# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0002048251-26-001556
**Filing Date:** 2026-2
**Character Count:** 237499
**Document Hash:** b9fa8c3c2578566a3cb8f2e24bad90d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001556.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001556

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 26696263

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**KraneShares CSI China Internet ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% ‡** |  |  |
| **CHINA — 99.2%** |  |  |
| Communication Services — 38.9% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 2691190 | $59905889 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 20498684 | 346319387 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 9416364 | 233367587 |
| &nbsp;&nbsp;&nbsp;China Literature \*<sup>(A)</sup> | 19475200 | 82519701 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 1146960 | 74277130 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 41058000 | 150021137 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 37377500 | 307097209 |
| &nbsp;&nbsp;&nbsp;NetEase | 17572105 | 484483039 |
| &nbsp;&nbsp;&nbsp;NetEase Cloud Music \* | 4155000 | 99290807 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 10565375 | 813086610 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 17436754 | 305666298 |
| &nbsp;&nbsp;&nbsp;Weibo ADR <sup>(A)</sup> | 3721002 | 38028640 |
| &nbsp;&nbsp;&nbsp;XD | 11210200 | 93400330 |
|  |  | 3087463764 |
| Consumer Discretionary — 39.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 38000864 | 697182936 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 22021540 | 315745341 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 44924147 | 596218203 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR \* | 5546443 | 628911172 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR \* | 18420714 | 200969990 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 53483800 | 154194960 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 4734100 | 336955277 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 11106264 | 196469810 |
|  |  | 3126647689 |
| Consumer Staples — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \*<sup>(A)</sup> | 243330000 | 157874542 |
| &nbsp;&nbsp;&nbsp;East Buy Holding \*<sup>(A)</sup> | 20684500 | 47622052 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 43117687 | 307449300 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology \*<sup>(A)</sup> | 42552400 | 76975370 |
|  |  | 589921264 |
| Financials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Qfin Holdings ADR | 4928467 | 94971559 |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H \*<sup>(A)</sup> | 43853400 | 90653460 |
|  |  | 185625019 |
| Industrials — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR | 28025046 | 300708744 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR | 13857995 | 282425938 |
|  |  | 583134682 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Real Estate — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings, Cl A | 57996200 | $309223653 |
| TOTAL CHINA |  | 7882016071 |
| **HONG KONG — 0.7%** |  |  |
| Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Damai Entertainment Holdings \*<sup>(A)</sup> | 443900000 | 54179354 |
| TOTAL HONG KONG |  | 54179354 |
| TOTAL COMMON STOCK <br> (Cost $7,434,495,468) |  | 7936195425 |
| **SHORT-TERM INVESTMENT — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.680% <sup>(B)(C)</sup> | 106649273 | 106649273 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $106,649,273) |  | 106649273 |
| TOTAL INVESTMENTS — 101.2% <br> (Cost $7,541,144,741) |  | 8042844698 |
| OTHER ASSETS LESS LIABILITIES – (1.2)% |  | (93574637) |
| NET ASSETS - 100% |  | $7949270061 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Certain securities or partial positions of certain securities are on loan at December 31, 2025.* |
| *(B)* | *The rate shown is the 7-day effective yield as of December 31, 2025.* |
| *(C)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2025 was $106,649,273.* |

---

See "Glossary" for abbreviations.

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

KRS-QH-002-2500

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5% ‡** |  |  |
| **CHINA — 99.5%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;China United Network Communications, Cl A | 2181400 | $1596996 |
| &nbsp;&nbsp;&nbsp;Focus Media Information Technology, Cl A | 1006902 | 1063169 |
|  |  | 2660165 |
| Consumer Discretionary — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 620600 | 8688462 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 401000 | 4489739 |
|  |  | 13178201 |
| Consumer Staples — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 58489 | 11540180 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 68746 | 1144659 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 255045 | 1848176 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 56916 | 1400078 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 181179 | 2749891 |
|  |  | 18682984 |
| Energy — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl A | 406647 | 2359502 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 1331000 | 1985073 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 597636 | 1825457 |
|  |  | 6170032 |
| Financials — 22.2% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 4993907 | 5494768 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 2332700 | 1914967 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 3129699 | 3250785 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 387418 | 1559119 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 1210167 | 7299197 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 401514 | 2410827 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 718321 | 2954605 |
| &nbsp;&nbsp;&nbsp;East Money Information, Cl A | 927131 | 3078947 |
| &nbsp;&nbsp;&nbsp;Guotai Haitong Securities, Cl A | 828500 | 2439226 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 3690326 | 4192621 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 1241422 | 3745635 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 1138367 | 1860869 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 625298 | 6127605 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 1867146 | 3327717 |
|  |  | 49656888 |
| Health Care — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 806187 | 6880359 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 153253 | 4181553 |
|  |  | 11061912 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 14.9% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 3501000 | $2583135 |
| &nbsp;&nbsp;&nbsp;China CSSC Holdings, Cl A | 538500 | 2565994 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 2956718 | 2173077 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 315351 | 16592641 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 902330 | 1962388 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 574715 | 1850958 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 343459 | 1885593 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 148326 | 3634650 |
|  |  | 33248436 |
| Information Technology — 22.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 39597 | 7689985 |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 94100 | 5808896 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 1253000 | 11138855 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 219998 | 7073081 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 689250 | 5599950 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 68584 | 4510842 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 105200 | 9193762 |
|  |  | 51015371 |
| Materials — 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 2564900 | 7349336 |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 459799 | 5051238 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 3024342 | 14935504 |
|  |  | 27336078 |
| Real Estate — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings, Cl A | 669700 | 828975 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 884677 | 773148 |
|  |  | 1602123 |
| Utilities — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 1389400 | 1721833 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 1652870 | 6438662 |
|  |  | 8160495 |
| TOTAL CHINA |  | 222772685 |
| TOTAL COMMON STOCK <br> (Cost $186,466,644) |  | 222772685 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Rights** | **Value** |
| **RIGHTS — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma <sup>‡‡</sup>\*<sup>(A)</sup> | 58208 | $— |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $186,466,644) |  | 222772685 |
| OTHER ASSETS LESS LIABILITIES – 0.5% |  | 1012787 |
| NET ASSETS - 100% |  | $223785472 |

---

---

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

---

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

See "Glossary" for abbreviations.

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

KRS-QH-003-2400

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.1% ‡** |  |  |
| **CHINA — 42.9%** |  |  |
| Energy — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl H | 136000 | $81598 |
| Financials — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Changsha, Cl A | 7300 | 10145 |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu, Cl A | 8000 | 18476 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 13100 | 28678 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 33055 | 49251 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 22391 | 36666 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 11946 | 48075 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou, Cl A | 8100 | 9620 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 14000 | 11062 |
|  |  | 211973 |
| Industrials — 15.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 3208 | 11476 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 89300 | 65888 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 16000 | 9209 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 61700 | 20773 |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 10400 | 15019 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 26500 | 13040 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 76200 | 56004 |
| &nbsp;&nbsp;&nbsp;China XD Electric, Cl A | 10000 | 13037 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl H | 28000 | 21512 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 37232 | 27524 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl A | 5900 | 20523 |
| &nbsp;&nbsp;&nbsp;Goneo Group, Cl A | 1810 | 10588 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 8000 | 10268 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology, Cl A | 6300 | 16355 |
| &nbsp;&nbsp;&nbsp;JL Mag Rare-Earth, Cl A | 2100 | 10262 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 32100 | 13659 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 15352 | 49444 |
| &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1300 | 11128 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 2700 | 8905 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 32800 | 24436 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group, Cl A \* | 23600 | 29111 |
| &nbsp;&nbsp;&nbsp;Shenzhen Envicool Technology, Cl A | 1900 | 29096 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 2650 | 28600 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge, Cl A | 13800 | 19672 |
| &nbsp;&nbsp;&nbsp;TBEA, Cl A | 9567 | 30456 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 4100 | 16383 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 10000 | 9212 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 2800 | 13533 |
|  |  | 605113 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 7500 | $21276 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 23000 | 15129 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 6824 | 45090 |
| &nbsp;&nbsp;&nbsp;China Rare Earth Resources And Technology, Cl A \* | 2000 | 13307 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power, Cl A | 4200 | 16529 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Xingye Silver&Tin Mining, Cl A | 3400 | 17341 |
| &nbsp;&nbsp;&nbsp;Jinduicheng Molybdenum, Cl A | 6100 | 13616 |
| &nbsp;&nbsp;&nbsp;Shanjin International Gold, Cl A | 5200 | 18126 |
| &nbsp;&nbsp;&nbsp;Western Mining, Cl A | 4600 | 18216 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 1173 | 12533 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 3100 | 18236 |
|  |  | 209399 |
| Utilities — 15.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 3000 | 12264 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 67000 | 25221 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 17200 | 16971 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 15000 | 12796 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 39100 | 48455 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 23000 | 9545 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 5900 | 17146 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 12635 | 28099 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 54400 | 31877 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 45000 | 175295 |
| &nbsp;&nbsp;&nbsp;Datang International Power Generation, Cl A | 22900 | 11450 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 5000 | 44453 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas, Cl A | 5000 | 14871 |
| &nbsp;&nbsp;&nbsp;GD Power Development, Cl A | 32700 | 23612 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 18842 | 13389 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H | 25000 | 18404 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 24000 | 22910 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 14706 | 27643 |
| &nbsp;&nbsp;&nbsp;Shenergy, Cl A | 9319 | 10387 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 8884 | 17692 |
| &nbsp;&nbsp;&nbsp;Wintime Energy Group, Cl A | 41500 | 9335 |
| &nbsp;&nbsp;&nbsp;Zhejiang Zheneng Electric Power, Cl A | 21200 | 15035 |
|  |  | 606850 |
| TOTAL CHINA |  | 1714933 |
| **GREECE — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Aegean Airlines | 503 | 8424 |
| TOTAL GREECE |  | 8424 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **HONG KONG — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Hutchison Port Holdings Trust, Cl U | 27200 | $5984 |
| TOTAL HONG KONG |  | 5984 |
| **INDIA — 4.0%** |  |  |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 1249 | 15689 |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 543 | 24272 |
| &nbsp;&nbsp;&nbsp;Azad Engineering \* | 376 | 6914 |
| &nbsp;&nbsp;&nbsp;GMM Pfaudler | 364 | 4473 |
| &nbsp;&nbsp;&nbsp;MTAR Technologies \* | 278 | 7475 |
| &nbsp;&nbsp;&nbsp;Shaily Engineering Plastics | 266 | 6693 |
|  |  | 49827 |
| Materials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Clean Science & Technology | 589 | 5741 |
| &nbsp;&nbsp;&nbsp;PI Industries | 946 | 34083 |
| &nbsp;&nbsp;&nbsp;UPL | 6339 | 56080 |
|  |  | 95904 |
| TOTAL INDIA |  | 161420 |
| **INDONESIA — 6.3%** |  |  |
| Energy — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Adaro Andalan Indonesia | 19400 | 8115 |
| &nbsp;&nbsp;&nbsp;Dian Swastatika Sentosa \* | 12700 | 76923 |
| &nbsp;&nbsp;&nbsp;Medco Energi Internasional | 79700 | 6429 |
|  |  | 91467 |
| Materials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amman Mineral Internasional \* | 193500 | 74557 |
| &nbsp;&nbsp;&nbsp;Chandra Asri Pacific | 109200 | 45841 |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 31400 | 16006 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold \* | 127600 | 17447 |
| &nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia | 18200 | 7940 |
|  |  | 161791 |
| TOTAL INDONESIA |  | 253258 |
| **ISRAEL — 2.5%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services | 1531 | 32503 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;ICL Group | 9428 | 54135 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;The Israel Corp | 46 | $13278 |
|  |  | 67413 |
| TOTAL ISRAEL |  | 99916 |
| **KAZAKHSTAN — 1.1%** |  |  |
| Energy — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 781 | 43580 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources PLC \*<sup>(A)</sup> | 7154 |  |
| TOTAL KAZAKHSTAN |  | 43580 |
| **KUWAIT — 9.3%** |  |  |
| Financials — 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kuwait Finance House | 137575 | 362839 |
| &nbsp;&nbsp;&nbsp;Kuwait Projects Holding \* | 28607 | 7396 |
| TOTAL KUWAIT |  | 370235 |
| **MALAYSIA — 1.3%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Kelington Group | 6700 | 8586 |
| &nbsp;&nbsp;&nbsp;Sime Darby | 32300 | 17113 |
|  |  | 25699 |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 31000 | 27730 |
| TOTAL MALAYSIA |  | 53429 |
| **PHILIPPINES — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aboitiz Equity Ventures | 21100 | 10042 |
| &nbsp;&nbsp;&nbsp;JG Summit Holdings | 33742 | 13564 |
| TOTAL PHILIPPINES |  | 23606 |
| **POLAND — 3.5%** |  |  |
| Materials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz \* | 1773 | 138479 |
| TOTAL POLAND |  | 138479 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \*<sup>(A)(B)</sup> | 33666 |  |
| &nbsp;&nbsp;&nbsp;Sovcomflot PJSC \*<sup>(A)(B)</sup> | 9110 |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC \*<sup>(A)(B)</sup> | 143400 |  |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \*<sup>(A)(B)</sup> | 123900 | $— |
| &nbsp;&nbsp;&nbsp;Segezha Group PJSC \*<sup>(A)(B)</sup> | 78500 |  |
| TOTAL RUSSIA |  |  |
| **SINGAPORE — 10.0%** |  |  |
| Financials — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 19212 | 295202 |
| Industrials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 9100 | 45288 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 9100 | 59581 |
|  |  | 104869 |
| TOTAL SINGAPORE |  | 400071 |
| **SOUTH AFRICA — 12.6%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Grindrod | 6570 | 6740 |
| Materials — 12.4% |  |  |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings | 10211 | 161453 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings | 4056 | 82518 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum | 2967 | 252394 |
|  |  | 496365 |
| TOTAL SOUTH AFRICA |  | 503105 |
| **THAILAND — 3.2%** |  |  |
| Energy — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 126700 | 128691 |
| TOTAL THAILAND |  | 128691 |
| **TÜRKIYE — 1.4%** |  |  |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Pasifik Eurasia Lojistik Dis Ticaret \* | 4173 | 13161 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | 6901 | 43127 |
| TOTAL TÜRKIYE |  | 56288 |
| **UNITED ARAB EMIRATES — 1.0%** |  |  |
| Energy — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;ADNOC Logistics & Services | 23914 | 38545 |
| TOTAL UNITED ARAB EMIRATES |  | 38545 |
| TOTAL COMMON STOCK <br> (Cost $3,939,589) |  | 3999964 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 0.0%** |  |  |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PAO \*<sup>(A)(B)(C)</sup> | 136600 | $— |
| TOTAL PREFERRED STOCK<br> (Cost $74,846) |  |  |
| TOTAL INVESTMENTS — 100.1%<br> (Cost $4,014,435) |  | 3999964 |
| OTHER ASSETS LESS LIABILITIES – (0.1)% |  | (5527) |
| NET ASSETS - 100% |  | $3994437 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(B)* | *Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.* |
| *(C)* | *Currently, no stated interest rate.* |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-006-1700

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

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0% ‡** |  |  |
| **AUSTRALIA — 0.8%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;IDP Education | 80583 | $310598 |
| TOTAL AUSTRALIA |  | 310598 |
| **BRAZIL — 3.1%** |  |  |
| Consumer Discretionary — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Americanas \* | 241700 | 226273 |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 480 | 966845 |
| TOTAL BRAZIL |  | 1193118 |
| **CHINA — 43.5%** |  |  |
| Communication Services — 15.2% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 59814 | 1010540 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 38080 | 943744 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 110100 | 904592 |
| &nbsp;&nbsp;&nbsp;NetEase | 49100 | 1353743 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 17175 | 1321748 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, Cl A | 30900 | 273926 |
|  |  | 5808293 |
| Consumer Discretionary — 17.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 67600 | 1240224 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 90175 | 1292931 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 103497 | 1373577 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR \* | 11535 | 1307954 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 104000 | 299834 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 13550 | 964438 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 14113 | 249659 |
|  |  | 6728617 |
| Consumer Staples — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 1390000 | 901844 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 125750 | 896656 |
|  |  | 1798500 |
| Industrials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kanzhun | 87600 | 883484 |
| Information Technology — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A \* | 63800 | 276233 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor, Cl H \* | 30000 | 286375 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 530000 | 904953 |
|  |  | 1467561 |
| TOTAL CHINA |  | 16686455 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **GREECE — 0.8%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 13232 | $296821 |
| TOTAL GREECE |  | 296821 |
| **INDIA — 5.8%** |  |  |
| Consumer Discretionary — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Eternal \* | 301791 | 933617 |
| &nbsp;&nbsp;&nbsp;FSN E-Commerce Ventures \* | 346012 | 1020758 |
|  |  | 1954375 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;One 97 Communications \* | 20220 | 292211 |
| TOTAL INDIA |  | 2246586 |
| **INDONESIA — 0.8%** |  |  |
| Communication Services — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;MNC Digital Entertainment \* | 11596100 | 292076 |
| TOTAL INDONESIA |  | 292076 |
| **JAPAN — 2.5%** |  |  |
| Communication Services — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Nexon | 38700 | 944878 |
| TOTAL JAPAN |  | 944878 |
| **RUSSIA — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;VK GDR \*<sup>(A)(B)</sup> | 49503 |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ozon Holdings PLC ADR \*<sup>(A)(B)</sup> | 58005 |  |
| Industrials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;HeadHunter Group PLC ADR \*<sup>(A)(B)</sup> | 11746 |  |
| TOTAL RUSSIA |  |  |
| **SINGAPORE — 3.6%** |  |  |
| Consumer Discretionary — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Sea ADR \* | 10705 | 1365637 |
| TOTAL SINGAPORE |  | 1365637 |
| **SOUTH AFRICA — 6.2%** |  |  |
| Consumer Discretionary — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero, Cl A \* | 36496 | 973844 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 21335 | $1422132 |
| TOTAL SOUTH AFRICA |  | 2395976 |
| **SOUTH KOREA — 19.2%** |  |  |
| Communication Services — 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kakao | 23527 | 981551 |
| &nbsp;&nbsp;&nbsp;Kakao Games \* | 26309 | 272121 |
| &nbsp;&nbsp;&nbsp;Krafton \* | 5616 | 959034 |
| &nbsp;&nbsp;&nbsp;NAVER | 5636 | 948756 |
| &nbsp;&nbsp;&nbsp;NCSoft | 6943 | 971167 |
| &nbsp;&nbsp;&nbsp;Netmarble | 8415 | 281853 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss \* | 10978 | 285014 |
|  |  | 4699496 |
| Consumer Discretionary — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A \* | 36446 | 859761 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;SK Square \* | 1290 | 329541 |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;SK hynix | 3322 | 1501247 |
| TOTAL SOUTH KOREA |  | 7390045 |
| **TAIWAN — 13.0%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;momo.com | 41653 | 275077 |
| Information Technology — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nanya Technology \* | 191000 | 1173215 |
| &nbsp;&nbsp;&nbsp;Powerchip Semiconductor Manufacturing \* | 256000 | 322235 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 28000 | 1381264 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 600000 | 940469 |
| &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor | 96000 | 281396 |
| &nbsp;&nbsp;&nbsp;VisEra Technologies | 33000 | 299327 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors | 52000 | 302859 |
|  |  | 4700765 |
| TOTAL TAIWAN |  | 4975842 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **URUGUAY — 0.7%** |  |  |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A | 20367 | $287989 |
| TOTAL URUGUAY |  | 287989 |
| TOTAL COMMON STOCK <br> (Cost $37,556,110) |  | 38386021 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $37,556,110) |  | 38386021 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | 5601 |
| NET ASSETS - 100% |  | $38391622 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(B)* | *Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.* |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-007-1700

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

**KraneShares MSCI China Clean Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% ‡** |  |  |
| **CHINA — 99.9%** |  |  |
| Consumer Discretionary — 37.0% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A \* | 203800 | $234459 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 37300 | 522204 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 420300 | 5148790 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 578800 | 4822404 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A \* | 450840 | 2372507 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 59800 | 1036312 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International | 412000 | 375291 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 439300 | 4478506 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 758694 | 1108287 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology, Cl H \* | 310200 | 1937679 |
|  |  | 22036439 |
| Industrials — 24.5% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 1788800 | 1319826 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 874000 | 1055515 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 2246216 | 1390989 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology | 23400 | 1519715 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 79150 | 4164590 |
| &nbsp;&nbsp;&nbsp;Dynagreen Environmental Protection Group, Cl H | 235000 | 156697 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 126235 | 368941 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 66100 | 370371 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 293700 | 945906 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 33225 | 410315 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 51400 | 169518 |
| &nbsp;&nbsp;&nbsp;REPT BATTERO Energy, Cl H \* | 186600 | 318612 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 75860 | 1858909 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 78600 | 314064 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weiming Environment Protection, Cl A | 62399 | 226891 |
|  |  | 14590859 |
| Information Technology — 18.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 262664 | 205843 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 134847 | 288049 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group, Cl A \* | 69600 | 156252 |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A \* | 685500 | 2967990 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology, Cl A \* | 121068 | 198602 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A \* | 365804 | 295580 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding ADR | 18886 | 487448 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 1519000 | 2593629 |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings \* | 1658000 | 1173711 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A \* | 277146 | 722649 |
| &nbsp;&nbsp;&nbsp;Sanan Optoelectronics, Cl A | 182500 | 369447 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology, Cl A \* | 147900 | 181592 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A \* | 79681 | 188930 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Tuya ADR | 164845 | $347823 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 2787588 | 1063678 |
|  |  | 11241223 |
| Utilities — 19.6% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 2450500 | 774488 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl A | 575300 | 309906 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 6463000 | 2432915 |
| &nbsp;&nbsp;&nbsp;China Datang Renewable Power, Cl H | 1448000 | 383231 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 1516800 | 1293962 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 752000 | 931927 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 2262000 | 938686 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 1045300 | 612508 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 739500 | 2880680 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 292700 | 550179 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 178300 | 355070 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings | 1558000 | 220184 |
|  |  | 11683736 |
| TOTAL CHINA |  | 59552257 |
| TOTAL COMMON STOCK<br> (Cost $51,991,728) |  | 59552257 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $51,991,728) |  | 59552257 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 46339 |
| NET ASSETS - 100% |  | $59598596 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-008-1700

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.0% ‡** |  |  |
| **AUSTRALIA — 6.2%** |  |  |
| Materials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;IGO \* | 139483 | $762715 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths \* | 193534 | 1605481 |
| &nbsp;&nbsp;&nbsp;Mineral Resources \* | 24813 | 899800 |
| &nbsp;&nbsp;&nbsp;PLS Group \* | 574425 | 1616491 |
| TOTAL AUSTRALIA |  | 4884487 |
| **BELGIUM — 1.0%** |  |  |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Umicore | 37568 | 789781 |
| TOTAL BELGIUM |  | 789781 |
| **CANADA — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems \* | 50287 | 128400 |
| TOTAL CANADA |  | 128400 |
| **CHINA — 49.1%** |  |  |
| Consumer Discretionary — 22.2% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A \* | 311200 | 358016 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 227700 | 3187823 |
| &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile, Cl A | 464400 | 789086 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 875000 | 2012270 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl H | 466000 | 244869 |
| &nbsp;&nbsp;&nbsp;Hesai Group ADR \* | 23225 | 520240 |
| &nbsp;&nbsp;&nbsp;Huizhou Desay Sv Automotive, Cl A | 33800 | 582546 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 213600 | 1779657 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A \* | 318280 | 1674921 |
| &nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 434700 | 947877 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 92200 | 1597793 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kedali Industry, Cl A | 16436 | 371720 |
| &nbsp;&nbsp;&nbsp;WeRide ADR \* | 39848 | 345881 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 174100 | 1774887 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 224000 | 327215 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology, Cl H \* | 143400 | 895755 |
|  |  | 17410556 |
| Industrials — 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 30500 | 252566 |
| &nbsp;&nbsp;&nbsp;China Baoan Group, Cl A | 145407 | 205196 |
| &nbsp;&nbsp;&nbsp;CNGR Advanced Material, Cl A | 53070 | 352257 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 55920 | 2942310 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 114860 | 1082127 |
| &nbsp;&nbsp;&nbsp;Farasis Energy Gan Zhou, Cl A \* | 69532 | 155900 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;GEM, Cl A | 292740 | $350620 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 101089 | 566421 |
| &nbsp;&nbsp;&nbsp;Hunan Yuneng New Energy Battery Material, Cl A | 43100 | 399264 |
| &nbsp;&nbsp;&nbsp;Qingdao TGOOD Electric, Cl A | 59300 | 218171 |
| &nbsp;&nbsp;&nbsp;Wuxi Lead Intelligent Equipment, Cl A | 87800 | 628693 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 108263 | 1058752 |
| &nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor, Cl A | 139000 | 217065 |
|  |  | 8429342 |
| Information Technology — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Horizon Robotics, Cl B \* | 1606200 | 1787074 |
| &nbsp;&nbsp;&nbsp;NavInfo, Cl A \* | 134200 | 173231 |
| &nbsp;&nbsp;&nbsp;Pony AI ADR \* | 33262 | 482299 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology \*<sup>(A)</sup> | 69700 | 327747 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 608000 | 3069878 |
|  |  | 5840229 |
| Materials — 8.7% |  |  |
| &nbsp;&nbsp;&nbsp;Chengxin Lithium Group, Cl A \* | 52200 | 257487 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 877400 | 2514058 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 90557 | 815927 |
| &nbsp;&nbsp;&nbsp;Guangzhou Tinci Materials Technology, Cl A | 106194 | 704871 |
| &nbsp;&nbsp;&nbsp;Ningbo Shanshan, Cl A \* | 125400 | 242717 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology Group, Cl A | 119099 | 466503 |
| &nbsp;&nbsp;&nbsp;Shenzhen Senior Technology Material, Cl A | 76200 | 166484 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A \* | 83700 | 664089 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 89351 | 525613 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material, Cl A \* | 53900 | 437381 |
|  |  | 6795130 |
| TOTAL CHINA |  | 38475257 |
| **GERMANY — 4.3%** |  |  |
| Consumer Discretionary — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 30925 | 3382842 |
| TOTAL GERMANY |  | 3382842 |
| **HONG KONG — 0.3%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;CALB Group, Cl H \* | 78600 | 253669 |
| TOTAL HONG KONG |  | 253669 |
| **INDONESIA — 0.4%** |  |  |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 1700200 | 321177 |
| TOTAL INDONESIA |  | 321177 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **ISRAEL — 0.4%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A \* | 30884 | $322429 |
| TOTAL ISRAEL |  | 322429 |
| **JAPAN — 5.6%** |  |  |
| Consumer Discretionary — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 277500 | 3582387 |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec | 59000 | 802501 |
| TOTAL JAPAN |  | 4384888 |
| **SINGAPORE — 4.2%** |  |  |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 123937 | 3266327 |
| TOTAL SINGAPORE |  | 3266327 |
| **SOUTH KOREA — 6.8%** |  |  |
| Industrials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ecopro \* | 10172 | 1035171 |
| &nbsp;&nbsp;&nbsp;L&F \* | 4772 | 315362 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution \* | 5345 | 1367278 |
| &nbsp;&nbsp;&nbsp;POSCO Future M \* | 6426 | 834169 |
|  |  | 3551980 |
| Information Technology — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 9535 | 1783820 |
| TOTAL SOUTH KOREA |  | 5335800 |
| **SWEDEN — 0.5%** |  |  |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Volvo Car, Cl B \*<sup>(A)</sup> | 117920 | 392692 |
| TOTAL SWEDEN |  | 392692 |
| **UNITED STATES — 17.0%** |  |  |
| Consumer Discretionary — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;EVgo, Cl A \* | 25046 | 72884 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Cl A \*<sup>(A)</sup> | 25599 | 270576 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A \* | 128339 | 2529562 |
| &nbsp;&nbsp;&nbsp;Solid Power \* | 28095 | 119404 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 7431 | 3341869 |
|  |  | 6334295 |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Microvast Holdings \* | 40176 | 112493 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Plug Power \*<sup>(A)</sup> | 223060 | $439428 |
|  |  | 551921 |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 7861 | 556873 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Cl A \* | 302044 | 1159849 |
|  |  | 1716722 |
| Materials — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 22962 | 3247745 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 30023 | 1516762 |
|  |  | 4764507 |
| TOTAL UNITED STATES |  | 13367445 |
| TOTAL COMMON STOCK<br> (Cost $67,721,037) |  | 75305194 |
| **PREFERRED STOCK — 3.0%** |  |  |
| **CHILE — 1.5%** |  |  |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile \*<sup>(B)</sup> | 16718 | 1183050 |
| **GERMANY — 1.5%** |  |  |
| Consumer Discretionary — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Dr Ing hc F Porsche <sup>(B)</sup> | 22295 | 1194534 |
| TOTAL PREFERRED STOCK<br> (Cost $2,686,825) |  | 2377584 |
| **SHORT-TERM INVESTMENT — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.680% <sup>(C)(D)</sup> | 1242991 | 1242991 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,242,991) |  | 1242991 |
| TOTAL INVESTMENTS — 100.6%<br> (Cost $71,650,853) |  | 78925769 |
| OTHER ASSETS LESS LIABILITIES – (0.6)% |  | (509531) |
| NET ASSETS - 100% |  | $78416238 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| \* | *Non-income producing security.* |
| *(A)* | *Certain securities or partial positions of certain securities are on loan at December 31, 2025.* |
| *(B)* | *Currently, no stated interest rate.* |
| *(C)* | *The rate shown is the 7-day effective yield as of December 31, 2025.* |
| *(D)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2025 was $1,242,991.* |

---

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

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

See "Glossary" for abbreviations.

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

KRS-QH-009-1600

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% ‡** |  |  |
| **CHINA — 95.8%** |  |  |
| Health Care — 95.8% |  |  |
| &nbsp;&nbsp;&nbsp;3SBio | 720000 | $2236732 |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 1090663 | 1715697 |
| &nbsp;&nbsp;&nbsp;Akeso \* | 252000 | 3658508 |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 16759 | 584096 |
| &nbsp;&nbsp;&nbsp;Beijing Tiantan Biological Products, Cl A | 230389 | 539339 |
| &nbsp;&nbsp;&nbsp;Beijing Tong Ren Tang, Cl A | 160890 | 743603 |
| &nbsp;&nbsp;&nbsp;Beijing Wantai Biological Pharmacy Enterprise, Cl A \* | 122642 | 789623 |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Cl H \* | 280418 | 6459684 |
| &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group, Cl A | 47508 | 629928 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 192011 | 782905 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A | 277472 | 750134 |
| &nbsp;&nbsp;&nbsp;CSPC Innovation Pharmaceutical, Cl A | 156757 | 810067 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 3100889 | 3358450 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech \* | 466000 | 743588 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 163650 | 603493 |
| &nbsp;&nbsp;&nbsp;Haisco Pharmaceutical Group, Cl A | 110600 | 813185 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting, Cl A | 42850 | 348082 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 588000 | 2725643 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 202941 | 1147003 |
| &nbsp;&nbsp;&nbsp;Imeik Technology Development, Cl A | 35340 | 717539 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics \* | 569500 | 5579029 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 746508 | 6371032 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yuyue Medical Equipment & Supply, Cl A | 113210 | 619740 |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR \* | 28818 | 626503 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl A | 173075 | 704951 |
| &nbsp;&nbsp;&nbsp;Remegen, Cl H \* | 74000 | 684525 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 950000 | 612706 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 52730 | 786801 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 248429 | 942827 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 320912 | 821136 |
| &nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products, Cl A | 769334 | 698798 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 96412 | 1733495 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 128255 | 3499476 |
| &nbsp;&nbsp;&nbsp;Shenzhen New Industries Biomedical Engineering, Cl A | 92700 | 747050 |
| &nbsp;&nbsp;&nbsp;Shenzhen Salubris Pharmaceuticals, Cl A | 132565 | 941066 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A \* | 21038 | 973843 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 186915 | 785959 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun-Biotech Biopharmaceutical, Cl H \* | 19100 | 962423 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 516800 | 1290755 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 191720 | 2489631 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H | 98084 | 1243771 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 1342635 | 5423324 |
| &nbsp;&nbsp;&nbsp;WuXi XDC Cayman \* | 142000 | 1108306 |
| &nbsp;&nbsp;&nbsp;XtalPi Holdings \* | 672000 | 816743 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 206123 | $1676164 |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 69734 | 1686216 |
| TOTAL CHINA |  | 73983569 |
| **HONG KONG — 4.1%** |  |  |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 3977750 | 3158283 |
| TOTAL HONG KONG |  | 3158283 |
| TOTAL COMMON STOCK<br> (Cost $67,992,826) |  | 77141852 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Rights** | |
| **RIGHTS — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma <sup>‡‡</sup>\*<sup>(A)</sup> | 103989 |  |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $67,992,826) |  | 77141852 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 54141 |
| NET ASSETS - 100% |  | $77195993 |

---

---

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

---

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

See "Glossary" for abbreviations.

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

KRS-QH-010-1600

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 90.7%** |  |  |
| **AUSTRALIA — 1.2%** |  |  |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Mineral Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/01/2031 | $190000 | $198158 |
| **CHINA — 13.5%** |  |  |
| Consumer Discretionary — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Star BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/20/2030 | 200000 | 231646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/27/2027 | 400000 | 391793 |
| &nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 07/24/2028 | 200000 | 211782 |
|  |  | 835221 |
| Real Estate — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;Franshion Brilliant |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/23/2029 | 200000 | 181061 |
| &nbsp;&nbsp;&nbsp;GLP China Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 03/29/2026 | 200000 | 197026 |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, 02/24/2028 | 200000 | 200109 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/13/2027 | 400000 | 368723 |
| &nbsp;&nbsp;&nbsp;Pingan Real Estate Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/29/2026 | 200000 | 196582 |
| &nbsp;&nbsp;&nbsp;Shui On Development Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/29/2026 | 200000 | 194003 |
| &nbsp;&nbsp;&nbsp;Wanda Properties Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 01/12/2026 | 150000 | 148500 |
|  |  | 1486004 |
| TOTAL CHINA |  | 2321225 |
| **HONG KONG — 9.9%** |  |  |
| Consumer Discretionary — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/17/2032 | 200000 | 210381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/17/2027 | 200000 | 199883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 12/04/2029 | 200000 | 197851 |
|  |  | 608115 |
| Financials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;CS Treasury Management Services P |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 06/05/2174 <sup>(A)</sup> | 384140 | 369290 |
| &nbsp;&nbsp;&nbsp;FWD Group Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.836%, 09/22/2035 | 200000 | 202153 |
| &nbsp;&nbsp;&nbsp;FWD Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.675%, H15T5Y + 3.075% <sup>(A)(B)</sup> | 200000 | 200000 |
|  |  | 771443 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Real Estate — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;NWD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 02/08/2028 | $200000 | $176898 |
| &nbsp;&nbsp;&nbsp;NWD, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/19/2030 | 200000 | 146158 |
|  |  | 323056 |
| TOTAL HONG KONG |  | 1702614 |
| **INDIA — 25.0%** |  |  |
| Energy — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Azure Power Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.575%, 08/19/2026 | 286323 | 279953 |
| &nbsp;&nbsp;&nbsp;India Clean Energy Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/18/2027 | 400000 | 389457 |
| &nbsp;&nbsp;&nbsp;India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/10/2026 | 227700 | 225485 |
| &nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/14/2028 | 200000 | 191795 |
|  |  | 1086690 |
| Financials — 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;IIFL Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 07/24/2028 | 200000 | 204680 |
| &nbsp;&nbsp;&nbsp;Manappuram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/12/2028 | 400000 | 408171 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 03/02/2030 | 200000 | 203216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 04/23/2029 | 400000 | 406191 |
| &nbsp;&nbsp;&nbsp;Piramal Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.800%, 01/29/2028 | 250000 | 254719 |
| &nbsp;&nbsp;&nbsp;Sammaan Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.950%, 08/28/2028 | 250000 | 257673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 10/16/2030 | 200000 | 196526 |
|  |  | 1931176 |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;IRB Infrastructure Developers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.110%, 03/11/2032 | 200000 | 206567 |
| Materials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;UPL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/16/2030 | 200000 | 188159 |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 12/03/2031 | 200000 | 214630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 09/17/2029 | 200000 | 210993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.250%, 06/03/2028 | 200000 | 206845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 10/15/2032 | 240000 | 241684 |
|  |  | 1062311 |
| TOTAL INDIA |  | 4286744 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **INDONESIA — 5.6%** |  |  |
| Energy — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Medco Cypress Tree Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 05/19/2030 | $360000 | $378987 |
| &nbsp;&nbsp;&nbsp;Sorik Marapi Geothermal Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/05/2031 | 192060 | 196013 |
|  |  | 575000 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nickel Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 09/30/2030 | 200000 | 207569 |
| Real Estate — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kawasan Industri Jababeka, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/15/2027 | 180000 | 178200 |
| TOTAL INDONESIA |  | 960769 |
| **JAPAN — 3.5%** |  |  |
| Financials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nomura Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 3.084% <sup>(A)(B)</sup> | 200000 | 205311 |
| &nbsp;&nbsp;&nbsp;SoftBank Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 10/29/2065, H15T5Y + 4.545% <sup>(B)</sup> | 200000 | 187489 |
|  |  | 392800 |
| Information Technology — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.250% <sup>(A)(B)</sup> | 200000 | 206026 |
| TOTAL JAPAN |  | 598826 |
| **MACAU — 10.0%** |  |  |
| Consumer Discretionary — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;MGM China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/26/2031 | 200000 | 211533 |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2028 | 400000 | 400402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 200000 | 193128 |
| &nbsp;&nbsp;&nbsp;Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/2034 | 200000 | 202603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/26/2028 | 450000 | 449165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/07/2029 <sup>(C)</sup> | 250000 | 255241 |
| TOTAL MACAU |  | 1712072 |
| **MONGOLIA — 3.8%** |  |  |
| Energy — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Mongolian Mining |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.440%, 04/03/2030 | 250000 | 252851 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Golomt Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 05/20/2027 | $200000 | $206799 |
| &nbsp;&nbsp;&nbsp;Trade & Development Bank of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/23/2027 | 200000 | 199435 |
|  |  | 406234 |
| TOTAL MONGOLIA |  | 659085 |
| **PHILIPPINES — 3.6%** |  |  |
| Energy — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Petron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.350%, H15T3Y + 6.325% <sup>(A)(B)</sup> | 200000 | 204855 |
| Utilities — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;San Miguel Global Power Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700% <sup>(A)(B)</sup> | 214000 | 213730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% <sup>(A)(B)</sup> | 200000 | 196561 |
|  |  | 410291 |
| TOTAL PHILIPPINES |  | 615146 |
| **SINGAPORE — 2.0%** |  |  |
| Real Estate — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;GLP Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 05/20/2028 | 200000 | 204853 |
| &nbsp;&nbsp;&nbsp;GLP Pte, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, H15T5Y + 3.735% <sup>(A)(B)</sup> | 200000 | 134276 |
| TOTAL SINGAPORE |  | 339129 |
| **THAILAND — 7.3%** |  |  |
| Financials — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.337% <sup>(A)(B)</sup> | 200000 | 196719 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, H15T5Y + 3.530% <sup>(A)(B)</sup> | 400000 | 398080 |
| &nbsp;&nbsp;&nbsp;Muangthai Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.550%, 07/21/2030 | 250000 | 257349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/30/2028 | 200000 | 203049 |
|  |  | 1055197 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;GC Treasury Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, H15T5Y + 3.162% <sup>(A)(B)</sup> | 200000 | 203519 |
| TOTAL THAILAND |  | 1258716 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **UNITED KINGDOM — 4.5%** |  |  |
| Financials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.976% <sup>(A)(B)</sup> | $200000 | $207797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 2.873% <sup>(A)(B)</sup> | 360000 | 370501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.805% <sup>(A)(B)</sup> | 200000 | 188270 |
| TOTAL UNITED KINGDOM |  | 766568 |
| **VIETNAM — 0.8%** |  |  |
| Utilities — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/07/2029 | 144845 | 143306 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $15,333,026) |  | 15562358 |
| **SOVEREIGN DEBT — 4.6%** |  |  |
| **PAKISTAN — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Pakistan Government International Bond, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 04/08/2051 | 200000 | 196914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 04/08/2031 | 250000 | 248895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 12/05/2027 | 200000 | 201412 |
| **SRI LANKA — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2028 | 146000 | 139920 |
| TOTAL SOVEREIGN DEBT<br> (Cost $750,271) |  | 787141 |
| TOTAL INVESTMENTS — 95.3%<br> (Cost $16,083,297) |  | 16349499 |
| OTHER ASSETS LESS LIABILITIES – 4.7% |  | 811592 |
| NET ASSETS - 100% |  | $17161091 |

---

*(A)* *Perpetual security with no stated maturity date.* 

*(B)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* 

*(C)* *Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total market value of such securities as of December 31, 2025 was $255,241 and represented 1.5% of the Net Assets of the Fund.* 

See "Glossary" for abbreviations.

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

KRS-QH-012-1600

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.1% ‡** |  |  |
| **BRAZIL — 4.4%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 15361 | $92784 |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 70800 | 179075 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 19551 | 83668 |
|  |  | 262743 |
| Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras | 58700 | 348895 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 17000 | 64839 |
|  |  | 413734 |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 77900 | 197460 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 37387 | 106435 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 34200 | 136806 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 9600 | 63332 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Cl A \* | 16834 | 281801 |
|  |  | 785834 |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 19620 | 156000 |
| &nbsp;&nbsp;&nbsp;Motiva Infraestrutura de Mobilidade | 15000 | 41225 |
| &nbsp;&nbsp;&nbsp;Rumo | 15000 | 40403 |
| &nbsp;&nbsp;&nbsp;WEG | 22500 | 199183 |
|  |  | 436811 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Klabin | 10443 | 35753 |
| &nbsp;&nbsp;&nbsp;Suzano | 11300 | 106097 |
| &nbsp;&nbsp;&nbsp;Vale | 49300 | 647407 |
|  |  | 789257 |
| Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia | 13900 | 128378 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3913 | 95243 |
| &nbsp;&nbsp;&nbsp;Equatorial | 17000 | 119440 |
|  |  | 343061 |
| TOTAL BRAZIL |  | 3124224 |
| **CHILE — 0.8%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 5030 | 39389 |
| &nbsp;&nbsp;&nbsp;Falabella | 9680 | 67470 |
|  |  | 106859 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 855990 | $165202 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones | 840 | 54411 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile | 853283 | 67292 |
|  |  | 286905 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 16307 | 25575 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas | 368156 | 34979 |
| &nbsp;&nbsp;&nbsp;Enel Chile | 924370 | 75861 |
|  |  | 110840 |
| TOTAL CHILE |  | 530179 |
| **COLOMBIA — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest | 9471 | 173494 |
| TOTAL COLOMBIA |  | 173494 |
| **CZECHIA — 0.4%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 2553 | 144138 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CEZ | 1984 | 124834 |
| TOTAL CZECHIA |  | 268972 |
| **EGYPT — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank - Egypt (CIB) | 37338 | 80626 |
| TOTAL EGYPT |  | 80626 |
| **GREECE — 0.6%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 2976 | 58929 |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO | 5441 | 178287 |
| &nbsp;&nbsp;&nbsp;OPAP | 8081 | 181273 |
|  |  | 359560 |
| TOTAL GREECE |  | 418489 |
| **HUNGARY — 0.6%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 4633 | 41666 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank NYRT | 2838 | $304713 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon NYRT | 2288 | 69043 |
| TOTAL HUNGARY |  | 415422 |
| **INDIA — 22.0%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 35408 | 829501 |
| Consumer Discretionary — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Auto | 1054 | 109564 |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 2002 | 162881 |
| &nbsp;&nbsp;&nbsp;Eternal \* | 90389 | 279626 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 11920 | 491922 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 1931 | 358724 |
| &nbsp;&nbsp;&nbsp;Tata Motors Passenger Vehicles Limited | 23363 | 95488 |
| &nbsp;&nbsp;&nbsp;Titan | 4529 | 204154 |
|  |  | 1702359 |
| Consumer Staples — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Dabur India | 21661 | 121368 |
| &nbsp;&nbsp;&nbsp;Godrej Consumer Products | 11763 | 159956 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever | 11653 | 300260 |
| &nbsp;&nbsp;&nbsp;ITC | 56052 | 251325 |
| &nbsp;&nbsp;&nbsp;Kwality Walls India | 11653 | 4658 |
| &nbsp;&nbsp;&nbsp;Nestle India | 10368 | 148577 |
|  |  | 986144 |
| Energy — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 26544 | 113406 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 77956 | 144378 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp. | 56968 | 152359 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 64263 | 1122823 |
|  |  | 1532966 |
| Financials — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank | 35508 | 501493 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance | 32510 | 356932 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 6515 | 147864 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 82934 | 914605 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance | 12926 | 107840 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 59871 | 894541 |
| &nbsp;&nbsp;&nbsp;IndusInd Bank \* | 3627 | 34874 |
| &nbsp;&nbsp;&nbsp;Jio Financial Services | 28189 | 92506 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 17127 | 419431 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;State Bank of India | 28016 | $306158 |
|  |  | 3776244 |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma | 6608 | 86975 |
| &nbsp;&nbsp;&nbsp;Cipla | 7624 | 128196 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 7326 | 103631 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 13990 | 267676 |
|  |  | 586478 |
| Industrials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 5896 | 146922 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 17423 | 284919 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics | 84001 | 373465 |
| &nbsp;&nbsp;&nbsp;CG Power & Industrial Solutions | 26030 | 187639 |
| &nbsp;&nbsp;&nbsp;Cummins India | 4546 | 224287 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics | 5023 | 245267 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation | 5503 | 309775 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 9273 | 421301 |
| &nbsp;&nbsp;&nbsp;Suzlon Energy \* | 225613 | 132211 |
| &nbsp;&nbsp;&nbsp;Tata Motors \* | 23363 | 108004 |
|  |  | 2433790 |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 16818 | 303748 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 49424 | 880736 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 12225 | 436093 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 9658 | 170950 |
| &nbsp;&nbsp;&nbsp;Wipro | 46692 | 136773 |
|  |  | 1928300 |
| Materials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 6262 | 192954 |
| &nbsp;&nbsp;&nbsp;Grasim Industries | 4223 | 132921 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 26067 | 257162 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 11059 | 143320 |
| &nbsp;&nbsp;&nbsp;Tata Steel | 131955 | 264382 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 1505 | 197319 |
| &nbsp;&nbsp;&nbsp;UPL | 6957 | 61548 |
| &nbsp;&nbsp;&nbsp;Vedanta | 16972 | 114129 |
|  |  | 1363735 |
| Utilities — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;GAIL India | 39255 | 75191 |
| &nbsp;&nbsp;&nbsp;NTPC | 62640 | 229674 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 61303 | $180473 |
|  |  | 485338 |
| TOTAL INDIA |  | 15624855 |
| **INDONESIA — 1.9%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero | 858300 | 179124 |
| Consumer Staples — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Indonesia | 117500 | 31780 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;United Tractors | 81600 | 144360 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 811300 | 392878 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 670700 | 205131 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero | 250200 | 65570 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 932300 | 204631 |
|  |  | 868210 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 372600 | 149710 |
| TOTAL INDONESIA |  | 1373184 |
| **MALAYSIA — 2.1%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CelcomDigi Bhd | 55400 | 43550 |
| &nbsp;&nbsp;&nbsp;Maxis | 109000 | 101801 |
|  |  | 145351 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;SD Guthrie | 41900 | 59164 |
| Financials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings | 153555 | 312181 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 9700 | 52922 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 104216 | 269143 |
| &nbsp;&nbsp;&nbsp;Public Bank | 241600 | 270297 |
|  |  | 904543 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 36200 | 78056 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 55400 | 49557 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Gas | 9400 | $42019 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional | 68600 | 231935 |
|  |  | 273954 |
| TOTAL MALAYSIA |  | 1510625 |
| **MEXICO — 3.8%** |  |  |
| Communication Services — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;America Movil | 298800 | 309611 |
| Consumer Staples — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano | 30600 | 309514 |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo, Ser A | 20600 | 67737 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 79600 | 248503 |
|  |  | 625754 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 41900 | 389042 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa, Cl O | 28100 | 68095 |
|  |  | 457137 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 7690 | 202332 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, Cl B | 4915 | 158329 |
|  |  | 360661 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex | 233000 | 267867 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico | 41900 | 396243 |
| &nbsp;&nbsp;&nbsp;Southern Copper | 1407 | 201862 |
|  |  | 865972 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fibra Uno Administracion † | 52400 | 78660 |
| TOTAL MEXICO |  | 2697795 |
| **PERU — 0.5%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 693 | 198891 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA ADR | 5445 | 151534 |
| TOTAL PERU |  | 350425 |
| **PHILIPPINES — 0.6%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 50929 | 116518 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala | 5940 | $47251 |
| &nbsp;&nbsp;&nbsp;SM Investments | 5940 | 70625 |
|  |  | 117876 |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala Land | 206100 | 78646 |
| &nbsp;&nbsp;&nbsp;SM Prime Holdings | 281500 | 108854 |
|  |  | 187500 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Manila Electric | 2580 | 25172 |
| TOTAL PHILIPPINES |  | 447066 |
| **POLAND — 2.1%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 1127 | 75547 |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;LPP | 49 | 283625 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 5228 | 139760 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 3087 | 176108 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 15419 | 365232 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 11203 | 207969 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska | 601 | 91173 |
|  |  | 840482 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz \* | 2152 | 168080 |
| TOTAL POLAND |  | 1507494 |
| **QATAR — 1.0%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;AlRayan Bank | 73022 | 44002 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank | 21415 | 140865 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank | 75911 | 389041 |
|  |  | 573908 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Industries Qatar | 34056 | 111587 |
| TOTAL QATAR |  | 685495 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **ROMANIA — 0.2%** |  |  |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;NEPI Rockcastle | 17459 | $153675 |
| TOTAL ROMANIA |  | 153675 |
| **RUSSIA — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC ADR <sup>(A)(B)</sup> | 3839 |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;X5 Retail Group GDR \*<sup>(A)(B)</sup> | 915 |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \*<sup>(A)(B)</sup> | 89700 |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC \*<sup>(A)(B)</sup> | 3729 |  |
| &nbsp;&nbsp;&nbsp;Novatek PJSC GDR \*<sup>(A)(B)</sup> | 756 |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC \*<sup>(A)(B)</sup> | 10270 |  |
| &nbsp;&nbsp;&nbsp;Tatneft PJSC \*<sup>(A)(B)</sup> | 16537 |  |
| Financials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC \*<sup>(A)(B)</sup> | 99330 |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alrosa PJSC \*<sup>(A)(B)</sup> | 18910 |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \*<sup>(A)(B)</sup> | 67000 |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC \*<sup>(A)(B)</sup> | 8860 |  |
| &nbsp;&nbsp;&nbsp;Severstal PAO \*<sup>(A)(B)</sup> | 1512 |  |
| TOTAL RUSSIA |  |  |
| **SOUTH AFRICA — 4.8%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 10547 | 107889 |
| Consumer Discretionary — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 14495 | 966196 |
| Financials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 11204 | 161846 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 1055 | 264597 |
| &nbsp;&nbsp;&nbsp;Discovery | 17314 | 237798 |
| &nbsp;&nbsp;&nbsp;FirstRand | 41542 | 227516 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 11754 | 188873 |
| &nbsp;&nbsp;&nbsp;Remgro | 13621 | 149288 |
| &nbsp;&nbsp;&nbsp;Sanlam | 22705 | 134956 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 11160 | $195586 |
|  |  | 1560460 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 9131 | 130871 |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Gold Fields | 7349 | 321861 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining | 6910 | 140569 |
| &nbsp;&nbsp;&nbsp;Sasol \* | 8681 | 55638 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum | 1093 | 92978 |
|  |  | 611046 |
| TOTAL SOUTH AFRICA |  | 3376462 |
| **SOUTH KOREA — 20.2%** |  |  |
| Consumer Discretionary — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 676 | 40779 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 1071 | 277313 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 1458 | 300092 |
| &nbsp;&nbsp;&nbsp;Kia | 3038 | 256866 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 1779 | 113491 |
|  |  | 988541 |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific | 658 | 54584 |
| &nbsp;&nbsp;&nbsp;KT&G | 2627 | 259135 |
| &nbsp;&nbsp;&nbsp;LG H&H | 157 | 28173 |
|  |  | 341892 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 1640 | 214599 |
| &nbsp;&nbsp;&nbsp;SK Innovation | 1013 | 71164 |
| &nbsp;&nbsp;&nbsp;S-Oil \* | 582 | 33533 |
|  |  | 319296 |
| Financials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 638 | 58062 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 5607 | 366262 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 3256 | 47352 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 4900 | 424165 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 848 | 292566 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance \* | 882 | 96493 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 7148 | 381577 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 9385 | 182417 |
|  |  | 1848894 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 2540 | $319102 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics \* | 177 | 208264 |
|  |  | 527366 |
| Industrials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 484 | 136745 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 2206 | 276563 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries | 2838 | 225378 |
| &nbsp;&nbsp;&nbsp;LG | 2037 | 114113 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution \* | 774 | 197993 |
| &nbsp;&nbsp;&nbsp;Samsung C&T | 1817 | 302087 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries \* | 17581 | 294125 |
| &nbsp;&nbsp;&nbsp;SK | 732 | 130338 |
| &nbsp;&nbsp;&nbsp;SK Square \* | 1354 | 345890 |
|  |  | 2023232 |
| Information Technology — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;LG Display \* | 2764 | 22660 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 1244 | 220207 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 50114 | 4171093 |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 844 | 157897 |
| &nbsp;&nbsp;&nbsp;Samsung SDS | 444 | 52859 |
| &nbsp;&nbsp;&nbsp;SK hynix | 6243 | 2821279 |
|  |  | 7445995 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Zinc | 98 | 89527 |
| &nbsp;&nbsp;&nbsp;LG Chem | 751 | 173603 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 1278 | 270584 |
|  |  | 533714 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 7926 | 259697 |
| TOTAL SOUTH KOREA |  | 14288627 |
| **TAIWAN — 26.2%** |  |  |
| Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 41000 | 170287 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications | 57000 | 160185 |
| &nbsp;&nbsp;&nbsp;Taiwan Mobile | 55000 | 189924 |
|  |  | 520396 |
| Financials — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding | 114000 | 275018 |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 39379 | 132223 |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank | 316346 | 205893 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 170000 | $271606 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding | 146185 | 157023 |
| &nbsp;&nbsp;&nbsp;First Financial Holding | 254306 | 237952 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding | 84735 | 259162 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings | 197042 | 194405 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding | 345420 | 189637 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding | 161516 | 205619 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank | 117000 | 151182 |
| &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings | 142269 | 129498 |
| &nbsp;&nbsp;&nbsp;Taiwan Business Bank | 424000 | 215910 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding | 229568 | 177544 |
| &nbsp;&nbsp;&nbsp;TS Financial Holding | 271312 | 176151 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 112589 | 140824 |
|  |  | 3119647 |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century | 168000 | 148642 |
| &nbsp;&nbsp;&nbsp;Teco Electric and Machinery | 11000 | 29407 |
|  |  | 178049 |
| Information Technology — 19.6% |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 16000 | 603428 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding | 32000 | 255120 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 7000 | 122086 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 19000 | 125778 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 21000 | 643625 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 116000 | 850973 |
| &nbsp;&nbsp;&nbsp;Innolux | 172400 | 93551 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 26000 | 135294 |
| &nbsp;&nbsp;&nbsp;MediaTek | 19000 | 864722 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 12000 | 142836 |
| &nbsp;&nbsp;&nbsp;Pegatron | 58000 | 126631 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 26000 | 225076 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 185000 | 9126207 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 150000 | 235117 |
| &nbsp;&nbsp;&nbsp;Wistron | 50000 | 239493 |
| &nbsp;&nbsp;&nbsp;Wiwynn | 1000 | 142741 |
|  |  | 13932678 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 75000 | 88796 |
| &nbsp;&nbsp;&nbsp;China Steel | 248000 | 149966 |
| &nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre | 57000 | 58233 |
| &nbsp;&nbsp;&nbsp;Formosa Plastics | 75000 | 93092 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics | 183000 | 350618 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings | 111404 | $82257 |
|  |  | 822962 |
| TOTAL TAIWAN |  | 18573732 |
| **THAILAND — 1.4%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service NVDR | 18300 | 181809 |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CP ALL NVDR | 92600 | 127856 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 196200 | 199283 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 26800 | 96124 |
|  |  | 295407 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services NVDR | 168300 | 103101 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand NVDR | 80600 | 135591 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement NVDR | 7600 | 44266 |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Central Pattana NVDR | 74600 | 130825 |
| TOTAL THAILAND |  | 1018855 |
| **TÜRKIYE — 0.6%** |  |  |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | 13059 | 163070 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri | 26142 | 112201 |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Akbank | 93406 | 151749 |
| TOTAL TÜRKIYE |  | 427020 |
| **UNITED ARAB EMIRATES — 1.7%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 40863 | 204042 |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 41467 | 161447 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 61116 | $290197 |
|  |  | 451644 |
| Real Estate — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 78604 | 186189 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 99782 | 381698 |
|  |  | 567887 |
| TOTAL UNITED ARAB EMIRATES |  | 1223573 |
| **UNITED KINGDOM — 0.8%** |  |  |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 6159 | 532696 |
| TOTAL UNITED KINGDOM |  | 532696 |
| TOTAL COMMON STOCK<br> (Cost $49,624,621) |  | 68802985 |
| **PREFERRED STOCK — 3.4%** |  |  |
| **BRAZIL — 2.0%** |  |  |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras <sup>(C)</sup> | 62900 | 353771 |
| Financials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco <sup>(C)</sup> | 77871 | 258493 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding <sup>(C)</sup> | 68742 | 492131 |
| &nbsp;&nbsp;&nbsp;Itausa <sup>(C)</sup> | 85608 | 182473 |
|  |  | 933097 |
| Industrials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car \*<sup>(C)</sup> | 755 | 5715 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau <sup>(C)</sup> | 16490 | 61359 |
| Utilities — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia \*<sup>(C)</sup> | 3653 | 32749 |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais <sup>(C)</sup> | 20100 | 41082 |
|  |  | 73831 |
| TOTAL BRAZIL |  | 1427773 |
| **CHILE — 0.2%** |  |  |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile \*<sup>(C)</sup> | 2363 | 167218 |
| **COLOMBIA — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest <sup>(C)</sup> | 5742 | 90926 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PAO \*<sup>(A)(B)(C)</sup> | 50900 |  |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK (continued)** |  |  |
| **SOUTH KOREA — 1.1%** |  |  |
| Information Technology — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics <sup>(C)</sup> | 12044 | $745774 |
| TOTAL PREFERRED STOCK<br> (Cost $1,875,163) |  | 2431691 |
| TOTAL INVESTMENTS — 100.5%<br> (Cost $51,499,784) |  | 71234676 |
| OTHER ASSETS LESS LIABILITIES – (0.5)% |  | (334275) |
| NET ASSETS - 100% |  | $70900401 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| \* | *Non-income producing security.* |
| *†* | *Real Estate Investment Trust* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(B)* | *Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.* |
| *(C)* | *Currently, no stated interest rate.* |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-014-1400

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

**KraneShares Global Carbon Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 50.0%** |  |  |
| **Fixed Income — 50.0%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF <sup>(A)(B)(C)</sup> | 3633600 | $91039848 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $91,196,247) |  | 91039848 |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | |
| **INDEX-LINKED NOTE — 22.7%** |  |  |
| **UNITED STATES — 22.7%** |  |  |
| Financials — 22.7% |  |  |
| &nbsp;&nbsp;&nbsp;GS Finance, 4.500%, 1/27/2027 <sup>(D)(E)</sup> | 41677000 | 41410268 |
| TOTAL UNITED STATES |  | 41410268 |
| TOTAL INDEX-LINKED NOTE<br> (Cost $41,677,000) |  | 41410268 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SHORT-TERM INVESTMENT — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.740% <sup>(F)</sup> | 26349944 | 26349943 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $26,349,943) |  | 26349943 |
| TOTAL INVESTMENTS — 87.2%<br> (Cost $159,223,190) |  | 158800059 |
| OTHER ASSETS LESS LIABILITIES – 12.8% |  | 23390038 |
| NET ASSETS - 100% |  | $182190097 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance Vintage ^ | 1400 | Dec-2026 | $43263182 | $46060000 | $2796818 |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission ^ | 246 | Dec-2026 | 24406747 | 25242548 | 646348 |
| &nbsp;&nbsp;&nbsp;RGGI Vintage ^ | 311 | Dec-2026 | 8741101 | 8191740 | (549361) |
| &nbsp;&nbsp;&nbsp;UK Emission Allowance ^ | 110 | Dec-2026 | 8609646 | 9923333 | 1181472 |
| &nbsp;&nbsp;&nbsp;WA Carbon Allowance Vintage ^ | 128 | Dec-2026 | 9442691 | 9856000 | 413309 |
|  |  |  | $94463367 | $99273621 | $4488586 |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA Global Carbon Subsidiary, Ltd. as of December 31, 2025.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)*  | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* |

---

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

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

*(E)* *Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total market value of such securities as of December 31, 2025 was $41,410,268 and represented 22.7% of the Net Assets of the Fund.* 

*(F)* *The rate shown is the 7-day effective yield as of December 31, 2025.* 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of**<br> **3/31/2025** | **Purchases at**<br> **Cost** | **Proceeds**<br> **from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value<br> as of**<br> **12/31/2025** | **Dividend**<br> **Income** | **Capital Gain**<br> **Distributions** |
| KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |
| $117673932 | $21687186 | $(48246008) | $103791 | $(179053) | $91039848 | $3346692 | $— |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-020-1000

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7% ‡** |  |  |
| **MEXICO — 0.2%** |  |  |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper | 395 | $56671 |
| TOTAL MEXICO |  | 56671 |
| **UNITED STATES — 99.5%** |  |  |
| Communication Services — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 1390 | 436182 |
| &nbsp;&nbsp;&nbsp;AT&T | 5188 | 128870 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 10829 | 323679 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 8898 | 362415 |
|  |  | 1251146 |
| Consumer Discretionary — 9.4% |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy | 5163 | 345560 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 34038 | 446578 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 887 | 109065 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1496 | 514774 |
| &nbsp;&nbsp;&nbsp;McDonald's | 236 | 72129 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 545 | 34722 |
| &nbsp;&nbsp;&nbsp;Tapestry | 2443 | 312142 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 626 | 281525 |
| &nbsp;&nbsp;&nbsp;Upbound Group | 22598 | 396821 |
|  |  | 2513316 |
| Consumer Staples — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 6353 | 366314 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 4523 | 359895 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 443 | 30970 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 944 | 74595 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 610 | 84156 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 22112 | 439808 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 21792 | 237097 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 2467 | 395707 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 1362 | 195188 |
|  |  | 2183730 |
| Energy — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;APA | 2611 | 63865 |
| &nbsp;&nbsp;&nbsp;Chevron | 1755 | 267479 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 1740 | 208243 |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 4144 | 190956 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 8916 | 245101 |
|  |  | 975644 |
| Financials — 13.9% |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 445 | 121521 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 575 | $505425 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 2008 | 647018 |
| &nbsp;&nbsp;&nbsp;Main Street Capital | 4196 | 253396 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1308 | 232209 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 13247 | 158964 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 3878 | 437749 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 11862 | 321460 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 4068 | 416482 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 468 | 164132 |
| &nbsp;&nbsp;&nbsp;Western Union | 50694 | 471961 |
|  |  | 3730317 |
| Health Care — 9.2% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 1966 | 449211 |
| &nbsp;&nbsp;&nbsp;Amgen | 398 | 130269 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 7374 | 397754 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 1322 | 162262 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2926 | 605536 |
| &nbsp;&nbsp;&nbsp;Merck | 1012 | 106523 |
| &nbsp;&nbsp;&nbsp;Pfizer | 17554 | 437095 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 503 | 166045 |
|  |  | 2454695 |
| Industrials — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 118 | 30353 |
| &nbsp;&nbsp;&nbsp;Cummins | 485 | 247568 |
| &nbsp;&nbsp;&nbsp;Fastenal | 4714 | 189173 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1602 | 394573 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 237 | 114630 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 4185 | 351958 |
| &nbsp;&nbsp;&nbsp;Paychex | 3673 | 412037 |
| &nbsp;&nbsp;&nbsp;Snap-on | 741 | 255349 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1472 | 340503 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 4905 | 486527 |
|  |  | 2822671 |
| Information Technology — 29.3% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 3329 | 449881 |
| &nbsp;&nbsp;&nbsp;Apple | 326 | 88626 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 410 | 105366 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 222 | 149588 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2516 | 870788 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 6826 | 525807 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 1690 | 500595 |
| &nbsp;&nbsp;&nbsp;Lam Research | 447 | 76517 |
| &nbsp;&nbsp;&nbsp;Microsoft | 4188 | 2025401 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;NVIDIA | 11455 | $2136357 |
| &nbsp;&nbsp;&nbsp;Oracle | 1030 | 200757 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 1709 | 303775 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 2535 | 439797 |
|  |  | 7873255 |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 666 | 137349 |
| Real Estate — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A † | 7359 | 236224 |
| &nbsp;&nbsp;&nbsp;Equity Residential † | 2232 | 140705 |
| &nbsp;&nbsp;&nbsp;Public Storage † | 1558 | 404301 |
| &nbsp;&nbsp;&nbsp;Simon Property Group † | 2316 | 428715 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Cl A † | 14531 | 408612 |
| &nbsp;&nbsp;&nbsp;WP Carey † | 5974 | 384486 |
|  |  | 2003043 |
| Utilities — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1674 | 193029 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 2233 | 221781 |
| &nbsp;&nbsp;&nbsp;Entergy | 1116 | 103152 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 1309 | 105113 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 1247 | 131509 |
|  |  | 754584 |
| TOTAL UNITED STATES |  | 26699750 |
| TOTAL COMMON STOCK<br> (Cost $24,842,152) |  | 26756421 |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $24,842,152) |  | 26756421 |
| OTHER ASSETS LESS LIABILITIES – 0.3% |  | 84719 |
| NET ASSETS - 100% |  | $26841140 |

---

---

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

---

See "Glossary" for abbreviations.

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

KRS-QH-026-1000

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 71.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.823%, 01/02/2026 <sup>(A)(B)</sup> | $25000000 | $25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.783%, 01/13/2026 <sup>(A)(B)</sup> | 22000000 | 21976413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.737%, 02/19/2026 <sup>(A)(B)</sup> | 25000000 | 24881158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.605%, 01/29/2026 <sup>(A)(B)</sup> | 25000000 | 24933888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.488%, 02/26/2026 <sup>(A)(B)</sup> | 25000000 | 24862863 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $121,639,256) |  | 121654322 |
| TOTAL INVESTMENTS — 71.4%<br> (Cost $121,639,256) |  | 121654322 |
| OTHER ASSETS LESS LIABILITIES – 28.6% |  | 48644064 |
| NET ASSETS - 100% |  | $170298386 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of** **<br> Contracts** | **Expiration** **<br> Date** | **Notional** **<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUD Currency | 422 | Mar-2026 | $28142674 | $28160060 | $17386 |
| &nbsp;&nbsp;&nbsp;British Pound | 335 | Mar-2026 | 28074659 | 28177688 | 103029 |
| &nbsp;&nbsp;&nbsp;CAD Currency | 238 | Mar-2026 | 17441724 | 17402560 | (39164) |
| &nbsp;&nbsp;&nbsp;Copper ^ | 88 | Mar-2026 | 11325691 | 12500400 | 1174709 |
| &nbsp;&nbsp;&nbsp;Euro FX | 190 | Mar-2026 | 27873891 | 27977500 | 103609 |
| &nbsp;&nbsp;&nbsp;Gasoline ^ | 36 | Mar-2026 | 2760689 | 2633148 | (127541) |
| &nbsp;&nbsp;&nbsp;Gold ^ | 27 | Feb-2026 | 11149732 | 11720970 | 571238 |
| &nbsp;&nbsp;&nbsp;Live Cattle ^ | 133 | Feb-2026 | 11872098 | 12321120 | 449022 |
| &nbsp;&nbsp;&nbsp;Long Gilt 10-Year Bond | 358 | Mar-2026 | 43170736 | 44091903 | 114141 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD ^ | 124 | Mar-2026 | 11980370 | 10954507 | (1025863) |
| &nbsp;&nbsp;&nbsp;Soybean ^ | 68 | Mar-2026 | 3836102 | 3561500 | (274602) |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 176 | Mar-2026 | 27759119 | 27956500 | 197381 |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note | 374 | Mar-2026 | 43506260 | 43015844 | (490416) |
|  |  |  | 268893745 | 270473700 | 772929 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian 10-Year Bond | (259) | Mar-2026 | (22861614) | (22815701) | 7059 |
| &nbsp;&nbsp;&nbsp;Corn ^ | (519) | Mar-2026 | (11517536) | (11424488) | 93048 |
| &nbsp;&nbsp;&nbsp;Euro-Bund 10-Year Bond | (283) | Mar-2026 | (42310554) | (42427384) | 271509 |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bond | (49) | Mar-2026 | (42069725) | (41445416) | 339864 |
| &nbsp;&nbsp;&nbsp;Japanese Yen | (342) | Mar-2026 | (27594706) | (27439088) | 155618 |
| &nbsp;&nbsp;&nbsp;Natural Gas ^ | (304) | Mar-2026 | (11519402) | (9515200) | 2004202 |
| &nbsp;&nbsp;&nbsp;Sugar No. 11 ^ | (682) | Mar-2026 | (12551835) | (11465238) | 1086597 |
| &nbsp;&nbsp;&nbsp;Wheat ^ | (431) | Mar-2026 | (11647220) | (10925850) | 721370 |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil ^ | (200) | Mar-2026 | (11689946) | (11444000) | 245946 |
|  |  |  | (193762538) | (188902365) | 4925213 |
|  |  |  | $75131207 | $81571335 | $5698142 |

---

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

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

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA MLM Index Subsidiary, Ltd. as of December 31, 2025.* |
| *(A)* | *Interest rate represents the security's effective yield at the time of purchase.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |

---

See "Glossary" for abbreviations.

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

KRS-QH-025-1000

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

**KraneShares SSE STAR Market 50 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.0% ‡** |  |  |
| **CHINA — 99.0%** |  |  |
| Consumer Discretionary — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Roborock Technology, Cl A | 40032 | $872107 |
| &nbsp;&nbsp;&nbsp;Ninebot, Cl A | 110865 | 882955 |
| &nbsp;&nbsp;&nbsp;Tianneng Battery Group, Cl A | 26280 | 125076 |
|  |  | 1880138 |
| Health Care — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 16340 | 569482 |
| &nbsp;&nbsp;&nbsp;MGI Tech, Cl A \* | 48262 | 420118 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 52143 | 778042 |
| &nbsp;&nbsp;&nbsp;Shanghai Junshi Biosciences, Cl A \* | 103602 | 507030 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 95494 | 1716989 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A \* | 15948 | 738229 |
| &nbsp;&nbsp;&nbsp;Xiamen Amoytop Biotech, Cl A | 31530 | 378001 |
|  |  | 5107891 |
| Industrials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;AVIC Chengdu UAS, Cl A \* | 52143 | 358729 |
| &nbsp;&nbsp;&nbsp;Sany Renewable Energy, Cl A | 47369 | 171561 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl A | 50340 | 369908 |
|  |  | 900198 |
| Information Technology — 79.7% |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research Shanghai, Cl A | 18548 | 467822 |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A | 63467 | 2574418 |
| &nbsp;&nbsp;&nbsp;Amlogic Shanghai, Cl A \* | 65067 | 813157 |
| &nbsp;&nbsp;&nbsp;ASR Microelectronics, Cl A \* | 48469 | 573647 |
| &nbsp;&nbsp;&nbsp;Beijing Kingsoft Office Software, Cl A | 44724 | 1967550 |
| &nbsp;&nbsp;&nbsp;Bestechnic Shanghai, Cl A | 22807 | 741540 |
| &nbsp;&nbsp;&nbsp;Biwin Storage Technology, Cl A \* | 63090 | 1037558 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 26410 | 5128987 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 499464 | 391417 |
| &nbsp;&nbsp;&nbsp;China Resources Microelectronics, Cl A | 102548 | 776608 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 284906 | 608593 |
| &nbsp;&nbsp;&nbsp;Everdisplay Optronics Shanghai, Cl A \* | 1066745 | 406527 |
| &nbsp;&nbsp;&nbsp;GalaxyCore, Cl A | 150665 | 322486 |
| &nbsp;&nbsp;&nbsp;Guobo Electronics, Cl A | 34530 | 460618 |
| &nbsp;&nbsp;&nbsp;Hangzhou EZVIZ Network, Cl A | 30417 | 131212 |
| &nbsp;&nbsp;&nbsp;Hwatsing Technology, Cl A | 47806 | 1027911 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 148948 | 4788776 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A \* | 772878 | 624508 |
| &nbsp;&nbsp;&nbsp;Loongson Technology, Cl A \* | 38722 | 732894 |
| &nbsp;&nbsp;&nbsp;Montage Technology, Cl A | 183461 | 3096255 |
| &nbsp;&nbsp;&nbsp;National Silicon Industry Group, Cl A \* | 370159 | 1147607 |
| &nbsp;&nbsp;&nbsp;Nexchip Semiconductor, Cl A | 193852 | 921776 |
| &nbsp;&nbsp;&nbsp;Piotech, Cl A | 32581 | 1540373 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Shanghai BOCHU Electronic Technology, Cl A | 22304 | $434236 |
| &nbsp;&nbsp;&nbsp;Shengyi Electronics, Cl A | 48193 | 660691 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 111160 | 1053639 |
| &nbsp;&nbsp;&nbsp;SICC, Cl A \* | 41493 | 528356 |
| &nbsp;&nbsp;&nbsp;Smartsens Technology Shanghai, Cl A | 54324 | 740072 |
| &nbsp;&nbsp;&nbsp;SUPCON Technology, Cl A | 122237 | 864071 |
| &nbsp;&nbsp;&nbsp;Suzhou Centec Communications, Cl A \* | 23755 | 482216 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A \* | 252525 | 598756 |
| &nbsp;&nbsp;&nbsp;United Nova Technology, Cl A \* | 971313 | 930964 |
| &nbsp;&nbsp;&nbsp;Verisilicon Microelectronics Shanghai, Cl A \* | 71087 | 1394965 |
| &nbsp;&nbsp;&nbsp;Xinjiang Daqo New Energy, Cl A \* | 124284 | 477553 |
|  |  | 38447759 |
| Materials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Biotech, Cl A | 69646 | 496905 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 87824 | 938390 |
|  |  | 1435295 |
| TOTAL CHINA |  | 47771281 |
| TOTAL COMMON STOCK<br> (Cost $42,765,129) |  | 47771281 |
| TOTAL INVESTMENTS — 99.0%<br> (Cost $42,765,129) |  | 47771281 |
| OTHER ASSETS LESS LIABILITIES – 1.0% |  | 466279 |
| NET ASSETS - 100% |  | $48237560 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-024-1000

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

**KraneShares Hang Seng TECH Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 94.0% ‡** |  |  |
| **CHINA — 94.0%** |  |  |
| Communication Services — 28.9% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 155300 | $2623749 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 38940 | 965057 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 131800 | 481582 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 310600 | 2551920 |
| &nbsp;&nbsp;&nbsp;NetEase | 174805 | 4819574 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 63600 | 4894508 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, Cl A | 7800 | 69146 |
|  |  | 16405536 |
| Consumer Discretionary — 42.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 138300 | 2537321 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 391700 | 4798432 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 304826 | 950880 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 176909 | 2536525 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 174700 | 1455553 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 406380 | 5393339 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl H | 77500 | 845844 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A \* | 65730 | 345899 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 177200 | 510871 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 30300 | 2156639 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 203700 | 2076649 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology, Cl H \* | 92300 | 576556 |
|  |  | 24184508 |
| Consumer Staples — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 810000 | 525535 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 140650 | 1002900 |
|  |  | 1528435 |
| Information Technology — 19.9% |  |  |
| &nbsp;&nbsp;&nbsp;BYD Electronic International | 99000 | 427874 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics, Cl B \* | 1306800 | 1453959 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor, Cl H \* | 92000 | 878217 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 379000 | 647127 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 934000 | 1111176 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Cl B \* | 4126000 | 1166211 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 89340 | 752391 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 963400 | $4864344 |
|  |  | 11301299 |
| TOTAL CHINA |  | 53419778 |
| TOTAL COMMON STOCK<br> (Cost $53,448,499) |  | 53419778 |
| TOTAL INVESTMENTS — 94.0%<br> (Cost $53,448,499) |  | 53419778 |
| OTHER ASSETS LESS LIABILITIES – 6.0% |  | 3382319 |
| NET ASSETS - 100% |  | $56802097 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-028-1000

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

**KraneShares European Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 63.6%** |  |  |
| **Fixed Income** — 63.6% |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF <sup>(A)(B)(C)</sup> | 196700 | $4928318 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $4,936,236) |  | 4928318 |
| **SHORT-TERM INVESTMENT — 15.4%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.740% <sup>(D)</sup> | 1189714 | 1189714 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,189,714) |  | 1189714 |
| TOTAL INVESTMENTS — 79.0%<br> (Cost $6,125,950) |  | 6118032 |
| OTHER ASSETS LESS LIABILITIES – 21.0% |  | 1621957 |
| NET ASSETS - 100% |  | $7739989 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro FX <sup>^</sup> | 39 | Mar-2026 | $5702975 | $5742750 | $39775 |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission <sup>^</sup> | 75 | Dec-2026 | 7403546 | 7695899 | 220040 |
|  |  |  | $13106521 | $13438649 | $259815 |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares European Carbon Subsidiary, Ltd. as of December 31, 2025.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *The rate shown is the 7-day effective yield as of December 31, 2025.* |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of<br> 3/31/2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Value<br> as of<br> 12/31/2025** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |
| $3588948 | $2408011 | $(1065870) | $482 | $(3253) | $4928318 | $140314 | $— |

---

See "Glossary" for abbreviations.

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

KRS-QH-029-0900

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

**KraneShares California Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 81.1%** |  |  |
| **Fixed Income —** 81.1% |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF <sup>(A)(B)(C)</sup> | 3723400 | $93289787 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $93,486,788) |  | 93289787 |
| **SHORT-TERM INVESTMENT — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.740% <sup>(D)</sup> | 1060301 | 1060301 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,060,301) |  | 1060301 |
| TOTAL INVESTMENTS — 82.0%<br> (Cost $94,547,089) |  | 94350088 |
| OTHER ASSETS LESS LIABILITIES – 18.0% |  | 20723510 |
| NET ASSETS - 100% |  | $115073598 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CA Carbon Allowance Vintage ^ | 3500 | Dec-2026 | $108012070 | $115150000 | $7137930 |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares California Carbon Subsidiary, Ltd. as of December 31, 2025.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *The rate shown is the 7-day effective yield as of December 31, 2025.* |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of<br> 3/31/2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Value<br> as of<br> 12/31/2025** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |
| $87196672 | $33713550 | $(27507820) | $(22669) | $(89946) | $93289787 | $2927018 | $— |

---

See "Glossary" for abbreviations.

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

KRS-QH-030-0900

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

**KraneShares KWEB Covered Call Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 103.0%** |  |  |
| **Domestic Equity — 103.0%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF <sup>(A)(B)</sup> | 3656000 | $124486800 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $129,265,103) |  | 124486800 |
| **SHORT-TERM INVESTMENT — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.740% <sup>(C)</sup> | 57063 | 57063 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $57,063) |  | 57063 |
| TOTAL INVESTMENTS — 103.0%<br> (Cost $129,322,166) |  | 124543863 |
| OTHER ASSETS LESS LIABILITIES – (3.0)% |  | (3640687) |
| NET ASSETS - 100% |  | $120903176 |
| WRITTEN OPTIONS <sup>(D)</sup> — (0.9)%<br> (Premiums Received $(2810372)) |  | $(1049658) |

---

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

*(B)* *Affiliated Investment.* 

*(C)* *The rate shown is the 7-day effective yield as of December 31, 2025.* 

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

Written options contracts outstanding as of December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **WRITTEN OPTIONS — (0.9)%** |  |  |  |  |  |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6135) | $(20889675) | $37.57 | 01/02/26 | $(2147) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (410) | (1396050) | 37.99 | 01/02/26 | (110) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6824) | (23235720) | 37.59 | 01/09/26 | (25522) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5384) | (18332520) | 36.89 | 01/16/26 | (49425) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (410) | (1396050) | 35.85 | 01/23/26 | (11222) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5487) | (18683235) | 36.50 | 01/23/26 | (103759) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (2000) | (6810000) | 34.47 | 01/30/26 | (160360) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (9030) | (30747150) | 34.83 | 01/30/26 | (596793) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (880) | (2996400) | 34.05 | 02/06/26 | (100320) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(124486800) |  |  | $(1049658) |

---

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

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

**KraneShares KWEB Covered Call Strategy ETF**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of<br> 3/31/2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Value<br> as of<br> 12/31/2025** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF |  |  |
| $106999569 | $441609050 | $(407143370) | $(5539226) | $(11439223) | $124486800 | $6829521 | $— |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-037-0600

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

**KraneShares Global Luxury Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.2% ‡** |  |  |
| **DENMARK — 4.1%** |  |  |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Pandora | 735 | $81780 |
| TOTAL DENMARK |  | 81780 |
| **FRANCE — 34.5%** |  |  |
| Consumer Discretionary — 20.7% |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International | 48 | 119625 |
| &nbsp;&nbsp;&nbsp;Kering | 249 | 88024 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 274 | 207561 |
|  |  | 415210 |
| Consumer Staples — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal | 371 | 159736 |
| Health Care — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica | 372 | 117918 |
| TOTAL FRANCE |  | 692864 |
| **ITALY — 11.6%** |  |  |
| Consumer Discretionary — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli | 330 | 38145 |
| &nbsp;&nbsp;&nbsp;Ferrari | 213 | 79725 |
| &nbsp;&nbsp;&nbsp;Moncler | 1390 | 89656 |
| &nbsp;&nbsp;&nbsp;PRADA | 4500 | 26017 |
| TOTAL ITALY |  | 233543 |
| **JAPAN — 6.5%** |  |  |
| Consumer Staples — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Kao | 2000 | 79888 |
| &nbsp;&nbsp;&nbsp;Shiseido | 3500 | 50866 |
| TOTAL JAPAN |  | 130754 |
| **SWITZERLAND — 9.6%** |  |  |
| Consumer Discretionary — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont, Cl A | 887 | 192627 |
| TOTAL SWITZERLAND |  | 192627 |
| **UNITED KINGDOM — 3.0%** |  |  |
| Consumer Discretionary — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Burberry Group \* | 3516 | 60013 |
| TOTAL UNITED KINGDOM |  | 60013 |
| **UNITED STATES — 28.9%** |  |  |
| Consumer Discretionary — 24.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 2038 | 40923 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor \* | 1054 | $109268 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 260 | 91938 |
| &nbsp;&nbsp;&nbsp;Samsonite Group | 12300 | 31447 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 318 | 26356 |
| &nbsp;&nbsp;&nbsp;Tapestry | 697 | 89056 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 342 | 45418 |
| &nbsp;&nbsp;&nbsp;VF | 3181 | 57512 |
|  |  | 491918 |
| Consumer Staples — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 851 | 89117 |
| TOTAL UNITED STATES |  | 581035 |
| TOTAL COMMON STOCK<br> (Cost $2,080,854) |  | 1972616 |
| TOTAL INVESTMENTS — 98.2%<br> (Cost $2,080,854) |  | 1972616 |
| OTHER ASSETS LESS LIABILITIES – 1.8% |  | 35404 |
| NET ASSETS - 100% |  | $2008020 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-039-0500

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

**KraneShares Hedgeye Hedged Equity**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 99.8%** |  |  |
| **Domestic Equity — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <sup>(A)</sup> | 80400 | $54826368 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $54,068,060) |  | 54826368 |
| **PURCHASED OPTION <sup>(B)</sup> — 0.4%** |  |  |
| TOTAL PURCHASED OPTION<br> (Cost $582,236) |  | 222800 |
| TOTAL INVESTMENTS — 100.2%<br> (Cost $54,650,296) |  | 55049168 |
| OTHER ASSETS LESS LIABILITIES – (0.2)% |  | (104568) |
| NET ASSETS - 100% |  | $54944600 |
| WRITTEN OPTIONS <sup>(B)</sup> — (0.3)%<br> (Premiums Received $(577263)) |  | $(158904) |

---

*(A)* *For financial information on the SPDR S&P 500 ETF Trust, please go to the Commission's website at https://www.sec.gov.* 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br> Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market**<br> **Value** |
| **PURCHASED OPTION — 0.4%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | 80 | $54764000 | $6805.00 | 01/09/26 | $222800 |
| **WRITTEN OPTIONS — (0.3)%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | (80) | $(54764000) | $6695.00 | 01/09/26 | $(73600) |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | (804) | $(54826368) | $691.55 | 01/09/26 | $(85304) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(109590368) |  |  | $(158904) |

---

See "Glossary" for abbreviations.

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

KRS-QH-042-0400

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

**KraneShares Artificial Intelligence**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 89.1% ‡** |  |  |
| **CANADA — 2.3%** |  |  |
| Information Technology — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 12978 | $2092386 |
| TOTAL CANADA |  | 2092386 |
| **GERMANY — 1.9%** |  |  |
| Information Technology — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 7250 | 1774056 |
| TOTAL GERMANY |  | 1774056 |
| **NETHERLANDS — 2.4%** |  |  |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 1000 | 1082141 |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A \* | 14211 | 1189532 |
| TOTAL NETHERLANDS |  | 2271673 |
| **SOUTH KOREA — 2.9%** |  |  |
| Information Technology — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 15334 | 1276281 |
| &nbsp;&nbsp;&nbsp;SK hynix | 3206 | 1448826 |
| TOTAL SOUTH KOREA |  | 2725107 |
| **TAIWAN — 3.0%** |  |  |
| Information Technology — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 18000 | 819211 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 39000 | 1923903 |
| TOTAL TAIWAN |  | 2743114 |
| **UNITED STATES — 76.6%** |  |  |
| Communication Services — 15.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 12262 | 3838006 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 8354 | 5514392 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 20064 | 1881201 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A \* | 6593 | 1515533 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 15516 | 1257261 |
|  |  | 14006393 |
| Consumer Discretionary — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 11703 | 2701286 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A \* | 5811 | 1019831 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 5788 | 2602979 |
|  |  | 6324096 |
| Health Care — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A \* | 19699 | 1163226 |

---

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

**KraneShares Artificial Intelligence** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 5218 | $845368 |
| Information Technology — 51.5% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 4899 | 1714601 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 4406 | 943589 |
| &nbsp;&nbsp;&nbsp;Apple | 8342 | 2267856 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 2637 | 1776863 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 6977 | 914196 |
| &nbsp;&nbsp;&nbsp;ARM Holdings ADR \* | 4451 | 486539 |
| &nbsp;&nbsp;&nbsp;Astera Labs \* | 6050 | 1006478 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 6591 | 1068665 |
| &nbsp;&nbsp;&nbsp;Broadcom | 5666 | 1961003 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Cl A \* | 8939 | 708863 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 9678 | 745496 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 7554 | 1489271 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 39621 | 1198139 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Cl A \* | 14088 | 1008842 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 10986 | 1493986 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 18164 | 1370292 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 24282 | 911303 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 3194 | 911600 |
| &nbsp;&nbsp;&nbsp;Microsoft | 9302 | 4498633 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 3535 | 1483604 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 17133 | 3195305 |
| &nbsp;&nbsp;&nbsp;Oracle | 8890 | 1732750 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 12513 | 2224186 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 4339 | 799244 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 12754 | 854646 |
| &nbsp;&nbsp;&nbsp;Salesforce | 8254 | 2186567 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 42141 | 1493898 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 14933 | 2287586 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 6665 | 1462034 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 2154 | 1011777 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A \* | 12407 | 1764772 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 3263 | 733914 |
|  |  | 47706498 |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 2683 | 947823 |
| TOTAL UNITED STATES |  | 70993404 |
| TOTAL COMMON STOCK<br> (Cost $80,806,386) |  | 82599740 |

---

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

**KraneShares Artificial Intelligence** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 10.8%** |  |  |
| **UNITED STATES — 10.8%** |  |  |
| Information Technology — 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;Anthropic \*<sup>(A)(B)</sup> | 17829 | $3886722 |
| &nbsp;&nbsp;&nbsp;XAI Holdings <sup>(A)(B)</sup> | 80785 | 6096036 |
|  |  | 9982758 |
| TOTAL UNITED STATES |  | 9982758 |
| TOTAL PREFERRED STOCK <br> (Cost $5,499,974) |  | 9982758 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $86,306,360) |  | 92582498 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 61020 |
| NET ASSETS - 100% |  | $92643518 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(B)* | *Currently, no stated interest rate.* |

---

See "Glossary" for abbreviations.

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

KRS-QH-043-0400

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

**KraneShares Sustainable Ultra Short Duration Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 93.1%** |  |  |
| **AUSTRALIA — 3.6%** |  |  |
| Financials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 04/16/2026 | $2500000 | $2509781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.391%, 04/16/2026, SOFRRATE + 0.420% <sup>(A)</sup> | 900000 | 900654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/13/2026 | 1500000 | 1494417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 08/19/2026 | 750000 | 744693 |
|  |  | 5649545 |
| Real Estate — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/28/2026 | 1200000 | 1199452 |
| TOTAL AUSTRALIA |  | 6848997 |
| **CANADA — 10.1%** |  |  |
| Financials — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/02/2026 | 2500000 | 2501649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.350%, 06/24/2026 | 3000000 | 2964443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 03/02/2026 | 1500000 | 1493202 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 07/20/2026 | 1000000 | 1007084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/12/2026 | 1500000 | 1500343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 04/27/2026 | 2000000 | 1983140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 07/14/2026 | 1000000 | 985899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 01/20/2026 | 1000000 | 998542 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.532%, 07/17/2026 | 900000 | 907342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 09/10/2026 | 750000 | 736794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/03/2026 | 3250000 | 3212915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/06/2026 | 1000000 | 999670 |
| TOTAL CANADA |  | 19291023 |
| **FRANCE — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.935%, 01/26/2026 | 791000 | 791463 |
| **GERMANY — 1.8%** |  |  |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 04/11/2026 | 1950000 | 1943477 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.686%, 03/19/2026 | 1500000 | 1492765 |
| TOTAL GERMANY |  | 3436242 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **IRELAND — 1.7%** |  |  |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 04/03/2026 | $2500000 | $2500198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/30/2026 | 786000 | 784641 |
| TOTAL IRELAND |  | 3284839 |
| **JAPAN — 3.8%** |  |  |
| Financials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.477%, 04/12/2026 | 2250000 | 2246838 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.709%, 01/09/2026 | 1000000 | 1000291 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.464%, 01/13/2026 | 1318000 | 1318576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.632%, 07/14/2026 | 2000000 | 1986095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.402%, 09/17/2026 | 750000 | 736857 |
| TOTAL JAPAN |  | 7288657 |
| **NETHERLANDS — 0.5%** |  |  |
| Financials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/09/2026 | 1000000 | 1000138 |
| **NEW ZEALAND — 1.8%** |  |  |
| Financials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;ASB Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.346%, 06/15/2026 | 3500000 | 3521674 |
| **SWITZERLAND — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;UBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/07/2026 | 750000 | 738668 |
| **UNITED KINGDOM — 4.3%** |  |  |
| Financials — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/12/2026 | 1750000 | 1750121 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 03/08/2026 | 3250000 | 3251331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/25/2026 | 1000000 | 999911 |
| &nbsp;&nbsp;&nbsp;LSEG Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 04/06/2026 | 2250000 | 2234854 |
| TOTAL UNITED KINGDOM |  | 8236217 |
| **UNITED STATES — 64.7%** |  |  |
| Communication Services — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 03/01/2026 | 2528000 | 2527138 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Communication Services (continued) |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/2026 | $1000000 | $997714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2026 | 1000000 | 996731 |
| &nbsp;&nbsp;&nbsp;TWDC Enterprises 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/13/2026 | 1000000 | 998766 |
| &nbsp;&nbsp;&nbsp;Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/13/2026 | 1000000 | 999417 |
|  |  | 6519766 |
| Consumer Discretionary — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;American Honda Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/07/2026 | 900000 | 906257 |
| &nbsp;&nbsp;&nbsp;eBay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 05/10/2026 | 1000000 | 990642 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/14/2026 | 750000 | 755155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 08/07/2026 | 1250000 | 1255102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 06/18/2026 | 2585000 | 2553658 |
|  |  | 6460814 |
| Consumer Staples — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/11/2026 | 750000 | 743724 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2026 | 800000 | 798667 |
| &nbsp;&nbsp;&nbsp;PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 02/13/2026 | 1500000 | 1500294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 02/24/2026 | 753000 | 751851 |
|  |  | 3794536 |
| Financials — 31.3% |  |  |
| &nbsp;&nbsp;&nbsp;American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/13/2026 | 2200000 | 2202178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/20/2026 | 1000000 | 997110 |
| &nbsp;&nbsp;&nbsp;Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/2026 | 2000000 | 1999848 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.526%, 08/18/2026 | 500000 | 504557 |
| &nbsp;&nbsp;&nbsp;Bank of America, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 03/03/2026 | 6250000 | 6254526 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/04/2026 | 2000000 | 1992373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/17/2026 | 750000 | 743351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/28/2026 | 1000000 | 997659 |
| &nbsp;&nbsp;&nbsp;Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 08/24/2026 | 750000 | 758236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.407%, 05/13/2026, SOFRINDX + 0.520% <sup>(A)</sup> | 1000000 | 1000688 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/13/2026 | $1000000 | $990147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 03/11/2026 | 596000 | 592613 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 05/03/2026 | 1000000 | 998133 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438%, 04/30/2026 | 3250000 | 3262414 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/09/2026 | 2500000 | 2502271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/12/2026 | 1000000 | 999879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/01/2026 | 1000000 | 998126 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/15/2026 | 2500000 | 2498044 |
| &nbsp;&nbsp;&nbsp;Invesco Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/15/2026 | 500000 | 499798 |
| &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/09/2026 | 850000 | 850230 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2026 | 2750000 | 2746824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2026 | 500000 | 498512 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/14/2026 | 2000000 | 1998258 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 08/09/2026 | 500000 | 506747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/27/2026 | 2000000 | 1999730 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.754%, 04/21/2026 | 2750000 | 2755211 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 07/23/2026 | 1750000 | 1737797 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/10/2026 | 3280000 | 3264630 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, 08/03/2026 | 750000 | 754789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/19/2026 | 2000000 | 1991501 |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 05/15/2026 | 2500000 | 2492927 |
| &nbsp;&nbsp;&nbsp;US Bancorp, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 04/27/2026 | 1000000 | 997473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 07/22/2026 | 750000 | 744541 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 06/03/2026 | 2550000 | 2550275 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/22/2026 | 2000000 | 1994511 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 08/07/2026 | 1250000 | 1260428 |
|  |  | 59936335 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Health Care — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.953%, 08/10/2026 | $750000 | $754241 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/15/2026 | 2000000 | 2008530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/15/2026 | 1250000 | 1248776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/15/2026 | 1000000 | 990184 |
|  |  | 5001731 |
| Industrials — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 06/25/2026 | 650000 | 653259 |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/2026 | 500000 | 499591 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/01/2026 | 2000000 | 1999499 |
| &nbsp;&nbsp;&nbsp;John Deere Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/03/2026 | 1200000 | 1202300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 01/09/2026 | 1750000 | 1750329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/08/2026 | 2000000 | 2007870 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2026 | 1500000 | 1497747 |
|  |  | 9610595 |
| Information Technology — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/23/2026 | 2300000 | 2297685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/04/2026 | 750000 | 744444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 02/08/2026 | 2000000 | 1993679 |
| &nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.459%, 09/15/2026 | 750000 | 747917 |
| &nbsp;&nbsp;&nbsp;Cisco Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/26/2026 | 1874000 | 1876902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 02/28/2026 | 2652000 | 2647528 |
| &nbsp;&nbsp;&nbsp;Fortinet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 03/15/2026 | 2000000 | 1986793 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/10/2026 | 850000 | 850540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 05/19/2026 | 2000000 | 1988146 |
| &nbsp;&nbsp;&nbsp;Lam Research |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/2026 | 2750000 | 2748702 |
| &nbsp;&nbsp;&nbsp;Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 09/15/2026 | 750000 | 748682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 08/08/2026 | 2750000 | 2729777 |
|  |  | 21360795 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Real Estate — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Boston Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 02/01/2026 | $1000000 | $999264 |
| &nbsp;&nbsp;&nbsp;Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 05/15/2026 | 1000000 | 990867 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 02/15/2026 | 2000000 | 1992830 |
| &nbsp;&nbsp;&nbsp;Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/13/2026 | 1372000 | 1372207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/01/2026 | 3000000 | 3007465 |
| &nbsp;&nbsp;&nbsp;Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/15/2026 | 1000000 | 999770 |
|  |  | 9362403 |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 06/15/2026 | 2050000 | 2037501 |
| TOTAL UNITED STATES |  | 124084476 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $178,411,048) |  | 178522394 |
| TOTAL INVESTMENTS — 93.1%<br> (Cost $178,411,048) |  | 178522394 |
| OTHER ASSETS LESS LIABILITIES – 6.9% |  | 13165986 |
| NET ASSETS - 100% |  | $191688380 |

---

*(A)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* 

See "Glossary" for abbreviations.

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

KRS-QH-041-0400

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

**KraneShares China Alpha Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.1% ‡** |  |  |
| **CHINA — 100.1%** |  |  |
| Consumer Discretionary — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 13300 | $186201 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 24001 | 222716 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 47200 | 176426 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 12300 | 213155 |
|  |  | 798498 |
| Financials — 34.5% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 197000 | 216758 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing, Cl A | 272400 | 213863 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 265500 | 217955 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 205800 | 213762 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 144100 | 214706 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 131300 | 215010 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 154700 | 223851 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl A | 14100 | 15554 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 167200 | 222296 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank, Cl A | 436500 | 218252 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl A | 233100 | 215736 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 222400 | 218897 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 195700 | 222337 |
|  |  | 2628977 |
| Industrials — 19.3% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 31100 | 22946 |
| &nbsp;&nbsp;&nbsp;China CSSC Holdings, Cl A | 45900 | 218717 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 103600 | 225309 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 277700 | 205293 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 39800 | 128182 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 274300 | 212997 |
| &nbsp;&nbsp;&nbsp;Sieyuan Electric, Cl A | 10500 | 232551 |
| &nbsp;&nbsp;&nbsp;Yutong Bus, Cl A | 47800 | 223936 |
|  |  | 1469931 |
| Information Technology — 19.5% |  |  |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 4200 | 259271 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 23700 | 192555 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 3655 | 240394 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 11790 | 111752 |
| &nbsp;&nbsp;&nbsp;Suzhou TFC Optical Communication, Cl A | 9000 | 261788 |
| &nbsp;&nbsp;&nbsp;TCL Technology Group, Cl A | 123000 | 80004 |
| &nbsp;&nbsp;&nbsp;WUS Printed Circuit Kunshan, Cl A | 6900 | 72233 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 3000 | 262180 |
|  |  | 1480177 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 16.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aluminum Corp of China, Cl A | 122000 | $213589 |
| &nbsp;&nbsp;&nbsp;Ningxia Baofeng Energy Group, Cl A | 83800 | 235674 |
| &nbsp;&nbsp;&nbsp;Zangge Mining, Cl A | 24000 | 290203 |
| &nbsp;&nbsp;&nbsp;Zhejiang Juhua, Cl A | 44100 | 242741 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 51800 | 255811 |
|  |  | 1238018 |
| TOTAL CHINA |  | 7615601 |
| TOTAL COMMON STOCK<br> (Cost $6,075,685) |  | 7615601 |
| TOTAL INVESTMENTS — 100.1%<br> (Cost $6,075,685) |  | 7615601 |
| OTHER ASSETS LESS LIABILITIES – (0.1)% |  | (4434) |
| NET ASSETS - 100% |  | $7611167 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-046-0300

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

**KraneShares Man Buyout Beta Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0% ‡** |  |  |
| **BELGIUM — 0.2%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Global, Cl C \* | 2669 | $29466 |
| TOTAL BELGIUM |  | 29466 |
| **BRAZIL — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A \* | 3666 | 54220 |
| TOTAL BRAZIL |  | 54220 |
| **CANADA — 0.2%** |  |  |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;SSR Mining \* | 1118 | 24507 |
| TOTAL CANADA |  | 24507 |
| **GUATEMALA — 0.9%** |  |  |
| Communication Services — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular | 2009 | 111379 |
| TOTAL GUATEMALA |  | 111379 |
| **NORWAY — 0.1%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Seadrill \* | 277 | 9584 |
| TOTAL NORWAY |  | 9584 |
| **PUERTO RICO — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Cl C \* | 4465 | 33309 |
| TOTAL PUERTO RICO |  | 33309 |
| **SINGAPORE — 0.2%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Grindr \* | 1260 | 17061 |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 290 | 13212 |
| TOTAL SINGAPORE |  | 30273 |
| **SWEDEN — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;SiriusPoint \* | 519 | 11361 |
| TOTAL SWEDEN |  | 11361 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SWITZERLAND — 0.2%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 1330 | $23182 |
| TOTAL SWITZERLAND |  | 23182 |
| **UNITED KINGDOM — 0.5%** |  |  |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC | 506 | 22547 |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Marex Group | 1072 | 41122 |
| TOTAL UNITED KINGDOM |  | 63669 |
| **UNITED STATES — 96.9%** |  |  |
| Communication Services — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A \* | 2714 | 41931 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Cl C \* | 267 | 9935 |
| &nbsp;&nbsp;&nbsp;IAC \* | 687 | 26862 |
| &nbsp;&nbsp;&nbsp;IMAX \* | 1844 | 68154 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 989 | 17189 |
| &nbsp;&nbsp;&nbsp;Magnite \* | 4844 | 78618 |
| &nbsp;&nbsp;&nbsp;Match Group | 895 | 28900 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Cl A \* | 1860 | 24087 |
| &nbsp;&nbsp;&nbsp;News | 5868 | 153272 |
| &nbsp;&nbsp;&nbsp;NIQ Global Intelligence \* | 952 | 15698 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A \* | 3123 | 31761 |
|  |  | 496407 |
| Consumer Discretionary — 13.9% |  |  |
| &nbsp;&nbsp;&nbsp;Adient \* | 1540 | 29522 |
| &nbsp;&nbsp;&nbsp;ADT | 698 | 5633 |
| &nbsp;&nbsp;&nbsp;American Public Education \* | 369 | 13948 |
| &nbsp;&nbsp;&nbsp;Aramark | 1941 | 71545 |
| &nbsp;&nbsp;&nbsp;AutoNation \* | 318 | 65661 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants \* | 521 | 20527 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 1464 | 65968 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming | 535 | 45603 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions \* | 125 | 12675 |
| &nbsp;&nbsp;&nbsp;Brunswick | 139 | 10319 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 279 | 11802 |
| &nbsp;&nbsp;&nbsp;Churchill Downs | 402 | 45740 |
| &nbsp;&nbsp;&nbsp;Dana | 1442 | 34262 |
| &nbsp;&nbsp;&nbsp;Etsy \* | 380 | 21067 |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 1767 | 101938 |
| &nbsp;&nbsp;&nbsp;Gentherm \* | 560 | 20367 |
| &nbsp;&nbsp;&nbsp;Gold.com | 604 | 20566 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Hasbro | 1060 | $86920 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Cl Z | 126 | 4696 |
| &nbsp;&nbsp;&nbsp;Lear | 690 | 79074 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings \* | 679 | 18048 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings \* | 2780 | 40088 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Cl A | 86 | 28580 |
| &nbsp;&nbsp;&nbsp;Mattel \* | 5541 | 109933 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International \* | 958 | 34957 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries \* | 137 | 14974 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 61 | 24615 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A \* | 13054 | 80413 |
| &nbsp;&nbsp;&nbsp;Phinia | 887 | 55606 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 325 | 114923 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Cl A | 160 | 9912 |
| &nbsp;&nbsp;&nbsp;Rocky Brands | 222 | 6511 |
| &nbsp;&nbsp;&nbsp;Savers Value Village \* | 1617 | 15103 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A | 225 | 13919 |
| &nbsp;&nbsp;&nbsp;Tapestry | 844 | 107838 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A \* | 110 | 6476 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 670 | 47255 |
| &nbsp;&nbsp;&nbsp;VF | 954 | 17248 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A \* | 1165 | 116978 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 970 | 17606 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 866 | 65435 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts | 54 | 6498 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Cl A \* | 1637 | 13473 |
| &nbsp;&nbsp;&nbsp;Zumiez \* | 47 | 1224 |
|  |  | 1735446 |
| Consumer Staples — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 142 | 12784 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A \* | 652 | 19032 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse \* | 690 | 43008 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 372 | 57027 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 754 | 27144 |
| &nbsp;&nbsp;&nbsp;Dole | 1997 | 29935 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 310 | 21250 |
| &nbsp;&nbsp;&nbsp;Ingredion | 654 | 72110 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 1899 | 47570 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 209 | 8149 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 253 | 5799 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl A \* | 130 | 14382 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods | 752 | 16792 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands | 837 | 90731 |
| &nbsp;&nbsp;&nbsp;Universal | 324 | 17091 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Staples (continued) |  |  |
| &nbsp;&nbsp;&nbsp;US Foods Holding \* | 1515 | $114110 |
|  |  | 596914 |
| Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Resources \* | 211 | 7271 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy \* | 49 | 10192 |
| &nbsp;&nbsp;&nbsp;Oceaneering International \* | 632 | 15187 |
| &nbsp;&nbsp;&nbsp;Range Resources | 324 | 11424 |
| &nbsp;&nbsp;&nbsp;Tidewater \* | 397 | 20052 |
| &nbsp;&nbsp;&nbsp;World Kinect | 437 | 10239 |
|  |  | 74365 |
| Financials — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management | 225 | 10575 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 330 | 95132 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 398 | 29559 |
| &nbsp;&nbsp;&nbsp;Assurant | 281 | 67679 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 1305 | 139752 |
| &nbsp;&nbsp;&nbsp;Banner | 38 | 2381 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 95 | 4597 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 36 | 2034 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions \* | 721 | 33663 |
| &nbsp;&nbsp;&nbsp;Enova International \* | 310 | 48732 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 159 | 8586 |
| &nbsp;&nbsp;&nbsp;First Financial | 114 | 6888 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 326 | 8157 |
| &nbsp;&nbsp;&nbsp;First Merchants | 243 | 9108 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 226 | 36020 |
| &nbsp;&nbsp;&nbsp;Globe Life | 216 | 30210 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 188 | 34361 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 318 | 8834 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 298 | 19799 |
| &nbsp;&nbsp;&nbsp;Mercury General | 628 | 59070 |
| &nbsp;&nbsp;&nbsp;Morningstar | 272 | 59108 |
| &nbsp;&nbsp;&nbsp;NewtekOne | 647 | 7343 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 227 | 4426 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 905 | 61133 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 248 | 9327 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 203 | 27356 |
| &nbsp;&nbsp;&nbsp;Primerica | 58 | 14985 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 106 | 8830 |
| &nbsp;&nbsp;&nbsp;Regional Management | 75 | 2906 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 182 | 37030 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 601 | 50286 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 568 | 51427 |
| &nbsp;&nbsp;&nbsp;United Fire Group | 233 | 8470 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings | 308 | $10410 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 102 | 3339 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 242 | 18027 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 653 | 41100 |
|  |  | 1070640 |
| Health Care — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals \* | 7717 | 97234 |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 963 | 38096 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings \* | 2134 | 17435 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services \* | 1839 | 68871 |
| &nbsp;&nbsp;&nbsp;CONMED | 178 | 7227 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare, Cl A \* | 2846 | 8168 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health \* | 5110 | 115639 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 1422 | 150931 |
| &nbsp;&nbsp;&nbsp;Enhabit \* | 468 | 4315 |
| &nbsp;&nbsp;&nbsp;HealthEquity \* | 603 | 55241 |
| &nbsp;&nbsp;&nbsp;ICU Medical \* | 341 | 48650 |
| &nbsp;&nbsp;&nbsp;Innoviva \* | 1559 | 31164 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group \* | 10147 | 71435 |
| &nbsp;&nbsp;&nbsp;LivaNova \* | 1301 | 80051 |
| &nbsp;&nbsp;&nbsp;Masimo \* | 104 | 13526 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 279 | 21902 |
| &nbsp;&nbsp;&nbsp;NeoGenomics \* | 1790 | 21050 |
| &nbsp;&nbsp;&nbsp;OptimizeRx \* | 1300 | 15938 |
| &nbsp;&nbsp;&nbsp;Option Care Health \* | 2873 | 91534 |
| &nbsp;&nbsp;&nbsp;QIAGEN | 841 | 37820 |
| &nbsp;&nbsp;&nbsp;Sotera Health \* | 2108 | 37185 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology \* | 1817 | 52693 |
| &nbsp;&nbsp;&nbsp;Teladoc Health \* | 16220 | 113540 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 152 | 33139 |
| &nbsp;&nbsp;&nbsp;Waystar Holding \* | 3052 | 99953 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings \* | 6813 | 53482 |
|  |  | 1386219 |
| Industrials — 20.2% |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 576 | 54910 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel \* | 551 | 46984 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 393 | 38475 |
| &nbsp;&nbsp;&nbsp;API Group \* | 2066 | 79045 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 46 | 11811 |
| &nbsp;&nbsp;&nbsp;ATI \* | 985 | 113039 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 834 | 43293 |
| &nbsp;&nbsp;&nbsp;AZZ | 492 | 52733 |
| &nbsp;&nbsp;&nbsp;Brink's | 695 | 81127 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 429 | 74148 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 84 | $26447 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings \* | 248 | 6262 |
| &nbsp;&nbsp;&nbsp;CRA International | 33 | 6623 |
| &nbsp;&nbsp;&nbsp;Crane | 182 | 33566 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 95 | 52371 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 360 | 11754 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 175 | 59132 |
| &nbsp;&nbsp;&nbsp;EnerSys | 911 | 133689 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group \* | 185 | 15829 |
| &nbsp;&nbsp;&nbsp;Flowserve | 1223 | 84852 |
| &nbsp;&nbsp;&nbsp;FTI Consulting \* | 232 | 39633 |
| &nbsp;&nbsp;&nbsp;Gates Industrial \* | 2170 | 46590 |
| &nbsp;&nbsp;&nbsp;Generac Holdings \* | 549 | 74867 |
| &nbsp;&nbsp;&nbsp;Genpact | 1615 | 75550 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock \* | 639 | 8384 |
| &nbsp;&nbsp;&nbsp;GXO Logistics \* | 1141 | 60062 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions \* | 2584 | 22377 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings \* | 391 | 14928 |
| &nbsp;&nbsp;&nbsp;ICF International | 136 | 11601 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 731 | 20409 |
| &nbsp;&nbsp;&nbsp;ITT | 123 | 21342 |
| &nbsp;&nbsp;&nbsp;KBR | 817 | 32843 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 36 | 8627 |
| &nbsp;&nbsp;&nbsp;MasTec \* | 396 | 86078 |
| &nbsp;&nbsp;&nbsp;Maximus | 354 | 30557 |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 262 | 63810 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 2904 | 69173 |
| &nbsp;&nbsp;&nbsp;nVent Electric | 305 | 31101 |
| &nbsp;&nbsp;&nbsp;Openlane \* | 405 | 12061 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings \* | 561 | 5576 |
| &nbsp;&nbsp;&nbsp;Pentair | 1173 | 122156 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes | 2892 | 30568 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 434 | 53877 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 2 | 897 |
| &nbsp;&nbsp;&nbsp;Ryder System | 99 | 18948 |
| &nbsp;&nbsp;&nbsp;Science Applications International | 91 | 9160 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 804 | 80730 |
| &nbsp;&nbsp;&nbsp;StandardAero \* | 3784 | 108525 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1201 | 40282 |
| &nbsp;&nbsp;&nbsp;Textron | 887 | 77320 |
| &nbsp;&nbsp;&nbsp;Tutor Perini | 281 | 18833 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 100 | 40232 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A \* | 1665 | 37313 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 403 | 12094 |
| &nbsp;&nbsp;&nbsp;Willdan Group \* | 635 | 65824 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Woodward | 125 | $37790 |
| &nbsp;&nbsp;&nbsp;Xometry, Cl A \* | 228 | 13559 |
|  |  | 2529767 |
| Information Technology — 24.1% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 1936 | 92560 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings \* | 296 | 2572 |
| &nbsp;&nbsp;&nbsp;Ambarella \* | 443 | 31382 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A \* | 1936 | 68573 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 3041 | 42544 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A \* | 7741 | 106129 |
| &nbsp;&nbsp;&nbsp;Belden | 256 | 29837 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 262 | 11203 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A \* | 3879 | 11792 |
| &nbsp;&nbsp;&nbsp;Ciena \* | 418 | 97758 |
| &nbsp;&nbsp;&nbsp;Coherent \* | 732 | 135105 |
| &nbsp;&nbsp;&nbsp;Commerce.com \* | 7673 | 31613 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 2883 | 138730 |
| &nbsp;&nbsp;&nbsp;Domo, Cl B \* | 1147 | 9669 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 1252 | 54262 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 1575 | 118818 |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 271 | 4512 |
| &nbsp;&nbsp;&nbsp;Five9 \* | 713 | 14296 |
| &nbsp;&nbsp;&nbsp;Flex \* | 1322 | 79875 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A \* | 1482 | 18155 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 4103 | 111560 |
| &nbsp;&nbsp;&nbsp;Guidewire Software \* | 220 | 44222 |
| &nbsp;&nbsp;&nbsp;Harmonic \* | 1375 | 13599 |
| &nbsp;&nbsp;&nbsp;Inseego \* | 1164 | 11954 |
| &nbsp;&nbsp;&nbsp;Itron \* | 89 | 8265 |
| &nbsp;&nbsp;&nbsp;Jabil | 580 | 132252 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 102 | 25798 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 207 | 35455 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates \* | 246 | 42634 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 810 | 18970 |
| &nbsp;&nbsp;&nbsp;MKS | 492 | 78622 |
| &nbsp;&nbsp;&nbsp;N-able \* | 2154 | 16112 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1393 | 72004 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 717 | 113186 |
| &nbsp;&nbsp;&nbsp;Ooma \* | 784 | 9196 |
| &nbsp;&nbsp;&nbsp;PagerDuty \* | 3512 | 46042 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 505 | 30159 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions \* | 1065 | 20831 |
| &nbsp;&nbsp;&nbsp;Photronics \* | 507 | 16224 |
| &nbsp;&nbsp;&nbsp;Plexus \* | 194 | 28518 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Porch Group \* | 6363 | $58094 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1161 | 77799 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings \* | 1589 | 114662 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 757 | 69561 |
| &nbsp;&nbsp;&nbsp;Rapid7 \* | 1440 | 21888 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A \* | 2400 | 69312 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology \* | 3477 | 63142 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A \* | 3621 | 28171 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A \* | 393 | 4429 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 141 | 21182 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 1848 | 43483 |
| &nbsp;&nbsp;&nbsp;TTM Technologies \* | 1433 | 98877 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 6466 | 105978 |
| &nbsp;&nbsp;&nbsp;Unity Software \* | 2207 | 97483 |
| &nbsp;&nbsp;&nbsp;Universal Display | 483 | 56405 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions \* | 881 | 15699 |
| &nbsp;&nbsp;&nbsp;Weave Communications \* | 2239 | 16994 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A \* | 328 | 28290 |
| &nbsp;&nbsp;&nbsp;Xperi \* | 3617 | 21196 |
| &nbsp;&nbsp;&nbsp;Yext \* | 3442 | 27743 |
|  |  | 3015376 |
| Materials — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 263 | 37199 |
| &nbsp;&nbsp;&nbsp;Alcoa | 975 | 51812 |
| &nbsp;&nbsp;&nbsp;AptarGroup | 317 | 38661 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels \* | 3005 | 8504 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 248 | 45106 |
| &nbsp;&nbsp;&nbsp;Avient | 1516 | 47360 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 2305 | 74475 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 362 | 25058 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International \* | 1832 | 35981 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 1246 | 23487 |
| &nbsp;&nbsp;&nbsp;Contango ORE \* | 1229 | 32458 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 108 | 22321 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 5842 | 112108 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 522 | 59957 |
| &nbsp;&nbsp;&nbsp;Knife River \* | 567 | 39888 |
| &nbsp;&nbsp;&nbsp;Materion | 542 | 67381 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 641 | 39069 |
| &nbsp;&nbsp;&nbsp;NewMarket | 58 | 39861 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro | 1287 | 75096 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 730 | 68584 |
|  |  | 944366 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Avista | 265 | $10213 |
| &nbsp;&nbsp;&nbsp;Black Hills | 559 | 38806 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl C | 510 | 16963 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 98 | 7846 |
| &nbsp;&nbsp;&nbsp;NiSource | 610 | 25474 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 386 | 24912 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 139 | 22134 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 1489 | 63580 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 539 | 43131 |
| &nbsp;&nbsp;&nbsp;Spire | 111 | 9180 |
| &nbsp;&nbsp;&nbsp;Unitil | 66 | 3197 |
|  |  | 265436 |
| TOTAL UNITED STATES |  | 12114936 |
| TOTAL COMMON STOCK<br> (Cost $11,124,897) |  | 12505886 |
| TOTAL INVESTMENTS — 100.0% <br> (Cost $11,124,897) |  | 12505886 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | 1316 |
| NET ASSETS - 100% |  | $12507202 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-047-0300

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

**KraneShares Global Humanoid Embodied Intel Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7% ‡** |  |  |
| **AUSTRALIA — 2.0%** |  |  |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths \* | 221172 | $1834755 |
| TOTAL AUSTRALIA |  | 1834755 |
| **BELGIUM — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Melexis | 27694 | 1870205 |
| TOTAL BELGIUM |  | 1870205 |
| **CANADA — 2.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Magna International | 34750 | 1854939 |
| TOTAL CANADA |  | 1854939 |
| **CHINA — 32.0%** |  |  |
| Consumer Discretionary — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 167500 | 1852112 |
| &nbsp;&nbsp;&nbsp;Shanghai Beite Technology Group, Cl A | 269400 | 1858796 |
| &nbsp;&nbsp;&nbsp;Shuanglin, Cl A | 319840 | 1815495 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 181100 | 1846250 |
| &nbsp;&nbsp;&nbsp;Zhejiang Shuanghuan Driveline, Cl A | 276000 | 1874678 |
|  |  | 9247331 |
| Industrials — 14.0% |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengli Hydraulic, Cl A | 115500 | 1818724 |
| &nbsp;&nbsp;&nbsp;Keli Sensing Technology Ningbo, Cl A | 185400 | 1912449 |
| &nbsp;&nbsp;&nbsp;Leader Harmonious Drive Systems, Cl A | 68248 | 1878300 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 170500 | 1840094 |
| &nbsp;&nbsp;&nbsp;Shenzhen Zhaowei Machinery & Electronic, Cl A | 101100 | 1798666 |
| &nbsp;&nbsp;&nbsp;UBTech Robotics, Cl H \* | 112100 | 1819006 |
| &nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls, Cl A | 248500 | 1969145 |
|  |  | 13036384 |
| Information Technology — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Leadshine Technology, Cl A | 303000 | 1826261 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics, Cl B \* | 1666800 | 1854498 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology \* | 393300 | 1849397 |
|  |  | 5530156 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 283800 | 1875208 |
| TOTAL CHINA |  | 29689079 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **GERMANY — 4.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Schaeffler | 188777 | $1853493 |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 42476 | 1882202 |
| TOTAL GERMANY |  | 3735695 |
| **ISRAEL — 2.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A \* | 175714 | 1834454 |
| TOTAL ISRAEL |  | 1834454 |
| **JAPAN — 11.9%** |  |  |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Harmonic Drive Systems | 78500 | 1893075 |
| &nbsp;&nbsp;&nbsp;Nabtesco | 76900 | 1838791 |
| &nbsp;&nbsp;&nbsp;Nidec | 135000 | 1836231 |
| &nbsp;&nbsp;&nbsp;THK | 71500 | 1827812 |
|  |  | 7395909 |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Keyence | 5000 | 1808032 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 134000 | 1829468 |
|  |  | 3637500 |
| TOTAL JAPAN |  | 11033409 |
| **NETHERLANDS — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 8474 | 1839367 |
| TOTAL NETHERLANDS |  | 1839367 |
| **SINGAPORE — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 70669 | 1862463 |
| TOTAL SINGAPORE |  | 1862463 |
| **SOUTH KOREA — 3.9%** |  |  |
| Industrials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Doosan | 3362 | 1822722 |
| &nbsp;&nbsp;&nbsp;Rainbow Robotics \* | 5671 | 1852213 |
| TOTAL SOUTH KOREA |  | 3674935 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SWEDEN — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hexagon, Cl B | 155691 | $1849282 |
| TOTAL SWEDEN |  | 1849282 |
| **SWITZERLAND — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 8093 | 1841238 |
| TOTAL SWITZERLAND |  | 1841238 |
| **TAIWAN — 2.0%** |  |  |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hiwin Technologies | 300000 | 1852294 |
| TOTAL TAIWAN |  | 1852294 |
| **UNITED STATES — 29.9%** |  |  |
| Consumer Discretionary — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv \* | 24243 | 1844650 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 4103 | 1845201 |
|  |  | 3689851 |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 7572 | 1844160 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 4117 | 1846186 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 13093 | 1837210 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding | 56444 | 1879021 |
|  |  | 7406577 |
| Information Technology — 15.9% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 13689 | 1849931 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 6784 | 1839821 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding \* | 12884 | 1853879 |
| &nbsp;&nbsp;&nbsp;Jabil | 8050 | 1835561 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 15425 | 1835421 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 9941 | 1853997 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies \* | 3599 | 1838117 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 10627 | 1843678 |
|  |  | 14750405 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 36961 | $1867270 |
| TOTAL UNITED STATES |  | 27714103 |
| TOTAL COMMON STOCK<br> (Cost $84,117,600) |  | 92486218 |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $84,117,600) |  | 92486218 |
| OTHER ASSETS LESS LIABILITIES – 0.3% |  | 248634 |
| NET ASSETS - 100% |  | $92734852 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-048-0200

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

**KraneShares Wahed Alternative Income Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 103.0% ‡** |  |  |
| **UNITED STATES — 103.0%** |  |  |
| Communication Services — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 32700 | $1241292 |
| Consumer Discretionary — 25.8% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 7300 | 1684986 |
| &nbsp;&nbsp;&nbsp;AutoZone \* | 400 | 1356600 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 6100 | 1381528 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica \* | 9300 | 1932633 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive \* | 15700 | 1431997 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 3600 | 1618992 |
|  |  | 9406736 |
| Financials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 13200 | 886644 |
| Health Care — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific \* | 15900 | 1516065 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical \* | 3600 | 2038896 |
|  |  | 3554961 |
| Industrials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 17600 | 1438096 |
| Information Technology — 57.8% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 5100 | 1784949 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 6900 | 1477704 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 11200 | 1467536 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 5600 | 1657656 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems \* | 5400 | 1687932 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A \* | 3300 | 1546908 |
| &nbsp;&nbsp;&nbsp;Fair Isaac \* | 800 | 1352496 |
| &nbsp;&nbsp;&nbsp;First Solar \* | 6700 | 1750241 |
| &nbsp;&nbsp;&nbsp;Fortinet \* | 19200 | 1524672 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 7700 | 1418340 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 9300 | 1424667 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer \* | 31000 | 907370 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 3500 | 1644020 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 6800 | 1460504 |
|  |  | 21104995 |
| TOTAL UNITED STATES |  | 37632724 |
| TOTAL COMMON STOCK<br> (Cost $37,677,002) |  | 37632724 |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | |
|:---|:---|
|  | **Value** |
| **PURCHASED OPTIONS <sup>(A)</sup> — 4.6%** |  |
| TOTAL PURCHASED OPTIONS<br> (Cost $2,149,876) | $1656623 |
| TOTAL INVESTMENTS — 107.6%<br> (Cost $39,826,878) | 39289347 |
| OTHER ASSETS LESS LIABILITIES – (7.6)% | (2763124) |
| NET ASSETS - 100% | $36526223 |
| WRITTEN OPTIONS <sup>(A)</sup> — (5.0)%<br> (Premiums Received $(2533987)) | $(1825362) |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Refer to option table below.* |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of <br>Contracts** | **Notional <br>Amount** | **Exercise <br>Price** | **Expiration <br>Date** | **Market <br> Value** |
| **PURCHASED OPTIONS — 4.6%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adidas AG | 3 | $88803 | $297.00 | 04/17/26 | $4887 |
| &nbsp;&nbsp;&nbsp;Adidas AG | 2 | 59202 | 310.00 | 01/16/26 | 2869 |
| &nbsp;&nbsp;&nbsp;Adidas AG | 6 | 177606 | 300.00 | 01/16/26 | 4209 |
| &nbsp;&nbsp;&nbsp;Adidas AG | 21 | 621621 | 296.00 | 01/16/26 | 10265 |
| &nbsp;&nbsp;&nbsp;Adidas AG | 2 | 59202 | 293.00 | 01/16/26 | 728 |
| &nbsp;&nbsp;&nbsp;Adidas AG | 22 | 651222 | 291.00 | 01/16/26 | 6516 |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | 2 | 69998 | 324.00 | 01/16/26 | 149 |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | 19 | 664981 | 319.00 | 01/16/26 | 1034 |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | 2 | 69998 | 351.00 | 04/17/26 | 4550 |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | 2 | 69998 | 346.00 | 01/16/26 | 955 |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | 4 | 139996 | 334.00 | 01/16/26 | 667 |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | 2 | 69998 | 332.00 | 01/16/26 | 280 |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | 20 | 699980 | 321.00 | 01/16/26 | 1227 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 2 | 42832 | 249.00 | 01/16/26  | 6986 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 4 | 85664 | 253.00 | 01/16/26  | 15502 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 30 | 642480 | 200.00 | 01/16/26  | 8000 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 29 | 621064 | 215.00 | 01/16/26  | 64496 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 2 | 42832 | 208.00 | 01/16/26  | 1000 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 2 | 42832 | 216.00 | 01/16/26  | 1724 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 30 | 692460 | 230.00 | 01/16/26 | 12245 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2 | 46164 | 232.00 | 04/17/26 | 2960 |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4 | $92328 | $250.00 | 01/16/26 | $7573 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4 | 92328 | 235.00 | 01/16/26 | 2673 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 30 | 692460 | 226.00 | 01/16/26 | 7797 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 3 | 69246 | 222.00 | 01/16/26 | 476 |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | 44 | 576532 | 121.00 | 01/16/26 | 4629 |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | 4 | 52412 | 132.00 | 04/17/26 | 5432 |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | 3 | 39309 | 133.00 | 01/16/26 | 1524 |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | 4 | 52412 | 127.00 | 01/16/26 | 975 |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | 5 | 65515 | 126.00 | 01/16/26 | 1065 |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | 44 | 576532 | 125.00 | 01/16/26 | 8176 |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | 8 | 104824 | 155.00 | 01/16/26 | 19006 |
| &nbsp;&nbsp;&nbsp;AutoZone Inc. | 2 | 678300 | 3855.00 | 01/16/26 | 90691 |
| &nbsp;&nbsp;&nbsp;AutoZone Inc. | 2 | 678300 | 3945.00 | 01/16/26 | 108592 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 10 | 95350 | 99.00 | 01/16/26 | 3946 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 6 | 57210 | 100.00 | 01/16/26 | 2859 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 5 | 47675 | 104.00 | 01/16/26 | 4227 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 65 | 619775 | 98.00 | 01/16/26 | 20770 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 63 | 600705 | 101.00 | 01/16/26 | 35529 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 5 | 47675 | 96.00 | 04/17/26 | 2660 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 5 | 47675 | 92.00 | 01/16/26 | 304 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 2 | 62516 | 320.00 | 01/16/26 | 2203 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 6 | 187548 | 333.00 | 01/16/26 | 12689 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 2 | 62516 | 318.00 | 01/16/26 | 1950 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 2 | 62516 | 317.00 | 01/16/26 | 1832 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 20 | 625160 | 304.00 | 01/16/26 | 7437 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 20 | 625160 | 303.00 | 01/16/26 | 6916 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 2 | 62516 | 314.00 | 04/17/26 | 4472 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 2 | 93752 | 487.00 | 01/16/26 | 4481 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 1 | 46876 | 542.00 | 01/16/26 | 7220 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 2 | 93752 | 516.00 | 01/16/26 | 9429 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 2 | 93752 | 472.00 | 04/17/26 | 7512 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 12 | 562512 | 511.00 | 01/16/26 | 51020 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 12 | 562512 | 506.00 | 01/16/26 | 45597 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 2 | 93752 | 538.00 | 01/16/26 | 13656 |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | 2 | 45296 | 227.00 | 04/17/26 | 4022 |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | 2 | 45296 | 228.00 | 01/16/26 | 1416 |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | 2 | 45296 | 212.00 | 01/16/26 | 381 |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | 2 | 45296 | 207.00 | 01/16/26 | 236 |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | 24 | 543552 | 193.00 | 01/16/26 | 861 |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | 25 | $566200 | $187.00 | 01/16/26 | $580 |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | 4 | 90592 | 243.00 | 01/16/26 | 6989 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 107 | 718719 | 61.00 | 01/16/26 | 2182 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 4 | 26868 | 63.00 | 01/16/26 | 148 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 5 | 33585 | 68.00 | 01/16/26 | 927 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 4 | 26868 | 68.00 | 04/17/26 | 2652 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 12 | 80604 | 64.00 | 01/16/26 | 608 |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | 2 | 52246 | 255.00 | 01/16/26 | 1272 |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | 2 | 52246 | 254.00 | 01/16/26 | 1199 |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | 27 | 705321 | 258.00 | 01/16/26 | 20390 |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | 28 | 731444 | 259.00 | 01/16/26 | 22366 |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | 2 | 52246 | 262.00 | 04/17/26 | 5478 |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | 4 | 104492 | 267.00 | 01/16/26 | 4869 |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | 2 | 52246 | 265.00 | 01/16/26 | 2202 |
| &nbsp;&nbsp;&nbsp;Fiserv Inc. | 4 | 676248 | 1804.00 | 01/16/26 | 48230 |
| &nbsp;&nbsp;&nbsp;Fiserv Inc. | 4 | 676248 | 1763.00 | 01/16/26 | 35309 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | 12 | 95292 | 82.00 | 01/16/26 | 3687 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | 6 | 47646 | 83.00 | 01/16/26 | 2311 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | 14 | 111174 | 85.00 | 01/16/26 | 7839 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | 6 | 47646 | 80.00 | 04/17/26 | 3588 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | 75 | 595575 | 81.00 | 01/16/26 | 17890 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | 79 | 627339 | 79.00 | 01/16/26 | 10599 |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | 2 | 113272 | 536.00 | 01/16/26 | 1235 |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | 1 | 56636 | 548.00 | 01/16/26 | 919 |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | 2 | 113272 | 557.00 | 01/16/26 | 2439 |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | 2 | 113272 | 571.00 | 04/17/26 | 7374 |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | 16 | 906176 | 567.00 | 01/16/26 | 26254 |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | 13 | 736268 | 576.00 | 01/16/26 | 27353 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | 3 | 62343 | 209.00 | 04/17/26 | 5724 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | 3 | 62343 | 205.00 | 01/16/26 | 1616 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | 3 | 62343 | 183.00 | 01/16/26 | 194 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | 37 | 768897 | 176.00 | 01/16/26 | 1167 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | 41 | 852021 | 171.00 | 01/16/26 | 808 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | 6 | 124686 | 162.00 | 01/16/26 | 57 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 5 | 45605 | 100.00 | 01/16/26 | 4364 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 5 | 45605 | 91.00 | 04/17/26 | 2155 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 62 | 565502 | 101.00 | 01/16/26 | 60167 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 70 | 638470 | 99.00 | 01/16/26 | 54321 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 5 | 45605 | 94.00 | 01/16/26 | 1640 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 10 | 91210 | 92.00 | 01/16/26 | 1951 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 4 | 73680 | 187.00 | 01/16/26 | 2095 |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market**<br> **Value** |
| **PURCHASED OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 4 | $73680 | $214.00 | 01/16/26 | $11745 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 3 | 55260 | 186.00 | 04/17/26 | 3837 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 31 | 571020 | 184.00 | 01/16/26 | 11257 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 31 | 571020 | 185.00 | 01/16/26 | 12772 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 2 | 36840 | 206.00 | 01/16/26 | 4292 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | 2 | 36840 | 191.00 | 01/16/26 | 1595 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 10 | 29270 | 31.00 | 01/16/26 | 2376 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 10 | 29270 | 34.00 | 01/16/26 | 4883 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 20 | 58540 | 48.00 | 01/16/26 | 37299 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 122 | 357094 | 33.00 | 01/16/26 | 48591 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 129 | 377583 | 32.00 | 01/16/26 | 40494 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 9 | 26343 | 36.00 | 01/16/26 | 6099 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 10 | 29270 | 29.00 | 04/17/26 | 4090 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | 3 | 45957 | 154.00 | 04/17/26 | 3297 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | 5 | 76595 | 170.60 | 01/16/26 | 8629 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | 10 | 153190 | 177.60 | 01/16/26 | 24176 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | 40 | 612760 | 165.40 | 01/16/26 | 48846 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | 30 | 459570 | 162.20 | 01/16/26 | 27801 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | 5 | 76595 | 155.60 | 01/16/26 | 2184 |
| &nbsp;&nbsp;&nbsp;Snap Inc. | 14 | 657608 | 400.00 | 01/16/26 | 1053 |
| &nbsp;&nbsp;&nbsp;Snap Inc. | 1 | 46972 | 471.00 | 04/17/26 | 3806 |
| &nbsp;&nbsp;&nbsp;Snap Inc. | 1 | 46972 | 461.00 | 01/16/26 | 863 |
| &nbsp;&nbsp;&nbsp;Snap Inc. | 2 | 93944 | 447.00 | 01/16/26 | 889 |
| &nbsp;&nbsp;&nbsp;Snap Inc. | 1 | 46972 | 392.00 | 01/16/26 | 70 |
| &nbsp;&nbsp;&nbsp;Snap Inc. | 2 | 93944 | 418.00 | 01/16/26 | 216 |
| &nbsp;&nbsp;&nbsp;Snap Inc. | 14 | 657608 | 401.00 | 01/16/26 | 1065 |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | 14 | 629608 | 418.00 | 01/16/26 | 5938 |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | 15 | 674580 | 417.00 | 01/16/26 | 6103 |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | 2 | 89944 | 409.00 | 01/16/26 | 583 |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | 2 | 89944 | 450.00 | 01/16/26 | 2936 |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | 1 | 44972 | 453.00 | 04/17/26 | 4680 |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | 1 | 44972 | 428.00 | 01/16/26 | 640 |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | 1 | 44972 | 480.00 | 01/16/26 | 3460 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | 11 | 41756 | 36.00 | 01/16/26 | 591 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | 11 | 41756 | 40.00 | 01/16/26 | 2862 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | 1 | 3796 | 41.00 | 01/16/26 | 339 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | 10 | 37960 | 42.00 | 01/16/26 | 4246 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | 11 | 41756 | 38.00 | 04/17/26 | 5280 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | 263 | 998348 | 39.00 | 01/16/26 | 50246 |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market**<br> **Value** |
| **PURCHASED OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | 20 | $75920 | $48.00 | 01/16/26 | $19933 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 70 | 571970 | 83.00 | 01/16/26 | 17413 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 71 | 580141 | 84.00 | 01/16/26 | 22275 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 12 | 98052 | 93.00 | 01/16/26 | 13439 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 6 | 49026 | 81.00 | 01/16/26 | 881 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 6 | 49026 | 88.00 | 01/16/26 | 3851 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 5 | 40855 | 92.00 | 01/16/26 | 5111 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 6 | 49026 | 82.00 | 04/17/26 | 3492 |
| &nbsp;&nbsp;&nbsp;Workday Inc. | 4 | 85912 | 233.00 | 01/16/26 | 7247 |
| &nbsp;&nbsp;&nbsp;Workday Inc. | 28 | 601384 | 227.00 | 01/16/26 | 35437 |
| &nbsp;&nbsp;&nbsp;Workday Inc. | 2 | 42956 | 211.00 | 01/16/26 | 554 |
| &nbsp;&nbsp;&nbsp;Workday Inc. | 2 | 42956 | 216.00 | 01/16/26 | 975 |
| &nbsp;&nbsp;&nbsp;Workday Inc. | 3 | 64434 | 231.00 | 01/16/26 | 4870 |
| &nbsp;&nbsp;&nbsp;Workday Inc. | 27 | 579906 | 234.00 | 01/16/26 | 51513 |
| &nbsp;&nbsp;&nbsp;Workday Inc. | 2 | 42956 | 215.00 | 04/17/26 | 2872 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  | $37632724 |  |  | 1656623 |
| **WRITTEN OPTIONS — (5.0)%** |  |  |  |  |  |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adidas AG | (22) | $(651222) | $291.00 | 01/16/26 | $(19403) |
| &nbsp;&nbsp;&nbsp;Adidas AG | (2) | (59202) | 293.00 | 01/16/26 | (1500) |
| &nbsp;&nbsp;&nbsp;Adidas AG | (21) | (621621) | 296.00 | 01/16/26 | (12089) |
| &nbsp;&nbsp;&nbsp;Adidas AG | (6) | (177606) | 300.00 | 01/16/26 | (2335) |
| &nbsp;&nbsp;&nbsp;Adidas AG | (2) | (59202) | 310.00 | 01/16/26 | (248) |
| &nbsp;&nbsp;&nbsp;Adidas AG | (3) | (88803) | 297.00 | 04/17/26 | (5733) |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | (19) | (664981) | 319.00 | 01/16/26 | (61105) |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | (20) | (699980) | 321.00 | 01/16/26 | (60468) |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | (2) | (69998) | 332.00 | 01/16/26 | (4008) |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | (4) | (139996) | 334.00 | 01/16/26 | (7326) |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | (2) | (69998) | 346.00 | 01/16/26 | (1890) |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | (2) | (69998) | 351.00 | 04/17/26 | (5208) |
| &nbsp;&nbsp;&nbsp;Adobe Inc. | (2) | (69998) | 324.00 | 01/16/26 | (5475) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | (2) | (42832) | 249.00 | 01/16/26 | (128) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | (2) | (42832) | 216.00 | 01/16/26 | (1452) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | (4) | (85664) | 253.00 | 01/16/26 | (189) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | (2) | (42832) | 208.00 | 01/16/26 | (2324) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | (30) | (642480) | 200.00 | 01/16/26 | (51820) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | (29) | (621064) | 215.00 | 01/16/26 | (72210) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | (3) | (69246) | 222.00 | 01/16/26 | (3272) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | (30) | (692460) | 226.00 | 01/16/26 | (23783) |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market**<br> **Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | (30) | $(692460) | $230.00 | 01/16/26 | $(16256) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | (4) | (92328) | 235.00 | 01/16/26 | (1212) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | (4) | (92328) | 250.00 | 01/16/26 | (125) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc. | (2) | (46164) | 232.00 | 04/17/26 | (3334) |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | (4) | (52412) | 132.00 | 04/17/26 | (5728) |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | (8) | (104824) | 155.00 | 01/16/26 | (103) |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | (3) | (39309) | 133.00 | 01/16/26 | (1022) |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | (44) | (576532) | 125.00 | 01/16/26 | (35931) |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | (5) | (65515) | 126.00 | 01/16/26 | (3720) |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | (44) | (576532) | 121.00 | 01/16/26 | (49948) |
| &nbsp;&nbsp;&nbsp;Ansys Inc. | (4) | (52412) | 127.00 | 01/16/26 | (2700) |
| &nbsp;&nbsp;&nbsp;AutoZone Inc. | (2) | (678300) | 3855.00 | 01/16/26 | (89) |
| &nbsp;&nbsp;&nbsp;AutoZone Inc. | (2) | (678300) | 3945.00 | 01/16/26 | (28) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (63) | (600705) | 101.00 | 01/16/26 | (1885) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (5) | (47675) | 96.00 | 04/17/26 | (3045) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (6) | (57210) | 100.00 | 01/16/26 | (254) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (5) | (47675) | 104.00 | 01/16/26 | (61) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (65) | (619775) | 98.00 | 01/16/26 | (5517) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (5) | (47675) | 92.00 | 01/16/26 | (2124) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | (10) | (95350) | 99.00 | 01/16/26 | (601) |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | (20) | (625160) | 303.00 | 01/16/26 | (27737) |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | (6) | (187548) | 333.00 | 01/16/26 | (974) |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | (2) | (62516) | 320.00 | 01/16/26 | (892) |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | (2) | (62516) | 314.00 | 04/17/26 | (5016) |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | (2) | (62516) | 317.00 | 01/16/26 | (1119) |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | (20) | (625160) | 304.00 | 01/16/26 | (26262) |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | (2) | (62516) | 318.00 | 01/16/26 | (1039) |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | (2) | (93752) | 487.00 | 01/16/26 | (1086) |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | (12) | (562512) | 511.00 | 01/16/26 | (1911) |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | (2) | (93752) | 516.00 | 01/16/26 | (246) |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | (2) | (93752) | 538.00 | 01/16/26 | (82) |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | (1) | (46876) | 542.00 | 01/16/26 | (34) |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | (2) | (93752) | 472.00 | 04/17/26 | (8400) |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | (12) | (562512) | 506.00 | 01/16/26 | (2474) |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | (2) | (45296) | 228.00 | 01/16/26 | (1220) |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | (2) | (45296) | 227.00 | 04/17/26 | (4582) |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | (4) | (90592) | 243.00 | 01/16/26 | (609) |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | (2) | (45296) | 212.00 | 01/16/26 | (3378) |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | (24) | (543552) | 193.00 | 01/16/26 | (82331) |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market**<br> **Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | (25) | $(566200) | $187.00 | 01/16/26 | $(100413) |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | (2) | (45296) | 207.00 | 01/16/26 | (4231) |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | (107) | (718719) | 61.00 | 01/16/26 | (72207) |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | (4) | (26868) | 63.00 | 01/16/26 | (1967) |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | (12) | (80604) | 64.00 | 01/16/26 | (4869) |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | (5) | (33585) | 68.00 | 01/16/26 | (707) |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | (4) | (26868) | 68.00 | 04/17/26 | (2712) |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | (2) | (52246) | 262.00 | 04/17/26 | (5924) |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | (4) | (104492) | 267.00 | 01/16/26 | (2895) |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | (2) | (52246) | 265.00 | 01/16/26 | (1615) |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | (2) | (52246) | 255.00 | 01/16/26 | (2680) |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | (27) | (705321) | 258.00 | 01/16/26 | (31317) |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | (2) | (52246) | 254.00 | 01/16/26 | (2807) |
| &nbsp;&nbsp;&nbsp;First Solar Inc. | (28) | (731444) | 259.00 | 01/16/26 | (30904) |
| &nbsp;&nbsp;&nbsp;Fiserv Inc. | (4) | (676248) | 1763.00 | 01/16/26 | (8355) |
| &nbsp;&nbsp;&nbsp;Fiserv Inc. | (4) | (676248) | 1804.00 | 01/16/26 | (4911) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | (14) | (111174) | 85.00 | 01/16/26 | (287) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | (6) | (47646) | 80.00 | 04/17/26 | (3840) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | (6) | (47646) | 83.00 | 01/16/26 | (272) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | (75) | (595575) | 81.00 | 01/16/26 | (7374) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | (12) | (95292) | 82.00 | 01/16/26 | (807) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc. | (79) | (627339) | 79.00 | 01/16/26 | (15289) |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | (2) | (113272) | 536.00 | 01/16/26 | (7749) |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | (1) | (56636) | 548.00 | 01/16/26 | (2978) |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | (2) | (113272) | 557.00 | 01/16/26 | (4763) |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | (16) | (906176) | 567.00 | 01/16/26 | (28876) |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | (13) | (736268) | 576.00 | 01/16/26 | (17808) |
| &nbsp;&nbsp;&nbsp;Israel Chemicals Ltd. | (2) | (113272) | 571.00 | 04/17/26 | (8348) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | (6) | (124686) | 162.00 | 01/16/26 | (27815) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | (41) | (852021) | 171.00 | 01/16/26 | (153670) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | (37) | (768897) | 176.00 | 01/16/26 | (120655) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | (3) | (62343) | 183.00 | 01/16/26 | (7787) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | (3) | (62343) | 205.00 | 01/16/26 | (2623) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc. | (3) | (62343) | 209.00 | 04/17/26 | (6219) |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | (5) | (45605) | 91.00 | 04/17/26 | (2870) |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | (5) | (45605) | 100.00 | 01/16/26 | (49) |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | (62) | (565502) | 101.00 | 01/16/26 | (469) |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | (5) | (45605) | 94.00 | 01/16/26 | (318) |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | (70) | (638470) | 99.00 | 01/16/26 | (889) |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | (10) | (91210) | 92.00 | 01/16/26 | (1303) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | (4) | (73680) | 214.00 | 01/16/26 | (24) |

---

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

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market**<br> **Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | (2) | $(36840) | $206.00 | 01/16/26 | $(29) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | (2) | (36840) | 191.00 | 01/16/26 | (325) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | (3) | (55260) | 186.00 | 04/17/26 | (4086) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | (31) | (571020) | 185.00 | 01/16/26 | (11651) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | (31) | (571020) | 184.00 | 01/16/26 | (13229) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | (4) | (73680) | 187.00 | 01/16/26 | (1152) |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | (10) | (29270) | 31.00 | 01/16/26 | (712) |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | (129) | (377583) | 32.00 | 01/16/26 | (6153) |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | (122) | (357094) | 33.00 | 01/16/26 | (3939) |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | (10) | (29270) | 34.00 | 01/16/26 | (225) |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | (9) | (26343) | 36.00 | 01/16/26 | (111) |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | (20) | (58540) | 48.00 | 01/16/26 | (42) |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | (10) | (29270) | 29.00 | 04/17/26 | (4450) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | (10) | (153190) | 177.60 | 01/16/26 | (122) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | (3) | (45957) | 154.00 | 04/17/26 | (3645) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | (5) | (76595) | 170.60 | 01/16/26 | (95) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | (5) | (76595) | 155.60 | 01/16/26 | (1133) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | (30) | (459570) | 162.20 | 01/16/26 | (1741) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc. | (40) | (612760) | 165.40 | 01/16/26 | (1326) |
| &nbsp;&nbsp;&nbsp;Snap Inc. | (1) | (46972) | 392.00 | 01/16/26 | (7936) |
| &nbsp;&nbsp;&nbsp;Snap Inc. | (14) | (657608) | 400.00 | 01/16/26 | (100005) |
| &nbsp;&nbsp;&nbsp;Snap Inc. | (14) | (657608) | 401.00 | 01/16/26 | (98620) |
| &nbsp;&nbsp;&nbsp;Snap Inc. | (2) | (93944) | 418.00 | 01/16/26 | (10760) |
| &nbsp;&nbsp;&nbsp;Snap Inc. | (2) | (93944) | 447.00 | 01/16/26 | (5645) |
| &nbsp;&nbsp;&nbsp;Snap Inc. | (1) | (46972) | 461.00 | 01/16/26 | (1844) |
| &nbsp;&nbsp;&nbsp;Snap Inc. | (1) | (46972) | 471.00 | 04/17/26 | (4388) |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | (1) | (44972) | 480.00 | 01/16/26 | (538) |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | (2) | (89944) | 450.00 | 01/16/26 | (3081) |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | (1) | (44972) | 428.00 | 01/16/26 | (2908) |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | (1) | (44972) | 453.00 | 04/17/26 | (4951) |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | (15) | (674580) | 417.00 | 01/16/26 | (56585) |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | (2) | (89944) | 409.00 | 01/16/26 | (8911) |
| &nbsp;&nbsp;&nbsp;Tesla Inc. | (14) | (629608) | 418.00 | 01/16/26 | (51658) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | (20) | (75920) | 48.00 | 01/16/26 | (60) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | (10) | (37960) | 42.00 | 01/16/26 | (297) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | (1) | (3796) | 41.00 | 01/16/26 | (44) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | (11) | (41756) | 38.00 | 04/17/26 | (5797) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | (263) | (998348) | 39.00 | 01/16/26 | (25119) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | (11) | (41756) | 36.00 | 01/16/26 | (2834) |

---

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

**KraneShares Wahed Alternative Income Index ETF** (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Market<br> Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc. | (11) | $(41756) | $40.00 | 01/16/26 | $(713) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | (6) | (49026) | 81.00 | 01/16/26 | (1404) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | (70) | (571970) | 83.00 | 01/16/26 | (9540) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | (71) | (580141) | 84.00 | 01/16/26 | (7205) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | (6) | (49026) | 88.00 | 01/16/26 | (182) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | (5) | (40855) | 92.00 | 01/16/26 | (58) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | (12) | (98052) | 93.00 | 01/16/26 | (114) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | (6) | (49026) | 82.00 | 04/17/26 | (3900) |
| &nbsp;&nbsp;&nbsp;Workday Inc. | (4) | (85912) | 233.00 | 01/16/26 | (158) |
| &nbsp;&nbsp;&nbsp;Workday Inc. | (3) | (64434) | 231.00 | 01/16/26 | (151) |
| &nbsp;&nbsp;&nbsp;Workday Inc. | (27) | (579906) | 234.00 | 01/16/26 | (965) |
| &nbsp;&nbsp;&nbsp;Workday Inc. | (2) | (42956) | 216.00 | 01/16/26 | (823) |
| &nbsp;&nbsp;&nbsp;Workday Inc. | (2) | (42956) | 211.00 | 01/16/26 | (1400) |
| &nbsp;&nbsp;&nbsp;Workday Inc. | (28) | (601384) | 227.00 | 01/16/26 | (2575) |
| &nbsp;&nbsp;&nbsp;Workday Inc. | (2) | (42956) | 215.00 | 04/17/26 | (3390) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(37632724) |  |  | $(1825362) |

---

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-056-0100

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

**KraneShares Dragon Capital Vietnam Growth Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 75.1% ‡** |  |  |
| **VIETNAM — 75.1%** |  |  |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Hang Xanh Motors Service JSC | 12000 | $4745 |
| &nbsp;&nbsp;&nbsp;Hoang Huy Investment Services JSC \* | 76800 | 36502 |
|  |  | 41247 |
| Consumer Staples — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;DABACO Vietnam Group JSC \* | 82800 | 85161 |
| &nbsp;&nbsp;&nbsp;Lix Detergent JSC | 7200 | 9390 |
| &nbsp;&nbsp;&nbsp;Nam Viet | 47400 | 46319 |
| &nbsp;&nbsp;&nbsp;Vinh Hoan | 34200 | 72951 |
|  |  | 213821 |
| Energy — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petrovietnam Transportation \* | 111000 | 77658 |
| Financials — 43.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bank for Foreign Trade of Vietnam JSC | 133200 | 291217 |
| &nbsp;&nbsp;&nbsp;Bank for Investment and Development of Vietnam JSC | 93600 | 138442 |
| &nbsp;&nbsp;&nbsp;Ho Chi Minh City Development Joint Stock Commercial Bank \* | 312565 | 352972 |
| &nbsp;&nbsp;&nbsp;Nam A Commercial JSB \* | 540000 | 293612 |
| &nbsp;&nbsp;&nbsp;Saigon - Hanoi Commercial Joint Stock Bank | 461400 | 286840 |
| &nbsp;&nbsp;&nbsp;Saigon Thuong Tin Commercial JSB \* | 156600 | 345354 |
| &nbsp;&nbsp;&nbsp;Tien Phong Commercial Joint Stock Bank | 222000 | 144342 |
| &nbsp;&nbsp;&nbsp;Vietnam Export Import Commercial JSB \* | 262800 | 212838 |
| &nbsp;&nbsp;&nbsp;Vietnam Prosperity JSC Bank | 531000 | 578447 |
| &nbsp;&nbsp;&nbsp;VIX Securities JSC \* | 307200 | 262814 |
| &nbsp;&nbsp;&nbsp;VNDirect Securities | 412200 | 304840 |
|  |  | 3211718 |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Binh Dinh Pharmaceutical & Medical Equipment JSC | 42000 | 77932 |
| Industrials — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;Becamex Infrastructure Development JSC | 120600 | 49295 |
| &nbsp;&nbsp;&nbsp;Gemadept | 120600 | 279719 |
| &nbsp;&nbsp;&nbsp;Ha Do Group JSC \* | 106200 | 110238 |
| &nbsp;&nbsp;&nbsp;Hai An Transport & Stevedoring JSC | 34200 | 76332 |
| &nbsp;&nbsp;&nbsp;Sai Gon Cargo Service | 14400 | 28143 |
| &nbsp;&nbsp;&nbsp;Thien Long Group | 14390 | 27193 |
| &nbsp;&nbsp;&nbsp;Vietnam Container Shipping JSC | 115200 | 87386 |
|  |  | 658306 |
| Materials — 11.9% |  |  |
| &nbsp;&nbsp;&nbsp;Binh Duong Minerals & Construction JSC \* | 33000 | 21456 |
| &nbsp;&nbsp;&nbsp;Dong Hai JSC of Bentre | 28200 | 35759 |
| &nbsp;&nbsp;&nbsp;Dong Phu Rubber JSC | 9600 | 13871 |

---

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

**KraneShares Dragon Capital Vietnam Growth Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Duc Giang Chemicals JSC | 81600 | $212532 |
| &nbsp;&nbsp;&nbsp;Hoa Phat Group JSC \* | 574900 | 577086 |
| &nbsp;&nbsp;&nbsp;South Basic Chemicals JSC | 15000 | 15571 |
| &nbsp;&nbsp;&nbsp;Viet Nam Fumigation JSC | 1800 | 3600 |
|  |  | 879875 |
| Real Estate — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;An Gia Real Estate Investment & Development \* | 40200 | 21781 |
| &nbsp;&nbsp;&nbsp;Vinhomes JSC \* | 75600 | 356441 |
|  |  | 378222 |
| TOTAL VIETNAM |  | 5538779 |
| TOTAL COMMON STOCK<br> (Cost $5,501,595) |  | 5538779 |
| **EXCHANGE-TRADED FUND — 24.3%** |  |  |
| **Foreign Equity — 24.3%** |  |  |
| &nbsp;&nbsp;&nbsp;VFMVN Diamond ETF \* | 1228800 | 1789469 |
| TOTAL EXCHANGE-TRADED FUND <br> (Cost $1,777,888) |  | 1789469 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $7,279,483) |  | 7328248 |
| OTHER ASSETS LESS LIABILITIES – 0.6% |  | 46852 |
| NET ASSETS - 100% |  | $7375100 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-055-0100

**Schedules of Investments/Consolidated Schedule of Investments (Unaudited)** *December 31, 2025*

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

**Fund Abbreviations**

ADR — American Depositary Receipt

AUD — Australian Dollar

BV — Business Value

BVI — Business Volume Indicator

CAD — Canadian Dollar

Cl — Class

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

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

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

PTY — Proprietary

Ser — Series

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

SPDR — Standard & Poor's Depositary Receipts

SPX — Standard & Poor's 500 Index

USD — United States Dollar

WTI — West Texas Intermediate

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 2129330393

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

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

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

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

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

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

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

**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:** $48557152.00

**Total Liabilities:** $319592.48

**Net Assets:** $48237559.52

**Cash Not Reported:** $569642.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220718 | 2.54%                | -5.39%               | -3.97%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1160361.14              | $-3652.79                                  |
| Month 2  | $734629.10               | $-3222397.11                               |
| Month 3  | $783683.74               | $-2952490.81                               |

### Schedule of Portfolio Investments

| Name                                                     | Title                                       | Identifiers                             | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACM Research Shanghai Inc                                | ACM RESEARCH SHANGHAI I-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     18548 | NS      | $467822.18    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro-Fabrication Equipment Inc China           | ADVANCED MICRO-FABRICATION-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     36875 | NS      | $1495763.72   | 3.10%             |  |  |  | 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        |     26592 | NS      | $1078653.53   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Amlogic Shanghai Co Ltd                                  | AMLOGIC SHANGHAI INC-A COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     65067 | NS      | $813156.89    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| APT Medical Inc                                          | APT MEDICAL INC-A COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     16340 | NS      | $569482.42    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Microelectronics Co Ltd                              | ASR MICROELECTRONICS CO LT-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     48469 | NS      | $573646.53    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Avic Chengdu Uas Co Ltd                                  | AVIC CHENGDU UAS CO LTD-A COMMON STOCK      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     52143 | NS      | $358728.48    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Kingsoft Office Software Inc                     | BEIJING KINGSOFT OFFICE SO-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     44724 | NS      | $1967549.72   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Roborock Technology Co Ltd                       | BEIJING ROBOROCK TECHNOLOG-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     40032 | NS      | $872107.38    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bestechnic Shanghai Co Ltd                               | BESTECHNIC SHANGHAI CO LTD-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     22807 | NS      | $741539.89    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Biwin Storage Technology Co Ltd                          | BIWIN STORAGE TECHNOLOGY C-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     63090 | NS      | $1037557.73   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambricon Technologies Corp Ltd                          | CAMBRICON TECHNOLOGIES-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     26410 | NS      | $5128987.39   | 10.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Biotech Inc                                       | CATHAY BIOTECH INC-A COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     69646 | NS      | $496904.82    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| China Railway Signal & Communication Corporation Limited | CHINA RAILWAY SIGNAL & COM-A COMMON STOCK   | CUSIP: N/A<br>LEI: 529900GK68ZHDM38WD21 | Long             | EC               |  | CN        |    257168 | NS      | $201535.68    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| China Railway Signal & Communication Corporation Limited | CHINA RAILWAY SIGNAL & COM-A COMMON STOCK   | CUSIP: N/A<br>LEI: 529900GK68ZHDM38WD21 | Long             | EC               |  | CN        |    242296 | NS      | $189880.89    | 0.39%             |  |  |  | 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        |    102548 | NS      | $776608.33    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CSI Solar Co., Ltd.                                      | CSI SOLAR CO LTD-A COMMON STOCK             | CUSIP: N/A<br>LEI: 3003004AEZ3F97L0KW51 | Long             | EC               |  | CN        |    284906 | NS      | $608592.96    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Everdisplay Optronics Shanghai Co Ltd                    | EVERDISPLAY OPTRONICS SHAN-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |   1066745 | NS      | $406527.51    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                             | FX Spot Contract: USD/CNY SETTLE 2026-01-02 | CUSIP: N/A<br>LEI: N/A                  | N/A              | STIV             |  | US        |         1 | NC      | $-330.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GalaxyCore Inc                                           | GALAXYCORE INC-A COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    150665 | NS      | $322485.85    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Guobo Electronics Co Ltd                                 | GUOBO ELECTRONICS CO LTD-A COMMON STOCK     | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     34530 | NS      | $460617.67    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou EZVIZ Network Co Ltd                            | HANGZHOU EZVIZ NETWORK CO -A COMMON STOCK   | CUSIP: N/A<br>LEI: 836800F1C5A55S5F7Q24 | Long             | EC               |  | CN        |     30417 | NS      | $131212.38    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hwatsing Technology Co Ltd                               | HWATSING TECHNOLOGY CO LTD-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     47806 | NS      | $1027910.87   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hygon Information Technology Co Ltd                      | HYGON INFORMATION TECHNOLO-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    148948 | NS      | $4788776.52   | 9.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Jinko Solar Co., Ltd.                                    | JINKO SOLAR CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: 300300RHCPJNG9KTKT10 | Long             | EC               |  | CN        |    772878 | NS      | $624507.61    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Loongson Technology Corp Ltd                             | LOONGSON TECHNOLOGY CORP L-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     38722 | NS      | $732893.99    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MGI Tech Co., Ltd.                                       | MGI TECH CO LTD-A COMMON STOCK              | CUSIP: N/A<br>LEI: 300300BUXXDJ2MITLZ69 | Long             | EC               |  | CN        |     48262 | NS      | $420117.50    | 0.87%             |  |  |  | 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        |    183461 | NS      | $3096255.10   | 6.42%             |  |  |  | No            |                  1 | On Loan: No      |
| National Silicon Industry Group Co., Ltd.                | NATIONAL SILICON INDUSTRY -A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    370159 | NS      | $1147607.18   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexchip Semiconductor Corporation                        | NEXCHIP SEMICONDUCTOR CORP-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    193852 | NS      | $921775.64    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ninebot Ltd                                              | NINEBOT LTD-CDR DEPOSITARY RECEIPT          | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    110865 | NS      | $882955.52    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Piotech Inc                                              | PIOTECH INC-A COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     32581 | NS      | $1540373.50   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sany Renewable Energy Co Ltd                             | SANY RENEWABLE ENERGY CO L-A COMMON STOCK   | CUSIP: N/A<br>LEI: 836800NSWAMCSCB1IZ03 | Long             | EC               |  | CN        |     47369 | NS      | $171561.16    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Allist Pharmaceuticals Co Ltd                   | SHANGHAI ALLIST PHARMACEUT-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     52143 | NS      | $778041.88    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai BOCHU Electronic Technology Corp Ltd            | SHANGHAI BOCHU ELECTRONIC-A COMMON STOCK    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     22304 | NS      | $434235.91    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Junshi Biosciences Co Ltd                       | SHANGHAI JUNSHI BIOSCIENCE-A COMMON STOCK   | CUSIP: N/A<br>LEI: 300300L36FLCKN0WXW06 | Long             | EC               |  | CN        |    103602 | NS      | $507030.04    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai United Imaging Healthcare Co., Ltd.             | SHANGHAI UNITED IMAGING HE-A COMMON STOCK   | CUSIP: N/A<br>LEI: 300300YFLW1ZZPRAZ467 | Long             | EC               |  | CN        |     95494 | NS      | $1716988.95   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Shengyi Electronics Co Ltd                               | SHENGYI ELECTRONICS CO LTD-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     48193 | NS      | $660690.72    | 1.37%             |  |  |  | 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        |    111160 | NS      | $1053638.72   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SICC Co Ltd                                              | SICC CO LTD-A COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     41493 | NS      | $528355.91    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sichuan Biokin Pharmaceutical Co Ltd                     | SICHUAN BIOKIN PHARMACEUTI-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     15948 | NS      | $738228.61    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartSens Technology (Shanghai) Co., Ltd.                | SMARTSENS TECHNOLOGY SHANG-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     54324 | NS      | $740072.52    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPCON Technology Co Ltd                                 | SUPCON TECHNOLOGY CO-A COMMON STOCK         | CUSIP: N/A<br>LEI: 836800CSSWUYIZYJGO52 | Long             | EC               |  | CN        |    122237 | NS      | $864071.17    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzhou Centec Communications Co., Ltd.                   | SUZHOU CENTEC COMMUNICATIO-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     23755 | NS      | $482216.34    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tianneng Battery Group Co., Ltd.                         | TIANNENG BATTERY GROUP CO -A COMMON STOCK   | CUSIP: N/A<br>LEI: 300300NOKZOLM51U7U67 | Long             | EC               |  | CN        |     26280 | NS      | $125075.62    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Trina Solar Co., Ltd.                                    | TRINA SOLAR CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: 30030040IFQ4UMZDUU48 | Long             | EC               |  | CN        |    252525 | NS      | $598756.26    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| United Nova Technology Co.,Ltd.                          | UNITED NOVA TECHNOLOGY CO-A COMMON STOCK    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    971313 | NS      | $930964.26    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSilicon Microelectronics Shanghai Co Ltd             | VERISILICON MICROELECTRONI-A COMMON STOCK   | CUSIP: N/A<br>LEI: 836800TNWRM7QRXH6S33 | Long             | EC               |  | CN        |     71087 | NS      | $1394965.06   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Superconducting Technologies Co., Ltd.           | WESTERN SUPERCONDUCTING TE-A COMMON STOCK   | CUSIP: N/A<br>LEI: 300300IUC83XEOSKRG67 | Long             | EC               |  | CN        |     87824 | NS      | $938389.81    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiamen Amoytop Biotech Co Ltd                            | XIAMEN AMOYTOP BIOTECH CO -A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     31530 | NS      | $378001.33    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Xinjiang Daqo New Energy Co Ltd                          | XINJIANG DAQO NEW ENERGY C-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    124284 | NS      | $477553.12    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhuzhou CRRC Times Electric Co., Ltd.                    | ZHUZHOU CRRC TIMES ELECTRI-A COMMON STOCK   | CUSIP: N/A<br>LEI: 529900PLNH7NQLN00B53 | Long             | EC               |  | CN        |     50340 | NS      | $369907.89    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO