# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001752724-25-211483
**Filing Date:** 2025-8
**Character Count:** 10977
**Document Hash:** 519c1c9ed0e575b4a146f4932f39cce8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211483.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211483

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Krane Shares Trust
- **CENTRAL INDEX KEY:** 0001547576

**ORGANIZATION NAME:**
- **EIN:** 456861457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 251271089

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-933-0393

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

## Series and Classes Contracts Data

### Quadratic Interest Rate Volatility and Inflation Hedge ETF (Series ID: S000065362)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000211437 | Quadratic Interest Rate Volatility and Inflation Hedge ETF | IVOL            |

## Nport-Ex

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 68.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Schwab U.S. TIPS ETF <sup>(A)</sup> | 8896742 | $237365077 |
| TOTAL EXCHANGE-TRADED FUND <br> (Cost $273,428,532) |  | 237365077 |
| **PURCHASED OPTIONS <sup>(B)</sup> — 16.9%** |  |  |
| TOTAL PURCHASED OPTIONS <br> (Cost $57,006,250) |  | 58668829 |
| TOTAL INVESTMENTS — 85.3% <br> (Cost $330,434,782) |  | 296033906 |
| OTHER ASSETS LESS LIABILITIES – 14.7% |  | 50974257 |
| NET ASSETS - 100% |  | $347008163 |

---

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

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

A list of open option contracts held by the Fund as of June 30, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br> Contracts^** | **Notional<br> Amount†** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS — 16.9%** | **PURCHASED OPTIONS — 16.9%** |  |  |  |  |  |
| Call Options |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Goldman Sachs | 300000 | $14250000 | 0.20% | 04/14/27 | $15929318 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Nomura | 225000 | 10687500 | 0.05 | 04/08/26 | 11962417 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Morgan Stanley | 200000 | 9500000 | 0.28 | 12/09/26 | 9216484 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Morgan Stanley | 250000 | 8375000 | 0.50 | 09/15/27 | 9165827 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Morgan Stanley | 125000 | 5468750 | 0.03 | 01/28/26 | 6074111 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Goldman Sachs | 100000 | 3400000 | 0.55 | 05/17/28 | 3590597 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Goldman Sachs | 100000 | 5325000 | 0.08 | 09/17/25 | 2730075 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  |  | $57006250 |  |  | $58668829 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-015-1300

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

**Quadratic Deflation ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 86.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Vanguard Long-Term Treasury ETF <sup>(A)</sup> | 139823 | $7846867 |
| TOTAL EXCHANGE-TRADED FUND <br> (Cost $12,604,675) |  | 7846867 |
| **PURCHASED OPTIONS <sup>(B)</sup> — 4.0%** |  |  |
| TOTAL PURCHASED OPTIONS <br> (Cost $958,500) |  | 368296 |
| TOTAL INVESTMENTS — 90.4% <br> (Cost $13,563,175) |  | 8215163 |
| OTHER ASSETS LESS LIABILITIES – 9.6% |  | 869458 |
| NET ASSETS - 100% |  | $9084621 |

---

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

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

A list of open option contracts held by the Fund as of June 30, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br> Contracts^** | **Notional<br> Amount†** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS — 4.0%** | **PURCHASED OPTIONS — 4.0%** |  |  |  |  |  |
| Put Options | Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CMS 30Y – 2Y | Goldman Sachs | 7000 | $206500 | 0.62% | 04/22/26 | $127814 |
| &nbsp;&nbsp;&nbsp;CMS 30Y – 2Y | Goldman Sachs | 4000 | 115000 | 0.80 | 10/14/26 | 120359 |
| &nbsp;&nbsp;&nbsp;CMS 30Y – 2Y | Nomura | 8000 | 340000 | 0.25 | 08/12/26 | 78257 |
| &nbsp;&nbsp;&nbsp;CMS 30Y – 2Y | Goldman Sachs | 9000 | 297000 | 0.33 | 09/24/25 | 41866 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  |  | $958500 |  |  | $368296 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-031-0800

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

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

---

| |
|:---|
| **Fund Abbreviations** |
| CMS — Constant Maturity Swap |
| ETF — Exchange-Traded Fund |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 2129330393

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

- **a. Name of Series:** Quadratic Interest Rate Volatility and Inflation Hedge ETF

- **b. EDGAR series identifier (if any):** S000065362

- **c. LEI of Series:** 549300KNDIWWMQ7QHZ30

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $347303643.76

**Total Liabilities:** $295480.66

**Net Assets:** $347008163.10

**Cash Not Reported:** $51098376.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000211437 | 0.40%                | -2.35%               | 7.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-73882.10               | $1497511.98                                |
| Month 2  | $-73054.24               | $-2614387.48                               |
| Month 3  | $-28172430.67            | $23872663.01                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Schwab Us Tips Etf       | SCHWAB U.S. TIPS ETF MUTUAL FUND                                      | CUSIP: 808524870<br>LEI: N/A | Long             | EC               | RF                | US        |   8896742 | NS      | $237365076.56 | 68.40%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO, INC | USD CMS 2-10 01/28/2026 3 CAP E CONSTANT MATURITY SWAP SPREAD OPTION  | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |    125000 | NC      | $6074111.26   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA                   | USD CMS 2-10 04/08/2026 5 CAP E CONSTANT MATURITY SWAP SPREAD OPTION  | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |    225000 | NC      | $11962417.68  | 3.45%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN, SACHS & CO.     | USD CMS 2-10 04/14/2027 20 CAP E CONSTANT MATURITY SWAP SPREAD OPTION | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |    300000 | NC      | $15929317.84  | 4.59%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN, SACHS & CO.     | USD CMS 2-10 05/17/2028 55 CAP E CONSTANT MATURITY SWAP SPREAD OPTION | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |    100000 | NC      | $3590596.96   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO, INC | USD CMS 2-10 09/15/2027 50 CAP E CONSTANT MATURITY SWAP SPREAD OPTION | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |    250000 | NC      | $9165826.99   | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN, SACHS & CO.     | USD CMS 2-10 09/17/2025 8 CAP E CONSTANT MATURITY SWAP SPREAD OPTION  | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |    100000 | NC      | $2730075.05   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO, INC | USD CMS 2-10 12/09/2026 28 CAP E CONSTANT MATURITY SWAP SPREAD OPTION | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |    200000 | NC      | $9216483.76   | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO