.430%, 01/14/2027 | 3450000 | 509344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 03/03/2026 | 2360000 | 348016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.090%, 06/18/2030 | 820000 | 118850 |
| &nbsp;&nbsp;&nbsp;China Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.080%, 10/22/2048 | 1190000 | 196819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 07/24/2047 | 930000 | 151771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.530%, 10/18/2051 | 2700000 | 409805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.320%, 04/15/2052 | 4000000 | 590127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.290%, 05/23/2029 | 1600000 | 239069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.020%, 10/22/2025 | 2500000 | 366675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 03/24/2029 | 4000000 | 578420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.760%, 05/15/2032 | 4300000 | 615646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 06/15/2029 | 4000000 | 576223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.690%, 08/15/2032 | 4500000 | 640342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.680%, 05/21/2030 | 1800000 | 256621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/2027 | 4300000 | 615662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.480%, 04/15/2027 | 4500000 | 644224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.370%, 01/20/2027 | 4400000 | 628978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.260%, 02/24/2025 | 3000000 | 431474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.180%, 08/25/2025 | 4500000 | 646073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.990%, 04/09/2025 | 1710000 | 244667 |
| &nbsp;&nbsp;&nbsp;Export-Import Bank of China |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.860%, 05/20/2029 | 1030000 | 156434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.230%, 03/23/2030 | 1160000 | 169773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.180%, 03/11/2032 | 1000000 | 145879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 03/02/2025 | 1240000 | 180646 |
|  |  | 10609275 |
| TOTAL GLOBAL BONDS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,815,183) |  | 10609275 |
| **CORPORATE OBLIGATIONS — 16.9%** |  |  |
| **CHINA — 13.9%** |  |  |
| Basic Materials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;China Baowu Steel Group, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.370%, 05/22/2023 | 4000000 | 577766 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Bloomberg China Bond Inclusion Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount<sup>(A)</sup>** | **Value** |
| **CORPORATE OBLIGATIONS — continued** |  |  |
| Consumer, Cyclical — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Zhejiang Geely Holding Group, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 03/28/2025 | $4000000 | $567233 |
| Utilities — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Southern Power Grid, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/17/2023 | 1500000 | 216849 |
| &nbsp;&nbsp;&nbsp;State Grid Corp of China, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.880%, 08/30/2027 | 4300000 | 610649 |
|  |  | 827498 |
| TOTAL CHINA |  | 1972497 |
| **SUPRANATIONAL — 3.0%** |  |  |
| Government — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;New Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 01/27/2025 | 3000000 | 427867 |
| TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,468,567) |  | 2400364 |
| TOTAL INVESTMENTS — 91.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,283,750) |  | 13009639 |
| OTHER ASSETS LESS LIABILITIES – 8.5% |  | 1203004 |
| NET ASSETS – 100% |  | $14212643 |

---

(A) In CNY unless otherwise indicated.

*MTN — Medium Term Note*

As of December 31, 2022, all of the Fund's investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

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

KRS-QH-004-1700

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6% <sup>‡</sup>** | | |
| **China — 99.1%** | | |
| Communication Services — 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 319 | $9762 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 4150 | 59392 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 780 | 18668 |
| &nbsp;&nbsp;&nbsp;Focus Media Information Technology, Cl A | 17700 | 17089 |
| &nbsp;&nbsp;&nbsp;iQIYI ADR \* | 1639 | 8687 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 326 | 10298 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 9000 | 30096 |
| &nbsp;&nbsp;&nbsp;Oriental Pearl Group, Cl A | 13440 | 12918 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 9658 | 413298 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR \* | 2256 | 18680 |
| &nbsp;&nbsp;&nbsp;Weibo ADR \* | 596 | 11396 |
|  |  | 610284 |
| Consumer Discretionary — 22.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding \* | 25824 | 285373 |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 12000 | 10224 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 2800 | 36700 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 1400 | 51997 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 2000 | 49353 |
| &nbsp;&nbsp;&nbsp;China Grand Automotive Services Group, Cl A \* | 4700 | 1426 |
| &nbsp;&nbsp;&nbsp;China Tourism Group Duty Free, Cl A | 1400 | 43713 |
| &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile, Cl A | 17338 | 30848 |
| &nbsp;&nbsp;&nbsp;Dongfeng Motor Group, Cl H | 10000 | 5740 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 5100 | 25851 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 14000 | 20449 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor, Cl H | 10500 | 13668 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl H | 12000 | 8087 |
| &nbsp;&nbsp;&nbsp;H World Group ADR \* | 483 | 20489 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 5200 | 18383 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl H | 7000 | 23857 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems, Cl A | 2800 | 7013 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A \* | 3422 | 96539 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 6800 | 152206 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group \* | 3600 | 13145 |
| &nbsp;&nbsp;&nbsp;NIO ADR \* | 2849 | 27778 |
| &nbsp;&nbsp;&nbsp;Pinduoduo ADR \* | 858 | 69970 |
| &nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 7057 | 14698 |
| &nbsp;&nbsp;&nbsp;Shenzhen Overseas Chinese Town, Cl A | 16900 | 13019 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | 2300 | 25873 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR \* | 1775 | 12514 |
| &nbsp;&nbsp;&nbsp;Trip.com Group ADR \* | 1198 | 41211 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR \* | 1138 | 15522 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings | 754 | 41206 |
|  |  | 1176852 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery, Cl A | 800 | $30861 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy | 8000 | 36285 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings | 4000 | 27957 |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 2979 | 34270 |
| &nbsp;&nbsp;&nbsp;Guangdong Haid Group, Cl A | 3100 | 27658 |
| &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development, Cl A | 3100 | 11618 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 4700 | 21058 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yanghe Brewery JSC, Cl A | 1000 | 23197 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 700 | 174726 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 1400 | 45382 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 5302 | 37358 |
| &nbsp;&nbsp;&nbsp;New Hope Liuhe, Cl A \* | 8400 | 15674 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 1060 | 43662 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding | 8000 | 14124 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings | 14000 | 9363 |
| &nbsp;&nbsp;&nbsp;Yonghui Superstores, Cl A | 11000 | 5803 |
|  |  | 558996 |
| Energy — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;China Oilfield Services, Cl H | 10000 | 12159 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl A | 28900 | 18212 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl H | 60500 | 29223 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl H | 7000 | 20224 |
| &nbsp;&nbsp;&nbsp;Offshore Oil Engineering, Cl A | 10900 | 9547 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 13700 | 9841 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl H | 43984 | 20119 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 7400 | 19872 |
| &nbsp;&nbsp;&nbsp;Shanxi Lu'an Environmental Energy Development, Cl A | 4600 | 11203 |
| &nbsp;&nbsp;&nbsp;Yankuang Energy Group, Cl H | 10000 | 30493 |
|  |  | 180893 |
| Financials — 21.4% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 54500 | 22922 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl H | 65397 | 22455 |
| &nbsp;&nbsp;&nbsp;AVIC Industry-Finance Holdings, Cl A | 13100 | 6210 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing, Cl A | 17300 | 10777 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 21200 | 9683 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 150396 | 54725 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 27100 | 18566 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl H | 20000 | 11506 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 8800 | 16636 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 13800 | 14540 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 8600 | 12952 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 4500 | 21105 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 11404 | 9741 |
| &nbsp;&nbsp;&nbsp;Changjiang Securities, Cl A | 12800 | 9861 |
| &nbsp;&nbsp;&nbsp;China Cinda Asset Management, Cl H | 62504 | 8649 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl H | 20000 | 8866 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 7200 | 5859 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 173000 | $108389 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank, Cl A | 33900 | 15042 |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities, Cl H | 23000 | 11228 |
| &nbsp;&nbsp;&nbsp;China Life Insurance, Cl H | 14483 | 24865 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 11200 | 60315 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl H | 8500 | 47537 |
| &nbsp;&nbsp;&nbsp;China Merchants Securities, Cl A | 5900 | 11342 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl A | 31400 | 15657 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl H | 17500 | 6054 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 4500 | 15948 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl H | 6600 | 14697 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 12600 | 15692 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 9845 | 28330 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl H | 5000 | 10109 |
| &nbsp;&nbsp;&nbsp;Everbright Securities, Cl A | 6400 | 13755 |
| &nbsp;&nbsp;&nbsp;Far East Horizon | 9000 | 7034 |
| &nbsp;&nbsp;&nbsp;Founder Securities, Cl A | 10400 | 9590 |
| &nbsp;&nbsp;&nbsp;GF Securities, Cl A | 6100 | 13657 |
| &nbsp;&nbsp;&nbsp;GF Securities, Cl H | 9200 | 13225 |
| &nbsp;&nbsp;&nbsp;Guosen Securities, Cl A | 6700 | 8599 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 5000 | 9821 |
| &nbsp;&nbsp;&nbsp;Haitong Securities, Cl A | 7800 | 9797 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl A | 7400 | 13626 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl H | 5600 | 6407 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 11300 | 8476 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 41700 | 26157 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl H | 133441 | 68730 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 12500 | 31779 |
| &nbsp;&nbsp;&nbsp;Industrial Securities, Cl A | 17069 | 14161 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl A | 2500 | 10869 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl H | 2200 | 5384 |
| &nbsp;&nbsp;&nbsp;Orient Securities, Cl A | 8700 | 11241 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl H | 33452 | 11101 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 17510 | 16624 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 12391 | 23568 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 6300 | 42796 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 11500 | 76102 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 17800 | 18729 |
| &nbsp;&nbsp;&nbsp;Shenwan Hongyuan Group, Cl A | 20200 | 11620 |
|  |  | 1133106 |
| Health Care — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;3SBio | 7000 | 7444 |
| &nbsp;&nbsp;&nbsp;Beijing Tongrentang, Cl A | 1244 | 8033 |
| &nbsp;&nbsp;&nbsp;Changchun High & New Technology Industry Group, Cl A | 800 | 19246 |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings | 6000 | 9440 |
| &nbsp;&nbsp;&nbsp;China Traditional Chinese Medicine Holdings | 12000 | 5458 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 27520 | 28913 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Dong-E-E-Jiao, Cl A | 1900 | $11177 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech \* | 8000 | 25471 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 1400 | 6028 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 1780 | 12040 |
| &nbsp;&nbsp;&nbsp;Hualan Biological Engineering, Cl A | 3680 | 12037 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 3516 | 19580 |
| &nbsp;&nbsp;&nbsp;Meinian Onehealth Healthcare Holdings, Cl A \* | 8260 | 7318 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 2400 | 12224 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl H | 2000 | 6406 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 4600 | 11854 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 2900 | 11153 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 4000 | 10168 |
| &nbsp;&nbsp;&nbsp;Tonghua Dongbao Pharmaceutical, Cl A | 9100 | 12074 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 7000 | 53678 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 1240 | 9742 |
| &nbsp;&nbsp;&nbsp;Zai Lab ADR \* | 227 | 6969 |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 400 | 16677 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU, Cl A | 4332 | 11740 |
|  |  | 334870 |
| Industrials — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;AECC Aviation Power, Cl A | 2400 | 14666 |
| &nbsp;&nbsp;&nbsp;AVIC Electromechanical Systems, Cl A | 4000 | 5810 |
| &nbsp;&nbsp;&nbsp;Beijing Capital International Airport, Cl H \* | 8000 | 5853 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 5000 | 10865 |
| &nbsp;&nbsp;&nbsp;China Eastern Airlines, Cl A \* | 15100 | 12069 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 49337 | 16330 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 28323 | 12665 |
| &nbsp;&nbsp;&nbsp;China Merchants Port Holdings | 10734 | 15733 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 14000 | 7390 |
| &nbsp;&nbsp;&nbsp;China Southern Airlines, Cl A \* | 14300 | 15708 |
| &nbsp;&nbsp;&nbsp;CITIC | 14780 | 15604 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 15120 | 22487 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 9500 | 9172 |
| &nbsp;&nbsp;&nbsp;Fosun International | 7000 | 5704 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyun International Airport, Cl A \* | 12100 | 26250 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 10000 | 9135 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 25000 | 11490 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 11400 | 11666 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Industry, Cl A | 8400 | 19182 |
| &nbsp;&nbsp;&nbsp;Shanghai International Airport, Cl A \* | 1000 | 8341 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 7600 | 5866 |
| &nbsp;&nbsp;&nbsp;Shenzhen International Holdings | 9423 | 9248 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl A | 10588 | 15579 |
| &nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology, Cl A | 6449 | 10253 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 2300 | 9208 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 1900 | 9433 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology, Cl A | 9800 | 7705 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman ADR \* | 875 | $23511 |
|  |  | 346923 |
| Information Technology — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings \* | 3500 | 8000 |
| &nbsp;&nbsp;&nbsp;Aisino, Cl A | 1500 | 2257 |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 29500 | 14411 |
| &nbsp;&nbsp;&nbsp;DHC Software, Cl A | 9900 | 8099 |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A \* | 5900 | 15497 |
| &nbsp;&nbsp;&nbsp;Hanergy Thin Film Power Group \*<sup>(A)</sup> | 4364 |  |
| &nbsp;&nbsp;&nbsp;Hengtong Optic-electric, Cl A | 6400 | 13931 |
| &nbsp;&nbsp;&nbsp;Iflytek, Cl A | 2000 | 9490 |
| &nbsp;&nbsp;&nbsp;Kingboard Holdings | 3000 | 9551 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 10000 | 21448 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 20000 | 16426 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A \* | 6029 | 36824 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 7274 | 33380 |
| &nbsp;&nbsp;&nbsp;NavInfo, Cl A | 4100 | 6530 |
| &nbsp;&nbsp;&nbsp;OFILM Group, Cl A \* | 8182 | 5570 |
| &nbsp;&nbsp;&nbsp;Sanan Optoelectronics, Cl A | 10200 | 25298 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 1800 | 21413 |
| &nbsp;&nbsp;&nbsp;Tianma Microelectronics, Cl A | 3900 | 4881 |
| &nbsp;&nbsp;&nbsp;TravelSky Technology, Cl H | 4000 | 8456 |
| &nbsp;&nbsp;&nbsp;Unigroup Guoxin Microelectronics, Cl A | 1420 | 27054 |
| &nbsp;&nbsp;&nbsp;Yonyou Network Technology, Cl A | 3225 | 11266 |
| &nbsp;&nbsp;&nbsp;Zhejiang Dahua Technology, Cl A | 3300 | 5394 |
| &nbsp;&nbsp;&nbsp;ZTE, Cl H | 4600 | 10137 |
|  |  | 315313 |
| Materials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl A | 2300 | 9102 |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 4000 | 13991 |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel, Cl A | 17600 | 14220 |
| &nbsp;&nbsp;&nbsp;BBMG, Cl A | 16500 | 6057 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 12000 | 9855 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 6600 | 23896 |
| &nbsp;&nbsp;&nbsp;China Resources Cement Holdings | 10000 | 5304 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl H | 36000 | 16605 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 1920 | 19289 |
| &nbsp;&nbsp;&nbsp;Hesteel, Cl A | 18900 | 6173 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia BaoTou Steel Union, Cl A | 39300 | 10906 |
| &nbsp;&nbsp;&nbsp;Rongsheng Petrochemical, Cl A | 7650 | 13600 |
| &nbsp;&nbsp;&nbsp;Shandong Hualu Hengsheng Chemical, Cl A | 3340 | 16003 |
| &nbsp;&nbsp;&nbsp;Sinopec Shanghai Petrochemical, Cl A | 20100 | 9035 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A \* | 940 | 10732 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 1104 | 8876 |
| &nbsp;&nbsp;&nbsp;Zhejiang Longsheng Group, Cl A | 8400 | 12019 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 11000 | $15899 |
|  |  | 221562 |
| Real Estate — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Evergrande Group \*<sup>(A)</sup> | 13000 | 1269 |
| &nbsp;&nbsp;&nbsp;China Jinmao Holdings Group | 20000 | 4305 |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings, Cl A | 5500 | 10040 |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment | 10839 | 28608 |
| &nbsp;&nbsp;&nbsp;China Resources Land | 8214 | 37624 |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl A | 6543 | 17211 |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl H | 5700 | 11539 |
| &nbsp;&nbsp;&nbsp;Country Garden Holdings | 32612 | 11156 |
| &nbsp;&nbsp;&nbsp;Gemdale, Cl A | 6400 | 9463 |
| &nbsp;&nbsp;&nbsp;Greenland Holdings, Cl A \* | 14806 | 6377 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings | 5000 | 15567 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 7900 | 17275 |
| &nbsp;&nbsp;&nbsp;Seazen Holdings, Cl A \* | 4000 | 11852 |
| &nbsp;&nbsp;&nbsp;Shimao Group Holdings \*<sup>(A)</sup> | 17500 | 4510 |
| &nbsp;&nbsp;&nbsp;Sunac China Holdings \*<sup>(A)</sup> | 13000 | 3472 |
| &nbsp;&nbsp;&nbsp;Xinhu Zhongbao, Cl A \* | 50800 | 18649 |
|  |  | 208917 |
| Utilities — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 20000 | 5125 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 6800 | 9897 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 10000 | 12223 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 4600 | 17268 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 8000 | 16359 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 1482 | 20811 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment | 10000 | 10237 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 31500 | 26770 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H \* | 27077 | 12802 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 8300 | 12992 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 8400 | 14848 |
|  |  | 159332 |
| TOTAL CHINA |  | 5247048 |
| **Hong Kong — 0.5%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 21500 | 12589 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nine Dragons Paper Holdings | 15000 | 13684 |
| TOTAL HONG KONG |  | 26273 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,095,693) |  | 5273321 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHT — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma <sup>‡‡(A)</sup> | 480 | $– |
| TOTAL CHINA |  | – |
| TOTAL RIGHT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| TOTAL INVESTMENTS — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,095,693) |  | 5273321 |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 22568 |
| NET ASSETS – 100% |  | $5295889 |

---

---

| | |
|:---|:---|
| ‡‡ | Expiration date not available. |
| ‡ | 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. |

---

*ADR — American Depositary Receipt*

*Cl — Class*

*JSC — Joint-Stock Company*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $610284 | $– | $– |  | $610284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1175426 | 1426 |  |  | 1176852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 558996 |  |  |  | 558996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 180893 |  |  |  | 180893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 1133106 |  |  |  | 1133106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 334870 |  |  |  | 334870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 346923 |  |  |  | 346923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 315313 |  |  | <sup>‡‡</sup> | 315313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 221562 |  |  |  | 221562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 199666 |  | 9251 |  | 208917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 159332 |  |  |  | 159332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 26273 | – | – |  | 26273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 5262644 | 1426 | 9251 |  | 5273321 |
| &nbsp;&nbsp;&nbsp;Right | – | – | – | <sup>‡‡</sup> | – |
| Total Investments in Securities | $5262644 | $1426 | $9251 |  | $5273321 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets. |
| ‡‡ | Security or securities with a market value of $0. |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI All China Index ETF**

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

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

KRS-QH-011-0100

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0% <sup>‡</sup>** |  |  |
| **China — 45.7%** |  |  |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Guanghui Energy, Cl A | 14900 | $19425 |
| Financials — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Changsha, Cl A | 9200 | 8989 |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu, Cl A | 8000 | 17691 |
| &nbsp;&nbsp;&nbsp;Bank of Guiyang, Cl A | 8427 | 6686 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 13500 | 25522 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 33655 | 35461 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 23591 | 35529 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 14846 | 69629 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou, Cl A | 8400 | 9445 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl A | 20500 | 10459 |
|  |  | 219411 |
| Industrials — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 3908 | 14618 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 93500 | 66488 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 13000 | 28249 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 75000 | 24824 |
| &nbsp;&nbsp;&nbsp;China Lesso Group Holdings | 9000 | 9398 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 33500 | 17684 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 96600 | 75813 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl H | 34000 | 13722 |
| &nbsp;&nbsp;&nbsp;Dajin Heavy Industry, Cl A | 1300 | 7773 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 34232 | 33050 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl A | 6300 | 19140 |
| &nbsp;&nbsp;&nbsp;Fangda Carbon New Material, Cl A \* | 8900 | 7872 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 3900 | 16251 |
| &nbsp;&nbsp;&nbsp;Guangdong Kinlong Hardware Products, Cl A | 800 | 12019 |
| &nbsp;&nbsp;&nbsp;Guangzhou Great Power Energy & Technology, Cl A | 1100 | 12399 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 10000 | 9135 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengli Hydraulic, Cl A | 3000 | 27382 |
| &nbsp;&nbsp;&nbsp;Jiangxi Special Electric Motor, Cl A \* | 4000 | 10088 |
| &nbsp;&nbsp;&nbsp;Liaoning Port, Cl A | 43200 | 10115 |
| &nbsp;&nbsp;&nbsp;Luoyang Xinqianglian Slewing Bearing, Cl A | 850 | 6546 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 41200 | 18936 |
| &nbsp;&nbsp;&nbsp;Ming Yang Smart Energy Group, Cl A | 5000 | 18254 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 15660 | 55226 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 500 | 23935 |
| &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1600 | 15686 |
| &nbsp;&nbsp;&nbsp;Ningbo Ronbay New Energy Technology, Cl A | 1116 | 11089 |
| &nbsp;&nbsp;&nbsp;North Industries Group Red Arrow, Cl A | 3100 | 8800 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 34900 | 35713 |
| &nbsp;&nbsp;&nbsp;Riyue Heavy Industry, Cl A | 2200 | 6455 |
| &nbsp;&nbsp;&nbsp;Shanghai Construction Group, Cl A | 20400 | 7666 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group, Cl A \* | 29300 | 16685 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 21210 | 16370 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 6150 | $61777 |
| &nbsp;&nbsp;&nbsp;Shenzhen International Holdings | 11493 | 11279 |
| &nbsp;&nbsp;&nbsp;Shuangliang Eco-Energy Systems, Cl A \* | 4200 | 7855 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge, Cl A | 11300 | 18161 |
| &nbsp;&nbsp;&nbsp;Sieyuan Electric, Cl A | 1800 | 9943 |
| &nbsp;&nbsp;&nbsp;Suzhou Maxwell Technologies, Cl A | 440 | 26191 |
| &nbsp;&nbsp;&nbsp;TBEA, Cl A | 8675 | 25177 |
| &nbsp;&nbsp;&nbsp;Titan Wind Energy Suzhou, Cl A | 4100 | 8966 |
| &nbsp;&nbsp;&nbsp;Wuxi Shangji Automation, Cl A | 900 | 13769 |
| &nbsp;&nbsp;&nbsp;XCMG Construction Machinery, Cl A | 27248 | 19967 |
| &nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology, Cl H | 6200 | 5521 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings | 22900 | 23221 |
| &nbsp;&nbsp;&nbsp;Zhefu Holding Group, Cl A | 12600 | 7120 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 12000 | 9240 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weixing New Building Materials, Cl A | 3700 | 11412 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 4300 | 21349 |
| &nbsp;&nbsp;&nbsp;Zhuzhou Kibing Group, Cl A | 6000 | 9877 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology, Cl A | 16400 | 12895 |
|  |  | 961101 |
| Materials — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 10000 | 34978 |
| &nbsp;&nbsp;&nbsp;Chengtun Mining Group, Cl A | 7200 | 6129 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 31000 | 25459 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 8424 | 30500 |
| &nbsp;&nbsp;&nbsp;China Rare Earth Resources And Technology, Cl A \* | 2300 | 10930 |
| &nbsp;&nbsp;&nbsp;China Resources Cement Holdings | 20000 | 10609 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal & Power, Cl A | 5100 | 11027 |
| &nbsp;&nbsp;&nbsp;Huaxin Cement, Cl A | 3100 | 6640 |
| &nbsp;&nbsp;&nbsp;Shenghe Resources Holding, Cl A | 4000 | 8094 |
| &nbsp;&nbsp;&nbsp;Tangshan Jidong Cement, Cl A | 6100 | 7256 |
| &nbsp;&nbsp;&nbsp;Western Mining, Cl A | 5500 | 8108 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 3300 | 9325 |
| &nbsp;&nbsp;&nbsp;Yintai Gold, Cl A | 6600 | 10531 |
| &nbsp;&nbsp;&nbsp;Youngy, Cl A \* | 600 | 8490 |
| &nbsp;&nbsp;&nbsp;Yunnan Tin, Cl A | 3800 | 7744 |
|  |  | 195820 |
| Utilities — 15.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 4000 | 12812 |
| &nbsp;&nbsp;&nbsp;CECEP Solar Energy, Cl A | 9200 | 9747 |
| &nbsp;&nbsp;&nbsp;CECEP Wind-Power, Cl A | 11900 | 6553 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 83000 | 19780 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 23400 | 34058 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 26000 | 31780 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 43600 | 37810 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 43000 | 18181 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 7200 | $27029 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 16635 | 34016 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 66200 | 54059 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 52400 | 159044 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 6200 | 87063 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas, Cl A | 6200 | 14427 |
| &nbsp;&nbsp;&nbsp;GD Power Development, Cl A \* | 41400 | 25550 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 18942 | 16098 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H \* | 33000 | 15602 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 32000 | 22837 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 17406 | 27245 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Power, Cl A \* | 6500 | 9404 |
| &nbsp;&nbsp;&nbsp;Shenergy, Cl A | 11419 | 9060 |
| &nbsp;&nbsp;&nbsp;Shenzhen Energy Group, Cl A | 10800 | 9928 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 8384 | 14820 |
|  |  | 696903 |
| TOTAL CHINA |  | 2092660 |
| **Hong Kong — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Hutchison Port Holdings Trust, Cl U | 46200 | 8963 |
| TOTAL HONG KONG |  | 8963 |
| **India — 2.5%** |  |  |
| Energy — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 1669 | 13535 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 785 | 24338 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Fine Organic Industries | 143 | 9923 |
| &nbsp;&nbsp;&nbsp;PI Industries | 1397 | 57749 |
| &nbsp;&nbsp;&nbsp;Vinati Organics | 464 | 11189 |
|  |  | 78861 |
| TOTAL INDIA |  | 116734 |
| **Indonesia — 4.6%** |  |  |
| Energy — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 269900 | 66749 |
| &nbsp;&nbsp;&nbsp;Bukit Asam | 74500 | 17659 |
| &nbsp;&nbsp;&nbsp;Indo Tambangraya Megah | 7400 | 18550 |
| &nbsp;&nbsp;&nbsp;Medco Energi Internasional | 134600 | 8776 |
|  |  | 111734 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 50900 | $28528 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold \* | 214900 | 56874 |
| &nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia | 26100 | 11820 |
|  |  | 97222 |
| TOTAL INDONESIA |  | 208956 |
| **Israel — 4.9%** |  |  |
| Industrials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Elbit Systems | 485 | 78678 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services | 1566 | 26919 |
|  |  | 105597 |
| Materials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;ICL Group | 13052 | 94140 |
| &nbsp;&nbsp;&nbsp;Israel | 73 | 25654 |
|  |  | 119794 |
| TOTAL ISRAEL |  | 225391 |
| **Jordan — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Arab Bank | 1854 | 12742 |
| TOTAL JORDAN |  | 12742 |
| **Kazakhstan — 0.7%** |  |  |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 1195 | 33627 |
| TOTAL KAZAKHSTAN |  | 33627 |
| **Kuwait — 8.2%** |  |  |
| Financials — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kuwait Finance House | 134263 | 361046 |
| &nbsp;&nbsp;&nbsp;Kuwait Projects Holding | 37515 | 13729 |
| TOTAL KUWAIT |  | 374775 |
| **Malaysia — 3.0%** |  |  |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Malaysia Airports Holdings \* | 12200 | 18168 |
| &nbsp;&nbsp;&nbsp;Pentamaster | 9300 | 9353 |
| &nbsp;&nbsp;&nbsp;Sime Darby | 49500 | 25846 |
|  |  | 53367 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Materials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 43700 | $85317 |
| TOTAL MALAYSIA |  | 138684 |
| **Philippines — 3.2%** |  |  |
| Industrials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Aboitiz Equity Ventures | 29910 | 30969 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 18620 | 66825 |
| &nbsp;&nbsp;&nbsp;JG Summit | 52402 | 47298 |
| TOTAL PHILIPPINES |  | 145092 |
| **Poland — 1.6%** |  |  |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz | 2569 | 74237 |
| TOTAL POLAND |  | 74237 |
| **Russia — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC <sup>(A)</sup> | 33666 |  |
| &nbsp;&nbsp;&nbsp;Sovcomflot PJSC \*<sup>(A)</sup> | 9110 |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC <sup>(A)</sup> | 143400 | – |
|  |  | – |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC <sup>(A)</sup> | 1239 |  |
| &nbsp;&nbsp;&nbsp;Polymetal International \*<sup>(A)</sup> | 7154 |  |
| &nbsp;&nbsp;&nbsp;Segezha Group PJSC <sup>(A)</sup> | 78500 | – |
|  |  | – |
| TOTAL RUSSIA |  | – |
| **Singapore — 9.4%** |  |  |
| Financials — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 30312 | 275276 |
| Industrials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Keppel | 13100 | 70911 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 11900 | 49066 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 14000 | 34969 |
|  |  | 154946 |
| TOTAL SINGAPORE |  | 430222 |
| **South Africa — 6.9%** |  |  |
| Materials — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum | 991 | 82989 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings | 15887 | 199010 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore | 1203 | $34807 |
| TOTAL SOUTH AFRICA |  | 316806 |
| **Thailand — 5.2%** |  |  |
| Energy — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;PTT | 206600 | 198338 |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Indorama Ventures | 33400 | 39297 |
| TOTAL THAILAND |  | 237635 |
| **Turkey — 3.0%** |  |  |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kontrolmatik Enerji Ve Muhendislik | 1334 | 11281 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO \* | 10318 | 77663 |
|  |  | 88944 |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sasa Polyester Sanayi \* | 8029 | 47180 |
| TOTAL TURKEY |  | 136124 |
| **United Arab Emirates — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Air Arabia PJSC | 48174 | 28201 |
| TOTAL UNITED ARAB EMIRATES |  | 28201 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,479,654) |  | 4580849 |
| **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |
| **RUSSIA— 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC <sup>(A)(B)</sup> | 136600 | – |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,846) |  | – |
| TOTAL INVESTMENTS — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,554,500) |  | 4580849 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | (2062) |
| NET ASSETS – 100% |  | $4578787 |

---

---

| | |
|:---|:---|
| ‡ | 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. |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| |
|:---|
| *Cl — Class* |
| *GDR — Global Depositary Receipt* |
| *JSC — Joint-Stock Company* |
| *PJSC — Public Joint-Stock Company* |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | $19425 | $– | $– |  | $19425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 212725 | 6686 |  |  | 219411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 950986 | 10115 |  |  | 961101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 187726 | 8094 |  |  | 195820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 696903 |  |  |  | 696903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 8963 |  |  |  | 8963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 116734 |  |  |  | 116734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 208956 |  |  |  | 208956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 225391 |  |  |  | 225391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan | 12742 |  |  |  | 12742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 33627 |  |  |  | 33627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait | 374775 |  |  |  | 374775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 138684 |  |  |  | 138684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | 145092 |  |  |  | 145092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 74237 |  |  |  | 74237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 430222 |  |  |  | 430222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 316806 |  |  |  | 316806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 237635 |  |  |  | 237635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | 136124 |  |  |  | 136124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 28201 | – | – |  | 28201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 4555954 | 24895 |  |  | 4580849 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | – | – | – | <sup>‡‡</sup> | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | – | – | – |  | – |
| Total Investments in Securities | $4555954 | $24895 | $– |  | $4580849 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets. |
| ‡‡ | Security or securities with a market value of $0. |

---

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

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

KRS-QH-006-1100

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% <sup>‡</sup>** | **COMMON STOCK — 99.9% <sup>‡</sup>** | **COMMON STOCK — 99.9% <sup>‡</sup>** |
| **Brazil — 12.5%** |  |  |
| Consumer Discretionary — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Americanas \* | 505370 | $923684 |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 1286 | 1088265 |
|  |  | 2011949 |
| Financials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;XP, Cl A \* | 52875 | 811102 |
| Information Technology — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cielo \* | 294800 | 292580 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Cl A \* | 28742 | 251205 |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A \* | 25506 | 240777 |
| &nbsp;&nbsp;&nbsp;TOTVS \* | 48800 | 255288 |
|  |  | 1039850 |
| TOTAL BRAZIL |  | 3862901 |
| **China — 40.4%** |  |  |
| Communication Services — 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 74514 | 1066402 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 6939 | 219203 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR \* | 40181 | 818487 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 88000 | 801081 |
| &nbsp;&nbsp;&nbsp;NetEase | 78900 | 1157477 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 26975 | 1154351 |
|  |  | 5217001 |
| Consumer Discretionary — 18.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding \* | 97100 | 1073021 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 83150 | 760127 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A \* | 38175 | 1077026 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 47700 | 1067680 |
| &nbsp;&nbsp;&nbsp;Pinduoduo ADR \* | 12622 | 1029324 |
| &nbsp;&nbsp;&nbsp;Trip.com Group \* | 23700 | 830796 |
|  |  | 5837974 |
| Financials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Lufax Holding ADR | 352428 | 683710 |
| Real Estate — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings, Cl A \*<sup>(A)</sup> | 163300 | 774137 |
| TOTAL CHINA |  | 12512822 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **Egypt — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;E-Finance for Digital & Financial Investments | 295551 | $226961 |
| TOTAL EGYPT |  | 226961 |
| **India — 8.7%** |  |  |
| Consumer Discretionary — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;FSN E-Commerce Ventures \* | 381892 | 714807 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip \* | 8304 | 228941 |
| &nbsp;&nbsp;&nbsp;Zomato \* | 1022418 | 732859 |
|  |  | 1676607 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;PB Fintech \* | 43065 | 233362 |
| Information Technology — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;One 97 Communications \* | 122447 | 785922 |
| TOTAL INDIA |  | 2695891 |
| **Indonesia — 1.5%** |  |  |
| Communication Services — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;MNC Digital Entertainment \* | 776500 | 240420 |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bukalapak.com \* | 13491500 | 227061 |
| TOTAL INDONESIA |  | 467481 |
| **Japan — 2.6%** |  |  |
| Communication Services — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Nexon | 36100 | 810400 |
| TOTAL JAPAN |  | 810400 |
| **Malaysia — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;My EG Services | 1176800 | 232421 |
| TOTAL MALAYSIA |  | 232421 |
| **Russia — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;VK GDR \*<sup>(B)</sup> | 49503 |  |
| &nbsp;&nbsp;&nbsp;Yandex, Cl A \*<sup>(B)</sup> | 31479 | – |
|  |  | – |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ozon Holdings PLC ADR \*<sup>(B)</sup> | 58005 | – |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Industrials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;HeadHunter Group PLC ADR <sup>(B)</sup> | 11746 | $– |
| TOTAL RUSSIA |  | – |
| **Singapore — 3.0%** |  |  |
| Communication Services — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sea ADR \* | 17633 | 917445 |
| TOTAL SINGAPORE |  | 917445 |
| **South Africa — 3.6%** |  |  |
| Consumer Discretionary — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 6682 | 1109153 |
| TOTAL SOUTH AFRICA |  | 1109153 |
| **South Korea — 21.3%** |  |  |
| Communication Services — 18.3% |  |  |
| &nbsp;&nbsp;&nbsp;AfreecaTV | 3771 | 212035 |
| &nbsp;&nbsp;&nbsp;Kakao <sup>(A)</sup> | 17727 | 744408 |
| &nbsp;&nbsp;&nbsp;Kakao Games \* | 6999 | 247138 |
| &nbsp;&nbsp;&nbsp;Krafton \* | 5666 | 752778 |
| &nbsp;&nbsp;&nbsp;NAVER | 5373 | 754217 |
| &nbsp;&nbsp;&nbsp;NCSoft | 2310 | 818410 |
| &nbsp;&nbsp;&nbsp;Netmarble <sup>(A)</sup> | 20294 | 969361 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss \* | 22398 | 743057 |
| &nbsp;&nbsp;&nbsp;Studio Dragon \* | 3665 | 249261 |
| &nbsp;&nbsp;&nbsp;Wemade <sup>(A)</sup> | 7827 | 195288 |
|  |  | 5685953 |
| Consumer Discretionary — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A \* | 45584 | 670541 |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Douzone Bizon | 8176 | 238265 |
| TOTAL SOUTH KOREA |  | 6594759 |
| **Sweden — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Truecaller, Cl B \* | 64417 | 202534 |
| TOTAL SWEDEN |  | 202534 |
| **Taiwan — 2.6%** |  |  |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;momo.com | 39000 | 814628 |
| TOTAL TAIWAN |  | 814628 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **United Arab Emirates — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Network International Holdings PLC \* | 63135 | $226318 |
| TOTAL UNITED ARAB EMIRATES |  | 226318 |
| **Uruguay — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A \*<sup>(A)</sup> | 17442 | 271572 |
| TOTAL URUGUAY |  | 271572 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,444,282) |  | 30945286 |
| **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Cl Institutional, 4.220% <sup>(C)(D)</sup> | 22605 | 22605 |
| TOTAL SHORT-TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,605) |  | 22605 |
| TOTAL INVESTMENTS — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,466,887) |  | 30967891 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | 7323 |
| NET ASSETS – 100% |  | $30975214 |

---

---

| | |
|:---|:---|
| ‡ | Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. |
| \* | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at December 31, 2022. The total market value of securities on loan at December 31, 2022 was $16,624. |
| (B) | Level 3 security in accordance with fair value hierarchy. |
| (C) | The rate shown is the 7-day effective yield as of December 31, 2022. |
| (D) | This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2022 was $22,605. |

---

---

| |
|:---|
| *ADR — American Depositary Receipt* |
| *Cl — Class* |
| *GDR — Global Depositary Receipt* |
| *PLC — Public Limited Company* |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Consumer Technology Index ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $3862901 | $– | $– |  | $3862901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 12512822 |  |  |  | 12512822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 226961 |  |  |  | 226961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 2695891 |  |  |  | 2695891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 467481 |  |  |  | 467481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 810400 |  |  |  | 810400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 232421 |  |  |  | 232421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 917445 |  |  |  | 917445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1109153 |  |  |  | 1109153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3778247 | 1907706 |  |  | 5685953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 670541 |  |  |  | 670541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 238265 |  |  |  | 238265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 202534 |  |  |  | 202534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 814628 |  |  |  | 814628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 226318 |  |  |  | 226318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 271572 | – | – |  | 271572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 29037580 | 1907706 |  |  | 30945286 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 22605 | – | – |  | 22605 |
| Total Investments in Securities | $29060185 | $1907706 | $– |  | $30967891 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets. |
| ‡‡ | Security or securities with a market value of $0. |

---

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

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

KRS-QH-007-1100

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China Clean Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0% <sup>‡</sup>** | | |
| **China — 97.2%** |  |  |
| Consumer Discretionary — 37.4% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 36900 | $1370487 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 278500 | 6872446 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 882400 | 8682736 |
| &nbsp;&nbsp;&nbsp;NIO ADR \* | 757027 | 7381013 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International | 1047885 | 1106294 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 1021400 | 5018699 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 1908694 | 3193812 |
|  |  | 33625487 |
| Industrials — 31.7% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 47100 | 383942 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 1944500 | 4225360 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 5758216 | 2574799 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 147450 | 8384309 |
| &nbsp;&nbsp;&nbsp;CT Environmental Group \*<sup>(A)</sup> | 329000 |  |
| &nbsp;&nbsp;&nbsp;Dynagreen Environmental Protection Group, Cl H | 597000 | 192755 |
| &nbsp;&nbsp;&nbsp;Ginlong Technologies, Cl A \* | 34450 | 896496 |
| &nbsp;&nbsp;&nbsp;GoodWe Technologies, Cl A | 11418 | 533187 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 155700 | 648783 |
| &nbsp;&nbsp;&nbsp;Ming Yang Smart Energy Group, Cl A | 195700 | 714480 |
| &nbsp;&nbsp;&nbsp;Pylon Technologies, Cl A | 14407 | 657273 |
| &nbsp;&nbsp;&nbsp;ReneSola ADR \* | 57529 | 260031 |
| &nbsp;&nbsp;&nbsp;Riyue Heavy Industry, Cl A | 95200 | 279318 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 138200 | 2233140 |
| &nbsp;&nbsp;&nbsp;Titan Wind Energy Suzhou, Cl A | 167809 | 366961 |
| &nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology, Cl A | 322135 | 512149 |
| &nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology, Cl H | 1207004 | 1074789 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weiming Environment Protection, Cl A | 158400 | 424224 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 848200 | 4211142 |
|  |  | 28573138 |
| Information Technology — 14.1% |  |  |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 671593 | 464952 |
| &nbsp;&nbsp;&nbsp;Chindata Group Holdings ADR \* | 203657 | 1623146 |
| &nbsp;&nbsp;&nbsp;GCL System Integration Technology, Cl A \* | 545100 | 229264 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology, Cl A | 217520 | 1889154 |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings ADR \* | 170751 | 653976 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A | 596746 | 3644897 |
| &nbsp;&nbsp;&nbsp;Tuya ADR \* | 311070 | 594144 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 3267588 | 3617187 |
|  |  | 12716720 |
| Real Estate — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Evergrande Group \*<sup>(A)</sup> | 7881000 | 769325 |
| &nbsp;&nbsp;&nbsp;Guangzhou R&F Properties, Cl H \* | 2644000 | 643643 |
| &nbsp;&nbsp;&nbsp;Shimao Group Holdings \*<sup>(A)</sup> | 2540500 | 654722 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China Clean Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;SOHO China \* | 3287000 | $576966 |
|  |  | 2644656 |
| Utilities — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 6314500 | 1618076 |
| &nbsp;&nbsp;&nbsp;CECEP Solar Energy, Cl A | 366500 | 388279 |
| &nbsp;&nbsp;&nbsp;CECEP Wind-Power, Cl A | 607500 | 334532 |
| &nbsp;&nbsp;&nbsp;China Datang Renewable Power, Cl H | 3445000 | 1019603 |
| &nbsp;&nbsp;&nbsp;China Everbright Greentech | 971000 | 262501 |
| &nbsp;&nbsp;&nbsp;China Everbright Water | 1337157 | 244261 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 3231800 | 3950233 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 2675600 | 2184921 |
|  |  | 10002406 |
| TOTAL CHINA |  | 87562407 |
| **Hong Kong — 2.8%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;China High Speed Transmission Equipment Group \* | 625000 | 281071 |
| Real Estate — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Yuexiu Real Estate Investment Trust <sup>†</sup> | 3686000 | 930361 |
| Utilities — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Canvest Environmental Protection Group | 773000 | 416957 |
| &nbsp;&nbsp;&nbsp;Concord New Energy Group | 9650000 | 853113 |
|  |  | 1270070 |
| TOTAL HONG KONG |  | 2481502 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $125,342,815) |  | 90043909 |
| TOTAL INVESTMENTS — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $125,342,815) |  | 90043909 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | 8820 |
| NET ASSETS – 100% |  | $90052729 |

---

---

| | |
|:---|:---|
| ‡ | 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. |

---

*ADR — American Depositary Receipt*

*Cl — Class*

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China Clean Technology Index ETF** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $33625487 | $– | $– | $33625487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 28573138 |  | –<sup>‡‡(1)</sup> | 28573138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 12716720 |  |  | 12716720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1220609 |  | 1424047<sup>(2)</sup> | 2644656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 10002406 |  |  | 10002406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 2481502 | – | – | 2481502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 88619862 | – | 1424047 | 90043909 |
| Total Investments in Securities | $88619862 | $– | $1424047 | $90043909 |

---

# Security or securities with a market value of $0.

*(1)* *At December 31, 2022, this amount was fair valued using the Monthly Return of Equity Movement document from the issuer.*

*(2)* *At December 31, 2022, this amount was fair valued using sector performance and news of potential restructuring proposal of debt.*

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | |
|:---|:---|
|  | **Common<br> Stock** |
| Beginning balance as of March 31, 2022 | $1681627 |
| &nbsp;&nbsp;&nbsp;Accrued discounts/premiums |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) | (1691425) |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 | 1433845 |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | – |
| Ending balance as of December 31, 2022 | $1424047 |

---

Transfers into Level 3 were due to the availability of observable inputs to determine fair value.

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

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

KRS-QH-008-1100

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.4% <sup>‡</sup>** | **COMMON STOCK — 97.4% <sup>‡</sup>** | **COMMON STOCK — 97.4% <sup>‡</sup>** |
| **Australia — 9.3%** |  |  |
| Materials — 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;Allkem \* | 436553 | $3327584 |
| &nbsp;&nbsp;&nbsp;IGO | 475334 | 4338801 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths \* | 664556 | 3537749 |
| &nbsp;&nbsp;&nbsp;Mineral Resources | 34902 | 1827231 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals \* | 1547944 | 3936518 |
| TOTAL AUSTRALIA |  | 16967883 |
| **Belgium — 2.9%** |  |  |
| Materials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Umicore | 145457 | 5327788 |
| TOTAL BELGIUM |  | 5327788 |
| **Canada — 3.8%** |  |  |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems \*<sup>(A)</sup> | 176094 | 842163 |
| &nbsp;&nbsp;&nbsp;Magna International | 83424 | 4682999 |
|  |  | 5525162 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Lithium Americas \*<sup>(A)</sup> | 75924 | 1438407 |
| TOTAL CANADA |  | 6963569 |
| **China — 36.5%** |  |  |
| Consumer Discretionary — 15.7% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 145800 | 5415094 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 3995000 | 5835143 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl H | 2078000 | 1400429 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 545500 | 5367671 |
| &nbsp;&nbsp;&nbsp;NIO ADR \* | 484753 | 4726342 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kedali Industry, Cl A | 48736 | 836891 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 762600 | 3747072 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 832000 | 1392183 |
|  |  | 28720825 |
| Industrials — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 105400 | 859183 |
| &nbsp;&nbsp;&nbsp;China Baoan Group, Cl A | 536507 | 937492 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 154589 | 8790248 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 394960 | 5017739 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 369989 | 1541699 |
| &nbsp;&nbsp;&nbsp;Guangzhou Great Power Energy & Technology, Cl A | 96000 | 1082122 |
| &nbsp;&nbsp;&nbsp;Qingdao TGOOD Electric, Cl A | 216500 | 475941 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhen Yinghe Technology, Cl A | 135177 | $345228 |
| &nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor, Cl A | 494800 | 366156 |
|  |  | 19415808 |
| Materials — 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;Chengxin Lithium Group, Cl A | 180000 | 975336 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 3674200 | 2416241 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 335558 | 3371170 |
| &nbsp;&nbsp;&nbsp;GEM, Cl A | 1068140 | 1147052 |
| &nbsp;&nbsp;&nbsp;Guangzhou Tinci Materials Technology, Cl A | 400794 | 2540715 |
| &nbsp;&nbsp;&nbsp;Ningbo Shanshan, Cl A | 465600 | 1224758 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology, Cl A | 289362 | 2170158 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl H \* | 75200 | 537628 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 295051 | 833700 |
| &nbsp;&nbsp;&nbsp;Youngy, Cl A \* | 54800 | 775406 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 332363 | 2672318 |
|  |  | 18664482 |
| TOTAL CHINA |  | 66801115 |
| **Germany — 3.1%** |  |  |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 31790 | 2083166 |
| &nbsp;&nbsp;&nbsp;Volkswagen | 10955 | 1726279 |
|  |  | 3809445 |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 62287 | 1889902 |
| TOTAL GERMANY |  | 5699347 |
| **Indonesia — 0.8%** |  |  |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 6238600 | 795479 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia \* | 1523100 | 694653 |
| TOTAL INDONESIA |  | 1490132 |
| **Japan — 8.0%** |  |  |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 878300 | 7392112 |
| Industrials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec | 130900 | 6784835 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;W-Scope \* | 37300 | 375134 |
| TOTAL JAPAN |  | 14552081 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **Netherlands — 0.8%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alfen Beheer BV \* | 16076 | $1444625 |
| TOTAL NETHERLANDS |  | 1444625 |
| **South Korea — 9.3%** |  |  |
| Industrials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ecopro <sup>(A)</sup> | 34937 | 2544640 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution \*<sup>(A)</sup> | 12343 | 4250990 |
|  |  | 6795630 |
| Information Technology — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;L&F \*<sup>(A)</sup> | 17018 | 2335012 |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 15804 | 7386448 |
|  |  | 9721460 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;SK IE Technology \*<sup>(A)</sup> | 13727 | 575351 |
| TOTAL SOUTH KOREA |  | 17092441 |
| **Sweden — 0.9%** |  |  |
| Consumer Discretionary — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Volvo Car, Cl B | 356201 | 1619733 |
| TOTAL SWEDEN |  | 1619733 |
| **United Kingdom — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;ITM Power \*<sup>(A)</sup> | 360582 | 397485 |
| TOTAL UNITED KINGDOM |  | 397485 |
| **United States — 21.8%** |  |  |
| Consumer Discretionary — 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv \* | 76609 | 7134596 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 145943 | 1697317 |
| &nbsp;&nbsp;&nbsp;Lucid Group \*<sup>(A)</sup> | 418920 | 2861224 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A \*<sup>(A)</sup> | 275678 | 5080746 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 44708 | 5507131 |
|  |  | 22281014 |
| Industrials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Blink Charging \*<sup>(A)</sup> | 32263 | 353925 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings \*<sup>(A)</sup> | 194745 | 1855920 |
| &nbsp;&nbsp;&nbsp;Nikola \*<sup>(A)</sup> | 223648 | 483080 |
| &nbsp;&nbsp;&nbsp;Plug Power \*<sup>(A)</sup> | 330683 | 4090549 |
|  |  | 6783474 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 6686 | $1893943 |
| Materials — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 28849 | 6256194 |
| &nbsp;&nbsp;&nbsp;Livent \* | 132076 | 2624350 |
|  |  | 8880544 |
| TOTAL UNITED STATES |  | 39838975 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $242,936,369) |  | 178195174 |
| **PREFERRED STOCK\* — 2.3%** |  |  |
| **CHILE— 2.3%** |  |  |
| Materials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile \*<sup>(B)</sup> | 51742 | 4166326 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,582,646) |  | 4166326 |
| **SHORT-TERM INVESTMENT — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Cl Institutional, 4.220% <sup>(C)(D)</sup> | 15732294 | 15732294 |
| TOTAL SHORT-TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,732,294) |  | 15732294 |
| TOTAL INVESTMENTS — 108.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $262,251,309) |  | 198093794 |
| OTHER ASSETS LESS LIABILITIES – (8.3)% |  | (15142723) |
| NET ASSETS – 100% |  | $182951071 |

---

---

| | |
|:---|:---|
| ‡ | Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. |
| \* | Non-income producing security. |
| (A) | This security or a partial position of this security is on loan at December 31, 2022. The total market value of securities on loan at December 31, 2022 was $14,779,320. |
| (B) | Currently, no stated interest rate. |
| (C) | The rate shown is the 7-day effective yield as of December 31, 2022. |
| (D) | This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2022 was $15,732,294. |

---

*ADR — American Depositary Receipt*

*Cl — Class*

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

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

KRS-QH-009-1000

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% <sup>‡</sup>** | **COMMON STOCK — 99.8% <sup>‡</sup>** | **COMMON STOCK — 99.8% <sup>‡</sup>** |
| **China — 96.4%** |  |  |
| Health Care — 96.4% |  |  |
| &nbsp;&nbsp;&nbsp;3SBio | 628000 | $667833 |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 856837 | 3847739 |
| &nbsp;&nbsp;&nbsp;Apeloa Pharmaceutical, Cl A | 149892 | 466649 |
| &nbsp;&nbsp;&nbsp;Asymchem Laboratories Tianjin, Cl A | 42224 | 903211 |
| &nbsp;&nbsp;&nbsp;Autobio Diagnostics, Cl A | 70230 | 627810 |
| &nbsp;&nbsp;&nbsp;BeiGene \* | 275400 | 4735287 |
| &nbsp;&nbsp;&nbsp;Beijing Tiantan Biological Products, Cl A | 186942 | 641165 |
| &nbsp;&nbsp;&nbsp;Beijing Tongrentang, Cl A | 173390 | 1119704 |
| &nbsp;&nbsp;&nbsp;Beijing Wantai Biological Pharmacy Enterprise, Cl A | 80830 | 1480183 |
| &nbsp;&nbsp;&nbsp;Betta Pharmaceuticals, Cl A | 51963 | 370035 |
| &nbsp;&nbsp;&nbsp;BGI Genomics, Cl A | 49827 | 372252 |
| &nbsp;&nbsp;&nbsp;Bloomage Biotechnology, Cl A | 38813 | 758887 |
| &nbsp;&nbsp;&nbsp;Changchun High & New Technology Industry Group, Cl A | 49608 | 1193443 |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings | 554000 | 871642 |
| &nbsp;&nbsp;&nbsp;China Meheco, Cl A | 185900 | 462946 |
| &nbsp;&nbsp;&nbsp;China National Medicines, Cl A | 84655 | 341368 |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group | 661000 | 535240 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 125990 | 852395 |
| &nbsp;&nbsp;&nbsp;China Traditional Chinese Medicine Holdings | 1152000 | 523975 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A | 197549 | 2507747 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 4006889 | 4209699 |
| &nbsp;&nbsp;&nbsp;Daan Gene, Cl A | 174747 | 392994 |
| &nbsp;&nbsp;&nbsp;Dong-E-E-Jiao, Cl A | 82840 | 487305 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech \* | 480000 | 1528261 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 176440 | 759685 |
| &nbsp;&nbsp;&nbsp;Guangzhou Kingmed Diagnostics Group, Cl A | 59999 | 678136 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting, Cl A | 47350 | 717212 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting, Cl H | 50900 | 588240 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 498000 | 946876 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 217241 | 1469446 |
| &nbsp;&nbsp;&nbsp;Hualan Biological Engineering, Cl A | 222747 | 728555 |
| &nbsp;&nbsp;&nbsp;Hubei Jumpcan Pharmaceutical, Cl A | 113800 | 447710 |
| &nbsp;&nbsp;&nbsp;Humanwell Healthcare Group, Cl A | 199900 | 690232 |
| &nbsp;&nbsp;&nbsp;Hygeia Healthcare Holdings \* | 144200 | 1034625 |
| &nbsp;&nbsp;&nbsp;Imeik Technology Development, Cl A | 26500 | 2169186 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics \* | 422500 | 1813432 |
| &nbsp;&nbsp;&nbsp;iRay Technology, Cl A | 9074 | 600505 |
| &nbsp;&nbsp;&nbsp;Jafron Biomedical, Cl A | 100090 | 448021 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 794328 | 4423489 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yuyue Medical Equipment & Supply, Cl A | 122510 | 564135 |
| &nbsp;&nbsp;&nbsp;Joincare Pharmaceutical Group Industry, Cl A | 230345 | 375871 |
| &nbsp;&nbsp;&nbsp;Joinn Laboratories China, Cl A | 56424 | 476340 |
| &nbsp;&nbsp;&nbsp;Jointown Pharmaceutical Group, Cl A | 232306 | 437829 |
| &nbsp;&nbsp;&nbsp;Lepu Medical Technology Beijing, Cl A | 227900 | 756609 |
| &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group, Cl A | 75159 | 352828 |
| &nbsp;&nbsp;&nbsp;Meinian Onehealth Healthcare Holdings, Cl A \* | 475983 | 421714 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Microport Scientific \* | 253800 | $668241 |
| &nbsp;&nbsp;&nbsp;Nanjing King-Friend Biochemical Pharmaceutical, Cl A | 200684 | 523256 |
| &nbsp;&nbsp;&nbsp;Ovctek China, Cl A | 109893 | 567028 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl A | 125850 | 1236882 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl H | 82300 | 570990 |
| &nbsp;&nbsp;&nbsp;Porton Pharma Solutions, Cl A | 66400 | 392036 |
| &nbsp;&nbsp;&nbsp;Shandong Buchang Pharmaceuticals, Cl A | 135783 | 412323 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 1048800 | 1722704 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 268529 | 1367707 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl H | 205500 | 658236 |
| &nbsp;&nbsp;&nbsp;Shanghai Junshi Biosciences, Cl A \* | 85989 | 778007 |
| &nbsp;&nbsp;&nbsp;Shanghai Medicilon, Cl A | 11203 | 346324 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 344194 | 886994 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl H | 317900 | 528683 |
| &nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products, Cl A | 846034 | 775252 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kangtai Biological Products, Cl A | 138477 | 631055 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 154455 | 7053650 |
| &nbsp;&nbsp;&nbsp;Shenzhen New Industries Biomedical Engineering, Cl A | 97500 | 706570 |
| &nbsp;&nbsp;&nbsp;Shenzhen Salubris Pharmaceuticals, Cl A | 139565 | 662641 |
| &nbsp;&nbsp;&nbsp;Shijiazhuang Yiling Pharmaceutical, Cl A | 212550 | 920384 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 177915 | 684264 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 556400 | 1414356 |
| &nbsp;&nbsp;&nbsp;Tonghua Dongbao Pharmaceutical, Cl A | 236791 | 314176 |
| &nbsp;&nbsp;&nbsp;Topchoice Medical, Cl A \* | 38941 | 861066 |
| &nbsp;&nbsp;&nbsp;Walvax Biotechnology, Cl A | 196400 | 1140842 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 318220 | 3725449 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H | 146884 | 1551654 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 1327635 | 10180585 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 225123 | 1768746 |
| &nbsp;&nbsp;&nbsp;Zai Lab ADR \* | 34910 | 1071737 |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 74434 | 3103294 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huahai Pharmaceutical, Cl A | 185872 | 587260 |
| &nbsp;&nbsp;&nbsp;Zhejiang Jiuzhou Pharmaceutical, Cl A | 106000 | 650047 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU, Cl A | 390930 | 1059414 |
| &nbsp;&nbsp;&nbsp;Zhejiang Wolwo Bio-Pharmaceutical, Cl A | 65036 | 517931 |
| TOTAL CHINA |  | 100838230 |
| **Hong Kong — 2.4%** |  |  |
| Health Care — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 4336750 | 2539279 |
| TOTAL HONG KONG |  | 2539279 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **United States — 1.0%** |  |  |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR \* | 20651 | $1030898 |
| TOTAL UNITED STATES |  | 1030898 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $124,909,773) |  | 104408407 |
| **RIGHT — 0.0%** | **RIGHT — 0.0%** | **RIGHT — 0.0%** |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma <sup>‡‡</sup>\*<sup>(A)</sup> | 118157 | – |
| TOTAL CHINA |  | – |
| TOTAL RIGHT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $124,909,773) |  | 104408407 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 187089 |
| NET ASSETS – 100% |  | $104595496 |

---

---

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

---

*ADR — American Depositary Receipt*

*Cl — Class*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $100838230 | $– | $– |  | $100838230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 2539279 |  |  |  | 2539279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1030898 | – | – |  | 1030898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 104408407 |  |  |  | 104408407 |
| &nbsp;&nbsp;&nbsp;Right | – | – | – | <sup>‡‡</sup> | – |
| Total Investments in Securities | $104408407 | $– | $– |  | $104408407 |

---

---

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

---

# Security or securities with a market value of $0.

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

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

KRS-QH-010-1000

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Asia Pacific High Income Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 96.1%** | **CORPORATE OBLIGATIONS — 96.1%** | **CORPORATE OBLIGATIONS — 96.1%** |
| **AUSTRALIA — 0.9%** |  |  |
| Real Estate — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.379% <sup>‡(A)</sup> | $200000 | $179100 |
| **CHINA — 31.8%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Golden Eagle Retail Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/21/2023 | 200000 | 194100 |
| &nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/24/2024 | 200000 | 175800 |
|  |  | 369900 |
| Financials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.368% <sup>‡(A)</sup> | 400000 | 373000 |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/16/2025 | 400000 | 346220 |
|  |  | 719220 |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/02/2023 | 400000 | 393560 |
| Real Estate — 23.9% |  |  |
| &nbsp;&nbsp;&nbsp;Country Garden Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 01/27/2024 | 250000 | 192538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 04/08/2026 | 200000 | 126172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 09/17/2025 | 300000 | 195532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 01/17/2025 | 270000 | 180852 |
| &nbsp;&nbsp;&nbsp;Gemdale Ever Prosperity Investment, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 08/12/2024 | 200000 | 169260 |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 07/13/2025 | 200000 | 180100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 04/29/2025 | 200000 | 177650 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/13/2027 | 200000 | 157352 |
| &nbsp;&nbsp;&nbsp;New Metro Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 08/05/2023 | 200000 | 184100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 12/15/2024 | 200000 | 152034 |
| &nbsp;&nbsp;&nbsp;RKPF Overseas 2019 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/01/2023 | 600000 | 588000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.700%, 09/30/2024 | 200000 | 176000 |
| &nbsp;&nbsp;&nbsp;RKPF Overseas 2020 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 01/12/2026 | 200000 | 142526 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Asia Pacific High Income Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;Seazen Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 04/15/2023 | $200000 | $188600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/12/2024 | 200000 | 154378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 07/13/2025 | 200000 | 138780 |
| &nbsp;&nbsp;&nbsp;Shui On Development Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 08/24/2024 | 200000 | 174120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/12/2023 | 500000 | 470100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/29/2026 | 200000 | 158720 |
| &nbsp;&nbsp;&nbsp;Yanlord Land HK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 02/27/2024 | 431000 | 403071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 04/23/2023 | 200000 | 196860 |
|  |  | 4506745 |
| TOTAL CHINA |  | 5989425 |
| **HONG KONG — 12.1%** |  |  |
| Consumer Discretionary — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;Li & Fung, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/18/2025 | 250000 | 217250 |
| &nbsp;&nbsp;&nbsp;LS Finance 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/26/2025 | 200000 | 163020 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/17/2027 | 200000 | 170207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/26/2026 | 200000 | 175967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/06/2025 | 450000 | 413238 |
|  |  | 1139682 |
| Financials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of East Asia, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.825%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.527% <sup>‡(A)</sup> | 250000 | 217700 |
| &nbsp;&nbsp;&nbsp;FWD Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.876% <sup>‡(A)</sup> | 200000 | 163103 |
|  |  | 380803 |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;PCGI Intermediate, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/28/2024 | 200000 | 182100 |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Pacific Financing HK, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 08/17/2026 | 200000 | 190619 |
| &nbsp;&nbsp;&nbsp;Celestial Miles |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 8.205% <sup>‡(A)</sup> | 400000 | 382200 |
|  |  | 572819 |
| TOTAL HONG KONG |  | 2275404 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Asia Pacific High Income Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
| **INDIA — 23.3%** |  |  |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;TML Holdings Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 06/09/2026 | $200000 | $177100 |
| Energy — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;Adani Green Energy UP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/10/2024 | 200000 | 194400 |
| &nbsp;&nbsp;&nbsp;Continuum Energy Levanter Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/09/2027 | 580500 | 520937 |
| &nbsp;&nbsp;&nbsp;Greenko Solar Mauritius |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 01/29/2025 | 400000 | 375200 |
| &nbsp;&nbsp;&nbsp;HPCL-Mittal Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/28/2027 | 400000 | 367000 |
| &nbsp;&nbsp;&nbsp;JSW Hydro Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/18/2031 | 177000 | 147530 |
| &nbsp;&nbsp;&nbsp;ReNew Power Pvt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/05/2027 | 200000 | 191250 |
|  |  | 1796317 |
| Financials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Greenko Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 08/16/2023 | 200000 | 195300 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 07/18/2025 | 300000 | 276516 |
|  |  | 471816 |
| Industrials — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;GMR Hyderabad International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/10/2024 | 200000 | 196648 |
| &nbsp;&nbsp;&nbsp;India Airport Infrastructure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 10/25/2025 | 500000 | 476875 |
| &nbsp;&nbsp;&nbsp;JSW Steel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 04/05/2032 | 200000 | 158306 |
| &nbsp;&nbsp;&nbsp;Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 10/31/2026 | 400000 | 364491 |
| &nbsp;&nbsp;&nbsp;Periama Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/19/2026 | 400000 | 372224 |
|  |  | 1568544 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Vedanta Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 05/31/2023 | 200000 | 187476 |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 04/23/2023 | 200000 | 188830 |
|  |  | 376306 |
| TOTAL INDIA |  | 4390083 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Asia Pacific High Income Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
| **INDONESIA — 6.8%** |  |  |
| Energy — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Indika Energy Capital IV Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 10/22/2025 | $250000 | $246424 |
| &nbsp;&nbsp;&nbsp;Medco Bell Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 01/30/2027 | 400000 | 360677 |
| &nbsp;&nbsp;&nbsp;Saka Energi Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/05/2024 | 200000 | 190847 |
| &nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 04/24/2033 | 162160 | 152976 |
|  |  | 950924 |
| Financials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.466% <sup>‡(A)</sup> | 200000 | 154539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/30/2026 | 200000 | 184432 |
|  |  | 338971 |
| TOTAL INDONESIA |  | 1289895 |
| **JAPAN — 1.1%** |  |  |
| Communication Services — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;SoftBank Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/20/2023 | 200000 | 198500 |
| **MACAU — 9.5%** |  |  |
| Consumer Discretionary — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;Champion Path Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/27/2026 | 200000 | 172780 |
| &nbsp;&nbsp;&nbsp;MGM China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 05/15/2026 | 200000 | 186765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 05/15/2024 | 200000 | 193027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/18/2025 | 200000 | 188088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2027 | 200000 | 176938 |
| &nbsp;&nbsp;&nbsp;Sands China |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/08/2025 | 300000 | 287355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/18/2030 | 200000 | 175756 |
| &nbsp;&nbsp;&nbsp;Studio City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/15/2027 | 200000 | 187044 |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/15/2025 | 250000 | 216756 |
|  |  | 1784509 |
| TOTAL MACAU |  | 1784509 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Asia Pacific High Income Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
| **PHILIPPINES — 2.8%** |  |  |
| Energy — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Petron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.769% <sup>‡(A)</sup> | $400000 | $352200 |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Rizal Commercial Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.236% <sup>‡(A)</sup> | 200000 | 170925 |
| TOTAL PHILIPPINES |  | 523125 |
| **SOUTH KOREA — 1.0%** |  |  |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Woori Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.664% <sup>‡(A)</sup> | 200000 | 187800 |
| **THAILAND — 5.7%** |  |  |
| Financials — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.729% <sup>‡(A)</sup> | 200000 | 189500 |
| &nbsp;&nbsp;&nbsp;Kasikornbank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.275%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.940% <sup>‡(A)</sup> | 200000 | 187500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.337% <sup>‡(A)</sup> | 400000 | 328000 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.530% <sup>‡(A)</sup> | 200000 | 176280 |
| &nbsp;&nbsp;&nbsp;TMBThanachart Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.256% <sup>‡(A)</sup> | 200000 | 182851 |
|  |  | 1064131 |
| TOTAL THAILAND |  | 1064131 |
| **VIETNAM — 1.1%** |  |  |
| Energy — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/07/2029 | 250000 | 207520 |
| TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,609,407) |  | 18089492 |
| TOTAL INVESTMENTS — 96.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,609,407) |  | 18089492 |
| OTHER ASSETS LESS LIABILITIES – 3.9% |  | 739206 |
| NET ASSETS – 100% |  | $18828698 |

---

‡ Perpetual security with no stated maturity date.

(A) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

*MTN — Medium Term Note*

As of December 31, 2022, all of the Fund's investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

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

KRS-QH-012-1000

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Healthcare Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.3% <sup>‡</sup>** | **COMMON STOCK — 100.3% <sup>‡</sup>** | **COMMON STOCK — 100.3% <sup>‡</sup>** |
| **Brazil — 6.9%** |  |  |
| Health Care — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;Blau Farmaceutica | 1000 | $4985 |
| &nbsp;&nbsp;&nbsp;Fleury | 2200 | 6438 |
| &nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos | 46504 | 44745 |
| &nbsp;&nbsp;&nbsp;Hypera | 3600 | 30820 |
| &nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz | 11600 | 64989 |
| TOTAL BRAZIL |  | 151977 |
| **China — 43.9%** |  |  |
| Consumer Discretionary — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 6700 | 61249 |
| Health Care — 41.1% |  |  |
| &nbsp;&nbsp;&nbsp;3SBio | 5500 | 5849 |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 17096 | 76772 |
| &nbsp;&nbsp;&nbsp;AK Medical Holdings | 2000 | 2509 |
| &nbsp;&nbsp;&nbsp;Akeso \* | 2000 | 11019 |
| &nbsp;&nbsp;&nbsp;Angelalign Technology | 400 | 6304 |
| &nbsp;&nbsp;&nbsp;Beijing Tongrentang, Cl A | 3400 | 21956 |
| &nbsp;&nbsp;&nbsp;CanSino Biologics, Cl H | 200 | 1710 |
| &nbsp;&nbsp;&nbsp;Changchun High & New Technology Industry Group, Cl A | 1000 | 24057 |
| &nbsp;&nbsp;&nbsp;China Evergrande New Energy Vehicle Group \*<sup>(A)</sup> | 16000 | 3026 |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings | 6000 | 9440 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 2300 | 15561 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A | 4113 | 52212 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 28000 | 29417 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech \* | 4000 | 12735 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 14000 | 26619 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 4340 | 29356 |
| &nbsp;&nbsp;&nbsp;Hygeia Healthcare Holdings \* | 1200 | 8610 |
| &nbsp;&nbsp;&nbsp;InnoCare Pharma \* | 4000 | 6990 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics \* | 3500 | 15023 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 16259 | 90544 |
| &nbsp;&nbsp;&nbsp;Jinxin Fertility Group | 5000 | 4619 |
| &nbsp;&nbsp;&nbsp;Lepu Medical Technology Beijing, Cl A | 4200 | 13944 |
| &nbsp;&nbsp;&nbsp;Lifetech Scientific \* | 10000 | 3306 |
| &nbsp;&nbsp;&nbsp;Luye Pharma Group \* | 8000 | 3751 |
| &nbsp;&nbsp;&nbsp;Microport Scientific \* | 4000 | 10532 |
| &nbsp;&nbsp;&nbsp;New Horizon Health \* | 1000 | 2255 |
| &nbsp;&nbsp;&nbsp;Remegen, Cl H \* | 500 | 3709 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 10800 | 17739 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl H | 1500 | 4805 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl H | 2200 | 3659 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 2200 | 100470 |
| &nbsp;&nbsp;&nbsp;Shenzhen New Industries Biomedical Engineering, Cl A | 2100 | 15218 |
| &nbsp;&nbsp;&nbsp;Shenzhen Salubris Pharmaceuticals, Cl A | 2700 | 12819 |
| &nbsp;&nbsp;&nbsp;Shijiazhuang Yiling Pharmaceutical, Cl A | 4000 | 17321 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Healthcare Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Health Care — continued |  |  |
| &nbsp;&nbsp;&nbsp;Simcere Pharmaceutical Group | 7000 | $10422 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 3200 | 8134 |
| &nbsp;&nbsp;&nbsp;Topchoice Medical, Cl A \* | 700 | 15478 |
| &nbsp;&nbsp;&nbsp;Walvax Biotechnology, Cl A | 3800 | 22073 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H | 858 | 9064 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 8781 | 67335 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 1980 | 15556 |
| &nbsp;&nbsp;&nbsp;Zai Lab \* | 2000 | 6304 |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 1500 | 62538 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU, Cl A | 7524 | 20390 |
|  |  | 901150 |
| TOTAL CHINA |  | 962399 |
| **Hungary — 1.0%** |  |  |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 1042 | 23050 |
| TOTAL HUNGARY |  | 23050 |
| **India — 12.5%** |  |  |
| Health Care — 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise | 739 | 39997 |
| &nbsp;&nbsp;&nbsp;Divi's Laboratories | 1431 | 59039 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 927 | 47482 |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute \* | 5580 | 29647 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 8025 | 97138 |
| TOTAL INDIA |  | 273303 |
| **Indonesia — 2.9%** |  |  |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Industri Jamu Dan Farmasi Sido Muncul | 154300 | 7483 |
| Health Care — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Kalbe Farma | 245600 | 32973 |
| &nbsp;&nbsp;&nbsp;Metro Healthcare Indonesia TBK \* | 186700 | 5709 |
| &nbsp;&nbsp;&nbsp;Mitra Keluarga Karyasehat | 80400 | 16475 |
|  |  | 55157 |
| TOTAL INDONESIA |  | 62640 |
| **Malaysia — 3.4%** |  |  |
| Health Care — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 47500 | 67072 |
| &nbsp;&nbsp;&nbsp;Top Glove | 38400 | 7889 |
| TOTAL MALAYSIA |  | 74961 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Healthcare Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **South Africa — 1.5%** |  |  |
| Health Care — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Pharmacare Holdings | 2343 | $18773 |
| &nbsp;&nbsp;&nbsp;Life Healthcare Group Holdings | 8299 | 8233 |
| &nbsp;&nbsp;&nbsp;Netcare | 8325 | 7094 |
| TOTAL SOUTH AFRICA |  | 34100 |
| **South Korea — 16.8%** |  |  |
| Health Care — 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alteogen \* | 245 | 7411 |
| &nbsp;&nbsp;&nbsp;Celltrion | 734 | 93114 |
| &nbsp;&nbsp;&nbsp;Celltrion Healthcare | 874 | 40067 |
| &nbsp;&nbsp;&nbsp;Celltrion Pharm \* | 197 | 10436 |
| &nbsp;&nbsp;&nbsp;Daewoong Pharmaceutical | 59 | 7395 |
| &nbsp;&nbsp;&nbsp;Green Cross | 54 | 5530 |
| &nbsp;&nbsp;&nbsp;Hanmi Pharm | 64 | 14971 |
| &nbsp;&nbsp;&nbsp;Hanmi Science | 367 | 9423 |
| &nbsp;&nbsp;&nbsp;Hugel \* | 66 | 7041 |
| &nbsp;&nbsp;&nbsp;Osstem Implant | 72 | 7863 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics | 147 | 95443 |
| &nbsp;&nbsp;&nbsp;Seegene | 243 | 5227 |
| &nbsp;&nbsp;&nbsp;SK Biopharmaceuticals \* | 345 | 19671 |
| &nbsp;&nbsp;&nbsp;SK Bioscience \*<sup>(B)</sup> | 348 | 20228 |
| &nbsp;&nbsp;&nbsp;ST Pharm | 96 | 6650 |
| &nbsp;&nbsp;&nbsp;Yuhan | 392 | 17721 |
| TOTAL SOUTH KOREA |  | 368191 |
| **Thailand — 5.7%** |  |  |
| Health Care — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Chain Hospital | 12100 | 7162 |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services, Cl F | 80600 | 67487 |
| &nbsp;&nbsp;&nbsp;Bumrungrad Hospital | 4000 | 24484 |
| &nbsp;&nbsp;&nbsp;Chularat Hospital, Cl F | 54100 | 5748 |
| &nbsp;&nbsp;&nbsp;Mega Lifesciences | 3700 | 4994 |
| &nbsp;&nbsp;&nbsp;Ramkhamhaeng Hospital | 5400 | 8380 |
| &nbsp;&nbsp;&nbsp;Thonburi Healthcare Group | 3600 | 7120 |
| TOTAL THAILAND |  | 125375 |
| **United Arab Emirates — 4.7%** |  |  |
| Industrials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;International Holding PJSC \* | 922 | 102928 |
| TOTAL UNITED ARAB EMIRATES |  | 102928 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Healthcare Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **United States — 1.0%** |  |  |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR \* | 425 | $21216 |
| TOTAL UNITED STATES |  | 21216 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,898,537) |  | 2200140 |
| **RIGHT — 0.0%** | **RIGHT — 0.0%** | **RIGHT — 0.0%** |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma <sup>‡‡</sup>\*<sup>(A)</sup> | 5516 | – |
| TOTAL CHINA |  | – |
| TOTAL RIGHT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| **SHORT-TERM INVESTMENT — 1.0%** | **SHORT-TERM INVESTMENT — 1.0%** | **SHORT-TERM INVESTMENT — 1.0%** |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Cl Institutional, 4.220% <sup>(C)(D)</sup> | 22605 | 22605 |
| TOTAL SHORT-TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,605) |  | 22605 |
| TOTAL INVESTMENTS — 101.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,921,142) |  | 2222745 |
| OTHER ASSETS LESS LIABILITIES – (1.3)% |  | (28322) |
| NET ASSETS – 100% |  | $2194423 |

---

---

| | |
|:---|:---|
| ‡ | Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. |
| ‡‡ | Expiration date not available. |
| \* | Non-income producing security. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
| (B) | This security or a partial position of this security is on loan at December 31, 2022. The total market value of securities on loan at December 31, 2022 was $16,624. |
| (C) | The rate shown is the 7-day effective yield as of December 31, 2022. |
| (D) | This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2022 was $22,605. |

---

*ADR — American Depositary Receipt* <br> *Cl — Class* *PJSC — Public Joint-Stock Company*

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Emerging Markets Healthcare Index ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $151977 | $– | $– |  | $151977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 61249 |  |  |  | 61249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 898124 |  | 3026 |  | 901150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | 23050 |  |  |  | 23050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 273303 |  |  |  | 273303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 62640 |  |  |  | 62640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 74961 |  |  |  | 74961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 34100 |  |  |  | 34100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 368191 |  |  |  | 368191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 125375 |  |  |  | 125375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 102928 |  |  |  | 102928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 21216 | – | – |  | 21216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 2197114 |  | 3026 |  | 2200140 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 22605 |  |  |  | 22605 |
| &nbsp;&nbsp;&nbsp;Right | – | – | – | <sup>‡‡</sup> | – |
| Total Investments in Securities | $2219719 | $– | $3026 |  | $2222745 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets. |
| # | Security or securities with a market value of $0. |

---

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

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

KRS-QH-018-0700

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.1% <sup>‡</sup>** |  |  |
| **Australia — 0.3%** |  |  |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;AngloGold Ashanti | 2238 | $43304 |
| TOTAL AUSTRALIA |  | 43304 |
| **Brazil — 5.8%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 2700 | 19612 |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Americanas | 4820 | 8810 |
| &nbsp;&nbsp;&nbsp;Lojas Renner | 4725 | 18328 |
| &nbsp;&nbsp;&nbsp;Magazine Luiza \* | 21500 | 11158 |
|  |  | 38296 |
| Consumer Staples — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 25800 | 70953 |
| &nbsp;&nbsp;&nbsp;BRF \* | 5600 | 8782 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 6700 | 30101 |
|  |  | 109836 |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro | 21100 | 112059 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 4000 | 9554 |
|  |  | 121613 |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 28500 | 71307 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 7288 | 18593 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 4700 | 30916 |
| &nbsp;&nbsp;&nbsp;Banco Santander Brasil | 2100 | 11213 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 3400 | 21708 |
|  |  | 153737 |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;CCR | 5400 | 11067 |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 3920 | 39499 |
| &nbsp;&nbsp;&nbsp;Rumo | 5400 | 19034 |
| &nbsp;&nbsp;&nbsp;WEG | 8100 | 59080 |
|  |  | 128680 |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Klabin | 3400 | 12860 |
| &nbsp;&nbsp;&nbsp;Suzano | 3900 | 35633 |
| &nbsp;&nbsp;&nbsp;Vale | 17900 | 301331 |
|  |  | 349824 |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | 1400 | 15157 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — continued |  |  |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 6000 | $30706 |
|  |  | 45863 |
| TOTAL BRAZIL |  | 967461 |
| **Chile — 0.6%** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Falabella | 3507 | 6792 |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 1818 | 13506 |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 310085 | 32030 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones | 271 | 7757 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile | 309397 | 12329 |
|  |  | 52116 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 5903 | 9810 |
| Utilities — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas | 132701 | 17679 |
| &nbsp;&nbsp;&nbsp;Enel Chile | 131142 | 6002 |
|  |  | 23681 |
| TOTAL CHILE |  | 105905 |
| **Colombia — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bancolombia | 1047 | 9177 |
| TOTAL COLOMBIA |  | 9177 |
| **Czech Republic — 0.2%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 341 | 9869 |
| Utilities — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CEZ | 723 | 24598 |
| TOTAL CZECH REPUBLIC |  | 34467 |
| **Egypt — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank Egypt SAE | 12319 | 20642 |
| TOTAL EGYPT |  | 20642 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **Greece — 0.1%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 1083 | $16864 |
| TOTAL GREECE |  | 16864 |
| **Hungary — 0.3%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 1683 | 11671 |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 1033 | 27833 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 835 | 18471 |
| TOTAL HUNGARY |  | 57975 |
| **India — 19.5%** |  |  |
| Communication Services — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 10440 | 101725 |
| Consumer Discretionary — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Auto | 384 | 16784 |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 613 | 23916 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 4328 | 65352 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 580 | 58853 |
| &nbsp;&nbsp;&nbsp;Tata Motors \* | 8478 | 39756 |
| &nbsp;&nbsp;&nbsp;Titan | 1452 | 45589 |
|  |  | 250250 |
| Consumer Staples — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Dabur India | 2449 | 16620 |
| &nbsp;&nbsp;&nbsp;Godrej Consumer Products \* | 1684 | 17791 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever | 4235 | 131102 |
| &nbsp;&nbsp;&nbsp;ITC | 20345 | 81535 |
| &nbsp;&nbsp;&nbsp;Nestle India | 192 | 45502 |
|  |  | 292550 |
| Energy — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 3538 | 14134 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 28301 | 26170 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 12032 | 21343 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 12823 | 394811 |
|  |  | 456458 |
| Financials — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank | 12889 | 145475 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance | 1181 | 93863 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 1806 | 33790 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Housing Development Finance | 8576 | $273420 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 21730 | 233992 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 10169 | 75435 |
|  |  | 855975 |
| Health Care — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma | 1223 | 6479 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 533 | 27301 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 5081 | 61503 |
|  |  | 95283 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 3368 | 84914 |
| Information Technology — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 6109 | 76745 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 21405 | 385504 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 5081 | 200016 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 3507 | 43086 |
| &nbsp;&nbsp;&nbsp;Wipro | 8477 | 40243 |
|  |  | 745594 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 1909 | 71254 |
| &nbsp;&nbsp;&nbsp;Grasim Industries | 1535 | 31979 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 9465 | 54155 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 4013 | 37256 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 546 | 45928 |
| &nbsp;&nbsp;&nbsp;UPL | 2529 | 21892 |
| &nbsp;&nbsp;&nbsp;Vedanta | 6164 | 22978 |
|  |  | 285442 |
| Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;GAIL India | 14246 | 16540 |
| &nbsp;&nbsp;&nbsp;NTPC | 16466 | 33129 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 14470 | 37377 |
|  |  | 87046 |
| TOTAL INDIA |  | 3255237 |
| **Indonesia — 3.4%** |  |  |
| Communication Services — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero | 311800 | 75109 |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 135400 | 49576 |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Indonesia | 42600 | 15461 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Staples — continued |  |  |
| &nbsp;&nbsp;&nbsp;Unilever Indonesia | 44000 | $13284 |
|  |  | 28745 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 71100 | 17584 |
| &nbsp;&nbsp;&nbsp;United Tractors | 10100 | 16917 |
|  |  | 34501 |
| Financials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 294500 | 161745 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 121800 | 77653 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero | 45300 | 26844 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 338400 | 107384 |
|  |  | 373626 |
| TOTAL INDONESIA |  | 561557 |
| **Malaysia — 2.7%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;DiGi.Com | 20400 | 18524 |
| &nbsp;&nbsp;&nbsp;Maxis | 20400 | 17784 |
|  |  | 36308 |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Genting | 13400 | 13628 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Sime Darby Plantation | 15500 | 16362 |
| Financials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings | 55455 | 73017 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 3400 | 15869 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 37916 | 74885 |
| &nbsp;&nbsp;&nbsp;Public Bank | 87900 | 86204 |
|  |  | 249975 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 13400 | 18921 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 20400 | 39828 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Gas | 3400 | 13214 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional | 25200 | 55091 |
|  |  | 68305 |
| TOTAL MALAYSIA |  | 443327 |
| **Mexico — 4.3%** |  |  |
| Communication Services — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;America Movil | 168000 | 152419 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Communication Services — continued |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Televisa | 13400 | $12185 |
|  |  | 164604 |
| Consumer Staples — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano | 11400 | 88703 |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo, Ser A | 7400 | 31275 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 29000 | 102073 |
|  |  | 222051 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 15500 | 111283 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa, Cl O \* | 10100 | 17021 |
|  |  | 128304 |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 2800 | 40109 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, Cl B | 975 | 22748 |
|  |  | 62857 |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex \* | 84500 | 34169 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico | 15500 | 54412 |
| &nbsp;&nbsp;&nbsp;Southern Copper | 484 | 29229 |
|  |  | 117810 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fibra Uno Administracion <sup>†</sup> | 19100 | 22504 |
| TOTAL MEXICO |  | 718130 |
| **Peru — 0.5%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 349 | 47345 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA ADR | 3851 | 28690 |
| TOTAL PERU |  | 76035 |
| **Philippines — 1.3%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 17054 | 32347 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala | 2040 | 25442 |
| &nbsp;&nbsp;&nbsp;JG Summit | 24885 | 22461 |
| &nbsp;&nbsp;&nbsp;SM Investments | 2040 | 32946 |
|  |  | 80849 |
| Real Estate — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala Land | 69400 | 38356 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;SM Prime | 94900 | $60454 |
|  |  | 98810 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;ACEN | 9960 | 1362 |
| TOTAL PHILIPPINES |  | 213368 |
| **Poland — 1.3%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 411 | 12148 |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;LPP | 18 | 43705 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Polski Koncern Naftowy Orlen | 1901 | 27842 |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 1122 | 22126 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 5597 | 38651 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 4067 | 32842 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska | 221 | 13070 |
|  |  | 106689 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz | 783 | 22626 |
| TOTAL POLAND |  | 213010 |
| **Qatar — 1.4%** |  |  |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Masraf Al Rayan | 26505 | 23079 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank | 7775 | 39625 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank | 27552 | 136180 |
|  |  | 198884 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Industries Qatar | 12362 | 43484 |
| TOTAL QATAR |  | 242368 |
| **Romania — 0.1%** |  |  |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;NEPI Rockcastle | 3210 | 19445 |
| TOTAL ROMANIA |  | 19445 |
| **Russia — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC ADR \*<sup>(A),(B)</sup> | 3839 | – |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;X5 Retail Group GDR \*<sup>(A),(B)</sup> | 915 | $– |
| Consumer Staples — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Magnit PJSC GDR \*<sup>(A),(B)</sup> | 2616 | – |
| 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;MMC Norilsk Nickel PJSC <sup>(A),(B)</sup> | 670 |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC \*<sup>(A),(B)</sup> | 8860 |  |
| &nbsp;&nbsp;&nbsp;Severstal PAO \*<sup>(A),(B)</sup> | 1512 | – |
|  |  | – |
| TOTAL RUSSIA |  | – |
| **South Africa — 6.2%** |  |  |
| Communication Services — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 9496 | 71045 |
| &nbsp;&nbsp;&nbsp;MultiChoice Group | 1926 | 13271 |
| &nbsp;&nbsp;&nbsp;Vodacom Group | 2881 | 20776 |
|  |  | 105092 |
| Consumer Discretionary — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 4068 | 46358 |
| &nbsp;&nbsp;&nbsp;Mr Price Group | 1100 | 10275 |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 1302 | 216121 |
| &nbsp;&nbsp;&nbsp;Woolworths Holdings | 4456 | 17397 |
|  |  | 290151 |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bid | 1901 | 36852 |
| &nbsp;&nbsp;&nbsp;Clicks Group | 1142 | 18127 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings | 3625 | 48149 |
|  |  | 103128 |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Exxaro Resources | 1177 | 15032 |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank | 592 | 64665 |
| &nbsp;&nbsp;&nbsp;Discovery | 4046 | 29331 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;FirstRand | 25340 | $92514 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 2564 | 32039 |
| &nbsp;&nbsp;&nbsp;Old Mutual | 22358 | 13745 |
| &nbsp;&nbsp;&nbsp;Remgro | 2403 | 18788 |
| &nbsp;&nbsp;&nbsp;Sanlam | 8241 | 23597 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 7460 | 73565 |
|  |  | 348244 |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 1522 | 19177 |
| &nbsp;&nbsp;&nbsp;Sasol | 3152 | 49912 |
|  |  | 69089 |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum | 401 | 33581 |
| &nbsp;&nbsp;&nbsp;Gold Fields | 4536 | 46959 |
|  |  | 80540 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Growthpoint Properties <sup>†</sup> | 25521 | 21809 |
| TOTAL SOUTH AFRICA |  | 1033085 |
| **South Korea — 18.0%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kakao | 1453 | 61016 |
| &nbsp;&nbsp;&nbsp;NAVER | 714 | 100225 |
| &nbsp;&nbsp;&nbsp;NCSoft | 106 | 37555 |
|  |  | 198796 |
| Consumer Discretionary — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 248 | 10963 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 391 | 61997 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 851 | 101622 |
| &nbsp;&nbsp;&nbsp;Kangwon Land \* | 552 | 10128 |
| &nbsp;&nbsp;&nbsp;Kia | 1696 | 79536 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 647 | 44259 |
|  |  | 308505 |
| Consumer Staples — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific | 242 | 26315 |
| &nbsp;&nbsp;&nbsp;E-MART | 256 | 19840 |
| &nbsp;&nbsp;&nbsp;KT&G | 954 | 69032 |
| &nbsp;&nbsp;&nbsp;LG H&H | 59 | 33687 |
|  |  | 148874 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 207 | 9347 |
| &nbsp;&nbsp;&nbsp;SK Innovation \* | 362 | 44117 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Energy — continued |  |  |
| &nbsp;&nbsp;&nbsp;S-Oil | 214 | $14115 |
|  |  | 67579 |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 234 | 12084 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 2034 | 67639 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 1183 | 9187 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 2427 | 93088 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 312 | 49348 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance | 322 | 18080 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 2595 | 72237 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 2216 | 20241 |
|  |  | 341904 |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 538 | 68268 |
| &nbsp;&nbsp;&nbsp;Celltrion Healthcare | 954 | 43770 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics \* | 103 | 66875 |
|  |  | 178913 |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Engineering & Construction | 369 | 10184 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering \* | 180 | 10064 |
| &nbsp;&nbsp;&nbsp;LG | 740 | 45705 |
| &nbsp;&nbsp;&nbsp;Samsung C&T | 661 | 59331 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries \* | 6378 | 25774 |
| &nbsp;&nbsp;&nbsp;SK Holdings | 268 | 40057 |
|  |  | 191115 |
| Information Technology — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;LG Display | 1005 | 9895 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 456 | 47061 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 19775 | 864814 |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 308 | 143953 |
| &nbsp;&nbsp;&nbsp;Samsung SDS \* | 160 | 15563 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 2504 | 148517 |
| &nbsp;&nbsp;&nbsp;SK Square \* | 491 | 13032 |
|  |  | 1242835 |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Steel | 369 | 8930 |
| &nbsp;&nbsp;&nbsp;Korea Zinc | 38 | 16949 |
| &nbsp;&nbsp;&nbsp;LG Chemical | 275 | 130486 |
| &nbsp;&nbsp;&nbsp;Lotte Chemical | 85 | 11999 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 465 | 101678 |
|  |  | 270042 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power \* | 2878 | $49617 |
| TOTAL SOUTH KOREA |  | 2998180 |
| **Taiwan — 25.2%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 27000 | 99266 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications | 19000 | 40738 |
| &nbsp;&nbsp;&nbsp;Taiwan Mobile | 19000 | 58542 |
|  |  | 198546 |
| Consumer Staples — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;President Chain Store | 7000 | 61948 |
| &nbsp;&nbsp;&nbsp;Uni-President Enterprises | 27000 | 58506 |
|  |  | 120454 |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Formosa Petrochemical | 7000 | 18288 |
| Financials — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding | 40000 | 52057 |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 13152 | 92856 |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank | 104660 | 58399 |
| &nbsp;&nbsp;&nbsp;China Development Financial Holding | 126000 | 51654 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 81000 | 58242 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding | 84910 | 66440 |
| &nbsp;&nbsp;&nbsp;First Financial Holding | 86220 | 74338 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding | 46740 | 85616 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings | 72567 | 53005 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding | 58625 | 57890 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank | 45000 | 64494 |
| &nbsp;&nbsp;&nbsp;Shin Kong Financial Holding | 206000 | 58780 |
| &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings | 47560 | 25919 |
| &nbsp;&nbsp;&nbsp;Taishin Financial Holding | 148648 | 73029 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding | 74634 | 63135 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 83138 | 58698 |
|  |  | 994552 |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century | 60000 | 62273 |
| Information Technology — 14.6% |  |  |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding | 23000 | 70267 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 7000 | 61151 |
| &nbsp;&nbsp;&nbsp;AUO | 55600 | 27135 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 7000 | 38489 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 14000 | 130501 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 60000 | 195019 |
| &nbsp;&nbsp;&nbsp;Innolux | 35580 | 12792 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 27000 | 56046 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 7000 | $142343 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 7000 | 71855 |
| &nbsp;&nbsp;&nbsp;Pegatron | 22000 | 45452 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 21000 | 49399 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 101000 | 1473817 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 54000 | 71507 |
|  |  | 2445773 |
| Materials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 27000 | 36017 |
| &nbsp;&nbsp;&nbsp;China Steel | 92000 | 89200 |
| &nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre | 21000 | 48169 |
| &nbsp;&nbsp;&nbsp;Formosa Plastics | 27000 | 76250 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics | 34000 | 78541 |
| &nbsp;&nbsp;&nbsp;Taiwan Cement | 39404 | 43141 |
|  |  | 371318 |
| TOTAL TAIWAN |  | 4211204 |
| **Thailand — 2.5%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service | 6800 | 38285 |
|  |  | 38285 |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;CP ALL | 33900 | 66802 |
|  |  | 66802 |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;PTT | 70700 | 67873 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production | 10000 | 50960 |
|  |  | 118833 |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services, Cl F | 38100 | 31901 |
|  |  | 31901 |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand \* | 29700 | 64314 |
|  |  | 64314 |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Indorama Ventures | 21300 | 25061 |
| &nbsp;&nbsp;&nbsp;PTT Global Chemical | 15600 | 21281 |
| &nbsp;&nbsp;&nbsp;Siam Cement | 3600 | 35548 |
|  |  | 81890 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Central Pattana | 9800 | $20089 |
|  |  | 20089 |
| TOTAL THAILAND |  | 422114 |
| **Turkey — 0.6%** |  |  |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | 4742 | 34679 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri \* | 1358 | 38442 |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Akbank | 33906 | 35410 |
| TOTAL TURKEY |  | 108531 |
| **United Arab Emirates — 1.5%** |  |  |
| Communication Services — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 14832 | 92320 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 14305 | 35055 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 22185 | 103292 |
|  |  | 138347 |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 16618 | 26516 |
| TOTAL UNITED ARAB EMIRATES |  | 257183 |
| **United States — 0.1%** |  |  |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;JBS | 4000 | 16660 |
| TOTAL UNITED STATES |  | 16660 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,260,232) |  | 16045229 |
| **PREFERRED STOCK — 3.7%** |  |  |
| **BRAZIL— 2.3%** |  |  |
| Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro <sup>(C)</sup> | 23100 | 107193 |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco <sup>(C)</sup> | 30871 | 88583 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding <sup>(C)</sup> | 22000 | 104171 |
| &nbsp;&nbsp;&nbsp;Itausa <sup>(C)</sup> | 27882 | 44941 |
|  |  | 237695 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau <sup>(C)</sup> | 4700 | 26145 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — continued** |  |  |
| Utilities — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais <sup>(C)</sup> | 5925 | $12501 |
| TOTAL BRAZIL |  | 383534 |
| **CHILE— 0.4%** |  |  |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile <sup>(C)</sup> | 860 | 69248 |
| **COLOMBIA— 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bancolombia <sup>(C)</sup> | 2083 | 14412 |
| **RUSSIA— 0.0%** |  |  |
| Energy — –% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC <sup>(A),(B)(C)</sup> | 50900 | – |
| **SOUTH KOREA— 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics <sup>(C)</sup> | 3721 | 148605 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $727,815) |  | 615799 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,988,047) |  | 16661028 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 40506 |
| NET ASSETS – 100% |  | $16701534 |

---

---

| | |
|:---|:---|
| ‡ | 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. |

---

*ADR — American Depositary Receipt*

*Cl — Class*

*GDR — Global Depositary Receipt*

*PJSC — Public Joint-Stock Company*

*Ser — Series*

Schedule of Investments (Unaudited) December 31, 2022

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $43304 | $– | $– |  | $43304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 967461 |  |  |  | 967461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 105905 |  |  |  | 105905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 9177 |  |  |  | 9177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic | 34467 |  |  |  | 34467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 20642 |  |  |  | 20642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 16864 |  |  |  | 16864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | 57975 |  |  |  | 57975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 3255237 |  |  |  | 3255237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 561557 |  |  |  | 561557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 443327 |  |  |  | 443327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 718130 |  |  |  | 718130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 76035 |  |  |  | 76035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 32347 |  |  |  | 32347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 80849 |  |  |  | 80849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 60454 | 38356 |  |  | 98810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1362 |  |  |  | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 213010 |  |  |  | 213010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar | 242368 |  |  |  | 242368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania | 19445 |  |  |  | 19445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1033085 |  |  |  | 1033085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 2998180 |  |  |  | 2998180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 4211204 |  |  |  | 4211204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 422114 |  |  |  | 422114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | 108531 |  |  |  | 108531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 257183 |  |  |  | 257183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 16660 | – | – |  | 16660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 16006873 | 38356 |  |  | 16045229 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 383534 |  |  |  | 383534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 69248 |  |  |  | 69248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 14412 |  |  |  | 14412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 148605 | – | – |  | 148605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | 615799 | – | – |  | 615799 |
| Total Investments in Securities | $16622672 | $38356 | $– |  | $16661028 |

---

Schedule of Investments (Unaudited) December 31, 2022

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

---

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

---

# Security or securities with a market value of $0.

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

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

KRS-QH-014-0800

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China ESG Leaders ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% <sup>‡</sup>** | **COMMON STOCK — 99.9% <sup>‡</sup>** | **COMMON STOCK — 99.9% <sup>‡</sup>** |
| **China — 98.7%** |  |  |
| Communication Services — 18.1% |  |  |
| &nbsp;&nbsp;&nbsp;37 Interactive Entertainment Network Technology Group, Cl A | 900 | $2354 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 14650 | 209663 |
| &nbsp;&nbsp;&nbsp;China Ruyi Holdings \* | 32000 | 7995 |
| &nbsp;&nbsp;&nbsp;NetEase | 13200 | 193646 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 10700 | 457889 |
|  |  | 871547 |
| Consumer Discretionary — 28.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding \* | 36936 | 408168 |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 12000 | 10224 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 801 | 29749 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 6000 | 148060 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 7500 | 73799 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 18800 | 420805 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology \* | 3400 | 9279 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group | 3600 | 9142 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings \* | 8400 | 20212 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR \* | 2800 | 38192 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 5700 | 28007 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 10000 | 16733 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings | 2808 | 153457 |
|  |  | 1365827 |
| Consumer Staples — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Angel Yeast, Cl A | 300 | 1961 |
| &nbsp;&nbsp;&nbsp;Anjoy Foods Group, Cl A | 200 | 4679 |
| &nbsp;&nbsp;&nbsp;By-health, Cl A | 700 | 2309 |
| &nbsp;&nbsp;&nbsp;China Feihe | 24000 | 20418 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy | 22000 | 99783 |
| &nbsp;&nbsp;&nbsp;Dali Foods Group | 14000 | 6386 |
| &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development, Cl A | 1400 | 5247 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 2600 | 11649 |
| &nbsp;&nbsp;&nbsp;Jonjee Hi-Tech Industrial And Commercial Holding, Cl A | 300 | 1598 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings | 9000 | 9006 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings | 32000 | 21402 |
| &nbsp;&nbsp;&nbsp;Yihai International Holding | 3000 | 10608 |
|  |  | 195046 |
| Financials — 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 643000 | 402856 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 8100 | 43621 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl H | 26000 | 145408 |
| &nbsp;&nbsp;&nbsp;Far East Horizon | 11000 | 8597 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl A | 3000 | 5524 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl H | 10400 | 11899 |
| &nbsp;&nbsp;&nbsp;Orient Securities, Cl A | 3000 | 3876 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl A | 10600 | 7078 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China ESG Leaders ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl H | 54000 | $33556 |
|  |  | 662415 |
| Health Care — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;3SBio | 10000 | 10634 |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings | 9000 | 14160 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 400 | 2706 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 59800 | 62827 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech \* | 8000 | 25471 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 600 | 2583 |
| &nbsp;&nbsp;&nbsp;Guangzhou Kingmed Diagnostics Group, Cl A | 200 | 2261 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 8000 | 15211 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 700 | 4735 |
| &nbsp;&nbsp;&nbsp;Jafron Biomedical, Cl A | 300 | 1343 |
| &nbsp;&nbsp;&nbsp;Joincare Pharmaceutical Group Industry, Cl A | 800 | 1305 |
| &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group, Cl A | 200 | 939 |
| &nbsp;&nbsp;&nbsp;Microport Scientific \* | 4300 | 11322 |
| &nbsp;&nbsp;&nbsp;Ovctek China, Cl A | 380 | 1961 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl A | 350 | 3440 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl H | 1350 | 9366 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 16800 | 27595 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 900 | 4584 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl H | 3500 | 11211 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 1200 | 3092 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl H | 5200 | 8648 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 500 | 22834 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 9200 | 23386 |
| &nbsp;&nbsp;&nbsp;Topchoice Medical, Cl A \* | 200 | 4422 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 1120 | 13112 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H | 2400 | 25353 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 24500 | 187871 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 720 | 5657 |
| &nbsp;&nbsp;&nbsp;Zhejiang Jiuzhou Pharmaceutical, Cl A | 300 | 1840 |
|  |  | 509869 |
| Industrials — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;Air China, Cl A \* | 2700 | 4137 |
| &nbsp;&nbsp;&nbsp;Air China, Cl H \* | 14000 | 12466 |
| &nbsp;&nbsp;&nbsp;Beijing Capital International Airport, Cl H \* | 14000 | 10242 |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 300 | 2445 |
| &nbsp;&nbsp;&nbsp;China Baoan Group, Cl A | 1100 | 1922 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 16000 | 5842 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 11000 | 23903 |
| &nbsp;&nbsp;&nbsp;China Eastern Airlines, Cl A \* | 4600 | 3677 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 25000 | 11179 |
| &nbsp;&nbsp;&nbsp;China Lesso Group Holdings | 8000 | 8354 |
| &nbsp;&nbsp;&nbsp;China Southern Airlines, Cl A \* | 4600 | 5053 |
| &nbsp;&nbsp;&nbsp;China Southern Airlines, Cl H \* | 14000 | 9112 |
| &nbsp;&nbsp;&nbsp;CITIC | 39000 | 41174 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China ESG Leaders ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 1000 | $56862 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 5200 | 7734 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl H | 21500 | 21927 |
| &nbsp;&nbsp;&nbsp;Fosun International | 17000 | 13853 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 700 | 2917 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 8000 | 7308 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology, Cl A | 1400 | 3268 |
| &nbsp;&nbsp;&nbsp;Keda Industrial Group, Cl A | 800 | 1643 |
| &nbsp;&nbsp;&nbsp;Ming Yang Smart Energy Group, Cl A | 900 | 3286 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 2000 | 16696 |
| &nbsp;&nbsp;&nbsp;Shanghai Construction Group, Cl A | 3600 | 1353 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group, Cl A \* | 5100 | 2904 |
| &nbsp;&nbsp;&nbsp;Shanghai M&G Stationery, Cl A | 400 | 3179 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 1150 | 11552 |
| &nbsp;&nbsp;&nbsp;Shenzhen International Holdings | 9913 | 9729 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 600 | 9695 |
| &nbsp;&nbsp;&nbsp;Titan Wind Energy Suzhou, Cl A | 800 | 1749 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl A | 2800 | 4120 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl H | 13000 | 17456 |
| &nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology, Cl A | 1400 | 2226 |
| &nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology, Cl H | 5200 | 4630 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 900 | 3603 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 10000 | 7700 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weixing New Building Materials, Cl A | 700 | 2159 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology, Cl A | 2900 | 2280 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman ADR | 2828 | 75988 |
|  |  | 435323 |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings \* | 5000 | 11429 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 18000 | 38606 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 50000 | 41064 |
| &nbsp;&nbsp;&nbsp;Unisplendour, Cl A | 1151 | 3245 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 34000 | 37638 |
|  |  | 131982 |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel, Cl A | 8900 | 7191 |
| &nbsp;&nbsp;&nbsp;BBMG, Cl A | 3400 | 1248 |
| &nbsp;&nbsp;&nbsp;Chengtun Mining Group, Cl A | 1300 | 1107 |
| &nbsp;&nbsp;&nbsp;Chengxin Lithium Group, Cl A | 300 | 1626 |
| &nbsp;&nbsp;&nbsp;China Jushi, Cl A | 1686 | 3341 |
| &nbsp;&nbsp;&nbsp;China Resources Cement Holdings | 16000 | 8487 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 7100 | 4669 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl H | 24000 | 11070 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 640 | 6430 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl H | 2480 | 18525 |
| &nbsp;&nbsp;&nbsp;GEM, Cl A | 2000 | 2148 |
| &nbsp;&nbsp;&nbsp;Huaxin Cement, Cl A | 600 | 1285 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China ESG Leaders ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Materials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Eastern Shenghong, Cl A | 1700 | $3204 |
| &nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum, Cl A | 4800 | 2269 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology, Cl A | 600 | 4500 |
| &nbsp;&nbsp;&nbsp;Sichuan Yahua Industrial Group, Cl A | 400 | 1344 |
| &nbsp;&nbsp;&nbsp;Sinopec Shanghai Petrochemical, Cl A | 3000 | 1348 |
| &nbsp;&nbsp;&nbsp;Skshu Paint, Cl A | 240 | 3948 |
| &nbsp;&nbsp;&nbsp;Youngy, Cl A \* | 100 | 1415 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material, Cl A | 400 | 7590 |
| &nbsp;&nbsp;&nbsp;Yunnan Tin, Cl A | 700 | 1426 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 680 | 5467 |
| &nbsp;&nbsp;&nbsp;Zhejiang Yongtai Technology, Cl A | 300 | 947 |
|  |  | 100585 |
| Real Estate — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment | 26000 | 68623 |
| &nbsp;&nbsp;&nbsp;China Resources Land | 20000 | 91609 |
| &nbsp;&nbsp;&nbsp;China Resources Mixc Lifestyle Services | 4600 | 23368 |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl A | 3800 | 9996 |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl H | 11500 | 23280 |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings | 14000 | 34870 |
| &nbsp;&nbsp;&nbsp;Greentown Service Group | 10000 | 6637 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings | 12500 | 38918 |
| &nbsp;&nbsp;&nbsp;Shimao Group Holdings \*<sup>(A)</sup> | 12500 | 3221 |
|  |  | 300522 |
| Utilities — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 28000 | 7175 |
| &nbsp;&nbsp;&nbsp;CECEP Solar Energy, Cl A | 1600 | 1695 |
| &nbsp;&nbsp;&nbsp;CECEP Wind-Power, Cl A | 2600 | 1432 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 20000 | 29110 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 6200 | 23275 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 11500 | 9391 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 5300 | 74424 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas, Cl A | 1100 | 2560 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 26000 | 18555 |
|  |  | 167617 |
| TOTAL CHINA |  | 4740733 |
| **Hong Kong — 1.0%** |  |  |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Vinda International Holdings | 2000 | 5894 |
| Health Care — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 69000 | 40401 |
| TOTAL HONG KONG |  | 46295 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China ESG Leaders ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **Singapore — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BOC Aviation | 1500 | $12521 |
| TOTAL SINGAPORE |  | 12521 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,007,931) |  | 4799549 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,007,931) |  | 4799549 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 4676 |
| NET ASSETS – 100% |  | $4804225 |

---

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. <br> \* Non-income producing security. <br> (A) Level 3 security in accordance with fair value hierarchy.

*ADR — American Depositary Receipt* <br> *Cl — Class*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3<sup>^</sup>** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $871547 | $– | $– | $871547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1365827 |  |  | 1365827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 195046 |  |  | 195046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 662415 |  |  | 662415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 509869 |  |  | 509869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 435323 |  |  | 435323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 131982 |  |  | 131982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 100585 |  |  | 100585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 297301 |  | 3221 | 300522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 167617 |  |  | 167617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 46295 |  |  | 46295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 12521 | – | – | 12521 |
| &nbsp;&nbsp;&nbsp;Total Common Stock | 4796328 | – | 3221 | 4799549 |
| Total Investments in Securities | $4796328 | $– | $3221 | $4799549 |

---

---

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

---

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

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares MSCI China ESG Leaders ETF**

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

KRS-QH-021-0400

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China 5G & Semiconductor Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.1% <sup>‡</sup>** | **COMMON STOCK — 100.1% <sup>‡</sup>** | **COMMON STOCK — 100.1% <sup>‡</sup>** |
| **China — 100.1%** |  |  |
| Industrials — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ginlong Technologies, Cl A \* | 14300 | $372131 |
| &nbsp;&nbsp;&nbsp;Suzhou Maxwell Technologies, Cl A | 6300 | 375003 |
|  |  | 747134 |
| Information Technology — 94.4% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A \* | 21216 | 300538 |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A | 84585 | 335462 |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 1371730 | 670118 |
| &nbsp;&nbsp;&nbsp;BYD Electronic International | 80000 | 257273 |
| &nbsp;&nbsp;&nbsp;Chaozhou Three-Circle Group, Cl A | 64664 | 287018 |
| &nbsp;&nbsp;&nbsp;China Resources Microelectronics, Cl A | 45811 | 348606 |
| &nbsp;&nbsp;&nbsp;China Zhenhua Group Science & Technology, Cl A | 18000 | 297179 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 686374 | 910688 |
| &nbsp;&nbsp;&nbsp;GigaDevice Semiconductor, Cl A | 22600 | 334712 |
| &nbsp;&nbsp;&nbsp;GoerTek, Cl A | 125622 | 305574 |
| &nbsp;&nbsp;&nbsp;Hangzhou Silan Microelectronics, Cl A | 53800 | 254970 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor \* | 45000 | 157112 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 238605 | 1094938 |
| &nbsp;&nbsp;&nbsp;Maxscend Microelectronics, Cl A | 18569 | 306758 |
| &nbsp;&nbsp;&nbsp;Montage Technology, Cl A | 41552 | 375952 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 18118 | 589980 |
| &nbsp;&nbsp;&nbsp;SG Micro, Cl A | 12400 | 309335 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 28332 | 325626 |
| &nbsp;&nbsp;&nbsp;StarPower Semiconductor, Cl A | 6129 | 291707 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 36100 | 429456 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology, Cl A | 123100 | 670046 |
| &nbsp;&nbsp;&nbsp;Unigroup Guoxin Microelectronics, Cl A | 28900 | 550610 |
| &nbsp;&nbsp;&nbsp;Will Semiconductor Shanghai, Cl A | 43006 | 479172 |
| &nbsp;&nbsp;&nbsp;Wingtech Technology, Cl A | 44555 | 338597 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 656800 | 920620 |
| &nbsp;&nbsp;&nbsp;Yealink Network Technology, Cl A | 33580 | 294068 |
| &nbsp;&nbsp;&nbsp;Zhejiang Jingsheng Mechanical & Electrical, Cl A | 46320 | 425519 |
| &nbsp;&nbsp;&nbsp;ZTE, Cl H | 244000 | 537710 |
|  |  | 12399344 |
| TOTAL CHINA |  | 13146478 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,596,104) |  | 13146478 |
| TOTAL INVESTMENTS — 100.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,596,104) |  | 13146478 |
| OTHER ASSETS LESS LIABILITIES – (0.1)% |  | (9862) |
| NET ASSETS – 100% |  | $13136616 |

---

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

*Cl — Class*

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China 5G & Semiconductor Index ETF**

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

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

KRS-QH-022-0400

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China Consumer Leaders Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% <sup>‡</sup>** | **COMMON STOCK — 99.9% <sup>‡</sup>** | **COMMON STOCK — 99.9% <sup>‡</sup>** |
| **China — 99.9%** |  |  |
| Consumer Discretionary — 38.4% |  |  |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 23000 | $301463 |
| &nbsp;&nbsp;&nbsp;Bosideng International Holdings | 84000 | 39929 |
| &nbsp;&nbsp;&nbsp;DR, Cl A | 8000 | 72821 |
| &nbsp;&nbsp;&nbsp;Ecovacs Robotics, Cl A | 3800 | 40061 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances of Zhuhai, Cl A | 64800 | 302700 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding \* | 35000 | 100449 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 84600 | 299084 |
| &nbsp;&nbsp;&nbsp;Li Ning | 34500 | 299473 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 71365 | 534295 |
| &nbsp;&nbsp;&nbsp;Oppein Home Group, Cl A | 3400 | 59721 |
| &nbsp;&nbsp;&nbsp;Shenzhen Overseas Chinese Town, Cl A | 81800 | 63015 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings | 8200 | 461220 |
|  |  | 2574231 |
| Consumer Staples — 60.7% |  |  |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy | 65000 | 294813 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings | 34000 | 237631 |
| &nbsp;&nbsp;&nbsp;Chongqing Brewery, Cl A | 4136 | 76146 |
| &nbsp;&nbsp;&nbsp;Eastroc Beverage Group, Cl A | 1800 | 46282 |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 25856 | 297468 |
| &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development, Cl A | 22935 | 85954 |
| &nbsp;&nbsp;&nbsp;Hengan International Group | 14500 | 77005 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 68200 | 305571 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yanghe Brewery JSC, Cl A | 11817 | 274125 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 2700 | 673942 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 12500 | 405197 |
| &nbsp;&nbsp;&nbsp;Proya Cosmetics, Cl A | 2800 | 67778 |
| &nbsp;&nbsp;&nbsp;Shanghai Flyco Electrical Appliance, Cl A | 9717 | 94560 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 7400 | 304809 |
| &nbsp;&nbsp;&nbsp;Tsingtao Brewery, Cl H | 14000 | 138297 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings | 105000 | 70225 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 23500 | 613717 |
|  |  | 4063520 |
| Real Estate — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Youngor Group, Cl A | 55900 | 51142 |
| TOTAL CHINA |  | 6688893 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares CICC China Consumer Leaders Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **Hong Kong — 0.0%** |  |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Super Hi International Holding \* | 2200 | $2802 |
| TOTAL HONG KONG |  | 2802 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,866,307) |  | 6691695 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,866,307) |  | 6691695 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 4668 |
| NET ASSETS – 100% |  | $6696363 |

---

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

*Cl — Class* <br> *JSC — Joint-Stock Company*

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

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

KRS-QH-023-0400

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares SSE STAR Market 50 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.3% <sup>‡</sup>** | **COMMON STOCK — 99.3% <sup>‡</sup>** | **COMMON STOCK — 99.3% <sup>‡</sup>** |
| **China — 99.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Roborock Technology, Cl A | 19298 | $691015 |
| &nbsp;&nbsp;&nbsp;Ninebot \* | 146866 | 647210 |
| &nbsp;&nbsp;&nbsp;Tianneng Battery Group, Cl A | 46723 | 248105 |
|  |  | 1586330 |
| Health Care — 12.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bloomage Biotechnology, Cl A | 33033 | 645874 |
| &nbsp;&nbsp;&nbsp;CanSino Biologics, Cl A | 23643 | 498978 |
| &nbsp;&nbsp;&nbsp;Changchun BCHT Biotechnology, Cl A | 42520 | 424718 |
| &nbsp;&nbsp;&nbsp;iRay Technology, Cl A | 12478 | 825777 |
| &nbsp;&nbsp;&nbsp;Nanjing Vazyme Biotech, Cl A | 12360 | 94931 |
| &nbsp;&nbsp;&nbsp;Qingdao Haier Biomedical, Cl A | 65494 | 599199 |
| &nbsp;&nbsp;&nbsp;Shanghai Junshi Biosciences, Cl A \* | 131073 | 1185915 |
| &nbsp;&nbsp;&nbsp;Shanghai Medicilon, Cl A | 14937 | 461770 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A \* | 16977 | 434261 |
|  |  | 5171423 |
| Industrials — 13.3% |  |  |
| &nbsp;&nbsp;&nbsp;GoodWe Technologies, Cl A | 25378 | 1185097 |
| &nbsp;&nbsp;&nbsp;Hoymiles Power Electronics, Cl A | 5768 | 781269 |
| &nbsp;&nbsp;&nbsp;Ningbo Ronbay New Energy Technology, Cl A | 92876 | 922874 |
| &nbsp;&nbsp;&nbsp;Pylon Technologies, Cl A | 31896 | 1455151 |
| &nbsp;&nbsp;&nbsp;Zhejiang HangKe Technology, Cl A | 41726 | 263967 |
| &nbsp;&nbsp;&nbsp;Zhuhai CosMX Battery, Cl A | 38515 | 103763 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl A | 89492 | 705836 |
|  |  | 5417957 |
| Information Technology — 59.8% |  |  |
| &nbsp;&nbsp;&nbsp;3peak, Cl A | 20536 | 817457 |
| &nbsp;&nbsp;&nbsp;ACM Research Shanghai, Cl A \* | 13380 | 154514 |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A \* | 148095 | 2097862 |
| &nbsp;&nbsp;&nbsp;Amlogic Shanghai, Cl A \* | 99372 | 1012700 |
| &nbsp;&nbsp;&nbsp;ASR Microelectronics, Cl A \* | 12925 | 113374 |
| &nbsp;&nbsp;&nbsp;Beijing Kingsoft Office Software, Cl A | 63337 | 2421212 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 68802 | 542552 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 887912 | 614711 |
| &nbsp;&nbsp;&nbsp;China Resources Microelectronics, Cl A | 181282 | 1379492 |
| &nbsp;&nbsp;&nbsp;Everdisplay Optronics Shanghai, Cl A \* | 1430547 | 554119 |
| &nbsp;&nbsp;&nbsp;GalaxyCore, Cl A \* | 102948 | 260984 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A \* | 71818 | 416448 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A | 480638 | 1017705 |
| &nbsp;&nbsp;&nbsp;Montage Technology, Cl A | 272439 | 2464959 |
| &nbsp;&nbsp;&nbsp;National Silicon Industry Group, Cl A \* | 375126 | 954779 |
| &nbsp;&nbsp;&nbsp;Qi An Xin Technology Group, Cl A \* | 93668 | 890400 |
| &nbsp;&nbsp;&nbsp;Shanghai Friendess Electronic Technology, Cl A | 15030 | 471581 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 110403 | 1268888 |
| &nbsp;&nbsp;&nbsp;SICC, Cl A \* | 13277 | 149679 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares SSE STAR Market 50 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Suzhou Novosense Microelectronics, Cl A | 10409 | $477810 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A | 372379 | 3431623 |
| &nbsp;&nbsp;&nbsp;Verisilicon Microelectronics Shanghai, Cl A \* | 85442 | 544228 |
| &nbsp;&nbsp;&nbsp;Xinjiang Daqo New Energy, Cl A | 102731 | 707952 |
| &nbsp;&nbsp;&nbsp;Zhejiang Supcon Technology, Cl A | 119396 | 1567419 |
|  |  | 24332448 |
| Materials — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Biotech, Cl A | 60074 | 532156 |
| &nbsp;&nbsp;&nbsp;Hunan Changyuan Lico, Cl A | 264929 | 558664 |
| &nbsp;&nbsp;&nbsp;Jiangsu Cnano Technology, Cl A | 63782 | 711121 |
| &nbsp;&nbsp;&nbsp;Suzhou Nanomicro Technology, Cl A | 55366 | 414274 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 111519 | 1526227 |
| &nbsp;&nbsp;&nbsp;Zhongfu Shenying Carbon Fiber, Cl A \* | 24719 | 154234 |
|  |  | 3896676 |
| TOTAL CHINA |  | 40404834 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,970,682) |  | 40404834 |
| TOTAL INVESTMENTS — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,970,682) |  | 40404834 |
| OTHER ASSETS LESS LIABILITIES – 0.7% |  | 280039 |
| NET ASSETS – 100% |  | $40684873 |

---

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

*Cl — Class*

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

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

KRS-QH-024-0400

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Hang Seng TECH Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 94.3% <sup>‡</sup>** | **COMMON STOCK — 94.3% <sup>‡</sup>** | **COMMON STOCK — 94.3% <sup>‡</sup>** |
| **China — 94.3%** |  |  |
| Communication Services — 31.8% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 20350 | $291238 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 7320 | 175193 |
| &nbsp;&nbsp;&nbsp;China Literature \* | 17200 | 66773 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 33600 | 112360 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 75500 | 687291 |
| &nbsp;&nbsp;&nbsp;NetEase | 21605 | 316949 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 14800 | 633342 |
|  |  | 2283146 |
| Consumer Discretionary — 36.6% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding \* | 28200 | 311629 |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 188000 | 160180 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl H | 91626 | 312270 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 33700 | 308073 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A \* | 20160 | 568758 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 17100 | 168262 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 26800 | 599871 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A \* | 1310 | 13176 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology \* | 17700 | 48304 |
| &nbsp;&nbsp;&nbsp;Trip.com Group \* | 3100 | 108669 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 7300 | 35869 |
|  |  | 2635061 |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H \* | 29100 | 80161 |
| Information Technology — 24.8% |  |  |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings \* | 27000 | 61715 |
| &nbsp;&nbsp;&nbsp;BYD Electronic International | 29000 | 93261 |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A \* | 11900 | 31256 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor \* | 25000 | 87284 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 99000 | 212335 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 274000 | 225029 |
| &nbsp;&nbsp;&nbsp;Ming Yuan Cloud Group Holdings | 36000 | 32379 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Cl B \* | 535000 | 152173 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 25540 | 303831 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 419000 | 587302 |
|  |  | 1786565 |
| TOTAL CHINA |  | 6784933 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,173,674) |  | 6784933 |
| TOTAL INVESTMENTS — 94.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,173,674) |  | 6784933 |
| OTHER ASSETS LESS LIABILITIES – 5.7% |  | 409051 |
| NET ASSETS – 100% |  | $7193984 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Hang Seng TECH Index ETF**

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

*Cl — Class*

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

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

KRS-QH-028-0400

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares China Innovation ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUNDS — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares CICC China 5G and Semiconductor Index ETF *<sup>‡</sup>* | 14816 | $227208 |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF \**<sup>‡</sup>* | 15155 | 457681 |
| &nbsp;&nbsp;&nbsp;KraneShares MSCI All China Health Care Index ETF *<sup>‡</sup>* | 17947 | 383886 |
| &nbsp;&nbsp;&nbsp;KraneShares MSCI China Clean Technology Index ETF*<sup>‡</sup>* | 11210 | 304800 |
| &nbsp;&nbsp;&nbsp;KraneShares SSE STAR Market 50 Index ETF \**<sup>‡</sup>* | 10161 | 152009 |
| TOTAL EXCHANGE - TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,325,788) |  | 1525584 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,325,788) |  | 1525584 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 1179 |
| NET ASSETS – 100% |  | $1526763 |

---

\* Non-income producing security. <br> *†* Affiliated Investment.

*ETF — Exchange-Traded Fund*

*MSCI — Morgan Stanley Capital International*

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

Transactions with affiliated companies during the period ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of<br> 3/31/2022** | **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> 12/31/2022** | **Balance of<br> Shares<br> Held as of<br> 12/31/2022** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** | **KraneShares CICC China 5G and Semiconductor Index ETF** |
| 433558 | $16145 | $(155764) | $(57551) | $(9180) | $227208 | 14816 | $816 | $– |
| **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** |
| 759535 | 9011 | (383427) | 111213 | (38651) | 457681 | 15155 |  |  |
| **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** |
| 696488 | 9033 | (280489) | 19196 | (60342) | 383886 | 17947 | 217 |  |
| **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** |
| 603644 | 40705 | (282188) | (86414) | 29053 | 304800 | 11210 | 1029 | 4378 |
| **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** |
| 296468 | 9020 | (111234) | (34076) | (8169) | 152009 | 10161 | – | – |
| $2789693 | $83914 | $(1213102) | $(47632) | $(87289) | $1525584 | 69289 | $2062 | 4378 |

---

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

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

KRS-QH-032-0300

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares S&P Pan Asia Dividend Aristocrats ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.3% <sup>‡</sup>** | **COMMON STOCK — 99.3% <sup>‡</sup>** | **COMMON STOCK — 99.3% <sup>‡</sup>** |
| **Australia — 14.7%** |  |  |
| Communication Services — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;carsales.com | 1849 | $26031 |
| Consumer Discretionary — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Collins Foods | 3424 | 16695 |
| &nbsp;&nbsp;&nbsp;JB Hi-Fi | 2469 | 70239 |
|  |  | 86934 |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Steadfast Group | 9988 | 37050 |
| Health Care — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare | 1106 | 22479 |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Washington H Soul Pattinson | 1596 | 29937 |
| Materials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Brickworks | 2306 | 34670 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources | 5274 | 39020 |
|  |  | 73690 |
| Real Estate — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Charter Hall Group <sup>†</sup> | 2292 | 18621 |
| Utilities — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;APA Group | 11344 | 82776 |
| TOTAL AUSTRALIA |  | 377518 |
| **China — 25.4%** |  |  |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | 1200 | 13499 |
| Financials — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl H | 49000 | 119911 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 10000 | 66176 |
|  |  | 186087 |
| Health Care — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings | 37000 | 58214 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 22000 | 23114 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 34000 | 86427 |
|  |  | 167755 |
| Real Estate — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Land | 16000 | 73287 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings | 15500 | 48258 |
|  |  | 121545 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares S&P Pan Asia Dividend Aristocrats ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Utilities — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 30000 | $43665 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 6600 | 24777 |
| &nbsp;&nbsp;&nbsp;China Water Affairs Group | 36000 | 29750 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment | 64000 | 65517 |
|  |  | 163709 |
| TOTAL CHINA |  | 652595 |
| **Hong Kong — 17.3%** |  |  |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 2600 | 28915 |
| Real Estate — 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;Henderson Land Development | 20000 | 69827 |
| &nbsp;&nbsp;&nbsp;Link REIT <sup>†</sup> | 8100 | 59466 |
| &nbsp;&nbsp;&nbsp;New World Development | 27000 | 76106 |
| &nbsp;&nbsp;&nbsp;Swire Properties | 28800 | 73209 |
|  |  | 278608 |
| Utilities — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings | 12500 | 65423 |
| &nbsp;&nbsp;&nbsp;CLP Holdings | 6000 | 43780 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas | 30000 | 28521 |
|  |  | 137724 |
| TOTAL HONG KONG |  | 445247 |
| **India — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 1012 | 18226 |
| TOTAL INDIA |  | 18226 |
| **Indonesia — 1.0%** |  |  |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 44600 | 24495 |
| TOTAL INDONESIA |  | 24495 |
| **Japan — 32.7%** |  |  |
| Communication Services — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hakuhodo DY Holdings | 600 | 6048 |
| &nbsp;&nbsp;&nbsp;KDDI | 800 | 24143 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone | 800 | 22810 |
|  |  | 53001 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares S&P Pan Asia Dividend Aristocrats ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Consumer Discretionary — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin | 200 | $28224 |
| &nbsp;&nbsp;&nbsp;Open House Group | 200 | 7306 |
| &nbsp;&nbsp;&nbsp;Rinnai | 100 | 7450 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical | 900 | 12585 |
| &nbsp;&nbsp;&nbsp;Sekisui House | 1200 | 21222 |
| &nbsp;&nbsp;&nbsp;Seria | 500 | 10872 |
| &nbsp;&nbsp;&nbsp;TS Tech | 1800 | 20668 |
|  |  | 108327 |
| Consumer Staples — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings | 400 | 12487 |
| &nbsp;&nbsp;&nbsp;Kao | 300 | 11948 |
| &nbsp;&nbsp;&nbsp;Nisshin Seifun Group | 1100 | 13781 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings | 300 | 12869 |
| &nbsp;&nbsp;&nbsp;Sundrug | 600 | 17803 |
| &nbsp;&nbsp;&nbsp;Takara Holdings | 1600 | 12672 |
|  |  | 81560 |
| Financials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Chiba Bank | 3600 | 26247 |
| &nbsp;&nbsp;&nbsp;SBI Holdings | 1100 | 20984 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 1300 | 27858 |
| &nbsp;&nbsp;&nbsp;Tokyo Century | 400 | 13582 |
| &nbsp;&nbsp;&nbsp;Zenkoku Hosho | 400 | 15309 |
|  |  | 103980 |
| Health Care — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alfresa Holdings | 1600 | 20324 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma | 1100 | 16728 |
| &nbsp;&nbsp;&nbsp;Mani | 600 | 9231 |
| &nbsp;&nbsp;&nbsp;Medipal Holdings | 700 | 9236 |
| &nbsp;&nbsp;&nbsp;Shionogi | 200 | 9983 |
|  |  | 65502 |
| Industrials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings | 1100 | 19300 |
| &nbsp;&nbsp;&nbsp;EXEO Group | 1200 | 20445 |
| &nbsp;&nbsp;&nbsp;Hazama Ando | 4100 | 26133 |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries | 200 | 8276 |
| &nbsp;&nbsp;&nbsp;Nichias | 800 | 14321 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings | 1700 | 15732 |
| &nbsp;&nbsp;&nbsp;SHO-BOND Holdings | 400 | 17037 |
|  |  | 121244 |
| Information Technology — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Itochu Techno-Solutions | 400 | 9307 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing | 200 | 9986 |
| &nbsp;&nbsp;&nbsp;NEC Networks & System Integration | 900 | 11268 |
| &nbsp;&nbsp;&nbsp;Oracle Japan \* | 200 | 12915 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares S&P Pan Asia Dividend Aristocrats ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Otsuka | 400 | $12596 |
| &nbsp;&nbsp;&nbsp;SCSK | 800 | 12132 |
|  |  | 68204 |
| Materials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aica Kogyo | 800 | 18978 |
| &nbsp;&nbsp;&nbsp;Denka | 700 | 16048 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings | 400 | 5808 |
| &nbsp;&nbsp;&nbsp;Nissan Chemical | 200 | 8761 |
| &nbsp;&nbsp;&nbsp;Nitto Denko | 200 | 11596 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 100 | 12297 |
|  |  | 73488 |
| Real Estate — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa Office Investment <sup>†</sup> | 4 | 19402 |
| &nbsp;&nbsp;&nbsp;Heiwa Real Estate REIT <sup>†</sup> | 20 | 22994 |
| &nbsp;&nbsp;&nbsp;Hulic | 2400 | 18917 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Invest <sup>†</sup> | 36 | 28567 |
| &nbsp;&nbsp;&nbsp;Japan Real Estate Investment <sup>†</sup> | 4 | 17492 |
| &nbsp;&nbsp;&nbsp;Mori Hills REIT Investment <sup>†</sup> | 20 | 23858 |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings | 900 | 19304 |
| &nbsp;&nbsp;&nbsp;Tokyo Tatemono | 1300 | 15754 |
|  |  | 166288 |
| TOTAL JAPAN |  | 841594 |
| **New Zealand — 0.6%** |  |  |
| Health Care — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare | 1114 | 15923 |
| TOTAL NEW ZEALAND |  | 15923 |
| **Philippines — 1.0%** |  |  |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 7290 | 26163 |
| TOTAL PHILIPPINES |  | 26163 |
| **Taiwan — 3.3%** |  |  |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 4000 | 28241 |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Advantech | 2000 | 21539 |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics | 4000 | 35789 |
|  |  | 57328 |
| TOTAL TAIWAN |  | 85569 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares S&P Pan Asia Dividend Aristocrats ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** |  |  |
| **Thailand — 0.9%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Krungthai Card | 13000 | $22145 |
| TOTAL THAILAND |  | 22145 |
| **United States — 1.7%** |  |  |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Computershare | 2497 | 44365 |
| TOTAL UNITED STATES |  | 44365 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,437,336) |  | 2553840 |
| TOTAL INVESTMENTS — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,437,336) |  | 2553840 |
| OTHER ASSETS LESS LIABILITIES – 0.7% |  | 18787 |
| NET ASSETS – 100% |  | $2572627 |

---

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

*ETF — Exchange-Traded Fund*

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

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

KRS-QH-035-0100

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 2129330393

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

- **a. Name of Series:** KraneShares CICC China 5G and Semiconductor Index ETF

- **b. EDGAR series identifier (if any):** S000067201

- **c. LEI of Series:** 5493005Q82TVCXGCDA70

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $13398016.47

**Total Liabilities:** $261169.66

**Net Assets:** $13136846.81

**Cash Not Reported:** $0.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216191 | 0.35%                | 8.34%                | -2.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-506417.86              | $557217.56                                 |
| Month 2  | $0.00                    | $1014749.46                                |
| Month 3  | $-384301.52              | $427102.21                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chaozhou Three-circle Group Co Ltd                  | CHAOZHOU THREE-CIRCLE GROU-A COMMON STOCK      | CUSIP: N/A<br>LEI: 655600NIG229WUTGM382 | Long             | EC               |  | CN        |     64664 | NS      | $287017.56    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Silan Microelectronics Co., Ltd.           | HANGZHOU SILAN MICROELECTR-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300A6XLSTHVDNCV85 | Long             | EC               |  | CN        |     53800 | NS      | $254970.41    | 1.94%             |  |  |  | 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        |     45811 | NS      | $348605.50    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| China Zhenhua (Group) Science & Technology Co., Ltd | CHINA ZHENHUA GROUP SCIENC-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     18000 | NS      | $297179.44    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxshare Precision Industry Co., Ltd.               | LUXSHARE PRECISION INDUSTR-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300QLLDUELXN16530 | Long             | EC               |  | CN        |    238605 | NS      | $1094937.56   | 8.33%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGTECH TECHNOLOGY CO., LTD                        | WINGTECH TECHNOLOGY CO LTD-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     44555 | NS      | $338597.01    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TCL Zhonghuan Renewable Energy Technology Co.,Ltd.  | TCL ZHONGHUAN RENEWABLE EN-A COMMON STOCK      | CUSIP: N/A<br>LEI: 300300Y3UHPAM1FB1Y03 | Long             | EC               |  | CN        |    123100 | NS      | $670045.74    | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                        | FX Forward Contract: USD/HKD SETTLE 2023-01-03 | CUSIP: N/A<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $14.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUA HONG SEMICONDUCTOR LIMITED                      | HUA HONG SEMICONDUCTOR LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 529900OXH3ZYLIMGB907 | Long             | EC               |  | HK        |     45000 | NS      | $157111.83    | 1.20%             |  |  |  | Yes           |                  1 | On Loan: No      |
| U.S. DOLLARS                                        | FX Forward Contract: USD/HKD SETTLE 2023-01-03 | CUSIP: N/A<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $102.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOE Technology Group Co., Ltd.                      | BOE TECHNOLOGY GROUP CO LT-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |   1371730 | NS      | $670118.21    | 5.10%             |  |  |  | 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        |     21216 | NS      | $300538.41    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NAURA Technology Group Co., Ltd.                    | NAURA TECHNOLOGY GROUP CO-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               |  | CN        |     18118 | NS      | $589980.33    | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Avary Holding (Shenzhen) Co., Limited               | AVARY HOLDING SHENZHEN CO -A COMMON STOCK      | CUSIP: N/A<br>LEI: 30030067AGXAJK5FRS12 | Long             | EC               |  | CN        |     84585 | NS      | $335462.16    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTE Corporation                                     | ZTE CORP-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 3003004FBGVVG1CW5U45 | Long             | EC               |  | HK        |    244000 | NS      | $537710.04    | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ginlong Technologies Co.,Ltd.                       | GINLONG TECHNOLOGIES CO LT-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     14300 | NS      | $372130.48    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Foxconn Industrial Internet Co., Ltd.               | FOXCONN INDUSTRIAL INTERNE-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    686374 | NS      | $910687.95    | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED    | SUNNY OPTICAL TECH COMMON STOCK                | CUSIP: N/A<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               |  | HK        |     36100 | NS      | $429456.31    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Goertek Inc.                                        | GOERTEK INC -A COMMON STOCK                    | CUSIP: N/A<br>LEI: 300300FEEFS8BQPXIV57 | Long             | EC               |  | CN        |    125622 | NS      | $305573.65    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Electronic (International) Company Limited      | BYD ELECTRONIC INTL CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 5299001O3LAFGRPZ3Y63 | Long             | EC               |  | HK        |     80000 | NS      | $257272.63    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| StarPower Semiconductor Ltd                         | STARPOWER SEMICONDUCTOR LT-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |      6129 | NS      | $291707.39    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Jingsheng Mechanical & Electrical Co Ltd   | ZHEJIANG JINGSHENG MECHANI-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     46320 | NS      | $425518.58    | 3.24%             |  |  |  | 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        |     28332 | NS      | $325626.46    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzhou Maxwell Technologies Co Ltd                  | SUZHOU MAXWELL TECHNOLOGIE-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |      6300 | NS      | $375003.36    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG DOLLAR                                    | FX Forward Contract: HKD/USD SETTLE 2023-01-03 | CUSIP: N/A<br>LEI: N/A                  | N/A              | DFE              |  | HK        |         1 | NC      | $-207.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Maxscend Microelectronics Co Ltd                    | MAXSCEND MICROELECTRONICS -A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     18569 | NS      | $306758.18    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| XIAOMI CORPORATION                                  | XIAOMI CORP-CLASS B COMMON STOCK               | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               |  | HK        |    656800 | NS      | $920619.86    | 7.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| GigaDevice Semiconductor Inc                        | GIGADEVICE SEMICONDUCTO-CL A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     22600 | NS      | $334711.98    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Micro Corp                                       | SG MICRO CORP-A COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     12400 | NS      | $309334.64    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                        | FX Forward Contract: USD/HKD SETTLE 2023-01-03 | CUSIP: N/A<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $22.25        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Unigroup Guoxin Microelectronics Co., Ltd.          | UNIGROUP GUOXIN MICROELECT-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     28900 | NS      | $550610.37    | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Will Semiconductor Co., Ltd. Shanghai               | WILL SEMICONDUCTOR CO LTD-A COMMON STOCK       | CUSIP: N/A<br>LEI: 8368000MFHXX01GPND38 | Long             | EC               |  | CN        |     43006 | NS      | $479172.26    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Yealink Network Technology Co Ltd                   | YEALINK NETWORK TECHNOLOGY-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     33580 | NS      | $294067.97    | 2.24%             |  |  |  | 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        |     41552 | NS      | $375951.96    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                        | FX Forward Contract: USD/HKD SETTLE 2023-01-03 | CUSIP: N/A<br>LEI: N/A                  | N/A              | DFE              |  | US        |         1 | NC      | $126.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO