# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001829126-25-009638
**Filing Date:** 2025-12
**Character Count:** 570809
**Document Hash:** bc9be63c6d53b4f1867dc4b28c509f3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-009638.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001829126-25-009638

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 251545787

**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 CSI China Internet ETF (Series ID: S000041596)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000129136 | KraneShares CSI China Internet ETF | KWEB            |

### KraneShares Bosera MSCI China A 50 Connect Index ETF (Series ID: S000041738)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000129571 | KraneShares Bosera MSCI China A 50 Connect Index ETF | KBA             |

### KraneShares MSCI China Clean Technology Index ETF (Series ID: S000049858)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000157444 | KraneShares MSCI China Clean Technology Index ETF | KGRN            |

### KraneShares Emerging Markets Consumer Technology Index ETF (Series ID: S000056077)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000176655 | KraneShares Emerging Markets Consumer Technology Index ETF | KEMQ            |

### KraneShares MSCI One Belt One Road Index ETF (Series ID: S000056904)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000180685 | KraneShares MSCI One Belt One Road Index ETF | OBOR            |

### KraneShares Asia Pacific High Income USD Bond ETF (Series ID: S000059793)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000195632 | KraneShares Asia Pacific High Income USD Bond ETF | KHYB            |

### KraneShares MSCI All China Health Care Index ETF (Series ID: S000059796)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000195635 | KraneShares MSCI All China Health Care Index ETF | KURE            |

### KraneShares Electric Vehicles and Future Mobility Index ETF (Series ID: S000061165)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000198139 | KraneShares Electric Vehicles and Future Mobility Index ETF | KARS            |

### KraneShares Global Humanoid and Embodied Intelligence Index ETF (Series ID: S000063652)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000206147 | KraneShares Global Humanoid and Embodied Intelligence Index ETF | KOID            |

### KraneShares MSCI Emerging Markets ex China Index ETF (Series ID: S000064914)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000210156 | KraneShares MSCI Emerging Markets ex China Index ETF | KEMX            |

### KraneShares Global Carbon Strategy ETF (Series ID: S000066286)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000214065 | KraneShares Global Carbon Strategy ETF | KRBN            |

### 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            |

### KraneShares Value Line(R) Dynamic Dividend Equity Index ETF (Series ID: S000069664)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000222186 | KraneShares Value Line(R) Dynamic Dividend Equity Index ETF | KVLE            |

### KraneShares Hang Seng TECH Index ETF (Series ID: S000070105)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000223017 | KraneShares Hang Seng TECH Index ETF | KTEC            |

### KraneShares Mount Lucas Managed Futures Index Strategy ETF (Series ID: S000070143)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000223083 | KraneShares Mount Lucas Managed Futures Index Strategy ETF | KMLM            |

### KraneShares California Carbon Allowance Strategy ETF (Series ID: S000072749)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000229247 | KraneShares California Carbon Allowance Strategy ETF | KCCA            |

### KraneShares European Carbon Allowance Strategy ETF (Series ID: S000072750)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000229248 | KraneShares European Carbon Allowance Strategy ETF | KEUA            |

### KraneShares KWEB Covered Call Strategy ETF (Series ID: S000079434)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000240471 | KraneShares KWEB Covered Call Strategy ETF | KLIP            |

### KraneShares Global Luxury Index ETF (Series ID: S000081686)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000244621 | KraneShares Global Luxury Index ETF | KLXY            |

### KraneShares Hedgeye Hedged Equity Index ETF (Series ID: S000084734)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000249202 | KraneShares Hedgeye Hedged Equity Index ETF | KSPY            |

### KraneShares China Alpha Index ETF (Series ID: S000085113)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000249978 | KraneShares China Alpha Index ETF | KCAI            |

### KraneShares Artificial Intelligence and Technology ETF (Series ID: S000085506)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000250789 | KraneShares Artificial Intelligence and Technology ETF | AGIX            |

### KraneShares Sustainable Ultra Short Duration Index ETF (Series ID: S000085834)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000251229 | KraneShares Sustainable Ultra Short Duration Index ETF | KCSH            |

### KraneShares Man Buyout Beta Index ETF (Series ID: S000088090)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000254137 | KraneShares Man Buyout Beta Index ETF | BUYO            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22698**

**KraneShares Trust**

(Exact name of registrant as specified in charter)

280 Park Avenue, 32nd Floor

New York, New York 10017

(Address of principal executive offices) (Zip code)

Jonathan Krane

KraneShares Trust

280 Park Avenue, 32nd Floor

New York, New York 10017

(Name and address of agent for service)

Copy to:

Stacy L. Fuller

K&L Gates LLP

1601 K Street NW

Washington, DC 20006-1600

**Registrant's telephone number, including area code: (212) 933-0393**

**Date of fiscal year end: March 31, 2026**

**Date of reporting period: September 30, 2025**

Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") [17 CFR § 270.30e-1], is attached hereto.

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares CSI China Internet ETF

## Ticker: KWEB

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares CSI China Internet ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kweb/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares CSI China Internet ETF | $39 | 0.70% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $9846076040 | 28 | $24484500 | 22% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](icc7afc649fee43277839c329.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 2.5% |
| Real Estate | 3.5% |
| Consumer Staples | 7.1% |
| Industrials | 7.5% |
| Communication Services | 39.2% |
| Consumer Discretionary | 40.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Alibaba Group Holding | 11.4% |
| Tencent Holdings | 10.7% |
| PDD Holdings ADR | 7.5% |
| JD.com, Cl A | 5.2% |
| Baidu, Cl A | 5.1% |
| Meituan, Cl B | 4.7% |
| JD Health International | 4.7% |
| Kuaishou Technology, Cl B | 4.7% |
| Kanzhun ADR | 4.2% |
| Tencent Music Entertainment Group ADR | 4.1% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kweb/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KWEB-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Bosera MSCI China A 50 Connect Index ETF

## Ticker: KBA

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Bosera MSCI China A 50 Connect Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kba/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | $32 | 0.56% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $256449000 | 82 | $524925 | 21% |

---

# What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i44c773323cb7c58f6a33565a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9% |
| Communication Services | 1.3% |
| Energy | 2.6% |
| Utilities | 3.7% |
| Consumer Discretionary | 6.1% |
| Rights | 6.6% |
| Consumer Staples | 9.1% |
| Materials | 10.4% |
| Industrials | 14.8% |
| Information Technology | 21.6% |
| Financials | 22.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Contemporary Amperex Technology, Cl A | 8.1% |
| Zijin Mining Group, Cl A | 7.5% |
| Foxconn Industrial Internet, Cl A | 6.8% |
| Kweichow Moutai, Cl A | 4.7% |
| Cambricon Technologies, Cl A | 4.3% |
| BYD, Cl A | 4.1% |
| Jiangsu Hengrui Pharmaceuticals, Cl A | 4.0% |
| Luxshare Precision Industry, Cl A | 3.9% |
| Zhongji Innolight, Cl A | 3.8% |
| China Merchants Bank, Cl A | 3.4% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kba/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KBA-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares MSCI One Belt One Road Index ETF

## Ticker: OBOR

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares MSCI One Belt One Road Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/obor/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI One Belt One Road Index ETF | $43 | 0.79% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $3824381 | 111 | $13777 | 17% |

---

# What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i5305aee5367fb60ea171f0b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.1% |
| Kazakhstan | 1.3% |
| Malaysia | 1.7% |
| Turkey | 1.7% |
| Poland | 2.5% |
| Israel | 3.2% |
| Thailand | 4.2% |
| India | 4.6% |
| Indonesia | 5.8% |
| Singapore | 9.3% |
| Kuwait | 9.7% |
| South Africa | 13.3% |
| China | 41.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Kuwait Finance House | 9.4% |
| Oversea-Chinese Banking | 6.4% |
| Valterra Platinum | 6.2% |
| Impala Platinum Holdings | 4.7% |
| China Yangtze Power, Cl A | 4.3% |
| PTT NVDR | 4.2% |
| Amman Mineral Internasional | 2.7% |
| KGHM Polska Miedz | 2.5% |
| Northam Platinum Holdings | 2.4% |
| ICL Group | 2.0% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/obor/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

OBOR-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Emerging Markets Consumer Technology Index ETF

## Ticker: KEMQ

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Emerging Markets Consumer Technology Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kemq/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Emerging Markets Consumer Technology Index ETF | $31 | 0.50% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $34357842 | 53 | $59019 | 32% |

---

# What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i8ea062927e110f861de51652.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.0% |
| Indonesia | 0.6% |
| Uruguay | 0.7% |
| Greece | 0.7% |
| Australia | 0.8% |
| Japan | 2.2% |
| India | 2.9% |
| Singapore | 3.0% |
| Brazil | 3.1% |
| South Africa | 5.7% |
| Taiwan | 13.0% |
| South Korea | 18.6% |
| China | 48.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Alibaba Group Holding | 4.1% |
| SK Hynix | 3.9% |
| Naspers, Cl N | 3.5% |
| JD.com, Cl A | 3.5% |
| Taiwan Semiconductor Manufacturing | 3.5% |
| NetEase | 3.4% |
| Tencent Holdings | 3.4% |
| PDD Holdings ADR | 3.4% |
| Meituan, Cl B | 3.4% |
| Nanya Technology | 3.1% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kemq/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KEMQ-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares MSCI China Clean Technology Index ETF

## Ticker: KGRN

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares MSCI China Clean Technology Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kgrn/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI China Clean Technology Index ETF | $44 | 0.79% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $66702949 | 49 | $216479 | 15% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i6f794ee157e90e637bcb3abe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 16.8% |
| Information Technology | 19.0% |
| Industrials | 22.8% |
| Consumer Discretionary | 41.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| XPeng, Cl A | 9.2% |
| Contemporary Amperex Technology, Cl A | 8.3% |
| Li Auto, Cl A | 8.3% |
| BYD, Cl H | 6.8% |
| NIO, Cl A | 6.4% |
| GDS Holdings, Cl A | 4.6% |
| Kingdee International Software Group | 4.4% |
| Zhejiang Leapmotor Technology | 4.1% |
| China Yangtze Power, Cl A | 3.9% |
| CGN Power, Cl H | 3.2% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kgrn/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KGRN-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Electric Vehicles and Future Mobility Index ETF

## Ticker: KARS

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Electric Vehicles and Future Mobility Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kars/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Electric Vehicles and Future Mobility Index ETF | $43 | 0.70% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $79716055 | 58 | $228533 | 36% |

---

# What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ic764272894228e5e4129c17e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 0.5% |
| Indonesia | 0.7% |
| Belgium | 1.5% |
| Chile | 1.8% |
| Germany | 1.9% |
| Japan | 4.4% |
| Australia | 7.0% |
| South Korea | 7.7% |
| United States | 14.3% |
| China | 59.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Contemporary Amperex Technology, Cl A | 5.1% |
| Tesla | 4.7% |
| XPeng, Cl A | 3.9% |
| Li Auto, Cl A | 3.7% |
| Panasonic Holdings | 3.6% |
| BYD, Cl A | 3.5% |
| Xiaomi, Cl B | 3.5% |
| Eve Energy, Cl A | 3.4% |
| Geely Automobile Holdings | 3.3% |
| NIO, Cl A | 3.1% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kars/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KARS-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares MSCI All China Health Care Index ETF

## Ticker: KURE

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares MSCI All China Health Care Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kure/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI All China Health Care Index ETF | $38 | 0.65% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $110997710 | 55 | $305524 | 48% |

---

# What did the Fund invest in?

## Industry Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i017a6ca0f937913b6695ba90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care Providers & Services | 5.9% |
| Health Care Equipment & Supplies | 10.4% |
| Life Sciences Tools & Services | 17.7% |
| Biotechnology | 31.0% |
| Pharmaceuticals | 34.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| BeiGene Medicines | 9.1% |
| Jiangsu Hengrui Pharmaceuticals, Cl A | 7.6% |
| Wuxi Biologics Cayman | 7.3% |
| Innovent Biologics | 7.3% |
| Sino Biopharmaceutical | 4.6% |
| Shenzhen Mindray Bio-Medical Electronics, Cl A | 4.5% |
| WuXi AppTec, Cl A | 4.5% |
| Akeso | 3.8% |
| 3SBio | 3.2% |
| CSPC Pharmaceutical Group | 2.9% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kure/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KURE-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Asia Pacific High Income USD Bond ETF

## Ticker: KHYB

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Asia Pacific High Income USD Bond ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/khyb/. You can also request this information by contacting us at 1-855-857-2638. **This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Asia Pacific High Income USD Bond ETF | $36 | 0.69% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $24486144 | 82 | $82154 | 127% |

---

# What did the Fund invest in?

## Maturity Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i86d96e8162106940a79af559.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Perpetual Maturity<sup>Footnote Reference(A)</sup> | 23.9% |
| Greater than 10 Years | 0.8% |
| 5 to 10 Years | 13.6% |
| 3 to 5 Years | 12.6% |
| 1 to 3 Years | 35.0% |
| Less than 1 Year | 12.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Perpetual security with no stated maturity date. |

---

## Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| **<u>Holding Name</u>** | **<u>Coupon Rate</u>** | **<u>Maturity Date</u>** | **<u>Percentage of Total Net Assets</u>** |
| GLP China Holdings | 2.950% | 03/29/26 | 2.4% |
| Standard Chartered PLC, H15T5Y + 3.135% | 4.300% | —<sup>Footnote Reference(A)</sup> | 2.3% |
| Greentown China Holdings | 8.450% | 02/24/28 | 2.1% |
| Nomura Holdings, H15T5Y + 3.084% | 7.000% | —<sup>Footnote Reference(A)</sup> | 2.1% |
| Mong Duong Finance Holdings BV | 5.125% | 05/07/29 | 2.1% |
| Pingan Real Estate Capital | 3.450% | 07/29/26 | 2.0% |
| Piramal Finance | 7.800% | 01/29/28 | 1.9% |
| Wynn Macau | 5.625% | 08/26/28 | 1.8% |
| Vedanta Resources Finance II PLC | 9.125% | 10/15/32 | 1.8% |
| Health & Happiness H&H International Holdings | 9.125% | 07/24/28 | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Perpetual security with no stated maturity date. |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/khyb/ or upon request at 1-855-857-2638. On September 1, 2025, the Fund's Sub-Adviser was renamed as Amova Asset Management Americas, Inc. Prior to September 1, 2025, it was Nikko Asset Management Americas, Inc.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/khyb/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KHYB-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares MSCI Emerging Markets ex China Index ETF

## Ticker: KEMX

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares MSCI Emerging Markets ex China Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kemx/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI Emerging Markets ex China Index ETF | $13 | 0.24% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $65615059 | 284 | $72364 | 10% |

---

# What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i2044558c1bf8944bb3f657cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 5.6% |
| Qatar | 1.1% |
| Thailand | 1.5% |
| United Arab Emirates | 1.8% |
| Poland | 1.9% |
| Indonesia | 2.0% |
| Malaysia | 2.1% |
| Mexico | 3.9% |
| South Africa | 4.7% |
| Brazil | 6.6% |
| South Korea | 17.7% |
| India | 22.8% |
| Taiwan | 28.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Taiwan Semiconductor Manufacturing | 15.0% |
| Samsung Electronics | 4.6% |
| SK Hynix | 2.4% |
| Naspers, Cl N | 1.6% |
| Reliance Industries | 1.5% |
| ICICI Bank | 1.4% |
| HDFC Bank | 1.4% |
| Hon Hai Precision Industry | 1.3% |
| MediaTek | 1.2% |
| Infosys ADR | 1.2% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kemx/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KEMX-SAR-2025

# KraneShares Trust
![Image](idd96b8e4633b8370cdc2b5c8.jpg)

## KraneShares Global Carbon Strategy ETF

## Ticker: KRBN

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Global Carbon Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/krbn/. You can also request this information by contacting us at 1-855-857-2638. **This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Global Carbon Strategy ETF | $43 | 0.79% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $164209672<sub>10</sub> | $630849 | 24% |

---

# What did the Fund invest in?

## Market Exposure<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| **<u>Futures Contracts:</u>** |  |
| Futures Contract | 54.1% |
| **<u>Collateral and Currency Management:</u>** |  |
| Short-Term Investment, GVMXX | 3.7% |
| Index-Linked Note | 22.5% |
| Exchange-Traded Fund<sup>Footnote Reference\*\*</sup> | 68.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Futures Breakdown<sup>**Footnote Reference ^**</sup>

#### Data as of 9/30/2025
![Top 10 Chart](i249eeb2576baab734d702259.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| CCA 2025 Future | 41.7% |
| REG 2025 Future | 9.5% |
| CCA 2026 Future | 10.4% |
| EUA 2025 Future | 16.1% |
| EUA 2026 Future | 7.7% |
| UKA 2025 Future | 5.9% |
| WSH 2025 Future | 8.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Percentages are calculated based on total notional value. Future contracts are presented at the notional value. |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/krbn/ or upon request at 1-855-857-2638.

Effective November 3, 2025, the Fund's investment objective and principal risks changed. The Fund has changed from tracking the "Total Return" version of its underlying index to the "Excess Return" version of its underlying index. This change does not alter the Fund's Principal Investment Strategies. In connection with this change, Counterparty Risk was added as part of the Fund's Derivatives Risk, and corresponding changes were made to the Fund's Tax Risk.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/krbn/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](idd96b8e4633b8370cdc2b5c8.jpg)

KRBN-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

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

## Ticker: KVLE

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kvle/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | $30 | 0.56% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $31723561 | 84 | $67284 | 57% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i22477b1b0562f3c4e15ca9a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.6% |
| Real Estate | 2.2% |
| Utilities | 3.7% |
| Energy | 5.4% |
| Communication Services | 6.4% |
| Consumer Staples | 8.6% |
| Health Care | 8.9% |
| Consumer Discretionary | 9.2% |
| Financials | 11.5% |
| Industrials | 12.5% |
| Information Technology | 29.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Microsoft | 8.5% |
| NVIDIA | 8.3% |
| Broadcom | 3.0% |
| JPMorgan Chase | 2.4% |
| International Business Machines | 2.2% |
| Johnson & Johnson | 2.2% |
| Palantir Technologies, Cl A | 2.0% |
| Home Depot | 2.0% |
| Goldman Sachs Group | 2.0% |
| Cisco Systems | 1.9% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kvle/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KVLE-SAR-2025

# KraneShares Trust
![Image](i958c9af77065024154d0d737.jpg)

## KraneShares Mount Lucas Managed Futures Index Strategy ETF

## Ticker: KMLM

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Mount Lucas Managed Futures Index Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kmlm/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | $45 | 0.90% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $183454028 | 26 | $845970 | 0% |

---

# What did the Fund invest in?

## Commodity Exposure<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<u>Commodity Exposures as of 9/30/2025</u>** | **<u>Identifier</u>** | **<u>Position</u>** | **<u>% NAV</u>** |
| GOLD 100 OZ FUTR DEC 25 | GCZ5 | Long | 7.39% |
| NY HARB ULSD FUT DEC 25 | HOZ5 | Long | 6.95% |
| GASOLINE RBOB FUT DEC 25 | XBZ5 | Long | 6.78% |
| NATURAL GAS FUTR DEC 25 | NGZ25 | Short | 6.75% |
| CORN FUTURE DEC 25 | C Z5 | Short | 6.72% |
| SUGAR #11 (WORLD) MAR 26 | SBH6 | Short | 6.63% |
| LIVE CATTLE FUTR DEC 25 | LCZ5 | Long | 6.60% |
| WHEAT FUTURE(CBT) DEC 25 | W Z5 | Short | 6.47% |
| WTI CRUDE FUTURE DEC 25 | CLZ5 | Short | 5.40% |
| COPPER FUTURE DEC 25 | HGZ5 | Short | 5.16% |
| SOYBEAN FUTURE NOV 25 | S X5 | Short | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Gold - Futures Contract<sup>Footnote Reference(1)</sup> | 0.9% |
| Wheat - Futures Contract<sup>Footnote Reference(1)</sup> | 0.8% |
| Live Cattle - Futures Contract<sup>Footnote Reference(1)</sup> | 0.5% |
| Corn - Futures Contract<sup>Footnote Reference(1)</sup> | 0.3% |
| Japanese 10-Year Bond - Futures Contract<sup>Footnote Reference(1)</sup> | 0.2% |
| Japanese Yen - Futures Contract<sup>Footnote Reference(1)</sup> | 0.1% |
| NY Harbor ULSD - Futures Contract<sup>Footnote Reference(1)</sup> | 0.1% |
| WTI Crude Oil - Futures Contract<sup>Footnote Reference(1)</sup> | 0.0% |
| Euro FX - Futures Contract<sup>Footnote Reference(1)</sup> | 0.0% |
| Canadian 10-Year Bond - Futures Contract<sup>Footnote Reference(1)</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;At market value. |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kmlm/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KMLM-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares SSE STAR Market 50 Index ETF

## Ticker: KSTR

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares SSE STAR Market 50 Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kstr/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares SSE STAR Market 50 Index ETF | $54 | 0.89% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $56741487 | 50 | $148437 | 39% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i26775a22d1f5581d4c0f37b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6% |
| Industrials | 2.3% |
| Materials | 2.9% |
| Consumer Discretionary | 5.1% |
| Health Care | 12.2% |
| Information Technology | 76.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Cambricon Technologies, Cl A | 11.8% |
| Montage Technology, Cl A | 9.9% |
| Advanced Micro-Fabrication Equipment China, Cl A | 5.3% |
| Shanghai United Imaging Healthcare, Cl A | 4.4% |
| Beijing Kingsoft Office Software, Cl A | 4.3% |
| Verisilicon Microelectronics Shanghai, Cl A | 3.8% |
| Beijing Roborock Technology, Cl A | 2.6% |
| Shenzhen Transsion Holdings, Cl A | 2.5% |
| National Silicon Industry Group, Cl A | 2.5% |
| Hwatsing Technology, Cl A | 2.4% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kstr/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KSTR-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Hang Seng TECH Index ETF

## Ticker: KTEC

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Hang Seng TECH Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/ktec/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Hang Seng TECH Index ETF | $38 | 0.69% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $63112224 | 29 | $156283 | 49% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i44c8d3dd3b8099f18f5d6217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.9% |
| Information Technology | 20.0% |
| Communication Services | 28.2% |
| Consumer Discretionary | 43.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Alibaba Group Holding | 10.2% |
| Tencent Holdings | 8.3% |
| NetEase | 8.2% |
| Meituan, Cl B | 8.0% |
| Xiaomi, Cl B | 7.5% |
| Kuaishou Technology, Cl B | 4.8% |
| BYD, Cl H | 4.8% |
| JD.com, Cl A | 4.5% |
| Baidu, Cl A | 4.2% |
| Trip.com Group | 4.1% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/ktec/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KTEC-SAR-2025

# KraneShares Trust
![Image](idd96b8e4633b8370cdc2b5c8.jpg)

## KraneShares European Carbon Allowance Strategy ETF

## Ticker: KEUA

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares European Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/keua/. You can also request this information by contacting us at 1-855-857-2638. **This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares European Carbon Allowance Strategy ETF | $44 | 0.79% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $6978574<sub>3</sub> | $26628 | 13% |

---

# What did the Fund invest in?

## Market Exposure<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| **<u>Futures Contracts:</u>** |  |
| Futures Contract | 83.0% |
| **<u>Collateral and Currency Management:</u>** |  |
| Short-Term Investment, GVMXX | 8.6% |
| Exchange-Traded Fund<sup>Footnote Reference\*\*</sup> | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Futures Breakdown<sup>**Footnote Reference ^**</sup>

#### Data as of 9/30/2025
![Top 10 Chart](i65a0e716e5163f0270f9aa4e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| European Union | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Percentages are calculated based on total notional value. Future contracts are presented at the notional value. |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/keua/ or upon request at 1-855-857-2638.

Effective November 3, 2025, the Fund's investment objective and principal risks changed. The Fund has changed from tracking the "Total Return" version of its underlying index to the "Excess Return" version of its underlying index. This change does not alter the Fund's Principal Investment Strategies. In connection with this change, Counterparty Risk was added as part of the Fund's Derivatives Risk, and corresponding changes were made to the Fund's Tax Risk.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/keua/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](idd96b8e4633b8370cdc2b5c8.jpg)

KEUA-SAR-2025

# KraneShares Trust
![Image](idd96b8e4633b8370cdc2b5c8.jpg)

## KraneShares California Carbon Allowance Strategy ETF

## Ticker: KCCA

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares California Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kcca/. You can also request this information by contacting us at 1-855-857-2638. **This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares California Carbon Allowance Strategy ETF | $40 | 0.79% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $141998534<sub>3</sub> | $431146 | 9% |

---

# What did the Fund invest in?

## Market Exposure<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| **<u>Futures Contracts:</u>** |  |
| Futures Contract | 108.6% |
| **<u>Collateral and Currency Management:</u>** |  |
| Short-Term Investment, GVMXX | 3.0% |
| Exchange-Traded Fund<sup>Footnote Reference\*\*</sup> | 77.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Futures Breakdown<sup>**Footnote Reference ^**</sup>

#### Data as of 9/30/2025
![Top 10 Chart](ibefa4c852c2dadcd956938f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| California | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Percentages are calculated based on total notional value. Future contracts are presented at the notional value. |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kcca/ or upon request at 1-855-857-2638.

Effective November 3, 2025, the Fund's investment objective and principal risks changed. The Fund has changed from tracking the "Total Return" version of its underlying index to the "Excess Return" version of its underlying index. This change does not alter the Fund's Principal Investment Strategies. In connection with this change, Counterparty Risk was added as part of the Fund's Derivatives Risk, and corresponding changes were made to the Fund's Tax Risk.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcca/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](idd96b8e4633b8370cdc2b5c8.jpg)

KCCA-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares KWEB Covered Call Strategy ETF

## Ticker: KLIP

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares KWEB Covered Call Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/klip/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares KWEB Covered Call Strategy ETF | $14 | 0.26% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $119541723<sub>14</sub> | $124312 | 365% |

---

# What did the Fund invest in?
(KWEB) Industry Weightings<sup>**Footnote Reference\***</sup>

![Holdings Chart](i2c68cb9e4dc88d4e6343bdef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Insurance | 0.9% |
| Media | 1.1% |
| Consumer Finance | 1.7% |
| Diversified Consumer Services | 2.4% |
| Ground Transportation | 3.4% |
| Real Estate Management & Development | 3.5% |
| Hotels, Restaurants & Leisure | 4.7% |
| Internet & Catalog Retail | 5.8% |
| Consumer Staples Distribution & Retail | 7.1% |
| Entertainment | 11.6% |
| Broadline Retail | 27.1% |
| Interactive Media & Services | 30.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets of KWEB (KraneShares CSI China Internet ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| KraneShares CSI China Internet ETF<sup>Footnote Reference\*\*</sup> | 106.2% |
| Written Option - KWEB US, $40.74, 10/17/25<sup>Footnote Reference(1)</sup> | 0.0% |
| Written Option - KWEB US, $40.94, 10/17/25<sup>Footnote Reference(1)</sup> | -0.1% |
| Written Option - KWEB US, $37.53, 10/03/25<sup>Footnote Reference(1)</sup> | -0.1% |
| Written Option - KWEB US, $41.68, 10/31/25<sup>Footnote Reference(1)</sup> | -0.1% |
| Written Option - KWEB US, $41.44, 10/24/25<sup>Footnote Reference(1)</sup> | -0.1% |
| Written Option - KWEB US, $38.22, 10/03/25<sup>Footnote Reference(1)</sup> | -0.1% |
| Written Option - KWEB US, $38.26, 10/10/25<sup>Footnote Reference(1)</sup> | -0.2% |
| Written Option - KWEB US, $41.72, 10/24/25<sup>Footnote Reference(1)</sup> | -0.6% |
| Written Option - KWEB US, $41.07, 10/31/25<sup>Footnote Reference(1)</sup> | -1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;At market value. |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/klip/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KLIP-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Global Luxury Index ETF

## Ticker: KLXY

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Global Luxury Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/klxy/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Global Luxury Index ETF | $37 | 0.69% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $1935340 | 23 | $7901 | 18% |

---

# What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i30fd630de94524490791d5d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 2.3% |
| Denmark | 3.5% |
| Japan | 7.2% |
| Switzerland | 7.7% |
| Italy | 10.8% |
| United States | 29.5% |
| France | 35.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| LVMH Moet Hennessy Louis Vuitton | 9.9% |
| L'Oreal | 8.0% |
| Cie Financiere Richemont, Cl A | 7.7% |
| Kering | 6.6% |
| EssilorLuxottica | 6.2% |
| Tapestry | 6.2% |
| Ralph Lauren, Cl A | 4.6% |
| Estee Lauder, Cl A | 4.5% |
| Hermes International | 4.4% |
| Ferrari | 4.1% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/klxy/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KLXY-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Hedgeye Hedged Equity Index ETF

## Ticker: KSPY

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Hedgeye Hedged Equity Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kspy/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Hedgeye Hedged Equity Index ETF | $37 | 0.69% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $35394434<sub>4</sub> | $72472 | 13% |

---

# What did the Fund invest in?

## S&P 500 Top Constituents<sup>**Footnote Reference \***</sup>
![Holdings Chart](i768e59fdf53cdbb453ae8053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| EXXON MOBIL CORP | 0.8% |
| NETFLIX INC | 0.9% |
| VISA INC-CLASS A SHARES | 1.0% |
| ELI LILLY & CO | 1.1% |
| JPMORGAN CHASE & CO | 1.5% |
| BERKSHIRE HATHAWAY INC-CL B | 1.6% |
| ALPHABET INC-CL C | 2.0% |
| TELSA INC | 2.2% |
| ALPHABET INC-CL A | 2.5% |
| BROADCOM INC | 2.7% |
| META PLATFORMS INC-CLASS A | 2.8% |
| AMAZON.COM INC | 3.7% |
| APPLE INC | 6.6% |
| MICROSOFT CORP | 6.7% |
| NVIDIA CORP | 8.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets of SPY (SPDR S&P 500 ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself. |

---

## Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| SPDR S&P 500 ETF Trust | 100.5% |
| Purchased Option - S&P 500 Index, $6,610.00, 10/17/25<sup>Footnote Reference(1)</sup> | 0.7% |
| Written Option - S&P 500 Index, $6,555.00, 10/17/25<sup>Footnote Reference(1)</sup> | -0.5% |
| Written Option - SPDR S&P 500 ETF Trust, $667.38, 10/17/25<sup>Footnote Reference(1)</sup> | -1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;At market value. |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kspy/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KSPY-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Artificial Intelligence and Technology ETF

## Ticker: AGIX

## Principal Listing Exchange: NASDAQ

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Artificial Intelligence and Technology ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/agix/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Artificial Intelligence and Technology ETF | $62 | 1.00% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $89719569 | 51 | $196090 | 23% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i9beddcf06dbd1d01ee624643.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 1.1% |
| Health Care | 2.4% |
| Consumer Discretionary | 8.9% |
| Communication Services | 12.8% |
| Information Technology | 74.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Microsoft | 5.0% |
| Meta Platforms, Cl A | 5.0% |
| Alphabet, Cl A | 3.8% |
| Amazon.com | 3.7% |
| NVIDIA | 3.7% |
| Nebius Group, Cl A | 3.5% |
| Anthropic | 3.3% |
| Tesla | 3.1% |
| AppLovin, Cl A | 2.8% |
| ServiceNow | 2.7% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/agix/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

AGIX-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Sustainable Ultra Short Duration Index ETF

## Ticker: KCSH

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Sustainable Ultra Short Duration Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kcsh/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Sustainable Ultra Short Duration Index ETF | $10 | 0.20% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $227091064 | 155 | $189019 | 0% |

---

# What did the Fund invest in?

## Maturity Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i5346ad3ad013478ece16c9d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Over 1 Year | 1.0% |
| 9-12 Months | 10.7% |
| 6-9 Months | 32.0% |
| 3-6 Months | 40.7% |
| 0-3 Months | 14.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |

---

## Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| **<u>Holding Name</u>** | **<u>Coupon Rate</u>** | **<u>Maturity Date</u>** | **<u>Percentage of Total Net Assets</u>** |
| Bank of America | 4.450% | 03/03/26 | 2.8% |
| Manufacturers & Traders Trust | 4.650% | 01/27/26 | 1.8% |
| ASB Bank | 5.346% | 06/15/26 | 1.6% |
| Citibank | 5.438% | 04/30/26 | 1.4% |
| HSBC Holdings | 4.300% | 03/08/26 | 1.4% |
| Prudential Financial | 1.500% | 03/10/26 | 1.4% |
| Toronto-Dominion Bank | 1.200% | 06/03/26 | 1.4% |
| Dell International | 6.020% | 06/15/26 | 1.3% |
| Realty Income | 4.875% | 06/01/26 | 1.3% |
| Microsoft | 3.125% | 11/03/25 | 1.3% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcsh/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KCSH-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares China Alpha Index ETF

## Ticker: KCAI

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares China Alpha Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kcai/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares China Alpha Index ETF | $47 | 0.79% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $11245064 | 40 | $42239 | 62% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i5cd52aa9e04cbee5c7e9881b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 10.5% |
| Industrials | 13.2% |
| Information Technology | 20.5% |
| Materials | 21.0% |
| Financials | 34.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Luxshare Precision Industry, Cl A | 4.2% |
| Zijin Mining Group, Cl A | 3.6% |
| Foxconn Industrial Internet, Cl A | 3.5% |
| Seres Group, Cl A | 3.4% |
| Fuyao Glass Industry Group, Cl A | 3.3% |
| Zangge Mining, Cl A | 3.2% |
| Aluminum Corp of China, Cl A | 3.1% |
| Zhejiang Juhua, Cl A | 3.0% |
| Ningxia Baofeng Energy Group, Cl A | 3.0% |
| Zhongji Innolight, Cl A | 3.0% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcai/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KCAI-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Man Buyout Beta Index ETF

## Ticker: BUYO

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Man Buyout Beta Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/buyo/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Man Buyout Beta Index ETF | $49 | 0.89% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $12054107 | 313 | $48737 | 35% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i0a8bbf4b25e4fbaa66a58114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.9% |
| Energy | 3.1% |
| Consumer Staples | 4.7% |
| Communication Services | 5.5% |
| Materials | 6.5% |
| Financials | 9.3% |
| Health Care | 11.6% |
| Consumer Discretionary | 13.8% |
| Industrials | 20.3% |
| Information Technology | 23.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Encompass Health | 1.5% |
| News | 1.4% |
| Wayfair, Cl A | 1.3% |
| Nutanix, Cl A | 1.3% |
| Elastic | 1.2% |
| Pentair | 1.1% |
| Pegasystems | 1.0% |
| Ciena | 1.0% |
| Jabil | 1.0% |
| Frontdoor | 1.0% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/buyo/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

BUYO-SAR-2025

# KraneShares Trust
![Image](ib1626076c6b2a1f2403cfce5.jpg)

## KraneShares Global Humanoid and Embodied Intelligence Index ETF

## Ticker: KOID

## Principal Listing Exchange: NASDAQ

## Semi-Annual Shareholder Report: September 30, 2025
This semi-annual shareholder report contains important information about the KraneShares Global Humanoid and Embodied Intelligence Index ETF (the "Fund") for the period from June 5, 2025 (commencement of operations) to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/koid/. You can also request this information by contacting us at 1-855-857-2638.

# What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | $25 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended. |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $74303840 | 50 | $69124 | 23% |

---

# What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i7391678fe14740b5b710ed23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 5.9% |
| Consumer Discretionary | 19.9% |
| Information Technology | 36.0% |
| Industrials | 38.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| UBTech Robotics | 2.2% |
| Zhejiang Sanhua Intelligent Controls, Cl A | 2.1% |
| XPeng, Cl A | 2.1% |
| Nidec | 2.0% |
| China Northern Rare Earth Group High-Tech, Cl A | 2.0% |
| Shanghai Moons' Electric, Cl A | 2.0% |
| Moog, Cl A | 2.0% |
| NVIDIA | 2.0% |
| RoboSense Technology | 2.0% |
| Amphenol, Cl A | 2.0% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/koid/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i47f6a2733815fe4a2b53f928.jpg)

KOID-SAR-2025

(b) Not applicable to the Registrant.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 6.** **Investments.**

(a) The Schedules of Investments and Consolidated Schedules of Investments are included as part of the Registrant's Semi-Annual Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

**Financial statements and financial highlights are filed herein.**

![](img_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Semi-Annual Financials and Other Information** <br>**KraneShares CSI China Internet ETF** <br> **KraneShares Bosera MSCI China A 50 Connect Index ETF** <br> **KraneShares MSCI One Belt One Road Index ETF**<br> **KraneShares Emerging Markets Consumer Technology Index ETF** <br> **KraneShares MSCI China Clean Technology Index ETF** <br> **KraneShares Electric Vehicles and Future Mobility Index ETF** <br> **KraneShares MSCI All China Health Care Index ETF** <br> **KraneShares Asia Pacific High Income USD Bond ETF** <br> **KraneShares MSCI Emerging Markets ex China Index ETF** <br> **KraneShares Global Carbon Strategy ETF** <br> **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** <br> **KraneShares Mount Lucas Managed Futures Index Strategy ETF** <br> **KraneShares SSE STAR Market 50 Index ETF**<br> **KraneShares Hang Seng TECH Index ETF** <br> **KraneShares European Carbon Allowance Strategy ETF** <br> **KraneShares California Carbon Allowance Strategy ETF** <br> **KraneShares KWEB Covered Call Strategy ETF** <br> **KraneShares Global Luxury Index ETF**<br> **KraneShares Hedgeye Hedged Equity Index ETF**<br> **KraneShares Artificial Intelligence and Technology ETF**<br> **KraneShares Sustainable Ultra Short Duration Index ETF**<br> **KraneShares China Alpha Index ETF**<br> **KraneShares Man Buyout Beta Index ETF**<br> **KraneShares Global Humanoid and Embodied Intelligence Index ETF**<br> ***September 30, 2025*** <br>

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments/Consolidated Schedules of Investments](#a_001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares CSI China Internet ETF](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Bosera MSCI China A 50 Connect Index ETF](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI One Belt One Road Index ETF](#a_004) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Emerging Markets Consumer Technology Index ETF](#a_005) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI China Clean Technology Index ETF](#a_006) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Electric Vehicles and Future Mobility Index ETF](#a_007) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI All China Health Care Index ETF](#a_008) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Asia Pacific High Income USD Bond ETF](#a_009) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI Emerging Markets ex China Index ETF](#a_010) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Global Carbon Strategy ETF](#a_011) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF](#a_012) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Mount Lucas Managed Futures Index Strategy ETF](#a_013) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares SSE STAR Market 50 Index ETF](#a_014) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Hang Seng TECH Index ETF](#a_015) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares European Carbon Allowance Strategy ETF](#a_016) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares California Carbon Allowance Strategy ETF](#a_017) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares KWEB Covered Call Strategy ETF](#a_018) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Global Luxury Index ETF](#a_019) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Hedgeye Hedged Equity Index ETF](#a_020) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Artificial Intelligence and Technology ETF](#a_021) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Sustainable Ultra Short Duration Index ETF](#a_022) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares China Alpha Index ETF](#a_023) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Man Buyout Beta Index ETF](#a_024) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Global Humanoid and Embodied Intelligence Index ETF](#a_025) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#a_026) | 94 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities](#a_027) | 95 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations/Consolidated Statements of Operations](#a_028) | 107 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets](#a_029) | 111 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights/Consolidated Financial Highlights](#a_030) | 136 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements/Notes to Consolidated Financial Statements](#a_031) | 146 |
| [Other Information (Form N-CSRS Items 8-11)](#a_032) | 180 |

---

**Fund shares may only be purchased or redeemed from a Fund in Creation Unit aggregations. Investors who cannot transact in Creation Units of a Fund's shares must buy or sell Fund shares in the secondary market at their market price, which may be at a premium or discount to a Fund's net asset value, with the assistance of a broker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying Fund shares and receive less than net asset value when selling Fund shares.**

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

**KraneShares CSI China Internet ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **CHINA — 99.9%** |  |  |
| Communication Services — 39.2% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 3068653 | $87610043 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 29591584 | 506606214 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 12822864 | 370162878 |
| &nbsp;&nbsp;&nbsp;China Literature\* | 22096000 | 112121495 |
| &nbsp;&nbsp;&nbsp;iQIYI ADR\* | 24946602 | 63863301 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 1336254 | 78317847 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 40896200 | 181973477 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 42549100 | 462656658 |
| &nbsp;&nbsp;&nbsp;NetEase | 12309305 | 374639276 |
| &nbsp;&nbsp;&nbsp;NetEase Cloud Music\* | 3574400 | 119354933 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 12338975 | 1051454993 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 17231432 | 402181623 |
| &nbsp;&nbsp;&nbsp;Weibo ADR | 4236482 | 52532377 |
|  |  | 3863475115 |
| Consumer Discretionary — 40.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 49306264 | 1121691523 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 28712190 | 511109752 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 34697747 | 466031896 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 5552085 | 733819075 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR\* | 20903010 | 234113712 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 58829800 | 173909491 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 5201200 | 398426199 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 15555888 | 305517640 |
|  |  | 3944619288 |
| Consumer Staples — 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 270854000 | 231850244 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 54319437 | 464274660 |
|  |  | 696124904 |
| Financials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Qfin Holdings ADR | 5748116 | 165430778 |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H\* | 37203700 | 84110468 |
|  |  | 249541246 |
| Industrials — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR | 25513779 | 330913713 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR\* | 17522919 | 409335388 |
|  |  | 740249101 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Real Estate — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings, Cl A | 50617300 | $342527485 |
| TOTAL CHINA |  | 9836537139 |
| TOTAL COMMON STOCK<br> (Cost $7,867,961,107) |  | 9836537139 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $7,867,961,107) |  | 9836537139 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 9538901 |
| NET ASSETS - 100% |  | $9846076040 |

---

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

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6%<sup>‡</sup>** |  |  |
| **CHINA — 99.6%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;China United Network Communications, Cl A | 2528900 | $1951476 |
| &nbsp;&nbsp;&nbsp;Focus Media Information Technology, Cl A | 1167402 | 1320153 |
|  |  | 3271629 |
| Consumer Discretionary — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 702100 | 10757968 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 487500 | 4969800 |
|  |  | 15727768 |
| Consumer Staples — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 263321 | 1439373 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 61089 | 12376449 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 83746 | 1550042 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 310245 | 2307010 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 69216 | 1884081 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 220579 | 3759567 |
|  |  | 23316522 |
| Energy — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl A | 1954840 | 1450894 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl A | 397947 | 2149586 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 1302000 | 1472363 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 584616 | 1640475 |
|  |  | 6713318 |
| Financials — 22.5% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 6383507 | 5973847 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 2981700 | 2167018 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 4000599 | 3771926 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 495218 | 1836380 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 1546767 | 8769657 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 513214 | 2528843 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 918221 | 3852009 |
| &nbsp;&nbsp;&nbsp;East Money Information, Cl A | 1185131 | 4509463 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 1059200 | 2804263 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 4717226 | 4831460 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 1586922 | 4419621 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 1455067 | 2315074 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 806898 | 6239042 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 2269446 | 3789097 |
|  |  | 57807700 |
| Health Care — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 1024987 | 10289561 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 194853 | $6716816 |
|  |  | 17006377 |
| Industrials — 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 4478800 | 3223650 |
| &nbsp;&nbsp;&nbsp;China CSSC Holdings, Cl A | 230000 | 1116536 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 3782418 | 2892244 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 375051 | 21153647 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 1154430 | 2322660 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl A | 2226809 | 2333847 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 735315 | 2368723 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 441559 | 2498537 |
|  |  | 37909844 |
| Information Technology — 21.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A\* | 60005 | 11155067 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 1891300 | 17516165 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 1113850 | 10109571 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 110684 | 7024851 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 170700 | 9668066 |
|  |  | 55473720 |
| Materials — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 766899 | 7163922 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 4691442 | 19378182 |
|  |  | 26542104 |
| Real Estate — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings, Cl A | 789900 | 1127098 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 1043577 | 1150843 |
|  |  | 2277941 |
| Utilities — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 1640800 | 2005131 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 1951670 | 7461768 |
|  |  | 9466899 |
| TOTAL CHINA |  | 255513822 |
| TOTAL COMMON STOCK<br> (Cost $210,610,315) |  | 255513822 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Rights** | **Value** |
| **RIGHTS — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma<sup>‡‡</sup>\*<sup>(A)</sup> | 58879 | $— |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.6%<br> (Cost $210,610,315) |  | 255513822 |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 935178 |
| NET ASSETS - 100% |  | $256449000 |

---

---

| | |
|:---|:---|
| *‡* | *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.* |

---

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $255513822 | $— | $— |  | $255513822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 255513822 |  |  |  | 255513822 |
| &nbsp;&nbsp;&nbsp;Rights |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights |  |  |  |  |  |
| Total Investments in Securities | $255513822 | $— | $— |  | $255513822 |

---

---

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

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%<sup>‡</sup>** |  |  |
| **CHINA — 41.3%** |  |  |
| Energy — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl H | 140000 | $72875 |
| Financials — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Changsha, Cl A | 7100 | 8796 |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu, Cl A | 7500 | 18152 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 12800 | 27423 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 32155 | 45250 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 21691 | 33264 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 11546 | 42815 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou, Cl A | 7900 | 9044 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 14000 | 10814 |
|  |  | 195558 |
| Industrials — 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 3108 | 10317 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 87000 | 62619 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 16000 | 9460 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 58100 | 19646 |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 10100 | 13802 |
| &nbsp;&nbsp;&nbsp;China National Chemical Engineering, Cl A | 10900 | 11378 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 24500 | 12375 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 73700 | 56355 |
| &nbsp;&nbsp;&nbsp;China XD Electric, Cl A | 9200 | 8726 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl H | 26000 | 20050 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 35332 | 29198 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl A | 5400 | 14615 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 7200 | 15123 |
| &nbsp;&nbsp;&nbsp;Goneo Group, Cl A | 1610 | 10088 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 8000 | 9275 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology, Cl A | 6800 | 18051 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 32000 | 17285 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 14152 | 45589 |
| &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1300 | 12884 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 2900 | 9985 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 31400 | 24583 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group, Cl A\* | 23600 | 31257 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 2450 | 28813 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge, Cl A | 10500 | 11918 |
| &nbsp;&nbsp;&nbsp;TBEA, Cl A | 8967 | 22394 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 3800 | 16373 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 10000 | 9241 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 2800 | 15403 |
|  |  | 566803 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 7500 | $22653 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 23000 | 16318 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 6324 | 42856 |
| &nbsp;&nbsp;&nbsp;China Rare Earth Resources And Technology, Cl A\* | 2000 | 14521 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power, Cl A | 4000 | 11230 |
| &nbsp;&nbsp;&nbsp;Jinduicheng Molybdenum, Cl A | 5700 | 12356 |
| &nbsp;&nbsp;&nbsp;Shanjin International Gold, Cl A | 5000 | 16016 |
| &nbsp;&nbsp;&nbsp;Western Mining, Cl A | 4600 | 14199 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 1173 | 10712 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 3400 | 14120 |
|  |  | 174981 |
| Utilities — 14.9% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 3000 | 12825 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 63000 | 23401 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 16200 | 15866 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 15000 | 16021 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 36100 | 44116 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 26000 | 10794 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 5600 | 14280 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 12635 | 28971 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 50200 | 29934 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 42900 | 164018 |
| &nbsp;&nbsp;&nbsp;Datang International Power Generation, Cl A | 22400 | 10654 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 4700 | 38873 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas, Cl A | 4600 | 11604 |
| &nbsp;&nbsp;&nbsp;GD Power Development, Cl A | 31300 | 21870 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 15342 | 10956 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H | 25000 | 17416 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 24000 | 21470 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 14106 | 25847 |
| &nbsp;&nbsp;&nbsp;Shenergy, Cl A | 8719 | 9566 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 8584 | 17198 |
| &nbsp;&nbsp;&nbsp;Wintime Energy Group, Cl A | 39700 | 9079 |
| &nbsp;&nbsp;&nbsp;Zhejiang Zheneng Electric Power, Cl A | 19900 | 13821 |
|  |  | 568580 |
| TOTAL CHINA |  | 1578797 |
| **GREECE — 0.3%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aegean Airlines | 643 | 10109 |
| TOTAL GREECE |  | 10109 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **INDIA — 4.6%** |  |  |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 1615 | $18076 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 657 | 22593 |
| &nbsp;&nbsp;&nbsp;Azad Engineering\* | 413 | 7268 |
| &nbsp;&nbsp;&nbsp;GMM Pfaudler | 472 | 5633 |
|  |  | 35494 |
| Materials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Navin Fluorine International | 476 | 24776 |
| &nbsp;&nbsp;&nbsp;PI Industries | 1186 | 46932 |
| &nbsp;&nbsp;&nbsp;UPL | 7041 | 52005 |
|  |  | 123713 |
| TOTAL INDIA |  | 177283 |
| **INDONESIA — 5.8%** |  |  |
| Energy — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Medco Energi Internasional | 135700 | 11156 |
| Materials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amman Mineral Internasional\* | 233900 | 101406 |
| &nbsp;&nbsp;&nbsp;Chandra Asri Pacific | 134700 | 62440 |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 39600 | 17465 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold\* | 157400 | 19929 |
| &nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia | 22500 | 9417 |
|  |  | 210657 |
| TOTAL INDONESIA |  | 221813 |
| **ISRAEL — 3.2%** |  |  |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services | 1922 | 26043 |
| Materials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;ICL Group | 12131 | 76014 |
| &nbsp;&nbsp;&nbsp;The Israel Corp | 60 | 18785 |
|  |  | 94799 |
| TOTAL ISRAEL |  | 120842 |
| **KAZAKHSTAN — 1.3%** |  |  |
| Energy — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 947 | 50475 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources PLC\*<sup>(A)</sup> | 7154 | $— |
| TOTAL KAZAKHSTAN |  | 50475 |
| **KUWAIT — 9.7%** |  |  |
| Financials — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Kuwait Finance House | 138576 | 360555 |
| &nbsp;&nbsp;&nbsp;Kuwait Projects Holding\* | 31103 | 8571 |
| TOTAL KUWAIT |  | 369126 |
| **MALAYSIA — 1.7%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Sime Darby | 44200 | 23946 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 40600 | 40807 |
| TOTAL MALAYSIA |  | 64753 |
| **PHILIPPINES — 0.8%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Aboitiz Equity Ventures | 26700 | 13671 |
| &nbsp;&nbsp;&nbsp;JG Summit Holdings | 41942 | 16575 |
| TOTAL PHILIPPINES |  | 30246 |
| **POLAND — 2.5%** |  |  |
| Materials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz\* | 2190 | 96586 |
| TOTAL POLAND |  | 96586 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC\*<sup>(A)(B)</sup> | 33666 |  |
| &nbsp;&nbsp;&nbsp;Sovcomflot PJSC\*<sup>(A)(B)</sup> | 9110 |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC\*<sup>(A)(B)</sup> | 143400 |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO\*<sup>(A)(B)</sup> | 123900 |  |
| &nbsp;&nbsp;&nbsp;Segezha Group PJSC\*<sup>(A)(B)</sup> | 78500 |  |
| TOTAL RUSSIA |  |  |
| **SINGAPORE — 9.3%** |  |  |
| Financials — 6.7% |  |  |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 19112 | 243718 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Yangzijiang Financial Holding | 12600 | $11728 |
|  |  | 255446 |
| Industrials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 8400 | 42482 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 8900 | 59440 |
|  |  | 101922 |
| TOTAL SINGAPORE |  | 357368 |
| **SOUTH AFRICA — 13.3%** |  |  |
| Materials — 13.3% |  |  |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings | 14145 | 180825 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings | 5578 | 90851 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum | 3319 | 237658 |
| TOTAL SOUTH AFRICA |  | 509334 |
| **THAILAND — 4.2%** |  |  |
| Energy — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 157000 | 161094 |
| TOTAL THAILAND |  | 161094 |
| **TÜRKIYE — 1.7%** |  |  |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | 8626 | 65348 |
| TOTAL TÜRKIYE |  | 65348 |
| TOTAL COMMON STOCK<br> (Cost $4,008,653) |  | 3813174 |
| **PREFERRED STOCK — 0.0%** |  |  |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC\*<sup>(A)(B)(C)</sup> | 136600 |  |
| TOTAL PREFERRED STOCK<br> (Cost $74,846) |  |  |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $4,083,499) |  | 3813174 |
| OTHER ASSETS LESS LIABILITIES – 0.3% |  | 11207 |
| NET ASSETS - 100% |  | $3824381 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

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

---

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $1578797 | $— | $— |  | $1578797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 10109 |  |  |  | 10109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 177283 |  |  |  | 177283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 221813 |  |  |  | 221813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 120842 |  |  |  | 120842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 50475 |  |  |  | 50475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait | 369126 |  |  |  | 369126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 64753 |  |  |  | 64753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | 30246 |  |  |  | 30246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 96586 |  |  |  | 96586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 357368 |  |  |  | 357368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 509334 |  |  |  | 509334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 161094 |  |  |  | 161094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Türkiye | 65348 |  |  |  | 65348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 3813174 |  |  |  | 3813174 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |  |  |  |
| Total Investments in Securities | $3813174 | $— | $— |  | $3813174 |

---

---

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

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 0.8%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;IDP Education | 65452 | $284996 |
| TOTAL AUSTRALIA |  | 284996 |
| **BRAZIL — 3.1%** |  |  |
| Consumer Discretionary — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre\* | 335 | 782875 |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;TOTVS | 30800 | 265633 |
| TOTAL BRAZIL |  | 1048508 |
| **CHINA — 48.6%** |  |  |
| Communication Services — 16.7% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 58464 | 1000900 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 33480 | 966481 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 85100 | 925333 |
| &nbsp;&nbsp;&nbsp;NetEase | 38900 | 1183939 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 13875 | 1182346 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 19400 | 230020 |
| &nbsp;&nbsp;&nbsp;Weibo, Cl A | 20360 | 262992 |
|  |  | 5752011 |
| Consumer Discretionary — 18.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 61300 | 1394543 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 68075 | 1211813 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 87097 | 1169816 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 8860 | 1171026 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 83200 | 245951 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 11100 | 850291 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 13521 | 265552 |
|  |  | 6308992 |
| Consumer Staples — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 870000 | 744717 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 92550 | 791036 |
|  |  | 1535753 |
| Industrials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kanzhun\* | 67200 | 784679 |
| Information Technology — 6.7% |  |  |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A\* | 191900 | 988555 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor\* | 41000 | 421572 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 397000 | $893970 |
|  |  | 2304097 |
| TOTAL CHINA |  | 16685532 |
| **GREECE — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 10803 | 252221 |
| TOTAL GREECE |  | 252221 |
| **INDIA — 2.9%** |  |  |
| Consumer Discretionary — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;FSN E-Commerce Ventures\* | 291287 | 762363 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;One 97 Communications\* | 17296 | 218916 |
| TOTAL INDIA |  | 981279 |
| **INDONESIA — 0.6%** |  |  |
| Communication Services — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;MNC Digital Entertainment\* | 6507700 | 205013 |
| TOTAL INDONESIA |  | 205013 |
| **JAPAN — 2.2%** |  |  |
| Communication Services — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nexon | 34700 | 762914 |
| TOTAL JAPAN |  | 762914 |
| **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 — 3.0%** |  |  |
| Consumer Discretionary — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sea ADR\* | 5793 | 1035383 |
| TOTAL SINGAPORE |  | 1035383 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SOUTH AFRICA — 5.7%** |  |  |
| Consumer Discretionary — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero, Cl A\* | 25836 | $741025 |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 3363 | 1219214 |
| TOTAL SOUTH AFRICA |  | 1960239 |
| **SOUTH KOREA — 18.6%** |  |  |
| Communication Services — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Kakao | 18579 | 789215 |
| &nbsp;&nbsp;&nbsp;Kakao Games\* | 20824 | 231683 |
| &nbsp;&nbsp;&nbsp;Krafton\* | 3433 | 715693 |
| &nbsp;&nbsp;&nbsp;NAVER | 4768 | 912446 |
| &nbsp;&nbsp;&nbsp;NCSoft | 5464 | 841185 |
| &nbsp;&nbsp;&nbsp;Netmarble | 5301 | 233115 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss\* | 10040 | 253674 |
|  |  | 3977011 |
| Consumer Discretionary — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A\* | 24667 | 794278 |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;SK Square\* | 2045 | 293694 |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 5373 | 1330756 |
| TOTAL SOUTH KOREA |  | 6395739 |
| **TAIWAN — 13.0%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;momo.com | 29653 | 234965 |
| Information Technology — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nanya Technology\* | 448000 | 1073036 |
| &nbsp;&nbsp;&nbsp;Powerchip Semiconductor Manufacturing\* | 439000 | 365857 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 28000 | 1198897 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 583000 | 871306 |
| &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor | 78000 | 261041 |
| &nbsp;&nbsp;&nbsp;VisEra Technologies | 24000 | 220487 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors | 79000 | 240800 |
|  |  | 4231424 |
| TOTAL TAIWAN |  | 4466389 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **URUGUAY — 0.7%** |  |  |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A | 17488 | $249729 |
| TOTAL URUGUAY |  | 249729 |
| TOTAL COMMON STOCK<br> (Cost $28,770,967) |  | 34327942 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $28,770,967) |  | 34327942 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 29900 |
| NET ASSETS - 100% |  | $34357842 |

---

---

| | |
|:---|:---|
| *‡* | *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.* |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $284996 | $— | $— |  | $284996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1048508 |  |  |  | 1048508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 16685532 |  |  |  | 16685532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 252221 |  |  |  | 252221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 981279 |  |  |  | 981279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 205013 |  |  |  | 205013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 762914 |  |  |  | 762914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1035383 |  |  |  | 1035383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1960239 |  |  |  | 1960239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 6395739 |  |  |  | 6395739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 4466389 |  |  |  | 4466389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 249729 |  |  |  | 249729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 34327942 |  |  |  | 34327942 |
| Total Investments in Securities | $34327942 | $— | $— |  | $34327942 |

---

---

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

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares MSCI China Clean Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **CHINA — 99.6%** |  |  |
| Consumer Discretionary — 41.3% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A\* | 230600 | $261420 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 29300 | 448951 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 318500 | 4511169 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 424200 | 5528492 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 580270 | 4280949 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 64800 | 1559858 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International | 448000 | 561411 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 513600 | 6149021 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 826694 | 1473735 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology\* | 323200 | 2756198 |
|  |  | 27531204 |
| Industrials — 22.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 1957300 | 1408781 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 886500 | 1249924 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 2358216 | 1345751 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology | 26800 | 1968562 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 98450 | 5552782 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 126235 | 265137 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 71900 | 470900 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 34425 | 391224 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 57100 | 196598 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 79560 | 1808111 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 85100 | 366672 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weiming Environment Protection, Cl A | 68999 | 190906 |
|  |  | 15215348 |
| Information Technology — 19.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 285892 | 215801 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 150887 | 284525 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group, Cl A | 75600 | 182970 |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A\* | 601400 | 3098056 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology, Cl A\* | 129368 | 238502 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A\* | 400446 | 312383 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding ADR | 20613 | 495330 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 1296000 | 2918349 |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings\* | 1490000 | 1572271 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A\* | 300846 | 759776 |
| &nbsp;&nbsp;&nbsp;Sanan Optoelectronics, Cl A | 200400 | 438061 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology, Cl A\* | 161400 | 204937 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A\* | 87958 | 214360 |
| &nbsp;&nbsp;&nbsp;Tuya ADR | 177424 | 438237 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 2959588 | 1308542 |
|  |  | 12682100 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities — 16.5% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 2640500 | $811115 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl A | 503600 | 255778 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 5783000 | 2148073 |
| &nbsp;&nbsp;&nbsp;China Datang Renewable Power, Cl H | 1586000 | 556498 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 1666800 | 1780257 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 818000 | 999632 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 1141400 | 680606 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 675100 | 2581092 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 319400 | 585257 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 195300 | 391291 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings | 1386000 | 228019 |
|  |  | 11017618 |
| TOTAL CHINA |  | 66446270 |
| **HONG KONG — 0.3%** |  |  |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Concord New Energy Group | 3450000 | 175151 |
| TOTAL HONG KONG |  | 175151 |
| TOTAL COMMON STOCK<br> (Cost $48,230,758) |  | 66621421 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $48,230,758) |  | 66621421 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 81528 |
| NET ASSETS - 100% |  | $66702949 |

---

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

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 95.7%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 7.0%** |  |  |
| Materials — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;IGO\* | 261156 | $896563 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths\* | 185394 | 2065449 |
| &nbsp;&nbsp;&nbsp;Mineral Resources\* | 29919 | 815760 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals\* | 1083790 | 1810076 |
| TOTAL AUSTRALIA |  | 5587848 |
| **BELGIUM — 1.5%** |  |  |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Umicore | 68041 | 1208022 |
| TOTAL BELGIUM |  | 1208022 |
| **CHINA — 59.6%** |  |  |
| Consumer Discretionary — 26.0% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A\* | 557800 | 632352 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 182900 | 2802496 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 1032000 | 2593131 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl H | 838000 | 366202 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 225300 | 2936278 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 337580 | 2490501 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 95400 | 2296459 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kedali Industry, Cl A | 27736 | 761559 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 261000 | 3124794 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 396000 | 705943 |
| &nbsp;&nbsp;&nbsp;ZEEKR Intelligent Technology Holding ADR\* | 16872 | 514259 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology\* | 180900 | 1542686 |
|  |  | 20766660 |
| Industrials — 18.7% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 54400 | 506723 |
| &nbsp;&nbsp;&nbsp;China Baoan Group, Cl A | 258707 | 452267 |
| &nbsp;&nbsp;&nbsp;CNGR Advanced Material, Cl A | 93570 | 655098 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 71420 | 4028235 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 213160 | 2721548 |
| &nbsp;&nbsp;&nbsp;Farasis Energy Gan Zhou, Cl A\* | 122358 | 367208 |
| &nbsp;&nbsp;&nbsp;GEM, Cl A | 516040 | 609627 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 170389 | 1115941 |
| &nbsp;&nbsp;&nbsp;Hunan Yuneng New Energy Battery Material, Cl A | 76000 | 644263 |
| &nbsp;&nbsp;&nbsp;Qingdao TGOOD Electric, Cl A | 106400 | 405453 |
| &nbsp;&nbsp;&nbsp;Wuxi Lead Intelligent Equipment, Cl A | 161000 | 1405480 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 177163 | 1638050 |
| &nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor, Cl A | 246700 | 398740 |
|  |  | 14948633 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B\* | 396800 | $2753997 |
| Materials — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp;Chengxin Lithium Group, Cl A\* | 94700 | 252316 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 1119200 | 2465337 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 161257 | 1377406 |
| &nbsp;&nbsp;&nbsp;Guangzhou Tinci Materials Technology, Cl A | 186294 | 997677 |
| &nbsp;&nbsp;&nbsp;Ningbo Shanshan, Cl A\* | 216600 | 483197 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology, Cl A | 204899 | 888890 |
| &nbsp;&nbsp;&nbsp;Shenzhen Senior Technology Material, Cl A | 134700 | 275735 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A\* | 152000 | 1014485 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 158451 | 658045 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material, Cl A\* | 97300 | 637527 |
|  |  | 9050615 |
| TOTAL CHINA |  | 47519905 |
| **INDONESIA — 0.7%** |  |  |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 3000200 | 568895 |
| TOTAL INDONESIA |  | 568895 |
| **JAPAN — 4.4%** |  |  |
| Consumer Discretionary — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 265000 | 2888919 |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec | 33500 | 597368 |
| TOTAL JAPAN |  | 3486287 |
| **SOUTH KOREA — 7.7%** |  |  |
| Industrials — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ecopro\* | 17283 | 1391953 |
| &nbsp;&nbsp;&nbsp;L&F\* | 8639 | 457487 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution\* | 6293 | 1558617 |
| &nbsp;&nbsp;&nbsp;POSCO Future M\* | 10749 | 1099377 |
|  |  | 4507434 |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 10941 | 1598593 |
| TOTAL SOUTH KOREA |  | 6106027 |
| **SWEDEN — 0.5%** |  |  |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Volvo Car, Cl B\* | 213459 | 438148 |
| TOTAL SWEDEN |  | 438148 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **UNITED STATES — 14.3%** |  |  |
| Consumer Discretionary — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;Lucid Group\* | 42821 | $1018700 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A\* | 142486 | 2091694 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 8449 | 3757439 |
|  |  | 6867833 |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Plug Power\* | 417261 | 972218 |
| Materials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 22879 | 1855029 |
| &nbsp;&nbsp;&nbsp;MP Materials\* | 24980 | 1675409 |
|  |  | 3530438 |
| TOTAL UNITED STATES |  | 11370489 |
| TOTAL COMMON STOCK<br> (Cost $68,025,296) |  | 76285621 |
| **PREFERRED STOCK — 3.7%** |  |  |
| **CHILE — 1.8%** |  |  |
| Materials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile\*<sup>(A)</sup> | 32175 | 1388162 |
| **GERMANY — 1.9%** |  |  |
| Consumer Discretionary — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Dr Ing hc F Porsche<sup>(A)</sup> | 31834 | 1544083 |
| TOTAL PREFERRED STOCK<br> (Cost $4,539,791) |  | 2932245 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $72,565,087) |  | 79217866 |
| OTHER ASSETS LESS LIABILITIES – 0.6% |  | 498189 |
| NET ASSETS - 100% |  | $79716055 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Currently, no stated interest rate.* |

---

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%<sup>‡</sup>** |  |  |
| **CHINA — 94.2%** |  |  |
| Health Care — 94.2% |  |  |
| &nbsp;&nbsp;&nbsp;3SBio | 931500 | $3591718 |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 1388563 | 2404084 |
| &nbsp;&nbsp;&nbsp;Akeso\* | 232000 | 4210375 |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 21300 | 946537 |
| &nbsp;&nbsp;&nbsp;BeiGene Medicines\* | 381818 | 10070055 |
| &nbsp;&nbsp;&nbsp;Beijing Tiantan Biological Products, Cl A | 299689 | 802265 |
| &nbsp;&nbsp;&nbsp;Beijing Tong Ren Tang, Cl A | 208090 | 993240 |
| &nbsp;&nbsp;&nbsp;Beijing Wantai Biological Pharmacy Enterprise, Cl A\* | 155342 | 1232510 |
| &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group, Cl A | 61608 | 1123697 |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group | 945500 | 584527 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 253411 | 998726 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A | 352772 | 1027520 |
| &nbsp;&nbsp;&nbsp;CSPC Innovation Pharmaceutical, Cl A | 137657 | 886888 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 2714889 | 3269563 |
| &nbsp;&nbsp;&nbsp;Dong-E-E-Jiao, Cl A | 97640 | 649344 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech\* | 594000 | 1276500 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 213350 | 764808 |
| &nbsp;&nbsp;&nbsp;Haisco Pharmaceutical Group, Cl A | 140800 | 1056089 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting, Cl A | 54250 | 441465 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 600000 | 2780834 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 264741 | 1543338 |
| &nbsp;&nbsp;&nbsp;Hualan Biological Engineering, Cl A | 273047 | 609887 |
| &nbsp;&nbsp;&nbsp;Humanwell Healthcare Group, Cl A | 250000 | 739400 |
| &nbsp;&nbsp;&nbsp;Imeik Technology Development, Cl A | 45740 | 1165095 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics\* | 651000 | 8065961 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 839308 | 8425581 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yuyue Medical Equipment & Supply, Cl A | 148710 | 813926 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl A | 215175 | 1079286 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 1267200 | 946279 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 66516 | 1028808 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 313229 | 1311384 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 418412 | 1053750 |
| &nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products, Cl A | 1002034 | 940540 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 125185 | 2664445 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 145455 | 5014008 |
| &nbsp;&nbsp;&nbsp;Shenzhen New Industries Biomedical Engineering, Cl A | 119700 | 1147054 |
| &nbsp;&nbsp;&nbsp;Shenzhen Salubris Pharmaceuticals, Cl A | 169165 | 1432375 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A\* | 30625 | 1612588 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 235415 | 1213176 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun-Biotech Biopharmaceutical\* | 24400 | 1611948 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 673200 | 1586871 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 315120 | 4953124 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H | 149684 | 2283622 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman\* | 1532635 | 8072513 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;WuXi XDC Cayman\* | 136500 | $1373702 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 270223 | 2151578 |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 92534 | 2554896 |
| TOTAL CHINA |  | 104505880 |
| **HONG KONG — 4.5%** |  |  |
| Health Care — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 4827750 | 5050882 |
| TOTAL HONG KONG |  | 5050882 |
| **UNITED STATES — 1.1%** |  |  |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR\* | 38491 | 1255191 |
| TOTAL UNITED STATES |  | 1255191 |
| TOTAL COMMON STOCK<br> (Cost $87,091,108) |  | 110811953 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Rights** | |
| **RIGHTS — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma<sup>‡‡</sup>\*<sup>(A)</sup> | 105188 |  |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS <br>(Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $87,091,108) |  | 110811953 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 185757 |
| NET ASSETS - 100% |  | $110997710 |

---

---

| | |
|:---|:---|
| *‡* | *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.* |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $104505880 | $— | $— |  | $104505880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 5050882 |  |  |  | 5050882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1255191 |  |  |  | 1255191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 110811953 |  |  |  | 110811953 |
| &nbsp;&nbsp;&nbsp;Rights |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights |  |  |  |  |  |
| Total Investments in Securities | $110811953 | $— | $— |  | $110811953 |

---

---

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

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 92.7%** |  |  |
| **AUSTRALIA — 0.8%** |  |  |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Mineral Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/01/2031 | $190000 | $192278 |
| **CHINA — 19.9%** |  |  |
| Consumer Discretionary — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Star BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 09/09/2029 | 220000 | 220463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/27/2027 | 400000 | 395084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 10/02/2026 | 200000 | 234169 |
| &nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 07/24/2028 | 400000 | 424799 |
|  |  | 1274515 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 01/10/2028 | 200000 | 206733 |
| Real Estate — 13.9% |  |  |
| &nbsp;&nbsp;&nbsp;Central Plaza Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.150%, 03/21/2028 | 350000 | 357252 |
| &nbsp;&nbsp;&nbsp;Franshion Brilliant |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/23/2029 | 200000 | 184116 |
| &nbsp;&nbsp;&nbsp;GLP China Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 03/29/2026 | 600000 | 590462 |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, 02/24/2028 | 500000 | 518046 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/16/2028 | 200000 | 186719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/13/2027 | 400000 | 375783 |
| &nbsp;&nbsp;&nbsp;Pingan Real Estate Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/29/2026 | 500000 | 488333 |
| &nbsp;&nbsp;&nbsp;Shui On Development Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/29/2026 | 400000 | 396039 |
| &nbsp;&nbsp;&nbsp;Vanke Real Estate Hong Kong, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.975%, 11/09/2027 | 200000 | 147922 |
| &nbsp;&nbsp;&nbsp;Wanda Properties Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 01/12/2026 | 150000 | 147750 |
|  |  | 3392422 |
| TOTAL CHINA |  | 4873670 |
| **HONG KONG — 11.3%** |  |  |
| Consumer Discretionary — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/17/2032 | 400000 | 419037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/17/2027 | 400000 | 398751 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 12/04/2029 | $400000 | $392275 |
|  |  | 1210063 |
| Financials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;FWD Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.045%, H15T5Y + 4.865%<sup>(A)(B)</sup> | 400000 | 400608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.675%, H15T5Y + 3.075%<sup>(A)(B)</sup> | 400000 | 400201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.836%, 09/22/2035 | 200000 | 202492 |
|  |  | 1003301 |
| Real Estate — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;NWD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 02/08/2028 | 200000 | 167001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/16/2027 | 200000 | 167531 |
| &nbsp;&nbsp;&nbsp;NWD, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/19/2030 | 200000 | 131862 |
| &nbsp;&nbsp;&nbsp;NWD Finance BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/22/2173<sup>(B)</sup> | 200000 | 88351 |
|  |  | 554745 |
| TOTAL HONG KONG |  | 2768109 |
| **INDIA — 22.5%** |  |  |
| Energy — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Azure Power Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.575%, 08/19/2026 | 286323 | 280275 |
| &nbsp;&nbsp;&nbsp;India Clean Energy Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/18/2027 | 400000 | 390658 |
| &nbsp;&nbsp;&nbsp;India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/10/2026 | 227700 | 225487 |
| &nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/14/2028 | 200000 | 193157 |
|  |  | 1089577 |
| Financials — 8.7% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, H15T5Y + 3.315%<sup>(A)(B)</sup> | 400000 | 394059 |
| &nbsp;&nbsp;&nbsp;IIFL Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 07/24/2028 | 400000 | 407200 |
| &nbsp;&nbsp;&nbsp;Manappuram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/12/2028 | 400000 | 409242 |
| &nbsp;&nbsp;&nbsp;Piramal Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.800%, 01/29/2028 | 450000 | 460736 |
| &nbsp;&nbsp;&nbsp;Sammaan Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.950%, 08/28/2028 | 250000 | 250019 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 04/03/2028 | 200000 | 203304 |
|  |  | 2124560 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;IRB Infrastructure Developers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.110%, 03/11/2032 | $400000 | $415429 |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 10/31/2026 | 400000 | 398247 |
| Materials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 12/03/2031 | 200000 | 214703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 09/17/2029 | 400000 | 418682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.250%, 06/03/2028 | 200000 | 206861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 10/15/2032 | 440000 | 440000 |
|  |  | 1280246 |
| Utilities — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Diamond II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 07/28/2026 | 200000 | 201395 |
| TOTAL INDIA |  | 5509454 |
| **INDONESIA — 4.0%** |  |  |
| Energy — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Medco Cypress Tree Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 05/19/2030 | 360000 | 379677 |
| &nbsp;&nbsp;&nbsp;Sorik Marapi Geothermal Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/05/2031 | 192060 | 196721 |
|  |  | 576398 |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bukit Makmur Mandiri Utama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 02/10/2026 | 200000 | 199974 |
| &nbsp;&nbsp;&nbsp;Nickel Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 09/30/2030 | 200000 | 203149 |
|  |  | 403123 |
| TOTAL INDONESIA |  | 979521 |
| **JAPAN — 4.6%** |  |  |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Nomura Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 3.084%<sup>(A)(B)</sup> | 500000 | 517548 |
| Information Technology — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.250%<sup>(A)(B)</sup> | 200000 | 207804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.578%<sup>(A)(B)</sup> | 400000 | 397899 |
|  |  | 605703 |
| TOTAL JAPAN |  | 1123251 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **MACAU — 6.7%** |  |  |
| Consumer Discretionary — 6.7% |  |  |
| &nbsp;&nbsp;&nbsp;MGM China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/26/2031 | $200000 | $210997 |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2028 | 200000 | 199901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 200000 | 192748 |
| &nbsp;&nbsp;&nbsp;Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/26/2028 | 450000 | 449573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2027 | 400000 | 399998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2029 | 200000 | 196247 |
| TOTAL MACAU |  | 1649464 |
| **MONGOLIA — 4.3%** |  |  |
| Energy — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mongolian Mining |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.440%, 04/03/2030 | 250000 | 253090 |
| Financials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Development Bank of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 07/03/2028 | 200000 | 203737 |
| &nbsp;&nbsp;&nbsp;Golomt Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 05/20/2027 | 200000 | 206467 |
| &nbsp;&nbsp;&nbsp;Mongolia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 07/07/2031 | 200000 | 180801 |
| &nbsp;&nbsp;&nbsp;Trade & Development Bank of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/23/2027 | 200000 | 196872 |
|  |  | 787877 |
| TOTAL MONGOLIA |  | 1040967 |
| **PAKISTAN — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 12/05/2027 | 200000 | 199784 |
| **PHILIPPINES — 4.2%** |  |  |
| Energy — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Petron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.350%, H15T3Y + 6.325%<sup>(A)(B)</sup> | 400000 | 412652 |
| Utilities — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;San Miguel Global Power Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%<sup>(A)(B)</sup> | 214000 | 212689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%<sup>(A)(B)</sup> | 400000 | 391700 |
|  |  | 604389 |
| TOTAL PHILIPPINES |  | 1017041 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **SINGAPORE — 1.9%** |  |  |
| Real Estate — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;GLP Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 05/20/2028 | $200000 | $207970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, H15T5Y + 3.725%<sup>(A)(B)</sup> | 200000 | 131277 |
| &nbsp;&nbsp;&nbsp;GLP Pte, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, H15T5Y + 3.735%<sup>(A)(B)</sup> | 200000 | 137007 |
| TOTAL SINGAPORE |  | 476254 |
| **THAILAND — 5.7%** |  |  |
| Financials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.337%<sup>(A)(B)</sup> | 400000 | 394052 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, H15T5Y + 3.530%<sup>(A)(B)</sup> | 400000 | 397360 |
| &nbsp;&nbsp;&nbsp;Muangthai Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/30/2028 | 200000 | 202496 |
|  |  | 993908 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;GC Treasury Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, H15T5Y + 3.162%<sup>(A)(B)</sup> | 400000 | 413151 |
| TOTAL THAILAND |  | 1407059 |
| **UNITED KINGDOM — 3.9%** |  |  |
| Financials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.976%<sup>(A)(B)</sup> | 200000 | 207396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.805%<sup>(A)(B)</sup> | 200000 | 187703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, H15T5Y + 3.135%<sup>(A)(B)</sup> | 600000 | 567726 |
| TOTAL UNITED KINGDOM |  | 962825 |
| **VIETNAM — 2.1%** |  |  |
| Utilities — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/07/2029 | 508200 | 502637 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $22,210,086) |  | 22702314 |
| **SOVEREIGN DEBT — 3.4%** |  |  |
| **PAKISTAN — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Pakistan Government International Bond, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 04/08/2051 | 200000 | 183893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 04/08/2031 | 250000 | 244549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/08/2026 | 400000 | 398331 |
| TOTAL SOVEREIGN DEBT<br> (Cost $772,869) |  | 826773 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CONVERTIBLE BOND — 0.9%** |  |  |
| **CHINA — 0.9%** |  |  |
| Communication Services — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu CV to 1107.0457 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/12/2032<sup>(C)</sup> | 200000 | $211200 |
| TOTAL CONVERTIBLE BOND<br> (Cost $210,893) |  | 211200 |
| TOTAL INVESTMENTS — 97.0%<br> (Cost $23,193,848) |  | 23740287 |
| OTHER ASSETS LESS LIABILITIES – 3.0% |  | 745857 |
| NET ASSETS - 100% |  | $24486144 |

---

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

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

*(C)* *Zero coupon security.* 

A list of the open forward foreign currency contracts held by the Fund at September 30, 2025, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Currency to<br> Deliver** | **Currency to<br> Deliver** | **Currency to<br> Receive** | **Currency to<br> Receive** | **Unrealized<br> Appreciation** |
| Credit Agricole | 01/26/26 | EUR | 192000 | USD | 228096 | $1030 |

---

As of September 30, 2025, all of the Fund's investments and other financial instruments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.1%<sup>‡</sup>** |  |  |
| **BRAZIL — 4.5%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 15361 | $98268 |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 70800 | 160730 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 19168 | 66298 |
|  |  | 227028 |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro | 58700 | 372334 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 17000 | 70132 |
|  |  | 442466 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 77900 | 196010 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 37387 | 106919 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 34200 | 141859 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 9600 | 59955 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Cl A\* | 16834 | 269513 |
|  |  | 774256 |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 19620 | 145339 |
| &nbsp;&nbsp;&nbsp;Motiva Infraestrutura de Mobilidade S.A | 15000 | 41911 |
| &nbsp;&nbsp;&nbsp;Rumo | 15000 | 44981 |
| &nbsp;&nbsp;&nbsp;WEG | 22500 | 154590 |
|  |  | 386821 |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Klabin | 10340 | 35027 |
| &nbsp;&nbsp;&nbsp;Suzano | 11300 | 105880 |
| &nbsp;&nbsp;&nbsp;Vale | 49300 | 533033 |
|  |  | 673940 |
| Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 13900 | 137080 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3800 | 94309 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 17000 | 117950 |
|  |  | 349339 |
| TOTAL BRAZIL |  | 2952118 |
| **CHILE — 0.7%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 5030 | 36827 |
| &nbsp;&nbsp;&nbsp;Falabella | 9680 | 57383 |
|  |  | 94210 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 855990 | $129964 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones | 840 | 37128 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile | 853283 | 56510 |
|  |  | 223602 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 16307 | 24039 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas | 368156 | 37139 |
| &nbsp;&nbsp;&nbsp;Enel Chile | 924370 | 71524 |
|  |  | 108663 |
| TOTAL CHILE |  | 450514 |
| **COLOMBIA — 0.2%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest | 9471 | 146321 |
| TOTAL COLOMBIA |  | 146321 |
| **CZECHIA — 0.4%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 2553 | 128112 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CEZ | 1984 | 123322 |
| TOTAL CZECHIA |  | 251434 |
| **EGYPT — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank - Egypt (CIB) | 33944 | 71648 |
| TOTAL EGYPT |  | 71648 |
| **GREECE — 0.7%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 2976 | 56369 |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO | 5441 | 186809 |
| &nbsp;&nbsp;&nbsp;OPAP | 8081 | 188670 |
|  |  | 375479 |
| TOTAL GREECE |  | 431848 |
| **HUNGARY — 0.5%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 4633 | 37703 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank NYRT | 2838 | $245594 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon NYRT | 2288 | 69772 |
| TOTAL HUNGARY |  | 353069 |
| **INDIA — 22.8%** |  |  |
| Communication Services — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 35408 | 749086 |
| Consumer Discretionary — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Auto | 1054 | 103021 |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 2002 | 157959 |
| &nbsp;&nbsp;&nbsp;Eterna\* | 90389 | 331367 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 11920 | 460079 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 1931 | 348603 |
| &nbsp;&nbsp;&nbsp;Tata Motors | 23363 | 178981 |
| &nbsp;&nbsp;&nbsp;Titan | 4529 | 171746 |
|  |  | 1751756 |
| Consumer Staples — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Dabur India | 21661 | 119858 |
| &nbsp;&nbsp;&nbsp;Godrej Consumer Products | 11763 | 154595 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever | 11653 | 330000 |
| &nbsp;&nbsp;&nbsp;ITC | 56052 | 253497 |
| &nbsp;&nbsp;&nbsp;Nestle India | 10368 | 134626 |
|  |  | 992576 |
| Energy — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 26544 | 101541 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 77956 | 131515 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp | 56968 | 153666 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 64263 | 987228 |
|  |  | 1373950 |
| Financials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank | 35508 | 452544 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance | 32510 | 365747 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 6515 | 147223 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 82934 | 888291 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance | 12926 | 110125 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 59871 | 908968 |
| &nbsp;&nbsp;&nbsp;Jio Financial Services | 28189 | 93086 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 17127 | 384384 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 28016 | 275289 |
|  |  | 3625657 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma | 6608 | $80668 |
| &nbsp;&nbsp;&nbsp;Cipla | 7624 | 129083 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 7326 | 100968 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 13990 | 251206 |
|  |  | 561925 |
| Industrials — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 5896 | 166404 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 17423 | 275409 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics | 84001 | 382168 |
| &nbsp;&nbsp;&nbsp;CG Power & Industrial Solutions | 26030 | 217223 |
| &nbsp;&nbsp;&nbsp;Cummins India | 4546 | 201037 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics | 5023 | 268521 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation | 5503 | 346739 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 9273 | 382142 |
| &nbsp;&nbsp;&nbsp;Suzlon Energy\* | 225613 | 139882 |
|  |  | 2379525 |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 16818 | 262360 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 49424 | 804129 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 12225 | 397693 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 9658 | 152318 |
| &nbsp;&nbsp;&nbsp;Wipro | 46692 | 125879 |
|  |  | 1742379 |
| Materials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 6262 | 165738 |
| &nbsp;&nbsp;&nbsp;Grasim Industries | 4223 | 131125 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 26067 | 223697 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 11059 | 142328 |
| &nbsp;&nbsp;&nbsp;Tata Steel | 131955 | 250820 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 1505 | 207167 |
| &nbsp;&nbsp;&nbsp;UPL | 6957 | 51385 |
| &nbsp;&nbsp;&nbsp;Vedanta | 16972 | 89038 |
|  |  | 1261298 |
| Utilities — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;GAIL India | 39255 | 77941 |
| &nbsp;&nbsp;&nbsp;NTPC | 62640 | 240185 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 61303 | 193495 |
|  |  | 511621 |
| TOTAL INDIA |  | 14949773 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **INDONESIA — 2.0%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero | 858300 | $157600 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Indonesia | 117500 | 32856 |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur | 17200 | 9779 |
|  |  | 42635 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;United Tractors | 81600 | 131103 |
| Financials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 811300 | 371207 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 670700 | 177083 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero | 250200 | 61555 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 932300 | 218180 |
|  |  | 828025 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 372600 | 129119 |
| TOTAL INDONESIA |  | 1288482 |
| **MALAYSIA — 2.1%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CelcomDigi Bhd | 55400 | 48706 |
| &nbsp;&nbsp;&nbsp;Maxis | 109000 | 93758 |
|  |  | 142464 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;SD Guthrie | 41900 | 51971 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings | 153555 | 267814 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 9700 | 47296 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 104216 | 245403 |
| &nbsp;&nbsp;&nbsp;Public Bank | 241600 | 248575 |
|  |  | 809088 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 36200 | 64942 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 55400 | 55683 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Gas | 9400 | 41321 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional | 68600 | $215491 |
|  |  | 256812 |
| TOTAL MALAYSIA |  | 1380960 |
| **MEXICO — 3.9%** |  |  |
| Communication Services — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;America Movil | 298800 | 312450 |
| Consumer Staples — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano | 30600 | 301435 |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo, Ser A | 20600 | 73084 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 79600 | 245628 |
|  |  | 620147 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 41900 | 421640 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa, Cl O | 28100 | 77191 |
|  |  | 498831 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 7690 | 181590 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, Cl B | 4915 | 158559 |
|  |  | 340149 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex | 233000 | 208439 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico | 41900 | 365049 |
| &nbsp;&nbsp;&nbsp;Southern Copper | 1396 | 169419 |
|  |  | 742907 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fibra Uno Administracion<sup>†</sup> | 52400 | 77146 |
| TOTAL MEXICO |  | 2591630 |
| **PERU — 0.5%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 693 | 184532 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA ADR | 5445 | 132477 |
| TOTAL PERU |  | 317009 |
| **PHILIPPINES — 0.7%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 50929 | 116297 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala | 5940 | $49276 |
| &nbsp;&nbsp;&nbsp;SM Investments | 5940 | 75015 |
|  |  | 124291 |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala Land | 206100 | 86229 |
| &nbsp;&nbsp;&nbsp;SM Prime Holdings | 281500 | 108585 |
|  |  | 194814 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Manila Electric | 2580 | 23495 |
| TOTAL PHILIPPINES |  | 458897 |
| **POLAND — 1.9%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 1127 | 84031 |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;LPP | 49 | 238797 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 5228 | 124682 |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 3087 | 148655 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 15419 | 299552 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 11203 | 167867 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska | 601 | 78326 |
|  |  | 694400 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz\* | 2152 | 94910 |
| TOTAL POLAND |  | 1236820 |
| **QATAR — 1.1%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;AlRayan Bank | 73022 | 47732 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank QPSC | 21415 | 140571 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank | 75911 | 387373 |
|  |  | 575676 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Industries Qatar | 34056 | 116919 |
| TOTAL QATAR |  | 692595 |

---

*The accompanying notes are an integral part of the financial statements.*

**Schedule of Investments (Unaudited)** *September 30, 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 | $139945 |
| TOTAL ROMANIA |  | 139945 |
| **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 — 4.7%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;E Media Holdings | 5715 | 596 |
| Consumer Discretionary — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 2899 | 1050997 |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 11204 | 117602 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 1055 | 212437 |
| &nbsp;&nbsp;&nbsp;Discovery | 17314 | 197702 |
| &nbsp;&nbsp;&nbsp;FirstRand | 41542 | 186996 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 11754 | 145456 |
| &nbsp;&nbsp;&nbsp;Old Mutual | 133430 | 103248 |
| &nbsp;&nbsp;&nbsp;Remgro | 13621 | 132425 |
| &nbsp;&nbsp;&nbsp;Sanlam | 22705 | 110008 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 11160 | $152912 |
|  |  | 1358786 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 9131 | 112107 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Gold Fields | 7349 | 310568 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining | 6910 | 126108 |
| &nbsp;&nbsp;&nbsp;Sasol\* | 8681 | 54071 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum | 1093 | 78265 |
|  |  | 569012 |
| TOTAL SOUTH AFRICA |  | 3091498 |
| **SOUTH KOREA — 16.8%** |  |  |
| Consumer Discretionary — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 676 | 47458 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 1071 | 227856 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 1458 | 223421 |
| &nbsp;&nbsp;&nbsp;Kia | 3038 | 218044 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 1779 | 95857 |
|  |  | 812636 |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific | 658 | 57356 |
| &nbsp;&nbsp;&nbsp;KT&G | 2627 | 250146 |
| &nbsp;&nbsp;&nbsp;LG H&H | 157 | 32003 |
|  |  | 339505 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 1640 | 181644 |
| &nbsp;&nbsp;&nbsp;SK Innovation | 1013 | 72561 |
| &nbsp;&nbsp;&nbsp;S-Oil | 582 | 25884 |
|  |  | 280089 |
| Financials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 638 | 62979 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 5607 | 348477 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 3256 | 45160 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 4900 | 403371 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 848 | 272885 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance | 882 | 98444 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 7148 | 360698 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 9385 | 173580 |
|  |  | 1765594 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 2540 | $313874 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics\* | 273 | 193992 |
|  |  | 507866 |
| Industrials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 484 | 141780 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 2206 | 260057 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries | 2838 | 218455 |
| &nbsp;&nbsp;&nbsp;LG | 2037 | 104532 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution\* | 774 | 191700 |
| &nbsp;&nbsp;&nbsp;Samsung C&T | 1817 | 239064 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries\* | 17581 | 274419 |
| &nbsp;&nbsp;&nbsp;SK | 732 | 109561 |
| &nbsp;&nbsp;&nbsp;SK Square\* | 1354 | 194456 |
|  |  | 1734024 |
| Information Technology — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;LG Display\* | 2764 | 28388 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 1244 | 171565 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 50114 | 2996732 |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 844 | 123317 |
| &nbsp;&nbsp;&nbsp;Samsung SDS | 444 | 51961 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 6243 | 1546233 |
|  |  | 4918196 |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Zinc | 98 | 64330 |
| &nbsp;&nbsp;&nbsp;LG Chem | 751 | 148803 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 1278 | 251401 |
|  |  | 464534 |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 7926 | 203651 |
| TOTAL SOUTH KOREA |  | 11026095 |
| **TAIWAN — 28.7%** |  |  |
| Communication Services — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 41000 | 179589 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications | 57000 | 165326 |
| &nbsp;&nbsp;&nbsp;Taiwan Mobile | 55000 | 196699 |
|  |  | 541614 |
| Financials — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding | 114000 | 245370 |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 39379 | 144064 |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank | 316346 | 203957 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 170000 | $239287 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding | 146185 | 159960 |
| &nbsp;&nbsp;&nbsp;First Financial Holding | 254306 | 249066 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding | 84735 | 245491 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings | 197042 | 191365 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding | 345420 | 169435 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding | 161516 | 225226 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank | 117000 | 161423 |
| &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings | 142269 | 116698 |
| &nbsp;&nbsp;&nbsp;Taishin Financial Holding | 271312 | 160234 |
| &nbsp;&nbsp;&nbsp;Taiwan Business Bank | 424000 | 219109 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding | 229568 | 185670 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 112589 | 128740 |
|  |  | 3045095 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century | 168000 | 153238 |
| Information Technology — 21.9% |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 16000 | 548592 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding | 32000 | 172190 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 7000 | 154111 |
| &nbsp;&nbsp;&nbsp;AUO | 151600 | 67896 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 19000 | 113771 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 21000 | 588424 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 116000 | 822101 |
| &nbsp;&nbsp;&nbsp;Innolux | 172400 | 81454 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 26000 | 147156 |
| &nbsp;&nbsp;&nbsp;MediaTek | 19000 | 819772 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 12000 | 167925 |
| &nbsp;&nbsp;&nbsp;Pegatron | 58000 | 134733 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 26000 | 247392 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 230000 | 9848087 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 150000 | 224178 |
| &nbsp;&nbsp;&nbsp;Wistron | 50000 | 230494 |
|  |  | 14368276 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 75000 | 93879 |
| &nbsp;&nbsp;&nbsp;China Steel | 248000 | 157858 |
| &nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre | 57000 | 55639 |
| &nbsp;&nbsp;&nbsp;Formosa Plastics | 75000 | 94864 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics | 183000 | 236871 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings | 111404 | $87725 |
|  |  | 726836 |
| TOTAL TAIWAN |  | 18835059 |
| **THAILAND — 1.5%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service NVDR | 18300 | 164336 |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CP ALL NVDR | 92600 | 135021 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 196200 | 201316 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 26800 | 95522 |
|  |  | 296838 |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services NVDR | 168300 | 106470 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand NVDR | 80600 | 100735 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement NVDR | 7600 | 53942 |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Central Pattana NVDR | 74600 | 128918 |
| TOTAL THAILAND |  | 986260 |
| **TÜRKIYE — 0.6%** |  |  |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | 13059 | 169909 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri | 26142 | 117254 |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Akbank | 93406 | 140849 |
| TOTAL TÜRKIYE |  | 428012 |
| **UNITED ARAB EMIRATES — 1.8%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 40863 | 209599 |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 41467 | 164604 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 61116 | $260238 |
|  |  | 424842 |
| Real Estate — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 78604 | 202877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 99782 | 354521 |
|  |  | 557398 |
| TOTAL UNITED ARAB EMIRATES |  | 1191839 |
| **UNITED KINGDOM — 0.7%** |  |  |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 6159 | 433220 |
| TOTAL UNITED KINGDOM |  | 433220 |
| TOTAL COMMON STOCK<br> (Cost $50,525,105) |  | 63705046 |
| **PREFERRED STOCK — 3.3%** |  |  |
| **BRAZIL — 2.1%** |  |  |
| Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro<sup>(C)</sup> | 62900 | 371573 |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco<sup>(C)</sup> | 77871 | 258666 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding<sup>(C)</sup> | 66740 | 489627 |
| &nbsp;&nbsp;&nbsp;Itausa<sup>(C)</sup> | 83930 | 180765 |
|  |  | 929058 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau<sup>(C)</sup> | 16490 | 51431 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais<sup>(C)</sup> | 20100 | 42083 |
| TOTAL BRAZIL |  | 1394145 |
| **CHILE — 0.2%** |  |  |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile\*<sup>(C)</sup> | 2363 | 101950 |
| **COLOMBIA — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest<sup>(C)</sup> | 5742 | 74869 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC\*<sup>(A)(B)(C)</sup> | 50900 |  |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK (continued)** |  |  |
| **SOUTH KOREA — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics<sup>(C)</sup> | 12044 | $569988 |
| TOTAL PREFERRED STOCK<br> (Cost $1,847,842) |  | 2140952 |
| TOTAL INVESTMENTS — 100.4%<br> (Cost $52,372,947) |  | 65845998 |
| OTHER ASSETS LESS LIABILITIES – (0.4)% |  | (230939) |
| NET ASSETS - 100% |  | $65615059 |

---

---

| | |
|:---|:---|
| *‡* | *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.* |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $2952118 | $— | $— |  | $2952118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 450514 |  |  |  | 450514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 146321 |  |  |  | 146321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechia | 251434 |  |  |  | 251434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 71648 |  |  |  | 71648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 431848 |  |  |  | 431848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | 353069 |  |  |  | 353069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 14949773 |  |  |  | 14949773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 1288482 |  |  |  | 1288482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 1380960 |  |  |  | 1380960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2591630 |  |  |  | 2591630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 317009 |  |  |  | 317009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | 458897 |  |  |  | 458897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 1236820 |  |  |  | 1236820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar | 692595 |  |  |  | 692595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania | 139945 |  |  |  | 139945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 3091498 |  |  |  | 3091498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 11026095 |  |  |  | 11026095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 18835059 |  |  |  | 18835059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 986260 |  |  |  | 986260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Türkiye | 428012 |  |  |  | 428012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 1191839 |  |  |  | 1191839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 433220 |  |  |  | 433220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 63705046 |  |  |  | 63705046 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1394145 |  |  |  | 1394145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 101950 |  |  |  | 101950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 74869 |  |  |  | 74869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 569988 |  |  |  | 569988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | 2140952 |  |  |  | 2140952 |
| Total Investments in Securities | $65845998 | $— | $— |  | $65845998 |

---

---

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

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Global Carbon Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 68.0%** |  |  |
| **Fixed Income — 68.0%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 4451600 | $111646128 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $111,752,587) |  | 111646128 |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | |
| **INDEX-LINKED NOTE — 22.5%** |  |  |
| **UNITED STATES — 22.5%** |  |  |
| Financials — 22.5% |  |  |
| &nbsp;&nbsp;&nbsp;GS Finance, 4.200%, 12/26/2030<sup>(D)(E)</sup> | 37000000 | 36985200 |
| TOTAL UNITED STATES |  | 36985200 |
| TOTAL INDEX-LINKED NOTE<br> (Cost $37,000,000) |  | 36985200 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SHORT-TERM INVESTMENT — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.081%<sup>(F)</sup> | 6008741 | 6008740 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $6,008,740) |  | 6008740 |
| TOTAL INVESTMENTS — 94.2%<br> (Cost $154,761,327) |  | 154640068 |
| OTHER ASSETS LESS LIABILITIES – 5.8% |  | 9569604 |
| NET ASSETS - 100% |  | $164209672 |

---

A list of the open futures contracts held by the Fund at September 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Type of Contract** | <br>**Number of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** |<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance^ | 1096 | Dec-2025 | $37044166 | $34074640 | $(2969526) |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance Vintage^ | 255 | Dec-2026 | 9228380 | 8366550 | (861830) |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission^ | 192 | Dec-2025 | 14290218 | 17082509 | 1142669 |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission^ | 89 | Dec-2026 | 6798649 | 8130743 | 512328 |
| &nbsp;&nbsp;&nbsp;RGGI VINTAGE^ | 368 | Dec-2025 | 8453133 | 8114400 | (338733) |
| &nbsp;&nbsp;&nbsp;UK Emission Allowance^ | 107 | Dec-2025 | 5255483 | 7787318 | 2110078 |
| &nbsp;&nbsp;&nbsp;WSH Carbon Allowance^ | 127 | Dec-2025 | 7717716 | 8149590 | 431874 |
|  |  |  | $88787745 | $91705750 | $26860 |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA Global Carbon Subsidiary, Ltd. as of September 30, 2025.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *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.* |

---

*The accompanying notes are an integral part of the financial statements.*

**Consolidated Schedule of Investments (Unaudited)** *September 30, 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 September 30, 2025 was $36,985,200 and represented 22.5% of the Net Assets of the Fund.* 

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

The following summarizes the market value of the Fund's investments and other financial instruments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $111646128 | $— | $— | $111646128 |
| &nbsp;&nbsp;&nbsp;Index-Linked Note | 36985200 |  |  | 36985200 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 6008740 |  |  | 6008740 |
| Total Investments in Securities | $154640068 | $— | $— | $154640068 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $4196949 | $— | $— | $4196949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (4170089) |  |  | (4170089) |
| Total Other Financial Instruments | $26860 | $— | $— | $26860 |

---

*\** *Futures Contracts are valued at the unrealized appreciation (depreciation) on the instrument.*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value 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 as of<br> 9/30/2025** | **Dividend<br> Income** | **Capital<br> 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 | $21687187 | $(27738748) | $153730 | $(129973) | $111646128 | $2278171 | $— |

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%<sup>‡</sup>** |  |  |
| **UNITED STATES — 99.8%** |  |  |
| Communication Services — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 1926 | $469077 |
| &nbsp;&nbsp;&nbsp;AT&T | 6134 | 173224 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 14615 | 459203 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 192 | 141001 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 1304 | 312152 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 10781 | 473825 |
|  |  | 2028482 |
| Consumer Discretionary — 9.2% |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy | 4684 | 354204 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants | 87 | 16561 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 271 | 60222 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 41968 | 501937 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 789 | 109355 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1562 | 632907 |
| &nbsp;&nbsp;&nbsp;LKQ | 4657 | 142225 |
| &nbsp;&nbsp;&nbsp;McDonald's | 625 | 189931 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 807 | 56272 |
| &nbsp;&nbsp;&nbsp;Tapestry | 3053 | 345661 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 200 | 88944 |
| &nbsp;&nbsp;&nbsp;Upbound Group | 15125 | 357404 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 2027 | 55621 |
|  |  | 2911244 |
| Consumer Staples — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 7792 | 514740 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 4108 | 386563 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 1525 | 101138 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 1182 | 94489 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 16133 | 401551 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 2289 | 284614 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 3316 | 537855 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 1540 | 236621 |
| &nbsp;&nbsp;&nbsp;Walmart | 1756 | 180973 |
|  |  | 2738544 |
| Energy — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;APA | 20671 | 501892 |
| &nbsp;&nbsp;&nbsp;Chevron | 1161 | 180292 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 3815 | 431324 |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 4445 | 232651 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 11912 | 337229 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 956 | 42953 |
|  |  | 1726341 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 696 | $188052 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 782 | 622746 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 2446 | 771542 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1577 | 250680 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 15198 | 188303 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 2774 | 73150 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 4425 | 454182 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 6338 | 224999 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 1410 | 481346 |
| &nbsp;&nbsp;&nbsp;Western Union | 50234 | 401370 |
|  |  | 3656370 |
| Health Care — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 1898 | 439463 |
| &nbsp;&nbsp;&nbsp;Amgen | 920 | 259624 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 8837 | 398548 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 1643 | 182373 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3815 | 707377 |
| &nbsp;&nbsp;&nbsp;Merck | 1526 | 128077 |
| &nbsp;&nbsp;&nbsp;Pfizer | 20899 | 532507 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 466 | 160910 |
|  |  | 2808879 |
| Industrials — 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 1669 | 489851 |
| &nbsp;&nbsp;&nbsp;Cummins | 612 | 258490 |
| &nbsp;&nbsp;&nbsp;Fastenal | 5392 | 264424 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1910 | 498052 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 245 | 122306 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 5047 | 465031 |
| &nbsp;&nbsp;&nbsp;Paychex | 3241 | 410829 |
| &nbsp;&nbsp;&nbsp;Robert Half | 12618 | 428760 |
| &nbsp;&nbsp;&nbsp;Snap-on | 890 | 308412 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1212 | 286480 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 5054 | 422161 |
|  |  | 3954796 |
| Information Technology — 29.8% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 3781 | 467899 |
| &nbsp;&nbsp;&nbsp;Apple | 353 | 89884 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 601 | 123049 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2848 | 939583 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 8898 | 608801 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 2510 | 708222 |
| &nbsp;&nbsp;&nbsp;Microsoft | 5217 | 2702145 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 14184 | 2646451 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A\* | 3552 | $647956 |
| &nbsp;&nbsp;&nbsp;Salesforce | 187 | 44319 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 2600 | 477698 |
|  |  | 9456007 |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 1346 | 293334 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 4907 | 211442 |
|  |  | 504776 |
| Real Estate — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Public Storage<sup>†</sup> | 384 | 110918 |
| &nbsp;&nbsp;&nbsp;Simon Property Group<sup>†</sup> | 2635 | 494511 |
| &nbsp;&nbsp;&nbsp;WP Carey<sup>†</sup> | 1579 | 106693 |
|  |  | 712122 |
| Utilities — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 2189 | 246262 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 2959 | 297439 |
| &nbsp;&nbsp;&nbsp;Entergy | 3041 | 283391 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 2001 | 167003 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 1535 | 175896 |
|  |  | 1169991 |
| TOTAL UNITED STATES |  | 31667552 |
| TOTAL COMMON STOCK<br> (Cost $29,082,199) |  | 31667552 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $29,082,199) |  | 31667552 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 56009 |
| NET ASSETS - 100% |  | $31723561 |

---

---

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

---

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 57.1%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.207%, 10/02/2025<sup>(A)(B)</sup> | $25000000 | $24997213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.135%, 10/30/2025<sup>(A)(B)</sup> | 30000000 | 29902093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.009%, 11/04/2025<sup>(A)(B)</sup> | 25000000 | 24905320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.937%, 11/13/2025<sup>(A)(B)</sup> | 25000000 | 24880257 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $104,687,030) |  | <br>104684883 |
| TOTAL INVESTMENTS — 57.1%<br> (Cost $104,687,030) |  | <br>104684883 |
| OTHER ASSETS LESS LIABILITIES – 42.9% |  | 78769145 |
| NET ASSETS - 100% |  | $183454028 |

---

A list of the open futures contracts held by the Fund at September 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUD Currency | 453 | Dec-2025 | $29997808 | $29997660 | $(148) |
| &nbsp;&nbsp;&nbsp;British Pound | 352 | Dec-2025 | 29785801 | 29592200 | (193601) |
| &nbsp;&nbsp;&nbsp;CAD Currency | 135 | Dec-2025 | 9795842 | 9733500 | (62342) |
| &nbsp;&nbsp;&nbsp;Canadian 10-Year Bond | 275 | Dec-2025 | 24184665 | 24198103 | 42455 |
| &nbsp;&nbsp;&nbsp;Euro FX | 202 | Dec-2025 | 29722548 | 29774800 | 52252 |
| &nbsp;&nbsp;&nbsp;Gasoline^ | 158 | Nov-2025 | 12540333 | 12440510 | (99823) |
| &nbsp;&nbsp;&nbsp;Gold^ | 35 | Dec-2025 | 11899386 | 13556200 | 1656814 |
| &nbsp;&nbsp;&nbsp;Live Cattle^ | 129 | Dec-2025 | 11226034 | 12114390 | 888356 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD^ | 132 | Nov-2025 | 12583552 | 12752863 | 169311 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 188 | Dec-2025 | 29748849 | 29781550 | 32701 |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note | 408 | Dec-2025 | 46955765 | 46951875 | (3890) |
|  |  |  | 248440583 | 250893651 | 2482085 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Copper^ | (78) | Dec-2025 | (8862852) | (9470175) | (607323) |
| &nbsp;&nbsp;&nbsp;Corn^ | (593) | Dec-2025 | (12881688) | (12319575) | 562113 |
| &nbsp;&nbsp;&nbsp;Euro-Bund 10-Year Bond | (310) | Dec-2025 | (46390874) | (46793895) | (50776) |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bond | (50) | Dec-2025 | (46461131) | (45910674) | 402843 |
| &nbsp;&nbsp;&nbsp;Japanese Yen | (346) | Dec-2025 | (29644101) | (29470550) | 173551 |
| &nbsp;&nbsp;&nbsp;Long Gilt 10-Year Bond | (381) | Dec-2025 | (46436576) | (46547024) | (223658) |
| &nbsp;&nbsp;&nbsp;Natural Gas^ | (319) | Nov-2025 | (12060467) | (12377200) | (316733) |
| &nbsp;&nbsp;&nbsp;Soybean^ | (11) | Nov-2025 | (550924) | (550963) | (39) |
| &nbsp;&nbsp;&nbsp;Sugar No. 11^ | (654) | Feb-2026 | (12077336) | (12159168) | (81832) |
| &nbsp;&nbsp;&nbsp;Wheat^ | (467) | Dec-2025 | (13346931) | (11861800) | 1485131 |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil^ | (160) | Nov-2025 | (10002797) | (9913600) | 89197 |
|  |  |  | (238715677) | (237374624) | 1432474 |
|  |  |  | $9724906 | $13519027 | $3914559 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

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

---

The following summarizes the market value of the Fund's investments and other financial instruments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | $— | $104684883 | $— | $104684883 |
| Total Investments in Securities | $— | $104684883 | $— | $104684883 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $5554724 | $— | $— | $5554724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (1640165) |  |  | (1640165) |
| Total Other Financial Instruments | $3914559 | $— | $— | $3914559 |

---

*\** *Futures Contracts are valued at the unrealized appreciation (depreciation) on the instrument.*

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares SSE STAR Market 50 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.2%<sup>‡</sup>** |  |  |
| **CHINA — 99.2%** |  |  |
| Consumer Discretionary — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Roborock Technology, Cl A | 49490 | $1456634 |
| &nbsp;&nbsp;&nbsp;Ninebot, Cl A | 137198 | 1287783 |
| &nbsp;&nbsp;&nbsp;Tianneng Battery Group, Cl A | 32540 | 149291 |
|  |  | 2893708 |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bloomage Biotechnology, Cl A | 46063 | 358169 |
| Health Care — 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 20230 | 898975 |
| &nbsp;&nbsp;&nbsp;MGI Tech, Cl A\* | 49797 | 483270 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 53798 | 832097 |
| &nbsp;&nbsp;&nbsp;Shanghai Junshi Biosciences, Cl A\* | 128262 | 746098 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 118226 | 2516329 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A\* | 19170 | 1009415 |
| &nbsp;&nbsp;&nbsp;Xiamen Amoytop Biotech, Cl A | 38910 | 458847 |
|  |  | 6945031 |
| Industrials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;AVIC Chengdu UAS, Cl A\* | 48411 | 337846 |
| &nbsp;&nbsp;&nbsp;Baimtec Material, Cl A | 32274 | 246785 |
| &nbsp;&nbsp;&nbsp;Sany Renewable Energy, Cl A | 58646 | 250056 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl A | 62319 | 460175 |
|  |  | 1294862 |
| Information Technology — 76.1% |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research Shanghai, Cl A | 21099 | 597382 |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A | 98876 | 4147787 |
| &nbsp;&nbsp;&nbsp;Amlogic Shanghai, Cl A\* | 80543 | 1256387 |
| &nbsp;&nbsp;&nbsp;Beijing Kingsoft Office Software, Cl A | 55365 | 2458543 |
| &nbsp;&nbsp;&nbsp;Bestechnic Shanghai, Cl A | 28105 | 1173129 |
| &nbsp;&nbsp;&nbsp;Biwin Storage Technology, Cl A\* | 77194 | 1129631 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A\* | 35864 | 6667200 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 618350 | 466751 |
| &nbsp;&nbsp;&nbsp;China Resources Microelectronics, Cl A | 126954 | 989463 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 352722 | 665121 |
| &nbsp;&nbsp;&nbsp;Everdisplay Optronics Shanghai, Cl A\* | 1322820 | 538230 |
| &nbsp;&nbsp;&nbsp;GalaxyCore, Cl A | 186525 | 469754 |
| &nbsp;&nbsp;&nbsp;Guobo Electronics, Cl A | 18525 | 199353 |
| &nbsp;&nbsp;&nbsp;Hangzhou EZVIZ Network, Cl A | 37661 | 178968 |
| &nbsp;&nbsp;&nbsp;Hwatsing Technology, Cl A | 58991 | 1367309 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A\* | 956851 | 746428 |
| &nbsp;&nbsp;&nbsp;Loongson Technology, Cl A\* | 38352 | 849110 |
| &nbsp;&nbsp;&nbsp;Montage Technology, Cl A | 258714 | 5619009 |
| &nbsp;&nbsp;&nbsp;National Silicon Industry Group, Cl A\* | 394092 | 1426547 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Nexchip Semiconductor, Cl A | 191858 | $938105 |
| &nbsp;&nbsp;&nbsp;Piotech, Cl A | 33444 | 1220846 |
| &nbsp;&nbsp;&nbsp;Shanghai BOCHU Electronic Technology, Cl A | 27582 | 595115 |
| &nbsp;&nbsp;&nbsp;Shengyi Electronics, Cl A | 59667 | 657162 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 109054 | 1441323 |
| &nbsp;&nbsp;&nbsp;SICC, Cl A\* | 41096 | 473728 |
| &nbsp;&nbsp;&nbsp;Smartsens Technology Shanghai, Cl A | 67254 | 1124391 |
| &nbsp;&nbsp;&nbsp;SUPCON Technology, Cl A | 151218 | 1168601 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A\* | 312638 | 761922 |
| &nbsp;&nbsp;&nbsp;United Nova Technology, Cl A\* | 1202521 | 1110165 |
| &nbsp;&nbsp;&nbsp;Verisilicon Microelectronics Shanghai, Cl A\* | 83204 | 2136309 |
| &nbsp;&nbsp;&nbsp;Xinjiang Daqo New Energy, Cl A\* | 153863 | 620210 |
|  |  | 43193979 |
| Materials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Biotech, Cl A | 86229 | 629593 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 108735 | 993007 |
|  |  | 1622600 |
| TOTAL CHINA |  | 56308349 |
| TOTAL COMMON STOCK<br> (Cost $45,131,070) |  | 56308349 |
| TOTAL INVESTMENTS — 99.2%<br> (Cost $45,131,070) |  | 56308349 |
| OTHER ASSETS LESS LIABILITIES – 0.8% |  | 433138 |
| NET ASSETS - 100% |  | $56741487 |

---

---

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

---

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Hang Seng TECH Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 94.1%<sup>‡</sup>** |  |  |
| **CHINA — 93.4%** |  |  |
| Communication Services — 28.2% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 155850 | $2668143 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 36160 | 1043846 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 128800 | 573114 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 280200 | 3046748 |
| &nbsp;&nbsp;&nbsp;NetEase | 169505 | 5158961 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 61500 | 5240669 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 4500 | 53355 |
|  |  | 17784836 |
| Consumer Discretionary — 43.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 282400 | 6424451 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 214500 | 3038134 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 298026 | 970642 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 158509 | 2821641 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 170600 | 2223387 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 375980 | 5049857 |
| &nbsp;&nbsp;&nbsp;Midea Group | 76100 | 804486 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 52650 | 388426 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 173200 | 512005 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 33450 | 2562362 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 198400 | 2375323 |
|  |  | 27170714 |
| Consumer Staples — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 792000 | 677950 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 137300 | 1173519 |
|  |  | 1851469 |
| Information Technology — 19.3% |  |  |
| &nbsp;&nbsp;&nbsp;BYD Electronic International | 97000 | 515395 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics\* | 1273800 | 1568429 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor\* | 87000 | 894556 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 372000 | 837674 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 914000 | 1356833 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Cl B\* | 3403000 | 1264031 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 87040 | 1011872 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B\* | 681200 | 4727880 |
|  |  | 12176670 |
| TOTAL CHINA |  | 58983689 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **HONG KONG — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;ASMPT | 41300 | $435539 |
| TOTAL HONG KONG |  | 435539 |
| TOTAL COMMON STOCK<br> (Cost $49,481,519) |  | 59419228 |
| TOTAL INVESTMENTS — 94.1%<br> (Cost $49,481,519) |  | 59419228 |
| OTHER ASSETS LESS LIABILITIES – 5.9% |  | 3692996 |
| NET ASSETS - 100% |  | $63112224 |

---

---

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

---

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares European Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 60.7%** |  |  |
| **Fixed Income — 60.7%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 168800 | $4233504 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $4,236,225) |  | 4233504 |
| **SHORT-TERM INVESTMENT — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.081%<sup>(D)</sup> | 600549 | 600549 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $600,549) |  | 600549 |
| TOTAL INVESTMENTS — 69.3%<br> (Cost $4,836,774) |  | 4834053 |
| OTHER ASSETS LESS LIABILITIES – 30.7% |  | 2144521 |
| NET ASSETS - 100% |  | $6978574 |

---

A list of the open futures contracts held by the Fund at September 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission^ | 78 | Dec-2025 | $5794227 | $6939769 | $446263 |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares European Carbon Subsidiary, Ltd. as of September 30, 2025.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *The rate shown is the 7-day effective yield as of September 30, 2025.* |

---

The following summarizes the market value of the Fund's investments and other financial instruments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $4233504 | $— | $— | $4233504 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 600549 |  |  | 600549 |
| Total Investments in Securities | $4834053 | $— | $— | $4834053 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $446263 | $— | $— | $446263 |
| Total Other Financial Instruments | $446263 | $— | $— | $446263 |

---

*\** *Futures Contracts are valued at the unrealized appreciation (depreciation) on the instrument.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares European Carbon Allowance Strategy ETF** (concluded)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value 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 as of<br> 9/30/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |  |
| $3588948 | $1708000 | $(1065870) | $5679 | $(3253) | $4233504 | $82471 | $— |

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares California Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 77.3%** |  |  |
| **Fixed Income — 77.3%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 4372100 | $109652268 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $109,788,619) |  | 109652268 |
| **SHORT-TERM INVESTMENT — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.081%<sup>(D)</sup> | 4323688 | 4323688 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $4,323,688) |  | 4323688 |
| TOTAL INVESTMENTS — 80.3%<br> (Cost $114,112,307) |  | 113975956 |
| OTHER ASSETS LESS LIABILITIES – 19.7% |  | 28022578 |
| NET ASSETS - 100% |  | $141998534 |

---

A list of the open futures contracts held by the Fund at September 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance^ | 4572 | Dec-2025 | $154213569 | $142143480 | $(12070089) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares California Carbon Subsidiary, Ltd. as of September 30, 2025.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *The rate shown is the 7-day effective yield as of September 30, 2025.* |

---

The following summarizes the market value of the Fund's investments and other financial instruments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $109652268 | $— | $— | $109652268 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 4323688 |  |  | 4323688 |
| Total Investments in Securities | $113975956 | $— | $— | $113975956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (12070089) |  |  | (12070089) |
| Total Other Financial Instruments | $(12070089) | $— | $— | $(12070089) |

---

*\** *Futures Contracts are valued at the unrealized appreciation (depreciation) on the instrument.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares California Carbon Allowance Strategy ETF** (concluded)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value 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 as of<br> 9/30/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |  |
| $87196672 | $33713550 | $(11240526) | $37981 | $(55409) | $109652268 | $1757118 | $— |

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares KWEB Covered Call Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 106.1%** |  |  |
| **Domestic Equity — 106.1%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF<sup>(A)(B)</sup> | 3021200 | $126920612 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $105,620,316) |  | 126920612 |
| **SHORT-TERM INVESTMENT — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.081%<sup>(C)</sup> | 90215 | 90215 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $90,215) |  | 90215 |
| TOTAL INVESTMENTS — 106.2%<br> (Cost $105,710,531) |  | 127010827 |
| OTHER ASSETS LESS LIABILITIES – (6.2)% |  | (7469104) |
| NET ASSETS - 100% |  | $119541723 |
| WRITTEN OPTIONS<sup>(D)</sup> — (6.5)%<br> (Premiums Received $(4433611)) |  | $(7746596) |

---

*(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 September 30, 2025.* 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **WRITTEN OPTIONS — (6.5)%** |  | | |  |  |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (215) | $(903215) | $37.53 | 10/03/25 | $(96797) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5142) | (21601542) | $38.18 | 10/03/25 | (1982395) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (430) | (1806430) | $38.22 | 10/03/25 | (164067) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (645) | (2709645) | $38.26 | 10/10/25 | (247719) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (4480) | (18820480) | $38.44 | 10/10/25 | (1641517) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6730) | (28272730) | $40.63 | 10/17/25 | (1309793) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (206) | (865406) | $40.74 | 10/17/25 | (38501) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (404) | (1697204) | $40.94 | 10/17/25 | (70017) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (780) | (3276780) | $41.44 | 10/24/25 | (132311) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (4955) | (20815955) | $41.72 | 10/24/25 | (765201) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5625) | (23630625) | $41.07 | 10/31/25 | (1191544) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (600) | (2520600) | $41.68 | 10/31/25 | (106734) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(126920612) |  |  | $(7746596) |

---

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

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares KWEB Covered Call Strategy ETF** (concluded)

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $126920612 | $— | $— | $126920612 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 90215 |  |  | 90215 |
| Total Investments in Securities | $127010827 | $— | $— | $127010827 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(7746596) | $— | $(7746596) |
| Total Liabilities | $— | $(7746596) | $— | $(7746596) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value 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 as of<br> 9/30/2025** | **Dividend<br> Income** | **Capital <br> 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 | $394173510 | $(384284681) | $20539373 | $(10507159) | $126920612 | $— | $— |

---

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

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Global Luxury Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.2%<sup>‡</sup>** |  |  |
| **DENMARK — 3.5%** |  |  |
| Consumer Discretionary — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Pandora | 515 | $67156 |
| TOTAL DENMARK |  | 67156 |
| **FRANCE — 35.2%** |  |  |
| Consumer Discretionary — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International | 35 | 85664 |
| &nbsp;&nbsp;&nbsp;Kering | 386 | 128151 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 314 | 192040 |
|  |  | 405855 |
| Consumer Staples — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal | 358 | 155010 |
| Health Care — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica | 372 | 120640 |
| TOTAL FRANCE |  | 681505 |
| **ITALY — 10.8%** |  |  |
| Consumer Discretionary — 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli | 269 | 29395 |
| &nbsp;&nbsp;&nbsp;Ferrari | 166 | 80283 |
| &nbsp;&nbsp;&nbsp;Moncler | 1238 | 72544 |
| &nbsp;&nbsp;&nbsp;PRADA | 4600 | 27669 |
| TOTAL ITALY |  | 209891 |
| **JAPAN — 7.2%** |  |  |
| Consumer Staples — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kao | 1800 | 78625 |
| &nbsp;&nbsp;&nbsp;Shiseido | 3600 | 61599 |
| TOTAL JAPAN |  | 140224 |
| **SWITZERLAND — 7.7%** |  |  |
| Consumer Discretionary — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont, Cl A | 779 | 148427 |
| TOTAL SWITZERLAND |  | 148427 |
| **UNITED KINGDOM — 2.3%** |  |  |
| Consumer Discretionary — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Burberry Group\* | 2793 | 43918 |
| TOTAL UNITED KINGDOM |  | 43918 |
| **UNITED STATES — 29.5%** |  |  |
| Consumer Discretionary — 25.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 1831 | 47167 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor\* | 640 | $64877 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 281 | 88110 |
| &nbsp;&nbsp;&nbsp;Samsonite International | 11700 | 25053 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 380 | 36450 |
| &nbsp;&nbsp;&nbsp;Tapestry | 1055 | 119447 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 360 | 53845 |
| &nbsp;&nbsp;&nbsp;VF | 3380 | 48773 |
|  |  | 483722 |
| Consumer Staples — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 992 | 87415 |
| TOTAL UNITED STATES |  | 571137 |
| TOTAL COMMON STOCK<br> (Cost $2,031,248) |  | 1862258 |
| TOTAL INVESTMENTS — 96.2%<br> (Cost $2,031,248) |  | 1862258 |
| OTHER ASSETS LESS LIABILITIES – 3.8% |  | 73082 |
| NET ASSETS - 100% |  | $1935340 |

---

---

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

---

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Hedgeye Hedged Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 100.5%** |  |  |
| **Domestic Equity — 100.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust<sup>(A)</sup> | 53400 | $35574012 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $33,257,853) |  | 35574012 |
| **PURCHASED OPTION<sup>(B)</sup> — 0.7%** |  |  |
| TOTAL PURCHASED OPTION<br> (Cost $384,332) |  | 238410 |
| TOTAL INVESTMENTS — 101.2%<br> (Cost $33,642,185) |  | 35812422 |
| OTHER ASSETS LESS LIABILITIES – (1.2)% |  | (417988) |
| NET ASSETS - 100% |  | $35394434 |
| WRITTEN OPTIONS<sup>(B)</sup> — (1.6)%<br> (Premiums Received $(551860)) |  | $(554006) |

---

*(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 September 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market <br> Value** |
| **PURCHASED OPTION — 0.7%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | 54 | $36117684 | $6610.00 | 10/17/25 | $238410 |
| **WRITTEN OPTIONS — (1.6)%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | (54) | $(36117684) | $6555.00 | 10/17/25 | $(179010) |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | (534) | $(35574012) | $667.38 | 10/17/25 | $(374996) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(71691696) |  |  | $(554006) |

---

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $35574012 | $— | $— | $35574012 |
| &nbsp;&nbsp;&nbsp;Purchased Option | 238410 |  |  | 238410 |
| Total Investments in Securities | $35812422 | $— | $— | $35812422 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Written Options | $(179010) | $(374996) | $— | $(554006) |
| Total Liabilities | $(179010) | $(374996) | $— | $(554006) |

---

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Hedgeye Hedged Equity Index ETF** (concluded)

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Artificial Intelligence and Technology ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 94.6%<sup>‡</sup>** |  |  |
| **CANADA — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A\* | 7988 | $1187005 |
| TOTAL CANADA |  | 1187005 |
| **GERMANY — 1.8%** |  |  |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 6079 | 1627857 |
| TOTAL GERMANY |  | 1627857 |
| **NETHERLANDS — 5.0%** |  |  |
| Information Technology — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 1346 | 1309687 |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A\* | 27755 | 3116054 |
| TOTAL NETHERLANDS |  | 4425741 |
| **SOUTH KOREA — 1.7%** |  |  |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 6036 | 1494965 |
| TOTAL SOUTH KOREA |  | 1494965 |
| **TAIWAN — 2.6%** |  |  |
| Information Technology — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 10000 | 431459 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 45000 | 1926800 |
| TOTAL TAIWAN |  | 2358259 |
| **UNITED STATES — 82.2%** |  |  |
| Communication Services — 12.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 14143 | 3438163 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 6110 | 4487062 |
| &nbsp;&nbsp;&nbsp;Netflix\* | 1738 | 2083723 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A\* | 10453 | 1447950 |
|  |  | 11456898 |
| Consumer Discretionary — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com\* | 15130 | 3322094 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A\* | 5828 | 1875684 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 6281 | 2793286 |
|  |  | 7991064 |
| Health Care — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A\* | 27078 | 2185465 |

---

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Artificial Intelligence and Technology ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 6607 | $996732 |
| Information Technology — 57.0% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe\* | 4383 | 1546103 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices\* | 6279 | 1015879 |
| &nbsp;&nbsp;&nbsp;Apple | 9371 | 2386138 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A\* | 3468 | 2491897 |
| &nbsp;&nbsp;&nbsp;Arista Networks\* | 6436 | 937790 |
| &nbsp;&nbsp;&nbsp;ARM Holdings ADR\* | 4786 | 677171 |
| &nbsp;&nbsp;&nbsp;Astera Labs\* | 5930 | 1161094 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A\* | 5408 | 863658 |
| &nbsp;&nbsp;&nbsp;Broadcom | 6134 | 2023668 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 9611 | 657585 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A\* | 6454 | 1384964 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A\* | 49940 | 988812 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Cl A\* | 14142 | 1935333 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A\* | 10696 | 1523110 |
| &nbsp;&nbsp;&nbsp;Elastic\* | 16580 | 1400844 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A\* | 21635 | 975306 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 12384 | 1041123 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 6609 | 1105818 |
| &nbsp;&nbsp;&nbsp;Microsoft | 8674 | 4492698 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A\* | 4474 | 1388640 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 17743 | 3310489 |
| &nbsp;&nbsp;&nbsp;Oracle | 7489 | 2106206 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A\* | 11330 | 2066819 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks\* | 4641 | 945000 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A\* | 16787 | 1406918 |
| &nbsp;&nbsp;&nbsp;Salesforce | 7863 | 1863531 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A\* | 41316 | 1539021 |
| &nbsp;&nbsp;&nbsp;ServiceNow\* | 2674 | 2460829 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A\* | 7066 | 1593736 |
| &nbsp;&nbsp;&nbsp;Synopsys\* | 1312 | 647328 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A\* | 11793 | 1180361 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A\* | 4521 | 1088340 |
| &nbsp;&nbsp;&nbsp;Zscaler\* | 3130 | 937936 |
|  |  | 51144145 |
| TOTAL UNITED STATES |  | 73774304 |
| TOTAL COMMON STOCK<br> (Cost $78,503,292) |  | <br> 84868131 |

---

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Artificial Intelligence and Technology ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 5.0%** |  |  |
| **UNITED STATES — 5.0%** |  |  |
| Information Technology — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Anthropic\*<sup>(A)(B)</sup> | 17829 | $2975660 |
| &nbsp;&nbsp;&nbsp;XAI Holdings<sup>(A)(B)</sup> | 41029 | 1500020 |
|  |  | 4475680 |
| TOTAL UNITED STATES |  | 4475680 |
| TOTAL PREFERRED STOCK<br> (Cost $2,499,986) |  | 4475680 |
| TOTAL INVESTMENTS — 99.6%<br> (Cost $81,003,278) |  | 89343811 |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 375758 |
| NET ASSETS - 100% |  | $89719569 |

---

---

| | |
|:---|:---|
| *‡* | *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.* |

---

The following summarizes the market value of the Fund's investments used as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | $1187005 | $— | $— | $1187005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 1627857 |  |  | 1627857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 4425741 |  |  | 4425741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 1494965 |  |  | 1494965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 2358259 |  |  | 2358259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 73774304 |  |  | 73774304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 84868131 |  |  | 84868131 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  |  | 4475680 | 4475680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  | 4475680 | 4475680 |
| Total Investments in Securities | $84868131 | $— | $4475680 | $89343811 |

---

---

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

---

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Artificial Intelligence and Technology ETF** (concluded)

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

---

| | |
|:---|:---|
|  | **Common Stock** |
| Beginning balance as of April 1, 2025 | $999966 |
| Accrued discounts/premiums |  |
| Realized gain/(loss) |  |
| Change in unrealized appreciation/(depreciation) | 1975694 |
| Purchases | 1500020 |
| Sales |  |
| Net transfer into Level 3 |  |
| Net transfer out of Level 3 |  |
| Ending balance as of September 30, 2025 | $4475680 |
| Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | 1975694 |

---

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Sustainable Ultra Short Duration Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 98.7%** |  |  |
| **AUSTRALIA — 3.8%** |  |  |
| Financials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.671%, 10/03/2025 | $600000 | $600043 |
| &nbsp;&nbsp;&nbsp;Transurban Finance Pty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/02/2026 | 500000 | 499467 |
| &nbsp;&nbsp;&nbsp;Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.512%, 11/17/2025 | 700000 | 701009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 04/16/2026 | 2500000 | 2514978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.755%, 04/16/2026, SOFRRATE + 0.420%<sup>(A)</sup> | 900000 | 900577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/13/2026 | 1500000 | 1489479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 08/19/2026 | 750000 | 741952 |
|  |  | 7447505 |
| Real Estate — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/28/2026 | 1200000 | 1197145 |
| TOTAL AUSTRALIA |  | 8644650 |
| **CANADA — 9.1%** |  |  |
| Financials — 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/02/2026 | 2500000 | 2504770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.350%, 06/24/2026 | 3000000 | 2942318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 03/02/2026 | 1500000 | 1480608 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 10/23/2025 | 1000000 | 997893 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 07/20/2026 | 1000000 | 1009270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.069%, 07/23/2027, SOFRRATE + 0.790%<sup>(A)</sup> | 500000 | 503762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/12/2026 | 1500000 | 1502622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 04/27/2026 | 2000000 | 1968648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 07/14/2026 | 1000000 | 978202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 01/20/2026 | 1000000 | 989540 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.532%, 07/17/2026 | 900000 | 909950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 09/10/2026 | 750000 | 731245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/03/2026 | 3250000 | 3189934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/06/2026 | 1000000 | 990854 |
| TOTAL CANADA |  | 20699616 |
| **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 | 792531 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **GERMANY — 1.7%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 04/11/2026 | $1950000 | $1937198 |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146%, 07/13/2027, SOFRRATE + 2.520%<sup>(A)</sup> | 500000 | 510737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.686%, 03/19/2026 | 1500000 | 1482813 |
|  |  | 1993550 |
| TOTAL GERMANY |  | 3930748 |
| **IRELAND — 1.5%** |  |  |
| Industrials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 04/03/2026 | 2500000 | 2499831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/30/2026 | 786000 | 779619 |
| TOTAL IRELAND |  | 3279450 |
| **JAPAN — 3.2%** |  |  |
| Financials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.477%, 04/12/2026 | 2250000 | 2241993 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.709%, 01/09/2026 | 1000000 | 1003813 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.464%, 01/13/2026 | 1318000 | 1322687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.632%, 07/14/2026 | 2000000 | 1978040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.402%, 09/17/2026 | 750000 | 731811 |
| TOTAL JAPAN |  | 7278344 |
| **NETHERLANDS — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/09/2026 | 1000000 | 1001636 |
| **NEW ZEALAND — 1.6%** |  |  |
| Financials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;ASB Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.346%, 06/15/2026 | 3500000 | 3529860 |
| **SPAIN — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.179%, 11/19/2025 | 1800000 | 1801471 |
| **SWITZERLAND — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;UBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/07/2026 | 750000 | 733155 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **UNITED KINGDOM — 3.8%** |  |  |
| Financials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/12/2026 | $1750000 | $1750011 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 03/08/2026 | 3250000 | 3251395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/25/2026 | 1000000 | 998369 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.985%, 08/07/2027, H15T1Y + 1.480%<sup>(A)</sup> | 500000 | 507141 |
| &nbsp;&nbsp;&nbsp;LSEGA Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 04/06/2026 | 2250000 | 2217867 |
| TOTAL UNITED KINGDOM |  | 8724783 |
| **UNITED STATES — 72.1%** |  |  |
| Communication Services — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 03/01/2026 | 2528000 | 2517909 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/2026 | 1000000 | 992130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2026 | 1000000 | 989526 |
| &nbsp;&nbsp;&nbsp;TWDC Enterprises 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/13/2026 | 1000000 | 995819 |
| &nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 03/20/2026 | 1000000 | 988051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850%, 11/20/2025 | 500000 | 497703 |
| &nbsp;&nbsp;&nbsp;Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 10/15/2025 | 1000000 | 999755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/13/2026 | 1000000 | 993201 |
|  |  | 8974094 |
| Consumer Discretionary — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;American Honda Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/07/2026 | 900000 | 907903 |
| &nbsp;&nbsp;&nbsp;eBay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 05/10/2026 | 1000000 | 984068 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/14/2026 | 750000 | 756671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 08/07/2026 | 1250000 | 1256747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 10/24/2025 | 1000000 | 999510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 06/18/2026 | 2585000 | 2532972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800%, 10/16/2025 | 500000 | 499290 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/10/2025 | 1000000 | 1001031 |
|  |  | 8938192 |
| Consumer Staples — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/11/2026 | 750000 | 740946 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Consumer Staples (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2026 | $800000 | $796068 |
| &nbsp;&nbsp;&nbsp;PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/10/2025 | 1586000 | 1587412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 02/13/2026 | 1500000 | 1501524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 02/24/2026 | 753000 | 749496 |
|  |  | 5375446 |
| Financials — 33.1% |  |  |
| &nbsp;&nbsp;&nbsp;Allstate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 12/15/2025 | 1467000 | 1456336 |
| &nbsp;&nbsp;&nbsp;American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.389%, 07/28/2027, SOFRRATE + 0.970%<sup>(A)</sup> | 200000 | 201955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/13/2026 | 2200000 | 2205241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 11/06/2025 | 1000000 | 999974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/20/2026 | 1000000 | 994384 |
| &nbsp;&nbsp;&nbsp;Aon Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2025 | 2000000 | 1997255 |
| &nbsp;&nbsp;&nbsp;Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/2026 | 2000000 | 1996513 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.526%, 08/18/2026 | 500000 | 506036 |
| &nbsp;&nbsp;&nbsp;Bank of America, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 03/03/2026 | 6250000 | 6254064 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/04/2026 | 2000000 | 1985870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/17/2026 | 750000 | 740475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/28/2026 | 1000000 | 988836 |
| &nbsp;&nbsp;&nbsp;Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 08/24/2026 | 750000 | 761082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.809%, 05/13/2026, SOFRINDX + 0.520%<sup>(A)</sup> | 1000000 | 1001164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/13/2026 | 1000000 | 982612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 03/11/2026 | 596000 | 587630 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 05/03/2026 | 1000000 | 995850 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438%, 04/30/2026 | 3250000 | 3272014 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/09/2026 | 2500000 | 2503923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/12/2026 | 1000000 | 998218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/01/2026 | 1000000 | 996138 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/15/2026 | 1500000 | 1497261 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/25/2026 | 1750000 | 1746665 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/15/2026 | $500000 | $499141 |
| &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/09/2026 | 850000 | 852054 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2026 | 2750000 | 2739845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2026 | 500000 | 497145 |
| &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/21/2025 | 500000 | 500299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 01/27/2026 | 4050000 | 4053274 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/14/2026 | 2000000 | 1995407 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 08/09/2026 | 500000 | 509419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/24/2025 | 1000000 | 1000731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/27/2026 | 2000000 | 1998197 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.754%, 04/21/2026 | 2750000 | 2757686 |
| &nbsp;&nbsp;&nbsp;PNC Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 11/01/2025 | 750000 | 749648 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.102%, 07/23/2027, SOFRRATE + 0.796%<sup>(A)</sup> | 500000 | 503400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 07/23/2026 | 1750000 | 1730398 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/10/2026 | 3280000 | 3242099 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, 08/03/2026 | 750000 | 757120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/19/2026 | 2000000 | 1983227 |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 11/03/2025 | 1000000 | 999558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 05/15/2026 | 2500000 | 2485283 |
| &nbsp;&nbsp;&nbsp;US Bancorp, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 11/17/2025 | 1500000 | 1498962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 04/27/2026 | 1000000 | 994568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 07/22/2026 | 750000 | 740577 |
| &nbsp;&nbsp;&nbsp;Visa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/14/2025 | 1674000 | 1670982 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/22/2026 | 2000000 | 1988418 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 06/03/2026 | 1550000 | 1548802 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 08/07/2026 | 1250000 | 1263933 |
|  |  | 75229669 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Health Care — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2026 | $1750000 | $1749835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2025 | 1500000 | 1499151 |
| &nbsp;&nbsp;&nbsp;McKesson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 12/03/2025 | 1383000 | 1374780 |
| &nbsp;&nbsp;&nbsp;Stryker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/01/2025 | 1000000 | 998853 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.953%, 08/10/2026 | 750000 | 755833 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 10/15/2025 | 1000000 | 1000220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/15/2026 | 2000000 | 2010823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/15/2026 | 1250000 | 1238719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/15/2026 | 1000000 | 981991 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 01/15/2026 | 1000000 | 995880 |
|  |  | 12606085 |
| Industrials — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 06/25/2026 | 650000 | 654312 |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/2026 | 500000 | 496138 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/01/2026 | 2000000 | 1995975 |
| &nbsp;&nbsp;&nbsp;John Deere Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/03/2026 | 1200000 | 1204845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 01/09/2026 | 1750000 | 1753381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/08/2026 | 2000000 | 2011969 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2026 | 1500000 | 1493983 |
| &nbsp;&nbsp;&nbsp;Waste Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 11/15/2025 | 2000000 | 1989886 |
|  |  | 11600489 |
| Information Technology — 12.6% |  |  |
| &nbsp;&nbsp;&nbsp;Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.421%, 05/08/2026 | 2000000 | 2000414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/23/2026 | 2300000 | 2292811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/04/2026 | 750000 | 741776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 02/08/2026 | 2000000 | 1977019 |
| &nbsp;&nbsp;&nbsp;Applied Materials |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/01/2025 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.459%, 09/15/2026 | 750000 | 746683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 11/15/2025 | 800000 | 798764 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/26/2026 | $1874000 | $1879532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 02/28/2026 | 2652000 | 2639893 |
| &nbsp;&nbsp;&nbsp;Dell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.020%, 06/15/2026 | 3000000 | 3024779 |
| &nbsp;&nbsp;&nbsp;Fortinet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 03/15/2026 | 2000000 | 1967916 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/10/2026 | 850000 | 851724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 05/19/2026 | 2000000 | 1980206 |
| &nbsp;&nbsp;&nbsp;Lam Research |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/2026 | 2750000 | 2744428 |
| &nbsp;&nbsp;&nbsp;Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 09/15/2026 | 750000 | 747591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/03/2025 | 3000000 | 2996852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 08/08/2026 | 750000 | 741072 |
|  |  | 28631460 |
| Real Estate — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Boston Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 02/01/2026 | 1000000 | 997003 |
| &nbsp;&nbsp;&nbsp;Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 05/15/2026 | 1000000 | 982815 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 02/15/2026 | 2000000 | 1973784 |
| &nbsp;&nbsp;&nbsp;Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/13/2026 | 1372000 | 1372264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/01/2026 | 3000000 | 3009671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/01/2025 | 1000000 | 999916 |
| &nbsp;&nbsp;&nbsp;Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/15/2026 | 1000000 | 997006 |
|  |  | 10332459 |
| Utilities — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 06/15/2026 | 2050000 | 2028504 |
| TOTAL UNITED STATES |  | 163716398 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $223,988,573) |  | 224132642 |
| TOTAL INVESTMENTS — 98.7%<br> (Cost $223,988,573) |  | 224132642 |
| OTHER ASSETS LESS LIABILITIES – 1.3% |  | 2958422 |
| NET ASSETS - 100% |  | $227091064 |

---

*(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.* 

*The accompanying notes are an integral part of the financial statements.*

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

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

As of September 30, 2025, all of the Fund's investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares China Alpha Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%<sup>‡</sup>** |  |  |
| **CHINA — 100.0%** |  |  |
| Consumer Discretionary — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 36501 | $375949 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 92400 | 328379 |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 8000 | 90906 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 16100 | 387557 |
|  |  | 1182791 |
| Financials — 34.8% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 329200 | 308074 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing, Cl A | 395400 | 305673 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 420400 | 305535 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 323000 | 304537 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 223900 | 315082 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 213700 | 327713 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 253100 | 318177 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl A | 150000 | 151528 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 256800 | 310218 |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities, Cl A | 4300 | 10721 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl A | 356000 | 329158 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 115800 | 306584 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 323200 | 298378 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 312700 | 320272 |
|  |  | 3911650 |
| Industrials — 13.2% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 227900 | 311438 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 157800 | 317486 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 388000 | 320639 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 50100 | 161391 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 428500 | 327655 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl A | 23000 | 45242 |
|  |  | 1483851 |
| Information Technology — 20.5% |  |  |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A | 8400 | 66081 |
| &nbsp;&nbsp;&nbsp;Chaozhou Three-Circle Group, Cl A | 12000 | 78003 |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 6100 | 313045 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 42900 | 397316 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 52600 | 477410 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 4155 | 263709 |
| &nbsp;&nbsp;&nbsp;Suzhou TFC Optical Communication, Cl A | 10600 | 249555 |
| &nbsp;&nbsp;&nbsp;WUS Printed Circuit Kunshan, Cl A | 12300 | 126790 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 5900 | 334163 |
|  |  | 2306072 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aluminum Corp of China, Cl A | 304700 | $352264 |
| &nbsp;&nbsp;&nbsp;Ningxia Baofeng Energy Group, Cl A | 135900 | 339397 |
| &nbsp;&nbsp;&nbsp;Satellite Chemical, Cl A | 119400 | 323989 |
| &nbsp;&nbsp;&nbsp;Zangge Mining, Cl A | 43800 | 358455 |
| &nbsp;&nbsp;&nbsp;Zhejiang Juhua, Cl A | 60900 | 341865 |
| &nbsp;&nbsp;&nbsp;Zhongjin Gold, Cl A | 77400 | 238149 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 98300 | 406032 |
|  |  | 2360151 |
| TOTAL CHINA |  | 11244515 |
| TOTAL COMMON STOCK<br> (Cost $8,930,728) |  | 11244515 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $8,930,728) |  | 11244515 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | 549 |
| NET ASSETS - 100% |  | $11245064 |

---

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

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Man Buyout Beta Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **BELGIUM — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Global, Cl C\* | 3232 | $37976 |
| TOTAL BELGIUM |  | 37976 |
| **BRAZIL — 0.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A\* | 3672 | 69437 |
| TOTAL BRAZIL |  | 69437 |
| **GUATEMALA — 0.6%** |  |  |
| Communication Services — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular | 1589 | 77130 |
| TOTAL GUATEMALA |  | 77130 |
| **NORWAY — 0.1%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Seadrill\* | 291 | 8791 |
| TOTAL NORWAY |  | 8791 |
| **PUERTO RICO — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Cl C\* | 4557 | 38461 |
| TOTAL PUERTO RICO |  | 38461 |
| **SWITZERLAND — 0.2%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 1330 | 18115 |
| TOTAL SWITZERLAND |  | 18115 |
| **UNITED KINGDOM — 1.2%** |  |  |
| Energy — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC | 2874 | 113380 |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Marex Group | 1073 | 36074 |
| TOTAL UNITED KINGDOM |  | 149454 |
| **UNITED STATES — 96.6%** |  |  |
| Communication Services — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A\* | 3000 | 50010 |
| &nbsp;&nbsp;&nbsp;Cars.com\* | 474 | 5792 |
| &nbsp;&nbsp;&nbsp;IAC\* | 1346 | 45858 |
| &nbsp;&nbsp;&nbsp;IMAX\* | 1099 | 35992 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 508 | 8870 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Communication Services (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios\* | 2493 | $17202 |
| &nbsp;&nbsp;&nbsp;Magnite\* | 5427 | 118200 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Cl A\* | 1500 | 17070 |
| &nbsp;&nbsp;&nbsp;News | 5449 | 167339 |
| &nbsp;&nbsp;&nbsp;NIQ Global Intelligence\* | 601 | 9436 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A\* | 3694 | 40301 |
|  |  | 516070 |
| Consumer Discretionary — 13.6% |  |  |
| &nbsp;&nbsp;&nbsp;Adient\* | 1607 | 38697 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings\* | 1736 | 10433 |
| &nbsp;&nbsp;&nbsp;Aramark | 465 | 17856 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group\* | 134 | 32756 |
| &nbsp;&nbsp;&nbsp;AutoNation\* | 318 | 69569 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants\* | 536 | 16364 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 1478 | 64973 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming | 535 | 46251 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions\* | 125 | 13571 |
| &nbsp;&nbsp;&nbsp;Brunswick | 139 | 8790 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 171 | 7616 |
| &nbsp;&nbsp;&nbsp;Churchill Downs | 414 | 40162 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings\* | 220 | 8125 |
| &nbsp;&nbsp;&nbsp;Dana | 1489 | 29840 |
| &nbsp;&nbsp;&nbsp;Dorman Products\* | 281 | 43802 |
| &nbsp;&nbsp;&nbsp;Etsy\* | 139 | 9228 |
| &nbsp;&nbsp;&nbsp;Frontdoor\* | 1777 | 119574 |
| &nbsp;&nbsp;&nbsp;Funko, Cl A\* | 3884 | 13361 |
| &nbsp;&nbsp;&nbsp;Gentherm\* | 596 | 20300 |
| &nbsp;&nbsp;&nbsp;Hanesbrands\* | 1679 | 11065 |
| &nbsp;&nbsp;&nbsp;Hasbro | 1066 | 80856 |
| &nbsp;&nbsp;&nbsp;Lear | 787 | 79180 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings\* | 718 | 19817 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings\* | 2826 | 36173 |
| &nbsp;&nbsp;&nbsp;M/I Homes\* | 91 | 13144 |
| &nbsp;&nbsp;&nbsp;Mattel\* | 5021 | 84503 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 925 | 32060 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries\* | 137 | 17662 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 57 | 22131 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous | 88 | 9745 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A\* | 4587 | 41283 |
| &nbsp;&nbsp;&nbsp;Phinia | 935 | 53744 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 326 | 102221 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Cl A | 166 | 10136 |
| &nbsp;&nbsp;&nbsp;Savers Value Village\* | 1752 | 23214 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A | 307 | 23360 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A\* | 110 | $7261 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 284 | 39232 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 665 | 39561 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 52 | 7778 |
| &nbsp;&nbsp;&nbsp;VF | 774 | 11169 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A\* | 1755 | 156774 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 1028 | 28208 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 880 | 70312 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Cl A\* | 781 | 6084 |
|  |  | 1637941 |
| Consumer Staples — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A\* | 701 | 20700 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse\* | 532 | 31031 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 361 | 42295 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients\* | 829 | 25591 |
| &nbsp;&nbsp;&nbsp;Dole | 1997 | 26840 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 595 | 14810 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 293 | 20381 |
| &nbsp;&nbsp;&nbsp;Ingredion | 640 | 78150 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 1141 | 45640 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 209 | 8510 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 264 | 6460 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl A\* | 83 | 8959 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods | 689 | 16178 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands | 923 | 91248 |
| &nbsp;&nbsp;&nbsp;Universal | 324 | 18102 |
| &nbsp;&nbsp;&nbsp;US Foods Holding\* | 1464 | 112172 |
|  |  | 567067 |
| Energy — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Antero Resources\* | 720 | 24163 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy\* | 120 | 21718 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 549 | 20296 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 483 | 21701 |
| &nbsp;&nbsp;&nbsp;NOV | 1772 | 23479 |
| &nbsp;&nbsp;&nbsp;Oceaneering International\* | 839 | 20790 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 1594 | 64366 |
| &nbsp;&nbsp;&nbsp;Range Resources | 318 | 11970 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies\* | 845 | 4859 |
| &nbsp;&nbsp;&nbsp;Tidewater\* | 543 | 28958 |
| &nbsp;&nbsp;&nbsp;World Kinect | 407 | 10562 |
|  |  | 252862 |
| Financials — 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 167 | 39818 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 613 | $44939 |
| &nbsp;&nbsp;&nbsp;Assurant | 238 | 51551 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 1023 | 98003 |
| &nbsp;&nbsp;&nbsp;Banner | 38 | 2489 |
| &nbsp;&nbsp;&nbsp;Brightsphere Investment Group | 100 | 4816 |
| &nbsp;&nbsp;&nbsp;Burford Capital | 697 | 8336 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 203 | 7621 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 95 | 4561 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 36 | 2014 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions\* | 737 | 37904 |
| &nbsp;&nbsp;&nbsp;Enova International\* | 330 | 37980 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 159 | 9219 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide\* | 411 | 36090 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 35 | 5879 |
| &nbsp;&nbsp;&nbsp;First Financial | 114 | 6434 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 326 | 8231 |
| &nbsp;&nbsp;&nbsp;First Merchants | 243 | 9161 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 147 | 23288 |
| &nbsp;&nbsp;&nbsp;Globe Life | 216 | 30882 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 92 | 16710 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 318 | 8999 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 298 | 20488 |
| &nbsp;&nbsp;&nbsp;Mercury General | 667 | 56548 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 65 | 4863 |
| &nbsp;&nbsp;&nbsp;Morningstar | 278 | 64499 |
| &nbsp;&nbsp;&nbsp;NewtekOne | 960 | 10992 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 219 | 3785 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 977 | 55161 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 248 | 8561 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings\* | 117 | 13660 |
| &nbsp;&nbsp;&nbsp;Primerica | 150 | 41639 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 106 | 8018 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 288 | 55333 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 605 | 49047 |
| &nbsp;&nbsp;&nbsp;SLM | 839 | 23224 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares\* | 593 | 50126 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 102 | 3062 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 242 | 18102 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 596 | 35426 |
|  |  | 1017459 |
| Health Care — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;10X Genomics, Cl A\* | 831 | 9714 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals\* | 7856 | 78639 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners\* | 221 | 2928 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;AtriCure\* | 1434 | $50549 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals\* | 661 | 10093 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings\* | 2138 | 18964 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 340 | 18914 |
| &nbsp;&nbsp;&nbsp;Bioventus, Cl A\* | 281 | 1880 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services\* | 2283 | 67486 |
| &nbsp;&nbsp;&nbsp;Certara\* | 1013 | 12379 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International\* | 98 | 15333 |
| &nbsp;&nbsp;&nbsp;Community Health Systems\* | 3770 | 12102 |
| &nbsp;&nbsp;&nbsp;CONMED | 266 | 12510 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare, Cl A\* | 6238 | 25326 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health\* | 4988 | 100458 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 1437 | 182528 |
| &nbsp;&nbsp;&nbsp;Enhabit\* | 468 | 3749 |
| &nbsp;&nbsp;&nbsp;HealthEquity\* | 611 | 57904 |
| &nbsp;&nbsp;&nbsp;ICU Medical\* | 341 | 40906 |
| &nbsp;&nbsp;&nbsp;Innoviva\* | 1565 | 28561 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group\* | 8756 | 48158 |
| &nbsp;&nbsp;&nbsp;LivaNova\* | 1330 | 69665 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 276 | 18495 |
| &nbsp;&nbsp;&nbsp;NeoGenomics\* | 1790 | 13819 |
| &nbsp;&nbsp;&nbsp;OptimizeRx\* | 1087 | 22284 |
| &nbsp;&nbsp;&nbsp;Option Care Health\* | 3188 | 88499 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical\* | 624 | 9135 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 234 | 9468 |
| &nbsp;&nbsp;&nbsp;QIAGEN | 1100 | 49148 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology\* | 2320 | 32109 |
| &nbsp;&nbsp;&nbsp;Teladoc Health\* | 12431 | 96092 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 152 | 31075 |
| &nbsp;&nbsp;&nbsp;Waystar Holding\* | 3083 | 116907 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings\* | 5832 | 47472 |
|  |  | 1403249 |
| Industrials — 20.3% |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 572 | 74629 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel\* | 62 | 3768 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 405 | 34376 |
| &nbsp;&nbsp;&nbsp;API Group\* | 2096 | 72039 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 46 | 12008 |
| &nbsp;&nbsp;&nbsp;ATI\* | 959 | 78005 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 932 | 42024 |
| &nbsp;&nbsp;&nbsp;AZZ | 492 | 53692 |
| &nbsp;&nbsp;&nbsp;Brink's | 694 | 81101 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 251 | 46277 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 79 | 19398 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Centuri Holdings\* | 260 | $5504 |
| &nbsp;&nbsp;&nbsp;Clean Harbors\* | 98 | 22758 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 129 | 1850 |
| &nbsp;&nbsp;&nbsp;CRA International | 33 | 6881 |
| &nbsp;&nbsp;&nbsp;Crane | 182 | 33513 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 93 | 50493 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 349 | 10910 |
| &nbsp;&nbsp;&nbsp;Dycom Industries\* | 96 | 28009 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 155 | 6355 |
| &nbsp;&nbsp;&nbsp;EnerSys | 907 | 102455 |
| &nbsp;&nbsp;&nbsp;Flowserve | 1261 | 67010 |
| &nbsp;&nbsp;&nbsp;FTI Consulting\* | 224 | 36210 |
| &nbsp;&nbsp;&nbsp;Gates Industrial\* | 2186 | 54257 |
| &nbsp;&nbsp;&nbsp;Generac Holdings\* | 542 | 90731 |
| &nbsp;&nbsp;&nbsp;Genpact | 1623 | 67987 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock\* | 639 | 7662 |
| &nbsp;&nbsp;&nbsp;Griffon | 280 | 21322 |
| &nbsp;&nbsp;&nbsp;GXO Logistics\* | 299 | 15814 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions\* | 4297 | 39446 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group\* | 236 | 34638 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings\* | 391 | 15843 |
| &nbsp;&nbsp;&nbsp;ICF International | 167 | 15498 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 743 | 21502 |
| &nbsp;&nbsp;&nbsp;ITT | 124 | 22166 |
| &nbsp;&nbsp;&nbsp;KBR | 833 | 39393 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Cl A | 413 | 16318 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 36 | 8490 |
| &nbsp;&nbsp;&nbsp;MasTec\* | 354 | 75335 |
| &nbsp;&nbsp;&nbsp;Maximus | 350 | 31979 |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 269 | 55863 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 2860 | 72987 |
| &nbsp;&nbsp;&nbsp;nVent Electric | 309 | 30480 |
| &nbsp;&nbsp;&nbsp;Openlane\* | 405 | 11656 |
| &nbsp;&nbsp;&nbsp;Pentair | 1176 | 130254 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 186 | 25543 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 323 | 46331 |
| &nbsp;&nbsp;&nbsp;Ryder System | 514 | 96961 |
| &nbsp;&nbsp;&nbsp;Science Applications International | 151 | 15005 |
| &nbsp;&nbsp;&nbsp;SkyWest\* | 761 | 76572 |
| &nbsp;&nbsp;&nbsp;Standardaero\* | 2358 | 64350 |
| &nbsp;&nbsp;&nbsp;Textron | 863 | 72915 |
| &nbsp;&nbsp;&nbsp;Tutor Perini\* | 281 | 18431 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding, Cl B | 97 | 4937 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 96 | 37222 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A\* | 1953 | 48239 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;WESCO International | 241 | $50971 |
| &nbsp;&nbsp;&nbsp;Willdan Group\* | 642 | 62075 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings | 741 | 15642 |
| &nbsp;&nbsp;&nbsp;Woodward | 123 | 31083 |
| &nbsp;&nbsp;&nbsp;Xometry, Cl A\* | 182 | 9914 |
|  |  | 2445077 |
| Information Technology — 23.2% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide\* | 1105 | 58311 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings\* | 310 | 2908 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A\* | 2088 | 63830 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies\* | 1479 | 25069 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A\* | 5066 | 67682 |
| &nbsp;&nbsp;&nbsp;AvePoint\* | 446 | 6694 |
| &nbsp;&nbsp;&nbsp;Belden | 265 | 31872 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 499 | 19236 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings\* | 7553 | 37690 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A\* | 4100 | 14965 |
| &nbsp;&nbsp;&nbsp;Ciena\* | 856 | 124694 |
| &nbsp;&nbsp;&nbsp;Coherent\* | 736 | 79282 |
| &nbsp;&nbsp;&nbsp;CTS | 198 | 7908 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf\* | 156 | 8897 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings\* | 2212 | 75562 |
| &nbsp;&nbsp;&nbsp;Domo, Cl B\* | 723 | 11452 |
| &nbsp;&nbsp;&nbsp;Dynatrace\* | 1198 | 58043 |
| &nbsp;&nbsp;&nbsp;Elastic\* | 1710 | 144478 |
| &nbsp;&nbsp;&nbsp;Extreme Networks\* | 277 | 5720 |
| &nbsp;&nbsp;&nbsp;Flex\* | 449 | 26029 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A\* | 1451 | 17078 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 2308 | 65524 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A\* | 645 | 29077 |
| &nbsp;&nbsp;&nbsp;Harmonic\* | 1540 | 15677 |
| &nbsp;&nbsp;&nbsp;Jabil | 564 | 122484 |
| &nbsp;&nbsp;&nbsp;Jamf Holding\* | 1965 | 21026 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 104 | 26937 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings\* | 412 | 51290 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates\* | 253 | 51860 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A\* | 1258 | 29261 |
| &nbsp;&nbsp;&nbsp;MKS Instruments | 275 | 34037 |
| &nbsp;&nbsp;&nbsp;N-able\* | 4433 | 34577 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A\* | 2075 | 154359 |
| &nbsp;&nbsp;&nbsp;Onto Innovation\* | 636 | 82184 |
| &nbsp;&nbsp;&nbsp;Ooma\* | 328 | 3933 |
| &nbsp;&nbsp;&nbsp;PagerDuty\* | 3874 | 63999 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 2192 | 126040 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Photronics\* | 734 | $16845 |
| &nbsp;&nbsp;&nbsp;Plexus\* | 309 | 44709 |
| &nbsp;&nbsp;&nbsp;PROS Holdings\* | 2313 | 52991 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A\* | 1172 | 98225 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings\* | 1611 | 116620 |
| &nbsp;&nbsp;&nbsp;Rambus\* | 748 | 77942 |
| &nbsp;&nbsp;&nbsp;Rapid7\* | 1782 | 33413 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A\* | 2909 | 82441 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories\* | 25 | 3278 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology\* | 1812 | 33812 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings\* | 1107 | 29092 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A\* | 3814 | 29444 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A\* | 947 | 12235 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings\* | 1784 | 52021 |
| &nbsp;&nbsp;&nbsp;TTM Technologies\* | 1375 | 79200 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A\* | 5806 | 77684 |
| &nbsp;&nbsp;&nbsp;Unity Software\* | 1236 | 49489 |
| &nbsp;&nbsp;&nbsp;Universal Display | 279 | 40073 |
| &nbsp;&nbsp;&nbsp;Weave Communications\* | 2426 | 16206 |
| &nbsp;&nbsp;&nbsp;Xperi\* | 1828 | 11845 |
| &nbsp;&nbsp;&nbsp;Yext\* | 4822 | 41083 |
|  |  | 2798313 |
| Materials — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup | 403 | 53865 |
| &nbsp;&nbsp;&nbsp;Ashland | 438 | 20985 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 258 | 41840 |
| &nbsp;&nbsp;&nbsp;Avient | 1542 | 50809 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems\* | 2327 | 66599 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 382 | 21881 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A\* | 1263 | 18793 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 112 | 26100 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 6545 | 79194 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 533 | 41126 |
| &nbsp;&nbsp;&nbsp;Knife River\* | 739 | 56807 |
| &nbsp;&nbsp;&nbsp;Materion | 547 | 66083 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 641 | 39819 |
| &nbsp;&nbsp;&nbsp;Mosaic | 277 | 9606 |
| &nbsp;&nbsp;&nbsp;NewMarket | 71 | 58803 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro | 891 | 50742 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 723 | 67854 |
| &nbsp;&nbsp;&nbsp;TriMas | 243 | 9390 |
|  |  | 780296 |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Avista | 265 | 10020 |

---

*The accompanying notes are an integral part of the financial statements.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Black Hills | 561 | $34552 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 103 | 4959 |
| &nbsp;&nbsp;&nbsp;NiSource | 574 | 24854 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 362 | 21217 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 140 | 22673 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 606 | 28040 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 539 | 42225 |
| &nbsp;&nbsp;&nbsp;Spire | 75 | 6114 |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 557 | 31498 |
| &nbsp;&nbsp;&nbsp;Unitil | 66 | 3159 |
|  |  | 229311 |
| TOTAL UNITED STATES |  | 11647645 |
| TOTAL COMMON STOCK<br> (Cost $10,923,637) |  | 12047009 |
| TOTAL INVESTMENTS — 99.9% <br> (Cost $10,923,637) |  | 12047009 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 7098 |
| NET ASSETS - 100% |  | $12054107 |

---

---

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

---

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Global Humanoid and Embodied Intelligence Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 2.0%** |  |  |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths\* | 133140 | $1483294 |
| TOTAL AUSTRALIA |  | 1483294 |
| **BELGIUM — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Melexis | 18529 | 1468499 |
| TOTAL BELGIUM |  | 1468499 |
| **CANADA — 2.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Magna International | 31311 | 1483863 |
| TOTAL CANADA |  | 1483863 |
| **CHINA — 36.0%** |  |  |
| Consumer Discretionary — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ningbo Shuanglin Auto Parts, Cl A | 234140 | 1460870 |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 130100 | 1478351 |
| &nbsp;&nbsp;&nbsp;Shanghai Beite Technology, Cl A | 186400 | 1441792 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 127400 | 1525283 |
| &nbsp;&nbsp;&nbsp;Zhejiang Shuanghuan Driveline, Cl A | 209400 | 1463397 |
|  |  | 7369693 |
| Industrials — 18.1% |  |  |
| &nbsp;&nbsp;&nbsp;Estun Automation, Cl A\* | 406700 | 1460774 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengli Hydraulic, Cl A | 110300 | 1482088 |
| &nbsp;&nbsp;&nbsp;Keli Sensing Technology Ningbo, Cl A | 136800 | 1459476 |
| &nbsp;&nbsp;&nbsp;Leader Harmonious Drive Systems, Cl A | 58621 | 1486868 |
| &nbsp;&nbsp;&nbsp;Shanghai Moons' Electric, Cl A | 128100 | 1521226 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 125700 | 1478263 |
| &nbsp;&nbsp;&nbsp;Shenzhen Zhaowei Machinery & Electronic, Cl A | 75600 | 1454744 |
| &nbsp;&nbsp;&nbsp;UBTech Robotics\* | 81000 | 1604301 |
| &nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls, Cl A | 224800 | 1527494 |
|  |  | 13475234 |
| Information Technology — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Leadshine Technology, Cl A | 219600 | 1454880 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics\* | 1194000 | 1470171 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology\* | 277200 | 1505639 |
|  |  | 4430690 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 224600 | 1522039 |
| TOTAL CHINA |  | 26797656 |

---

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Global Humanoid and Embodied Intelligence Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **GERMANY — 4.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Schaeffler | 220085 | $1467561 |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 38008 | 1482699 |
| TOTAL GERMANY |  | 2950260 |
| **ISRAEL — 2.0%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A\* | 104035 | 1468974 |
| TOTAL ISRAEL |  | 1468974 |
| **JAPAN — 12.0%** |  |  |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Harmonic Drive Systems | 83200 | 1491217 |
| &nbsp;&nbsp;&nbsp;Nabtesco | 65100 | 1476249 |
| &nbsp;&nbsp;&nbsp;Nidec | 85400 | 1522842 |
| &nbsp;&nbsp;&nbsp;THK | 53000 | 1468504 |
|  |  | 5958812 |
| Information Technology — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Keyence | 4000 | 1494532 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 125400 | 1448573 |
|  |  | 2943105 |
| TOTAL JAPAN |  | 8901917 |
| **NETHERLANDS — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 6505 | 1481384 |
| TOTAL NETHERLANDS |  | 1481384 |
| **SINGAPORE — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 52335 | 1466630 |
| TOTAL SINGAPORE |  | 1466630 |
| **SOUTH KOREA — 1.9%** |  |  |
| Industrials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Rainbow Robotics\* | 6577 | 1448482 |
| TOTAL SOUTH KOREA |  | 1448482 |

---

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Global Humanoid and Embodied Intelligence Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SWEDEN — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hexagon, Cl B | 125247 | $1490164 |
| TOTAL SWEDEN |  | 1490164 |
| **SWITZERLAND — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 6755 | 1482925 |
| TOTAL SWITZERLAND |  | 1482925 |
| **TAIWAN — 2.0%** |  |  |
| Industrials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hiwin Technologies | 207000 | 1463629 |
| TOTAL TAIWAN |  | 1463629 |
| **UNITED STATES — 27.9%** |  |  |
| Consumer Discretionary — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv\* | 17151 | 1478759 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 3320 | 1476471 |
|  |  | 2955230 |
| Industrials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 7304 | 1516822 |
| &nbsp;&nbsp;&nbsp;RBC Bearings\* | 3827 | 1493640 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 10189 | 1461510 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding | 48390 | 1478314 |
|  |  | 5950286 |
| Information Technology — 14.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 12157 | 1504429 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 6009 | 1476411 |
| &nbsp;&nbsp;&nbsp;Jabil | 6857 | 1489135 |
| &nbsp;&nbsp;&nbsp;Novanta\* | 14703 | 1472505 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 8089 | 1509246 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies\* | 2539 | 1487956 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 8028 | 1474984 |
|  |  | 10414666 |

---

*The accompanying notes are an integral part of the financial statements.*

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

**KraneShares Global Humanoid and Embodied Intelligence Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials\* | 21577 | $1447169 |
| TOTAL UNITED STATES |  | 20767351 |
| TOTAL COMMON STOCK<br> (Cost $65,313,852) |  | 74155028 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $65,313,852) |  | 74155028 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 148812 |
| NET ASSETS - 100% |  | $74303840 |

---

---

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

---

As of September 30, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

*See "Glossary" for abbreviations.*

*The accompanying notes are an integral part of the financial statements.*

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

**Glossary (abbreviations used in preceding Schedules of Investments/Consolidated Schedules of Investments):**

**Portfolio Abbreviations**

ADR — American Depositary Receipt

BV — Business Value

BVI — Business Volume Indicator

Cl — Class

CV — Convertible

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

H15T5Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

Ser — Series

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

SPDR — Standard & Poor's Depositary Receipts

WTI — West Texas Intermediate

**Statements of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>KraneShares<br> CSI China<br> Internet ETF** | **KraneShares<br> Bosera MSCI China<br> A 50 Connect**<br> **Index ETF** | **<br>KraneShares<br> MSCI One Belt One Road<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $9836537139 | $255513822 | $3813174 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 39893491 | 309581 | 14549 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  | 733190 | 2184 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 52867854 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 3719304 | 3606 | 2976 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 8733 |  |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 154 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 49668 | 1007 | 18 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 9933076189 | 256561206 | 3833055 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 81791041 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 5110241 | 109953 | 2397 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 98867 | 2253 | 42 |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax |  |  | 6235 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 87000149 | 112206 | 8674 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $9846076040 | $256449000 | $3824381 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $13284199170 | $454431733 | $7806916 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (3438123130) | (197982733) | (3982535) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $9846076040 | $256449000 | $3824381 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 232800000 | 8550000 | 150002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $42.29 | $29.99 | $25.50 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $7867961107 | $210610315 | $4083499 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  | 733326 | 2149 |

---

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Emerging Markets<br> Consumer<br> Technology<br> Index ETF** | **<br>KraneShares<br> MSCI China Clean<br> Technology<br> Index ETF** | **<br>KraneShares<br> Electric Vehicles<br> and Future Mobility<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $34327942 | $66621421 | $79217866 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 202568 | 20233 | 36099 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 1157 | 220 | 27899 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 10090 |  | 432661 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 9464 | 101823 | 45121 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 46 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 116 | 291 | 379 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 34551383 | 66743988 | 79760025 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 165328 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax | 16830 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 11097 | 40463 | 43153 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 286 | 576 | 805 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  |  | 12 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 193541 | 41039 | 43970 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $34357842 | $66702949 | $79716055 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $75861285 | $139444427 | $200045565 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (41503443) | (72741478) | (120329510) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $34357842 | $66702949 | $79716055 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 1300002 | 2100002 | 2600002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $26.43 | $31.76 | $30.66 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $28770967 | $48230758 | $72565087 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 1158 | 214 | 27885 |

---

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI All China Health Care<br> Index ETF** | **KraneShares<br> Asia Pacific<br> High Income USD<br> Bond ETF** | **KraneShares<br> MSCI Emerging<br> Markets ex China<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $110811953 | $23740287 | $65845998 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 198663 | 1216815 | 131432 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 16419 | 25223 | 13307 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 27788 | 348566 | 106941 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Forward Foreign Currency Contracts |  | 1030 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 406200 |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 10157 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 565 | 121 | 360 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **111055388** | **25738242** | **66108195** |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 56392 | 13704 | 12229 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 1269 | 294 | 743 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts | 17 |  | 9 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 1238100 |  |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax |  |  | 480155 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 57678 | 1252098 | 493136 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $110997710 | $24486144 | $65615059 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $177548357 | $34762431 | $53942089 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (66550647) | (10276287) | 11672970 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $**110997710** | $**24486144** | $**65615059** |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 5300002 | 1000001 | 1900002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $20.94 | $24.49 | $34.53 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $87091108 | $23193848 | $52372947 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 16419 | 25143 | 13328 |

---

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

*The accompanying notes are an integral part of the financial statements.*

**Statement of Assets and Liabilities/Consolidated Statements of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Global Carbon<br> Strategy ETF<sup>(1)</sup>** | **KraneShares<br> Value Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** | **KraneShares<br> Mount Lucas<br> Managed Futures<br> Index Strategy ETF<sup>(2)</sup>** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $42993940 | $31667552 | $104684883 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value | 111646128 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Collateral on Futures Contracts at Value | 36666878 |  |  |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts | 7921829 |  | 34745616 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 6488086 | 33060 | 41574987 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 3479861 |  | 601177 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 9995409 |  |  |
| &nbsp;&nbsp;&nbsp;Variation Margin Receivable on Future Contracts | 212106 |  | 1129057 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 28009 | 37422 | 61881 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  |  | 1348931 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 995 | 176 | 1667 |
| &nbsp;&nbsp;&nbsp;Other Receivable |  |  | 573 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 219433241 | 31738210 | 184148772 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 37000000 |  |  |
| &nbsp;&nbsp;&nbsp;Variation Margin Payable on Future Contracts | 18114726 |  | 558451 |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 106725 | 14228 | 133254 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 2118 | 421 | 3039 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 55223569 | 14649 | 694744 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $164209672 | $31723561 | $183454028 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $230755673 | $27882927 | $263892059 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (66546001) | 3840634 | (80438031) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $164209672 | $31723561 | $183454028 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 5050000 | 1150002 | 6800002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $32.52 | $27.59 | $26.98 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $43008740 | $29082199 | $104687030 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 111752587 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 3195861 |  | 591213 |

---

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* 

*(2)* *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares SSE<br> STAR Market 50<br> Index ETF** | **KraneShares<br> Hang Seng TECH<br> Index ETF** | **KraneShares<br> European Carbon<br> Allowance<br> Strategy ETF<sup>(1)</sup>** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $56308349 | $59419228 | $600549 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value |  |  | 4233504 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 1119410 | 773 |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents |  | 70932 | 85584 |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts |  |  | 316393 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Collateral on Futures Contracts at Value |  |  | 1839772 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 7964385 | 25 |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 3622 | 20875 | 2174 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 2328 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 3632166 |  |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 218 | 200 | 46 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 65398312 | 63144199 | 7078022 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 7909723 |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Custodian | 717664 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 28970 | 31045 | 4496 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 468 | 510 | 94 |
| &nbsp;&nbsp;&nbsp;Variation Margin Payable on Future Contracts |  |  | 94858 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  | 420 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 8656825 | 31975 | 99448 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $56741487 | $63112224 | $6978574 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $80336176 | $58910960 | $14746001 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (23594689) | 4201264 | (7767427) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $56741487 | $63112224 | $6978574 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 2850000 | 3300002 | 275006 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $19.91 | $19.12 | $25.38 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $45131070 | $49481519 | $600549 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments |  |  | 4236225 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 1053785 | 774 | 1709797 |

---

*(1)* *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> California Carbon<br> Allowance<br> Strategy ETF<sup>(1)</sup>** | **<br>KraneShares<br> KWEB Covered Call<br> Strategy ETF** | **<br>KraneShares<br> Global Luxury<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $4323688 | $90215 | $1862258 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value | 109652268 | 126920612 |  |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts | 27196536 |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 387474 | 297706 | 44842 |
| &nbsp;&nbsp;&nbsp;Variation Margin Receivable on Future Contracts | 502920 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 26160 | 3790 | 300 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  |  | 22397 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 7092 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 627 | 618 | 18 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 142089673 | 127312941 | 1936907 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options at Value |  | 7746596 |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 89893 | 23355 | 1074 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 1246 | 1267 | 31 |
| &nbsp;&nbsp;&nbsp;Overdraft of Foreign Currency |  |  | 462 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 91139 | 7771218 | 1567 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $141998534 | $119541723 | $1935340 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $217433137 | $146533230 | $2244398 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (75434603) | (26991507) | (309058) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $141998534 | $119541723 | $1935340 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 8300002 | 3633309 | 75002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $17.11 | $32.90 | $25.80 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $4323688 | $90215 | $2031248 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 109788619 | 105620316 |  |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency |  |  | (490) |
| &nbsp;&nbsp;&nbsp;Written Options, Premiums Received |  | 4433611 |  |

---

*(1)* *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>KraneShares<br> Hedgeye Hedged Equity<br> Index ETF** | **KraneShares<br> Artificial Intelligence and<br> Technology ETF** | **KraneShares<br> Sustainable Ultra<br> Short Duration<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $35812422 | $89343811 | $224132642 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 71850 |  | 11008827 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  | 459716 | 115 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 2831522 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 90022 | 8690 | 2023729 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 45619 | 198749 |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 625 |  |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 83 | 129 | 1205 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 38851518 | 90011720 | 237166518 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options at Value | 554006 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 2885141 | 198633 |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 17719 | 62869 | 35609 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 218 | 463 | 2677 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  |  | 10037168 |
| &nbsp;&nbsp;&nbsp;Payable to Custodian |  | 30186 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 3457084 | 292151 | 10075454 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $35394434 | $89719569 | $227091064 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $32910051 | $78036786 | $226735747 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 2484383 | 11682783 | 355317 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $35394434 | $89719569 | $227091064 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 1250002 | 2450002 | 9050002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $28.32 | $36.62 | $25.09 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $33642185 | $81003278 | $223988573 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  | 460265 | 101 |
| &nbsp;&nbsp;&nbsp;Written Options, Premiums Received | 551860 |  |  |

---

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Assets and Liabilities (Unaudited)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> China Alpha<br> Index ETF** | **KraneShares<br> Man Buyout Beta<br> Index ETF** | **KraneShares<br> Global Humanoid and<br> Embodied Intelligence<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $11244515 | $12047009 | $74155028 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 4202 |  | 43 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 3653 | 13510 | 82099 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 193 | 3937 | 22460 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 706202 | 7654393 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 137 | 804 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 61 | 59 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 11252624 | 12770854 | 81914827 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 7429 | 8722 | 34515 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 127 | 133 | 29 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts | 4 |  | 3277 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 707892 | 7573166 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 7560 | 716747 | 7610987 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $11245064 | $12054107 | $74303840 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $7113625 | $11345281 | $64850458 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 4131439 | 708826 | 9453382 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $11245064 | $12054107 | $74303840 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 300002 | 450002 | 2325002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $37.48 | $26.79 | $31.96 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $8930728 | $10923637 | $65313852 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 4201 |  | 30 |

---

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> CSI China<br> Internet ETF** | **KraneShares<br> Bosera MSCI<br> China A 50 Connect<br> Index ETF** | **KraneShares<br> MSCI One Belt One Road<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $62460619 | $4076067 | $89451 |
| &nbsp;&nbsp;&nbsp;Interest Income | 328743 | 13845 | 286 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 2742842 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (409569) | (6170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 65532204 | 3680343 | 83567 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 24484500 | 744440 | 13777 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 315069 | 8499 | 164 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 274209 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 49860 | 1118 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 25123638 | 754057 | 13961 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> |  | (219515) |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 25123638 | 534542 | 13961 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 40408566 | 3145801 | 69606 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 207714875 | 4217879 | 45141 |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax |  |  | (64) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (130728) | (25143) | (771) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 207584147 | 4192736 | 44306 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1151793766 | 40148876 | 462003 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  | (784) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 3201 | (1980) | 84 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 1151796967 | 40146896 | 461303 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 1359381114 | 44339632 | 505609 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1399789680 | $47485433 | $575215 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Emerging Markets**<br> **Consumer Technology<br> Index ETF** | **KraneShares<br> MSCI China Clean**<br> **Technology<br> Index ETF** | **KraneShares<br> Electric Vehicles and<br> Future Mobility<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $157750 | $824233 | $543732 |
| &nbsp;&nbsp;&nbsp;Interest Income | 1114 | 2166 | 4093 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 7836 |  | 23522 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (15889) | (53679) | (39422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 150811 | 772720 | 531925 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 95906 | 216479 | 228533 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 1076 | 2426 | 3013 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 775 |  | 2292 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 128 | 311 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 97885 | 219216 | 234241 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (36887) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 60998 | 219216 | 234241 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 89813 | 553504 | 297684 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2081181 | 1771308 | 79539 |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax | (180) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (7162) | (3022) | (38757) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 2073839 | 1768286 | 40782 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 7119798 | 10962208 | 26098877 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 5073 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 558 | 114 | 34397 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 7125429 | 10962322 | 26133274 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 9199268 | 12730608 | 26174056 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $9289081 | $13284112 | $26471740 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI All China Health Care<br> Index ETF** | **KraneShares<br> Asia Pacific<br> High Income USD<br> Bond ETF** | **KraneShares<br> MSCI Emerging<br> Markets ex China<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $951049 | $— | $1206273 |
| &nbsp;&nbsp;&nbsp;Interest Income | 6504 | 1613925 | 3860 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 781 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (80034) |  | (178655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 878300 | 1613925 | 1031478 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 372357 | 82154 | 182482 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 4302 | 1172 | 2929 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 56 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 582 | 143 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 377297 | 83469 | 185815 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (66833) |  | (110118) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 310464 | 83469 | 75697 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 567836 | 1530456 | 955781 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 6785568 | (235195) | 583284 |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax |  |  | (86531) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | (11) |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (19353) | (1494) | (17753) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 6766215 | (236700) | 479000 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 21408183 | 82944 | 12218330 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  | (80051) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | 1030 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (34) | 101 | 23435 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 21408149 | 84075 | 12161714 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 28174364 | (152625) | 12640714 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $28742200 | $1377831 | $13596495 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statement of Operations/Consolidated Statements of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Global Carbon<br> Strategy ETF<sup>(1)</sup>** | **KraneShares<br> Value Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** | **KraneShares<br> Mount Lucas Managed<br> Futures Index<br> Strategy ETF<sup>(2)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $374259 | $— |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment | 2278171 |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 277009 | 660 | 3944570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 2555180 | 374919 | 3944570 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 630849 | 67284 | 845970 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 7599 | 1143 | 8879 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 1070 | 163 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 639518 | 68590 | 856473 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1915662 | 306329 | 3088097 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | 653979 |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (129973) |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 7844777 |  | (3825683) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 902320 |  | 40746 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 8617124 | 653979 | (3784937) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (14800) | 236810 | 5864 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | 153730 |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 10088632 |  | (2763947) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 1235538 |  | 15866 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 11463100 | 236810 | (2742217) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 20080224 | 890789 | (6527154) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $21995886 | $1197118 | $(3439057) |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* 

*(2)* *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Operations/Consolidated Statement of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>KraneShares<br> SSE STAR Market 50<br> Index ETF** | **<br>KraneShares<br> Hang Seng TECH<br> Index ETF** | **KraneShares<br> European Carbon<br> Allowance<br> Strategy ETF<sup>(1)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $153148 | $422729 | $— |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment |  |  | 82471 |
| &nbsp;&nbsp;&nbsp;Interest Income | 4893 | 15809 | 20291 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (13512) | (12138) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 144529 | 426400 | 102762 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 148437 | 156283 | 26628 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 1528 | 2102 | 320 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 231 | 238 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 150196 | 158623 | 26995 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | (5667) | 267777 | 75767 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2034796 | (1256391) |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | (3253) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 275365 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 2523 | (3989) | 76300 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 2037319 | (1260380) | 348412 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 10613980 | 9163410 |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | 5679 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 779918 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 5587 | 678 | 60056 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized** **Appreciation (Depreciation)** | 10619567 | 9164088 | 845653 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 12656886 | 7903708 | 1194065 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $12651219 | $8171485 | $1269832 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Operations/Consolidated Statement of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> California Carbon<br> Allowance<br> Strategy ETF<sup>(1)</sup>** | **<br>KraneShares<br> KWEB Covered Call<br> Strategy ETF** | **<br>KraneShares<br> Global Luxury<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $— | $31125 |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment | 1757118 |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 226072 | 21024 | 143 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  |  | (4536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1983190 | 21024 | 26732 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 431146 | 124312 | 7901 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 4753 | 4492 | 116 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 676 | 648 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 436575 | 129452 | 8035 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 1546615 | (108428) | 18697 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  |  | (113849) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (55409) | (10507159) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (1175511) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 50 | (542) | (3359) |
| &nbsp;&nbsp;&nbsp;Written Options |  | 7611032 |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Loss** | (1230870) | (2896669) | (117208) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  |  | 341934 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | 37981 | 20539373 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 5128688 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  |  | 558 |
| &nbsp;&nbsp;&nbsp;Written Options |  | (5837439) |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 5166669 | 14701934 | 342492 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 3935799 | 11805265 | 225284 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $5482414 | $11696837 | $243981 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* 

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

*The accompanying notes are an integral part of the financial statements.*

 

**Statements of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

 

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Hedgeye Hedged Equity<br> Index ETF** | **KraneShares<br> Artificial Intelligence and<br> Technology ETF** | **KraneShares<br> Sustainable Ultra<br> Short Duration<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $143622 | $60020 | $— |
| &nbsp;&nbsp;&nbsp;Interest Income | 313 | 2526 | 4469463 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (4538) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 143935 | 58008 | 4469463 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 83129 | 196090 | 288502 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 834 | 1392 | 9247 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 95 | 140 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 84058 | 197622 | 299055 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (10657) |  | (99483) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 73401 | 197622 | 199572 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 70534 | (139614) | 4269891 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 917837 | 3540540 | 3540 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | (1628) | 144 |
| &nbsp;&nbsp;&nbsp;Written Options | (1539828) |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | 501502 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (120489) | 3538912 | 3684 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2754285 | 11347515 | 194268 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | (437) | 10 |
| &nbsp;&nbsp;&nbsp;Written Options | (54316) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 2699969 | 11347078 | 194278 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 2579480 | 14885990 | 197962 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $2650014 | $14746376 | $4467853 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Operations (Unaudited)**

*For the Period Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> China Alpha<br> Index ETF** | **KraneShares<br> Man Buyout Beta<br> Index ETF** | **KraneShares<br> Global Humanoid and Embodied Intelligence<br> Index ETF<sup>(1)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $248263 | $44653 | $65189 |
| &nbsp;&nbsp;&nbsp;Interest Income | 406 | 220 | 1652 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (24826) | (115) | (7011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 223843 | 44758 | 59830 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 42239 | 48737 | 79289 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 498 | 503 | 395 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 67 | 65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 42804 | 49305 | 79684 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> |  |  | (10165) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 42804 | 49305 | 69519 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 181039 | (4547) | (9689) |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1662335 | (267388) | 628869 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (4267) |  | (3643) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 1658068 | (267388) | 625226 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1702010 | 2109089 | 8841176 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (1) |  | (3331) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 1702009 | 2109089 | 8837845 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 3360077 | 1841701 | 9463071 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $3541116 | $1837154 | $9453382 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *The Fund's inception date was on June 4, 2025.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> CSI China<br> Internet ETF** | **KraneShares<br> CSI China<br> Internet ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $40408566 | $70212353 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 207584147 | (796378500) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1151796967 | 2291630801 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1399789680 | 1565464654 |
| **Distributions:** |  | (191767210) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1839991531 | 4055934107 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1440922252) | (2813400801) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 399069279 | 1242533306 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 1798858959 | 2616230750 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 8047217081 | 5430986331 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $9846076040 | $8047217081 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 49500000 | 121550000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (47700000) | (97300000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 1800000 | 24250000 |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Bosera MSCI<br> China A 50 Connect<br> Index ETF** | **KraneShares<br> Bosera MSCI<br> China A 50 Connect<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3145801 | $4519146 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 4192736 | (15902012) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 40146896 | 27323863 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 47485433 | 15940997 |
| **Distributions:** |  | (4042367) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 37558009 | 92497035 |
| &nbsp;&nbsp;&nbsp;Redeemed | (17715444) | (106140603) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 19842565 | (13643568) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 67327998 | (1744938) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 189121002 | 190865940 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $256449000 | $189121002 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1350000 | 3750000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (800000) | (4650000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 550000 | (900000) |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> MSCI One Belt One Road <br> Index ETF** | **KraneShares<br> MSCI One Belt One Road <br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $69606 | $117894 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 44306 | (15344) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 461303 | 160098 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 575215 | 262648 |
| **Distributions:** |  | (122602) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (1078938) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** |  | (1078938) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 575215 | (938892) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 3249166 | 4188058 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $3824381 | $3249166 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (50000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** |  | (50000) |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares <br> Emerging Markets <br> Consumer Technology <br> Index ETF** | **KraneShares <br> Emerging Markets <br> Consumer Technology <br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $89813 | $161332 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 2073839 | 1529634 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 7125429 | 1522648 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 9289081 | 3213614 |
| **Distributions:** |  | (109397) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5982210 | 3629383 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1111300) | (5112835) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 4870910 | (1483452) |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 14159991 | 1620765 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 20197851 | 18577086 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $34357842 | $20197851 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 250000 | 200000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (350000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 200000 | (150000) |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> MSCI China Clean Technology <br> Index ETF** | **KraneShares<br> MSCI China Clean Technology <br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $553504 | $780468 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1768286 | (10490962) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 10962322 | 21600581 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 13284112 | 11890087 |
| **Distributions:** |  | (716873) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6484621 | 1066620 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1457999) | (20799351) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 5026622 | (19732731) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 18310734 | (8559517) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 48392215 | 56951732 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $66702949 | $48392215 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 250000 | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (950000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 200000 | (900000) |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Electric Vehicles and<br> Future Mobility <br> Index ETF** | **KraneShares<br> Electric Vehicles and<br> Future Mobility <br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $297684 | $614600 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 40782 | (30506039) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 26133274 | 24465431 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 26471740 | (5426008) |
| **Distributions:** |  | (530712) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16134139 | 15797 |
| &nbsp;&nbsp;&nbsp;Redeemed | (26549522) | (36017741) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (10415383) | (36001944) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 16056357 | (41958664) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 63659698 | 105618362 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $79716055 | $63659698 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 650000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1050000) | (1700000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (400000) | (1700000) |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> MSCI All China Health Care <br> Index ETF** | **KraneShares<br> MSCI All China Health Care <br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $567836 | $480621 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 6766215 | (14736894) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 21408149 | 18938932 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 28742200 | 4682659 |
| **Distributions:** |  | (477397) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 23291131 | 63358581 |
| &nbsp;&nbsp;&nbsp;Redeemed | (27634853) | (27769025) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (4343722) | 35589556 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 24398478 | 39794818 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 86599232 | 46804414 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $110997710 | $86599232 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1200000 | 4200000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1450000) | (1850000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (250000) | 2350000 |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Asia Pacific High Income USD <br> Bond ETF** | **KraneShares<br> Asia Pacific High Income USD <br> Bond ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1530456 | $2056929 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (236700) | (849689) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 84075 | 65541 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1377831 | 1272781 |
| **Distributions:** | (1015098) | (1826852) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 144 | 12269728 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1150384) | (1226480) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (1150240) | 11043248 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (787507) | 10489177 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 25273651 | 14784474 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $24486144 | $25273651 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (50000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (50000) | 450000 |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> MSCI Emerging<br> Markets ex China <br> Index ETF** | **KraneShares<br> MSCI Emerging<br> Markets ex China <br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $955781 | $1941479 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 479000 | (373603) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 12161714 | (2638146) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 13596495 | (1070270) |
| **Distributions:** |  | (2347147) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 20677 | 21468 |
| &nbsp;&nbsp;&nbsp;Redeemed | (11997974) | (11360541) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (11977297) | (11339073) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 1619198 | (14756490) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 63995861 | 78752351 |
| &nbsp;&nbsp;&nbsp;End of Period | $65615059 | $63995861 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (400000) | (400000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (400000) | (400000) |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Global Carbon<br> Strategy ETF<sup>(1)</sup>** | **KraneShares<br> Global Carbon<br> Strategy ETF<sup>(1)</sup>** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1915662 | $7898469 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 8617124 | (33307741) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 11463100 | 24703435 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 21995886 | (705837) |
| **Distributions:** |  | (14365041) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 7199 | 13202762 |
| &nbsp;&nbsp;&nbsp;Redeemed | (29971633) | (129766611) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (29964434) | (116563849) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (7968548) | (131634727) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 172178220 | 303812947 |
| &nbsp;&nbsp;&nbsp;End of Period | $164209672 | $172178220 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 400000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1050000) | (4150000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (1050000) | (3750000) |

---

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Value Line<sup>®</sup> Dynamic<br> Dividend Equity <br> Index ETF** | **KraneShares<br> Value Line<sup>®</sup> Dynamic<br> Dividend Equity <br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $306329 | $671194 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 653979 | 3409991 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 236810 | (491116) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1197118 | 3590069 |
| **Distributions:** | (270386) | (2577604) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 18871761 | 1287470 |
| &nbsp;&nbsp;&nbsp;Redeemed | (16558247) | (5191532) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 2313514 | (3904062) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 3240246 | (2891597) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 28483315 | 31374912 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $31723561 | $28483315 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 750000 | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (750000) | (200000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** |  | (150000) |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

*The accompanying notes are an integral part of the financial statements.*

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Mount Lucas Managed Futures <br> Index Strategy ETF<sup>(1)</sup>** | **KraneShares<br> Mount Lucas Managed Futures <br> Index Strategy ETF<sup>(1)</sup>** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3088097 | $12384010 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (3784937) | (40525675) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (2742217) | 501737 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (3439057) | (27639928) |
| **Distributions:** |  | (2749827) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2721281 | 153157589 |
| &nbsp;&nbsp;&nbsp;Redeemed | (37093144) | (166128710) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (34371863) | (12971121) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (37810920) | (43360876) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 221264948 | 264625824 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $183454028 | $221264948 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 100000 | 5250000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1400000) | (6000000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (1300000) | (750000) |

---

*(1)* *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> SSE STAR Market 50<br> Index ETF** | **KraneShares<br> SSE STAR Market 50<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(5667) | $(90884) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 2037319 | (5504439) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 10619567 | 10942743 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 12651219 | 5347420 |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16975242 | 16597675 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8832569) | (10531651) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 8142673 | 6066024 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 20793892 | 11413444 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 35947595 | 24534151 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $56741487 | $35947595 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 900000 | 1150000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (650000) | (800000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 250000 | 350000 |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Hang Seng TECH<br> Index ETF** | **KraneShares<br> Hang Seng TECH<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $267777 | $12160 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1260380) | 187348 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 9164088 | 1092852 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 8171485 | 1292360 |
| **Distributions:** |  | (32395) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 13718004 | 41519600 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4858983) | (2088587) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 8859021 | 39431013 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 17030506 | 40690978 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 46081718 | 5390740 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $63112224 | $46081718 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 800000 | 2500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (350000) | (150000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 450000 | 2350000 |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

 

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

*The accompanying notes are an integral part of the financial statements.*

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> European Carbon Allowance<br> Strategy ETF<sup>(1)</sup>** | **KraneShares<br> European Carbon Allowance<br> Strategy ETF<sup>(1)</sup>** |
|  | **Period Ended <br> September 30, <br> 2025 <br> (Unaudited)** | **Year Ended**<br> **March 31,<br> 2025** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $75767 | $238952 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 348412 | (943099) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 845653 | 1729685 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1269832 | 1025538 |
| **Distributions:** |  | (669523) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 334 | 1100297 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1651333) | (5736176) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (1650999) | (4635879) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (381167) | (4279864) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 7359741 | 11639605 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $6978574 | $7359741 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (75000) | (250000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (75000) | (200000) |

---

*(1)* *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

*The accompanying notes are an integral part of the financial statements.*

**Consolidated Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> California Carbon Allowance<br> Strategy ETF<sup>(1)</sup>** | **KraneShares<br> California Carbon Allowance<br> Strategy ETF<sup>(1)</sup>** |
|  | **Period Ended <br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1546615 | $7158564 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (1230870) | (49913229) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 5166669 | (6793268) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 5482414 | (49547933) |
| **Distributions:** |  | (49060171) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 32152100 | 64593052 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4718143) | (118168197) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 27433957 | (53575145) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 32916371 | (152183249) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 109082163 | 261265412 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $141998534 | $109082163 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2075000 | 3075000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (300000) | (5675000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1775000 | (2600000) |

---

*(1)* *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> KWEB Covered Call<br> Strategy ETF** | **KraneShares<br> KWEB Covered Call<br> Strategy ETF** |
|  | **Period Ended <br> September 30, <br> 2025 <br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025<sup>‡</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(108428) | $3897717 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (2896669) | 7060066 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 14701934 | (1106061) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 11696837 | 9851722 |
| **Distributions:** | (12218410) | (22213508) |
| **Return of Capital** |  | (34762537) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 23739954 | 55263809 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8245434) | (67171782) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 15494520 | (11907973) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 14972947 | (59032296) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 104568776 | 163601072 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $119541723 | $104568776 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 725000 | 1316667 |
| &nbsp;&nbsp;&nbsp;Redeemed | (275000) | (1883359) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 450000 | (566692) |

---

*‡* *Share transactions have been adjusted to reflect the effect of a 1 for 3 reverse share split on January 1, 2025 (See Note 9 in the Notes to Financial Statements).* 

*(1)* *Includes transaction costs related to creations and redemptions.* 

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Global Luxury<br> Index ETF** | **KraneShares<br> Global Luxury<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $18697 | $27644 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (117208) | 785499 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 342492 | (756832) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 243981 | 56311 |
| **Distributions:** |  | (48304) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 43 | 13511531 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1179575) | (13321421) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (1179532) | 190110 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (935551) | 198117 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 2870891 | 2672774 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $1935340 | $2870891 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 550000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (525000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (50000) | 25000 |

---

*(1)* *Includes transaction costs related to creations and redemptions.* 

 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Hedgeye Hedged Equity<br> Index ETF** | **KraneShares<br> Hedgeye Hedged Equity<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Period Ended<br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $70534 | $37193 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (120489) | 429689 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 2699969 | (531878) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 2650014 | (64996) |
| **Distributions:** |  | (100635) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 25380922 | 21648946 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6604271) | (7515546) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 18776651 | 14133400 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 21426665 | 13967769 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 13967769 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $35394434 | $13967769 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 950000 | 850002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (250000) | (300000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 700000 | 550002 |

---

*(1)* *The Fund's inception date was on July 15, 2024.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Artificial Intelligence and<br> Technology ETF** | **KraneShares<br> Artificial Intelligence and<br> Technology ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Period Ended<br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(139614) | $(47062) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 3538912 | 23430 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 11347078 | (3007008) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 14746376 | (3030640) |
| **Distributions:** |  | (32953) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 64802758 | 25204541 |
| &nbsp;&nbsp;&nbsp;Redeemed | (11970513) |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 52832245 | 25204541 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 67578621 | 22140948 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 22140948 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $89719569 | $22140948 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1900000 | 900002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (350000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 1550000 | 900002 |

---

*(1)* *The Fund's inception date was on July 17, 2024.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Sustainable Ultra Short Duration<br> Index ETF** | **KraneShares<br> Sustainable Ultra Short Duration<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Period Ended <br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $4269891 | $7532058 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3684 | (2974) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 194278 | (50195) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 4467853 | 7478889 |
| **Distributions:** | (4162018) | (7438872) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 55241058 | 300806989 |
| &nbsp;&nbsp;&nbsp;Redeemed | (38862392) | (90440443) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 16378666 | 210366546 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 16684501 | 210406563 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 210406563 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $227091064 | $210406563 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2200000 | 12000002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1550000) | (3600000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 650000 | 8400002 |

---

*(1)* *The Fund's inception date was on July 25, 2024.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> China Alpha<br> Index ETF** | **KraneShares<br> China Alpha<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Period Ended <br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $181039 | $66542 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 1658068 | 149095 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1702009 | 611775 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3541116 | 827412 |
| **Distributions:** |  | (237089) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 7453 | 10268357 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3162185) |  |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (3154732) | 10268357 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 386384 | 10858680 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 10858680 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $11245064 | $10858680 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 400002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (100000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (100000) | 400002 |

---

*(1)* *The Fund's inception date was on August 27, 2024.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Man Buyout Beta<br> Index ETF** | **KraneShares<br> Man Buyout Beta<br> Index ETF** |
|  | **Period Ended <br> September 30,<br> 2025<br> (Unaudited)** | **Period Ended <br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(4547) | $779 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (267388) | (138575) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 2109089 | (985717) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 1837154 | (1123513) |
| **Distributions:** |  | (4815) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 11345281 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** |  | 11345281 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 1837154 | 10216953 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 10216953 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $12054107 | $10216953 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 450002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** |  | 450002 |

---

*(1)* *The Fund's inception date was on October 7, 2024.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Statement of Changes in Net Assets (concluded)**

---

| | |
|:---|:---|
|  | **KraneShares<br> Global Humanoid and Embodied Intelligence<br> Index ETF** |
|  | **Period Ended<br> September 30,<br> 2025<sup>(1)</sup><br> (Unaudited)** |
| **Operations:** | |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(9689) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 625226 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 8837845 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 9453382 |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 64850458 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 64850458 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 74303840 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $74303840 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 2325002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 2325002 |

---

*(1)* *The Fund's inception date was on June 4, 2025.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

*The accompanying notes are an integral part of the financial statements.*

This page intentionally left blank.

**Financial Highlights**

*Selected Per Share Data & Ratios*

*For the Periods Ended September 30, 2025 (Unaudited)*

*For the Years Ended March 31*

*For a Share Outstanding Throughout Each Period*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br> Beginning of<br> Year/Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from<br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **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** |  |  |
| 2025\*\*\* | 34.84 | 0.20 | 7.25 | 7.45 |  |  |  |
| 2025 | 26.27 | 0.36 | 9.23 | 9.59 | (1.02) |  |  |
| 2024 | 31.25 | 0.06 | (4.58) | (4.52) | (0.46) |  |  |
| 2023 | 29.52 | 0.18 | 1.55 | 1.73 |  |  |  |
| 2022 | 75.59 | (0.05) | (43.44) | (43.49) |  | (2.58) |  |
| 2021 | 45.19 | (0.28) | 30.90 | 30.62 | (0.22) |  |  |
| **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** |  |  |
| 2025\*\*\* | 23.64 | 0.42 | 5.93 | 6.35 |  |  |  |
| 2025 | 21.45 | 0.57 | 2.13 | 2.70 | (0.51) |  |  |
| 2024 | 26.09 | 0.51 | (4.67) | (4.16) | (0.48) |  |  |
| 2023 | 37.05 | 0.57 | (5.28) | (4.71) | (0.54) | (5.71) |  |
| 2022 | 43.97 | 0.43 | (3.41) | (2.98) | (0.49) | (3.45) |  |
| 2021 | 29.51 | 0.30 | 14.46 | 14.76 | (0.30) |  |  |
| **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** |  |  |
| 2025\*\*\* | 21.66 | 0.46 | 3.38 | 3.84 |  |  |  |
| 2025 | 20.94 | 0.74 | 0.80 | 1.54 | (0.82) |  |  |
| 2024 | 22.43 | 0.59 | (1.39) | (0.80) | (0.69) |  |  |
| 2023 | 27.63 | 0.73 | (4.85) | (4.12) | (1.08) |  |  |
| 2022 | 28.85 | 0.95 | (1.18) | (0.23) | (0.99) |  |  |
| 2021 | 17.76 | 0.48 | 11.16 | 11.64 | (0.55) |  |  |
| **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** |  |  |
| 2025\*\*\* | 18.36 | 0.08 | 7.99 | 8.07 |  |  |  |
| 2025 | 14.86 | 0.16 | 3.46 | 3.62 | (0.12) |  |  |
| 2024 | 15.28 | 0.03 | (0.41) | (0.38) | (0.04) |  |  |
| 2023 | 18.04 | 0.10 | (2.86) | (2.76) |  |  |  |
| 2022 | 32.06 | (0.05) | (13.90) | (13.95) | (0.01) | (0.06) |  |
| 2021 | 19.55 | 0.11 | 13.14 | 13.25 | (0.74) |  |  |
| **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** |  |  |
| 2025\*\*\* | 25.47 | 0.27 | 6.02 | 6.29 |  |  |  |
| 2025 | 20.34 | 0.33 | 5.13 | 5.46 | (0.33) |  |  |
| 2024 | 28.54 | 0.18 | (8.21) | (8.03) | (0.17) |  |  |
| 2023 | 36.71 | 0.12 | (7.75) | (7.63) | (0.10) | (0.44) |  |
| 2022 | 40.34 | 0.21 | (3.65) | (3.44) | (0.19) |  |  |
| 2021 | 16.60 | (0.28) | 24.02 | 23.74 | —<sup>#</sup> |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *\*\*\** | *For the six-month period ended September 30, 2025.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *#* | *Amount represents less than $0.005 per share.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset<br> Value, End of<br> Year/Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of<br> Year/Period<br> ($)(000)** | **Ratio of<br> Expenses to<br> Average<br> Net Assets<br> (%)<sup>~</sup>** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)<sup>~</sup>** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average<br> Net Assets<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
|  | 42.29 | 21.38 | 9846076 | 0.70<sup>†(1)</sup> | 0.70<sup>†</sup> | 1.12<sup>†</sup> | 22<sup>††</sup> |
| (1.02) | 34.84 | 37.13 | 8047217 | 0.70<sup>(1)</sup> | 0.70 | 1.17 | 54 |
| (0.46) | 26.27 | (14.48) | 5430986 | 0.70<sup>(1)</sup> | 0.70 | 0.24 | 32 |
|  | 31.25 | 5.86 | 6111669 | 0.69<sup>(1)</sup> | 0.69 | 0.61 | 60 |
| (2.58) | 29.52 | (57.99) | 6239534 | 0.69<sup>(1)</sup> | 0.69 | (0.12) | 60 |
| (0.22) | 75.59 | 67.77 | 3662260 | 0.70<sup>(1)</sup> | 0.70 | (0.39) | 89 |
|  | 29.99 | 26.86 | 256449 | 0.56<sup>†</sup> | 0.79<sup>†</sup> | 3.30<sup>†</sup> | 21<sup>††</sup> |
| (0.51) | 23.64 | 12.61 | 189121 | 0.56 | 0.79 | 2.47 | 77 |
| (0.48) | 21.45 | (15.78) | 190866 | 0.56 | 0.79 | 2.23 | 38 |
| (6.25) | 26.09 | (12.63) | 470873 | 0.55 | 0.78 | 1.83 | 68 |
| (3.94) | 37.05 | (7.96) | 559393 | 0.59 | 0.79 | 0.97 | 89 |
| (0.30) | 43.97 | 50.00 | 802364 | 0.59 | 0.79 | 0.74 | 35 |
|  | 25.50 | 17.73 | 3824 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | 3.94<sup>†</sup> | 17<sup>††</sup> |
| (0.82) | 21.66 | 7.37 | 3249 | 0.79 | 0.79 | 3.36 | 19 |
| (0.69) | 20.94 | (3.41) | 4188 | 0.79 | 0.79 | 2.77 | 27 |
| (1.08) | 22.43 | (14.98) | 4485 | 0.79 | 0.79 | 2.96 | 34 |
| (0.99) | 27.63 | (1.11) | 8290 | 0.78 | 0.78 | 3.12 | 36 |
| (0.55) | 28.85 | 65.82 | 10099 | 0.79 | 0.79 | 2.07 | 39 |
|  | 26.43 | 43.95 | 34358 | 0.50<sup>†(2)</sup> | 0.80<sup>†</sup> | 0.73<sup>†</sup> | 32<sup>††</sup> |
| (0.12) | 18.36 | 24.41 | 20198 | 0.55<sup>(2)</sup> | 0.80 | 0.97 | 63 |
| (0.04) | 14.86 | (2.47) | 18577 | 0.60<sup>(2)</sup> | 0.80 | 0.21 | 135 |
|  | 15.28 | (15.30) | 30562 | 0.60<sup>(2)</sup> | 0.80 | 0.66 | 87 |
| (0.07) | 18.04 | (43.57) | 55935 | 0.59 | 0.79 | (0.17) | 97 |
| (0.74) | 32.06 | 67.85 | 110604 | 0.59 | 0.79 | 0.36 | 112 |
|  | 31.76 | 24.70 | 66703 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | 1.99<sup>†</sup> | 15<sup>††</sup> |
| (0.33) | 25.47 | 27.07 | 48392 | 0.79 | 0.79 | 1.50 | 36 |
| (0.17) | 20.34 | (28.17) | 56952 | 0.79 | 0.79 | 0.72 | 65 |
| (0.54) | 28.54 | (20.71) | 95611 | 0.79 | 0.79 | 0.38 | 49 |
| (0.19) | 36.71 | (8.61) | 146859 | 0.78 | 0.78 | 0.48 | 62 |
|  | 40.34 | 143.03 | 141173 | 0.78 | 0.78 | (0.65) | 164 |

---

---

| | |
|:---|:---|
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *The expense ratios include $274,209, $857,238, $600,758, $301,354, $337,352 and $376,498, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.69%, 0.69%, 0.70%, 0.69%, 0.68%, and 0.69%, respectively.* |
| *(2)* | *The expense ratios include $775, $336, $927 and $6,087, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.55%, 0.55%, 0.59%, and 0.58%, respectively.* |

---

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

*The accompanying notes are an integral part of the financial statements.*

**Financial Highlights/Consolidated Financial Highlights (continued)**

*Selected Per Share Data & Ratios*

*For the Periods Ended September 30, 2025 (Unaudited)*

*For the Years Ended March 31*

*For a Share Outstanding Throughout Each Period*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br> Beginning of<br> Year/Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from<br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** |  |  |
| 2025\*\*\* | 21.22 | 0.10 | 9.34 | 9.44 |  |  |  |
| 2025 | 22.47 | 0.16 | (1.25) | (1.09) | (0.16) |  |  |
| 2024 | 30.60 | 0.21 | (8.11) | (7.90) | (0.23) |  |  |
| 2023 | 39.57 | 0.33 | (8.98) | (8.65) | (0.32) |  |  |
| 2022 | 42.25 | 0.08 | 0.39<sup>(2)</sup> | 0.47 | (0.52) | (2.63) |  |
| 2021 | 19.02 | 0.08 | 23.21 | 23.29 | (0.06) |  |  |
| **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** |  |  |
| 2025\*\*\* | 15.60 | 0.11 | 5.23 | 5.34 |  |  |  |
| 2025 | 14.63 | 0.15 | 1.00 | 1.15 | (0.18) |  |  |
| 2024 | 20.77 | 0.13 | (6.16) | (6.03) | (0.11) |  |  |
| 2023 | 23.79 | 0.07 | (3.08) | (3.01) | (0.01) |  |  |
| 2022 | 38.30 | (0.02) | (10.44) | (10.46) |  | (4.05) |  |
| 2021 | 23.78 | (0.09) | 14.61 | 14.52 | —<sup>#</sup> |  |  |
| **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** |  |  |
| 2025\*\*\* | 24.07 | 1.53 | (0.09) | 1.44 | (1.02) |  |  |
| 2025 | 24.64 | 2.84 | (0.95) | 1.89 | (2.46) |  |  |
| 2024 | 26.73 | 2.99 | (1.39) | 1.60 | (3.69) |  |  |
| 2023 | 29.48 | 2.23 | (2.44) | (0.21) | (2.54) |  |  |
| 2022 | 39.14 | 1.78 | (9.26) | (7.48) | (1.88) |  | (0.30) |
| 2021 | 37.32 | 2.10 | 2.44 | 4.54 | (2.58) | (0.14) |  |
| **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** |  |  |
| 2025\*\*\* | 27.82 | 0.48 | 6.23 | 6.71 |  |  |  |
| 2025 | 29.17 | 0.78 | (1.19) | (0.41) | (0.94) |  |  |
| 2024 | 25.09 | 0.79 | 3.86 | 4.65 | (0.57) |  |  |
| 2023 | 29.73 | 0.91 | (4.56) | (3.65) | (0.99) |  |  |
| 2022 | 30.99 | 0.79 | (0.56) | 0.23 | (0.73) | (0.76) |  |
| 2021 | 18.41 | 0.55 | 12.53 | 13.08 | (0.50) |  |  |
| **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** |  |  |
| 2025\*\*\* | 28.23 | 0.36 | 3.93 | 4.29 |  |  |  |
| 2025 | 30.84 | 0.96 | (1.49) | (0.53) | (2.08) |  |  |
| 2024 | 39.70 | 1.01 | (7.10) | (6.09) | (2.77) |  |  |
| 2023 | 46.53 | (0.06) | 1.59 | 1.53 | (8.36) |  |  |
| 2022 | 28.39 | (0.38) | 18.77 | 18.39 | (0.25) |  |  |
| 2021<sup>(5)</sup> | 20.00 | (0.12) | 8.51 | 8.39 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *\*\*\** | *For the six-month period ended September 30, 2025.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *#* | *Amount represents less than $0.005 per share.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset<br> Value, End of<br> Year/Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of<br> Year/Period<br> ($)(000)** | **Ratio of<br> Expenses to<br> Average<br> Net Assets<br> (%)~** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)~** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average<br> Net Assets<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
|  | 30.66 | 44.49 | 79716 | 0.70<sup>†(1)</sup> | 0.70<sup>†</sup> | 0.89<sup>†</sup> | 36<sup>††</sup> |
| (0.16) | 21.22 | (4.86) | 63660 | 0.72<sup>(1)</sup> | 0.72 | 0.77 | 39 |
| (0.23) | 22.47 | (25.91) | 105618 | 0.72<sup>(1)</sup> | 0.72 | 0.78 | 42 |
| (0.32) | 30.60 | (21.78) | 185106 | 0.72<sup>(1)</sup> | 0.72 | 0.99 | 69 |
| (3.15) | 39.57 | 0.04 | 296761 | 0.70 | 0.70 | 0.17 | 114 |
| (0.06) | 42.25 | 122.46 | 198570 | 0.70 | 0.70 | 0.21 | 81 |
|  | 20.94 | 34.23 | 110998 | 0.65<sup>†(3)</sup> | 0.79<sup>†</sup> | 1.19<sup>†</sup> | 48<sup>††</sup> |
| (0.18) | 15.60 | 7.98 | 86599 | 0.65<sup>(3)</sup> | 0.79 | 1.02 | 77 |
| (0.11) | 14.63 | (29.10) | 46804 | 0.65<sup>(3)</sup> | 0.79 | 0.74 | 17 |
| (0.01) | 20.77 | (12.65) | 94492 | 0.65<sup>(3)</sup> | 0.79 | 0.35 | 32 |
| (4.05) | 23.79 | (28.88) | 136811 | 0.65 | 0.79 | (0.04) | 44 |
|  | 38.30 | 61.06 | 214464 | 0.65 | 0.79 | (0.25) | 45 |
| (1.02) | 24.49 | 6.12 | 24486 | 0.69<sup>†</sup> | 0.69<sup>†</sup> | 12.67<sup>†</sup> | 127<sup>††</sup> |
| (2.46) | 24.07 | 7.93 | 25274 | 0.69 | 0.69 | 11.52 | 158 |
| (3.69) | 24.64 | 6.81 | 14784 | 0.69 | 0.69 | 11.77 | 121 |
| (2.54) | 26.73 | (0.44) | 20045 | 0.69 | 0.69 | 8.19 | 119 |
| (2.18) | 29.48 | (19.73) | 26535 | 0.68 | 0.68 | 5.33 | 150 |
| (2.72) | 39.14 | 12.32 | 9786 | 0.69 | 0.69 | 5.32 | 53 |
|  | 34.53 | 24.12 | 65615 | 0.24<sup>†</sup> | 0.59<sup>†</sup> | 3.04<sup>†</sup> | 10<sup>††</sup> |
| (0.94) | 27.82 | (1.51) | 63996 | 0.24 | 0.59 | 2.62 | 3 |
| (0.57) | 29.17 | 18.67 | 78752 | 0.24 | 0.59 | 2.95 | 6 |
| (0.99) | 25.09 | (12.12) | 30112 | 0.24 | 0.59 | 3.55 | 50 |
| (1.49) | 29.73 | 0.57 | 32699 | 0.23 | 0.58 | 2.52 | 23 |
| (0.50) | 30.99 | 71.19 | 30991 | 0.30 | 0.58 | 1.90 | 19 |
|  | 32.52 | 15.20 | 164210 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | 2.37<sup>†</sup> | 24<sup>††</sup> |
| (2.08) | 28.23 | (1.46) | 172178 | 0.79 | 0.79 | 3.03 | 45 |
| (2.77) | 30.84 | (16.16) | 303813 | 0.79 | 0.79 | 2.78 |  |
| (8.36) | 39.70 | 4.43 | 635278 | 0.79 | 0.79 | (0.13) |  |
| (0.25) | 46.53 | 64.71 | 1363252 | 0.87 | 0.87 | (0.86) |  |
|  | 28.39 | 41.95 | 93701 | 0.78<sup>†</sup> | 0.78<sup>†</sup> | (0.72)<sup>†</sup> | —<sup>††</sup> |

---

---

| | |
|:---|:---|
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *The expense ratio includes $2,292, $22,696, $42,152 and $67,245, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.71%, 0.69%, 0.68% and 0.69%, respectively.* |
| *(2)* | *Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.* |
| *(3)* | *The expense ratio includes $56, $941, $541 and $1,908, respectively in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.65%, 0.65%, 0.65% and 0.64%, respectively.* |
| *(4)* | *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* |
| *(5)* | *The Fund's inception date was on July 29, 2020.* |

---

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

*The accompanying notes are an integral part of the financial statements.*

**Financial Highlights/Consolidated Financial Highlights (continued)**

*Selected Per Share Data & Ratios*

*For the Periods Ended September 30, 2025 (Unaudited)*

*For the Years/Periods Ended March 31*

*For a Share Outstanding Throughout Each Period*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br> Beginning of<br> Year/Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from<br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** |  |  |
| 2025\*\*\* | 24.77 | 0.33 | 2.73 | 3.06 | (0.24) |  |  |
| 2025 | 24.13 | 0.54 | 2.24 | 2.78 | (0.54) | (1.60) |  |
| 2024 | 22.27 | 0.60 | 2.11 | 2.71 | (0.63) | (0.22) |  |
| 2023 | 23.53 | 0.56 | (0.59) | (0.03) | (0.55) | (0.68) |  |
| 2022 | 23.01 | 0.48 | 2.45 | 2.93 | (0.58) | (1.83) |  |
| 2021<sup>(1)</sup> | 20.00 | 0.20 | 2.88 | 3.08 | (0.07) |  |  |
| **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(2)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(2)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(2)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(2)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(2)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(2)</sup>** |  |  |
| 2025\*\*\* | 27.32 | 0.43 | (0.77) | (0.34) |  |  |  |
| 2025 | 29.90 | 1.10 | (3.45) | (2.35) | (0.23) |  |  |
| 2024 | 29.60 | 1.26 | (0.96) | 0.30 |  |  |  |
| 2023 | 31.51 | 0.54 | 1.59 | 2.13 | (1.56) | (2.48) |  |
| 2022 | 27.55 | (0.18) | 5.98 | 5.80 | (1.77) | (0.07) |  |
| 2021<sup>(3)</sup> | 25.00 | (0.06) | 2.61 | 2.55 |  |  |  |
| **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** |  |  |
| 2025\*\*\* | 13.83 |  | 6.08 | 6.08 |  |  |  |
| 2025 | 10.90 | (0.04) | 2.97 | 2.93 |  |  |  |
| 2024 | 16.89 | (0.01) | (5.98) | (5.99) |  |  |  |
| 2023 | 18.76 | (0.07) | (1.80) | (1.87) |  |  |  |
| 2022 | 21.06 | (0.14) | (2.16) | (2.30) |  |  |  |
| 2021<sup>(4)</sup> | 25.00 | (0.03) | (3.91) | (3.94) |  |  |  |
| **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** |  |  |
| 2025\*\*\* | 16.17 | 0.10 | 2.85 | 2.95 |  |  |  |
| 2025 | 10.78 | 0.01 | 5.42 | 5.43 | (0.04) |  |  |
| 2024 | 13.30 |  | (2.43) | (2.43) | (0.09) |  |  |
| 2023 | 13.93 | 0.05 | (0.66) | (0.61) | (0.02) |  |  |
| 2022<sup>(5)</sup> | 25.00 | 0.01 | (11.08) | (11.07) |  |  |  |
| **KraneShares European Carbon Allowance Strategy ETF<sup>(6)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(6)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(6)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(6)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(6)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(6)</sup>** |  |  |
| 2025\*\*\* | 21.03 | 0.26 | 4.09 | 4.35 |  |  |  |
| 2025 | 21.16 | 0.54 | 1.00 | 1.54 | (1.67) |  |  |
| 2024 | 34.02 | 0.61 | (11.91) | (11.30) | (1.56) |  |  |
| 2023 | 28.81 | (0.15) | 5.36 | 5.21 |  |  |  |
| 2022<sup>(7)(8)</sup> | 25.00 | (0.13) | 3.94 | 3.81 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *\*\*\** | *For the six-month period ended September 30, 2025.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund's inception date was on November 23, 2020.* |
| *(2)* | *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset<br> Value, End of<br> Year/Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of<br> Year/Period<br> ($)(000)** | **Ratio of<br> Expenses to<br> Average<br> Net Assets<br> (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average<br> Net Assets<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
| (0.24) | 27.59 | 12.37 | 31724 | 0.56<sup>†</sup> | 0.56<sup>†</sup> | 2.50<sup>†</sup> | 57<sup>††</sup> |
| (2.14) | 24.77 | 11.31 | 28483 | 0.56 | 0.56 | 2.13 | 80 |
| (0.85) | 24.13 | 12.45 | 31375 | 0.56 | 0.56 | 2.69 | 200 |
| (1.23) | 22.27 | 0.19 | 31174 | 0.56 | 0.56 | 2.53 | 155 |
| (2.41) | 23.53 | 12.62 | 30583 | 0.55 | 0.55 | 1.99 | 164 |
| (0.07) | 23.01 | 15.46 | 25315 | 0.55<sup>†</sup> | 0.55<sup>†</sup> | 2.68<sup>†</sup> | 55<sup>††</sup> |
|  | 26.98 | (1.25) | 183454 | 0.90<sup>†</sup> | 0.90<sup>†</sup> | 3.25<sup>†</sup> | —<sup>††</sup> |
| (0.23) | 27.32 | (7.88) | 221265 | 0.90 | 0.90 | 3.82 |  |
|  | 29.90 | 1.01 | 264626 | 0.90 | 0.90 | 4.14 |  |
| (4.04) | 29.60 | 6.21 | 278274 | 0.90 | 0.90 | 1.61 | 251 |
| (1.84) | 31.51 | 22.21 | 45697 | 0.89 | 0.89 | (0.63) | 15 |
|  | 27.55 | 10.20 | 28923 | 0.89<sup>†</sup> | 0.89<sup>†</sup> | (0.63)<sup>†</sup> | —<sup>††</sup> |
|  | 19.91 | 43.96 | 56741 | 0.89<sup>†</sup> | 0.89<sup>†</sup> | (0.03)<sup>†</sup> | 39<sup>††</sup> |
|  | 13.83 | 26.88 | 35948 | 0.89 | 0.89 | (0.30) | 57 |
|  | 10.90 | (35.46) | 24534 | 0.89 | 0.89 | (0.04) | 32 |
|  | 16.89 | (9.97) | 48130 | 0.89 | 0.89 | (0.44) | 43 |
|  | 18.76 | (10.92) | 65674 | 0.88 | 0.88 | (0.57) | 78 |
|  | 21.06 | (15.76) | 93722 | 0.88<sup>†</sup> | 0.88<sup>†</sup> | (0.88)<sup>†</sup> | 12<sup>††</sup> |
|  | 19.12 | 18.24 | 63112 | 0.69<sup>†</sup> | 0.69<sup>†</sup> | 1.17<sup>†</sup> | 49<sup>††</sup> |
| (0.04) | 16.17 | 50.40 | 46082 | 0.69 | 0.69 | 0.10 | 86 |
| (0.09) | 10.78 | (18.29) | 5391 | 0.69 | 0.69 | 0.02 | 55 |
| (0.02) | 13.30 | (4.37) | 7315 | 0.69 | 0.69 | 0.42 | 126 |
|  | 13.93 | (44.28) | 5570 | 0.68<sup>†</sup> | 0.68<sup>†</sup> | 0.09<sup>†</sup> | 60<sup>††</sup> |
|  | 25.38 | 20.68 | 6979 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | 2.22<sup>†</sup> | 13<sup>††</sup> |
| (1.67) | 21.03 | 8.05 | 7360 | 0.79 | 0.79 | 2.35 | 10 |
| (1.56) | 21.16 | (33.81) | 11640 | 0.79 | 0.79 | 2.09 |  |
|  | 34.02 | 18.08 | 31472 | 0.79 | 0.79 | (0.49) |  |
|  | 28.81 | 15.24 | 28810 | 0.87<sup>†</sup> | 0.87<sup>†</sup> | (0.87)<sup>†</sup> | —<sup>††</sup> |

---

*(3)* *The Fund's inception date was on December 1, 2020.* 

*(4)* *The Fund's inception date was on January 26, 2021.* 

*(5)* *The Fund's inception date was on June 8, 2021.* 

*(6)* *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* 

*(7)* *All per share amounts and net asset values have been adjusted as a result of a 3 to 1 forward stock split on December 10, 2021.* 

*(8)* *The Fund's inception date was on October 4, 2021.* 

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

*The accompanying notes are an integral part of the financial statements.*

**Financial Highlights/Consolidated Financial Highlights (continued)**

*Selected Per Share Data & Ratios*

*For the Periods Ended September 30, 2025 (Unaudited)*

*For the Years/Periods Ended March 31*

*For a Share Outstanding Throughout Each Period*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br> Beginning of<br> Year/Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from<br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** |
| 2025\*\*\* | 16.72 | 0.22 | 0.17 | 0.39 |  |  |  |
| 2025 | 28.63 | 0.82 | (6.73) | (5.91) | (6.00) |  |  |
| 2024 | 23.95 | 1.00 | 4.62 | 5.62 | (0.94) |  |  |
| 2023 | 25.77 | 0.26 | (2.02) | (1.76) | (0.06) |  |  |
| 2022<sup>(2)</sup> | 25.00 | (0.11) | 0.88 | 0.77 |  |  |  |
| **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** |
| 2025\*\*\*<sup>(3)</sup> | 32.85 | (0.03) | 3.96 | 3.93 | (3.88) |  |  |
| 2025<sup>(3)(4)</sup> | 43.62 | 0.99 | 2.44 | 3.43 | (5.54) |  | (8.66) |
| 2024<sup>(4)</sup> | 63.78 | 1.14 | 5.52 | 6.66 | (14.76) |  | (12.06) |
| 2023<sup>(4)(5)</sup> | 75.00 | (0.03) | (2.73) | (2.76) | (6.27) |  | (2.19) |
| **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** |
| 2025\*\*\* | 22.97 | 0.19 | 2.64 | 2.83 |  |  |  |
| 2025 | 26.73 | 0.21 | (3.79) | (3.58) | (0.13) | (0.05) |  |
| 2024<sup>(6)</sup> | 25.00 | 0.07 | 1.70 | 1.77 | (0.04) |  |  |
| **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** |
| 2025\*\*\* | 25.40 | 0.09 | 2.83 | 2.92 |  |  |  |
| 2025<sup>(7)</sup> | 25.00 | 0.11 | 0.62 | 0.73 | (0.05) | (0.28) |  |
| **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** |
| 2025\*\*\* | 24.60 | (0.11) | 12.13 | 12.02 |  |  |  |
| 2025<sup>(8)</sup> | 25.00 | (0.13) | (0.16) | (0.29) |  | (0.11) |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *\*\*\** | *For the six-month period ended September 30, 2025.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.* |
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* |
| *(2)* | *The Fund's inception date was on October 4, 2021.* |
| *(3)* | *Effective January 27, 2025, the KraneShares China Internet and Covered Call Strategy ETF was renamed the KraneShares KWEB Covered Call Strategy ETF.* |
| *(4)* | *Share transactions have been adjusted to reflect the effect of a 1 for 3 reverse share split on January 1, 2025 (See Note 9 in the Notes to Financial Statements).* |
| *(5)* | *The Fund's inception date was on January 11, 2023.* |
| *(6)* | *The Fund's inception date was on September 6, 2023.* |
| *(7)* | *The Fund's inception date was on July 15, 2024.* |
| *(8)* | *The Fund's inception date was on July 17, 2024.* |

---

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

*The accompanying notes are an integral part of the financial statements.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset<br> Value, End of<br> Year/Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of<br> Year/Period<br> ($)(000)** | **Ratio of<br> Expenses to<br> Average<br> Net Assets<br> (%)~** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)~** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average<br> Net Assets<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
|  | 17.11 | 2.33 | 141999 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | 2.80<sup>†</sup> | 9<sup>††</sup> |
| (6.00) | 16.72 | (24.92) | 109082 | 0.79 | 0.79 | 3.71 | 74 |
| (0.94) | 28.63 | 23.47 | 261265 | 0.79 | 0.79 | 3.57 |  |
| (0.06) | 23.95 | (6.83) | 229310 | 0.79 | 0.79 | 1.11 |  |
|  | 25.77 | 3.08 | 139149 | 0.91<sup>†</sup> | 0.91<sup>†</sup> | (0.91)<sup>†</sup> | —<sup>††</sup> |
| (3.88) | 32.90 | 13.03 | 119542 | 0.26<sup>†‡</sup> | 0.26<sup>†‡</sup> | (0.22)<sup>†</sup> | 365<sup>††</sup> |
| (14.20) | 32.85 | 10.51 | 104569 | 0.26<sup>‡</sup> | 0.26<sup>‡</sup> | 2.65 | 424 |
| (26.82) | 43.62 | 14.27 | 163601 | 0.26<sup>‡</sup> | 0.26<sup>‡</sup> | 2.30 | 347 |
| (8.46) | 63.78 | (3.56) | 5314 | 0.26<sup>†‡</sup> | 0.26<sup>†‡</sup> | (0.14)<sup>†</sup> | —<sup>††</sup> |
|  | 25.80 | 12.32 | 1935 | 0.69<sup>†</sup> | 0.69<sup>†</sup> | 1.61<sup>†</sup> | 18<sup>††</sup> |
| (0.18) | 22.97 | (13.44) | 2871 | 0.69 | 0.69 | 0.88 | 55 |
| (0.04) | 26.73 | 7.08 | 2673 | 0.69<sup>†</sup> | 0.69<sup>†</sup> | 0.53<sup>†</sup> | 14<sup>††</sup> |
|  | 28.32 | 11.50 | 35394 | 0.69<sup>†</sup> | 0.79<sup>†</sup> | 0.66<sup>†</sup> | 13<sup>††</sup> |
| (0.33) | 25.40 | 2.91 | 13968 | 0.69<sup>†</sup> | 0.79<sup>†</sup> | 0.62<sup>†</sup> | 2<sup>††</sup> |
|  | 36.62 | 48.86 | 89720 | 1.00<sup>†</sup> | 1.00<sup>†</sup> | (0.70)<sup>†</sup> | 23<sup>††</sup> |
| (0.11) | 24.60 | (1.24) | 22141 | 0.99<sup>†</sup> | 0.99<sup>†</sup> | (0.64)<sup>†</sup> | 49<sup>††</sup> |

---

*The accompanying notes are an integral part of the financial statements.*

**Financial Highlights/Consolidated Financial Highlights (continued)**

*Selected Per Share Data & Ratios*

*For the Periods Ended September 30, 2025 (Unaudited)*

*For the Years/Periods Ended March 31*

*For a Share Outstanding Throughout Each Period*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br> Beginning of<br> Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized<br> Gain (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from<br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **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** |  |  |
| 2025\*\*\* | 25.05 | 0.54 | 0.02 | 0.56 | (0.52) |  |  |
| 2025<sup>(1)</sup> | 25.00 | 0.83 | 0.02 | 0.85 | (0.80) |  |  |
| **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** |  |  |
| 2025\*\*\* | 27.15 | 0.51 | 9.82 | 10.33 |  |  |  |
| 2025<sup>(2)</sup> | 25.00 | 0.19 | 2.55 | 2.74 | (0.19) | (0.40) |  |
| **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** |  |  |
| 2025\*\*\* | 22.70 | (0.01) | 4.10 | 4.09 |  |  |  |
| 2025<sup>(3)</sup> | 25.00 |  | (2.29) | (2.29) |  | (0.01) |  |
| **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** |  |  |
| 2025\*\*\*<sup>(4)</sup> | 25.00 | (0.01) | 6.97 | 6.96 |  |  |  |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *\*\*\** | *For the six-month period ended September 30, 2025.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *~* | *During the periods, certain fees were waived. (See Note 3 in the Notes to Financial Statements).* |
| *(1)* | *The Fund's inception date was on July 25, 2024.* |
| *(2)* | *The Fund's inception date was on August 27, 2024.* |
| *(3)* | *The Fund's inception date was on October 7, 2024.* |
| *(4)* | *The Fund's inception date was on June 4, 2025.* |

---

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

*The accompanying notes are an integral part of the financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset<br> Value, End of<br> Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of<br> Period<br> ($)(000)** | **Portfolio<br> Turnover Rate<br> (%)** |
| (0.52) | 25.09 | 2.26 | 2270910.20<sup>†</sup>0.30<sup>†</sup>4.29<sup>†</sup> | —<sup>††</sup> |
| (0.80) | 25.05 | 3.43 | 2104070.20<sup>†</sup>0.30<sup>†</sup>4.82<sup>†</sup> | —<sup>††</sup> |
|  | 37.48 | 38.05 | 112450.79<sup>†</sup>3.34<sup>†</sup> | 62<sup>††</sup> |
| (0.59) | 27.15 | 11.02 | 108590.79<sup>†</sup>1.17<sup>†</sup> | 149<sup>††</sup> |
|  | 26.79 | 18.02 | 120540.89<sup>†</sup>(0.08)<sup>†</sup> | 35<sup>††</sup> |
| (0.01) | 22.70 | (9.16) | 102170.89<sup>†</sup>0.01<sup>†</sup> | 27<sup>††</sup> |
|  | 31.96 | 27.84 | 743040.68<sup>†</sup>0.78<sup>†</sup>(0.10)<sup>†</sup> | 23<sup>††</sup> |

---

*The accompanying notes are an integral part of the financial statements.*

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited)**

**1. ORGANIZATION**

KraneShares Trust (the "Trust") is a Delaware Statutory Trust formed on February 3, 2012. The Trust is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. As of September 30, 2025, the Trust had 31 operational series. The financial statements herein and the related notes pertain to the following 24 series: KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Income USD Bond ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares Global Carbon Strategy ETF, KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares SSE STAR Market 50 Index ETF, KraneShares Hang Seng TECH Index ETF, KraneShares European Carbon Allowance Strategy ETF, KraneShares California Carbon Allowance Strategy ETF, KraneShares KWEB Covered Call Strategy ETF, KraneShares Global Luxury Index ETF, KraneShares Hedgeye Hedged Equity Index ETF, KraneShares Artificial Intelligence and Technology ETF, KraneShares Sustainable Ultra Short Duration Index ETF, KraneShares China Alpha Index ETF, KraneShares Man Buyout Beta Index ETF and KraneShares Global Humanoid and Embodied Intelligence Index ETF (each, a "Fund" and collectively, the "Funds"). KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF and KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF are diversified Funds. All other Funds are non-diversified Funds, as defined under Section 5(b)(1) of the Investment Company Act. Krane Funds Advisors, LLC ("Krane" or the ''Adviser''), a Delaware limited liability company, serves as the investment adviser for the Funds and is subject to the supervision of the Board of Trustees (the ''Board''). The Adviser is responsible for managing the investment activities of the Funds, the Funds' business affairs and other administrative matters. The Adviser may use sub-advisers (each, a "Sub-Adviser" or collectively, the "Sub-Advisers") to perform the day-to-day management of the Funds.

China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited owns a majority stake in Krane. As of September 30, 2025, Central Huijin Investment Limited, a mainland Chinese-domiciled entity, and HKSCC Nominees Limited, held approximately 40.1% and 39.4%, respectively, of the shares of China International Capital Corporation Limited. Central Huijin Investment Limited is a wholly-owned subsidiary of China Investment Corporation, which is a mainland Chinese sovereign wealth fund. KFA One Holdings, LLC, located at 280 Park Avenue 32<sup>nd</sup> Floor, New York, New York, 10017, holds the remaining equity interests in Krane and Jonathan Krane, through his equity interests in KFA One Holdings, LLC, beneficially owns more than 10% of the equity interests in Krane.

The KFA Global Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares Global Carbon Strategy ETF, KFA MLM Index Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares California Carbon Allowance Strategy ETF (each, a "Subsidiary"). Each Subsidiary is organized under the laws of the Cayman Islands as an exempt limited company. Information regarding the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF and their respective subsidiaries have been consolidated in the Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights.

Shares of all Funds except KraneShares Artificial Intelligence and Technology ETF are listed and traded on the NYSE Arca, Inc. (the "NYSE"). Shares of KraneShares Artificial Intelligence and Technology ETF and KraneShares Global Humanoid and Embodied Intelligence Index ETF are listed and traded on the NASDAQ Stock Market LLC ("NASDAQ" and together with NYSE, each an "Exchange"). Market prices for Fund shares ("Shares") may be different from their net asset value ("NAV"). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares each called a "Creation Unit". This does not mean, however, that individual investors will be able to redeem and purchase Shares directly with the series of the Trust. Only Authorized Participants can redeem and purchase Creation Units of Shares directly. Each Fund will issue and redeem Shares for a basket of securities and/or a balancing cash amount. Individual shares trade in the secondary market at market prices that change throughout the day.

At September 30, 2025, all shares issued by the Funds were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Funds). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Funds' Distributor.

The investment objective of each of the following Funds is to seek to provide a total return or investments results that (before fees and expenses) tracks the performance of its respective index listed below (each, an "Underlying Index"):

---

| | |
|:---|:---|
| **Fund** | **Index** |
| KraneShares CSI China Internet ETF | CSI Overseas China Internet Index |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | MSCI China A 50 Connect Index |
| KraneShares MSCI One Belt One Road Index ETF | MSCI Global China Infrastructure Exposure Index |
| KraneShares Emerging Markets Consumer Technology Index ETF | Solactive Emerging Markets Consumer Technology Index |
| KraneShares MSCI China Clean Technology Index ETF | MSCI China IMI Environment 10/40 Index |
| KraneShares Electric Vehicles and Future Mobility Index ETF | Bloomberg Electric Vehicles Index |
| KraneShares MSCI All China Health Care Index ETF | MSCI China All Shares Health Care 10/40 Index |
| KraneShares MSCI Emerging Markets ex China Index ETF | MSCI Emerging Markets ex China Index |
| KraneShares Global Carbon Strategy ETF | S&P Global Carbon Credit Index |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | Value Line<sup>®</sup> Dynamic Dividend Equity Index |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | KFA MLM Index |
| KraneShares SSE STAR Market 50 Index ETF | SSE Science and Technology Innovation Board 50 Index |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

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| | |
|:---|:---|
| **Fund** | **Index** |
| KraneShares Hang Seng TECH Index ETF | Hang Seng TECH Index |
| KraneShares European Carbon Allowance Strategy ETF | S&P Carbon Credit EUA Index |
| KraneShares California Carbon Allowance Strategy ETF | S&P Carbon Credit CCA Index |
| KraneShares Global Luxury Index ETF | Solactive Global Luxury Select Index |
| KraneShares Hedgeye Hedged Equity Index ETF | Hedgeye Hedged Equity Index |
| KraneShares Sustainable Ultra Short Duration Index ETF | Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index |
| KraneShares China Alpha Index ETF | Qi China Alpha Index |
| KraneShares Man Buyout Beta Index ETF | Man Buyout Beta Index |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | MerQube Global Humanoid and Embodied Intelligence Index |

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KraneShares Asia Pacific High Income USD Bond ETF seeks to provide a total return that, before fees and expenses, exceeds that of the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (the "Benchmark Index") over a complete market cycle. KraneShares Asia Pacific High Income USD Bond ETF is actively managed and does not track an index.

KraneShares KWEB Covered Call Strategy ETF seeks to provide current income. KraneShares KWEB Covered Call Strategy ETF intends to invest in KraneShares CSI China Internet ETF ("Underlying Fund"), which is an exchange-traded fund advised by Krane that seeks to track its Underlying Index, and to write (sell) covered call options on the Underlying Fund. KraneShares KWEB Covered Call Strategy ETF intends to write covered call options on the Underlying Fund on the full amount of its investment in the Underlying Fund. KraneShares KWEB Covered Call Strategy ETF is actively managed and does not track an index.

KraneShares Artificial Intelligence and Technology ETF seeks growth of capital. With respect to its investments in instruments in the Solactive Etna Artificial General Intelligence Index ("Underlying Index"), KraneShares Artificial Intelligence and Technology ETF seeks to provide investment results that, before fees and expenses, track the performance of its Underlying Index. KraneShares Artificial Intelligence and Technology ETF also may invest in the securities of private companies with exposure to artificial intelligence businesses, which are not securities included in its Underlying Index. KraneShares Artificial Intelligence and Technology ETF is actively managed and does not track an index.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of the significant accounting policies followed by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

SECURITY VALUATION — The NAV per share of each Fund is computed by dividing the value of the net assets of a Fund (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares of a Fund outstanding, rounded to the nearest cent. Expenses and fees, including without limitation, the management, administration and distribution fees, are accrued daily and taken into account for purposes of determining NAV. The NAV per share for each Fund normally is calculated by the Administrator (as defined below) and determined as of the regularly scheduled close of normal trading on each day that the NYSE is scheduled to be open for business (normally 4:00 p.m., Eastern Time). Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Securities listed on a securities exchange (i.e., exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund's NAV is calculated if a security's exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value.

The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. The exchange rates used for valuation are captured as of the close of the London Stock Exchange each day normally at 4:00 p.m. Greenwich Mean Time.

The value of a swap contract is equal to the obligation (or rights) under the swap contract, which will generally be equal to the net amounts to be paid or received under the contract based upon the relative values of the positions held by each party to the contract as determined by the applicable independent, third party pricing agent.

Swaps cleared through a central clearing house ("centrally cleared swaps") are valued at the settlement price established each day by the board of the exchange on which they are listed. The daily settlement prices for centrally cleared swaps are provided by an Independent Pricing Agent. Swaps which are not centrally cleared are priced based on valuations provided by an Independent Pricing Agent.

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index, or basket of stocks (the "equity leg" of the swap) in return for interest payment(s) calculated based on the notional amount of the swap (the "financing leg" of the swap). Each leg of the swap is valued separately, and the net amount of the two legs is included in the Fund's net asset value.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

The value of the equity leg of the swap is provided by an Independent Pricing Agent based on the value of the financial instrument underlying the swap. The value of the financing leg of the swap is systematically calculated by the Fund's accounting agent based on the details of the swap.

Exchange-traded options, except as discussed below for FLEX options, are valued at the mean of their most recent bid and asked price, if available, and otherwise, long positions will be valued at the most-recent bid price, and short positions will be valued at the most-recent ask price. Over-the-counter ("OTC") options are valued based upon prices determined by the applicable independent, third party pricing agent. FLEX (short for flexible) Option contracts are normally valued using a fair value determined model-based price provided by a third-party pricing vendor. However, any day when the Administrator has not received price from third-party pricing vendor by 6:00 p.m. EST, an ad hoc meeting of the Fair Value Pricing Committee will convene to determine the fair valuation. If the committee cannot meet for the ad hoc meeting, the Administrator will fair value the FLEX Option to the price received from third-party vendor on the last business day and the ad hoc committee will be convened the next business day unless the price from third-party vendor becomes available.

Futures are valued at the settlement price established by the board of trade on which they are traded. Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate and the 30-, 60-, 90- and 180-day forward rates provided by an independent pricing agent.

As of and during the period ended September 30, 2025, the Funds did not hold swaps. Securities issued by a wholly owned subsidiary of a Fund will be valued at the subsidiary's net asset value, which will be determined using the same pricing policies and procedures applicable to the Fund.

Investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described above).

On certain days, the settlement price for futures may not be available at the time the Fund calculates its NAV. On such days, the best available price (which is typically the last trade price) may be used to value futures.

Investments for which market prices are not ''readily available,'' or are not deemed to reflect current market values, or are debt securities where no evaluated price is available from third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Adviser's valuation policies and procedures approved by the Board. Some of the more common reasons that may necessitate that a security be valued using ''fair value'' pricing may include, but are not limited to: the security's trading has been halted or suspended; the security's primary trading market is temporarily closed; or the security has not been traded for an extended period of time.

In addition, a Fund may fair value its securities if an event that may materially affect the value of a Fund's securities that trade outside of the United States (a ''Significant Event'') has occurred between the time of the security's last close and the time that a Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Krane becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which a Fund calculates its NAV, it will notify the Administrator and may request that an ad hoc meeting of the Fair Value Pricing Committee be called.

With respect to trade-halted securities, the Adviser typically will fair value a trade-halted security by adjusting the security's last market close price by the security's sector performance, as measured by a predetermined index, unless Krane's Fair Value Pricing Committee determines to make additional adjustments. Certain foreign securities exchanges have mechanisms in place that confine one day's price movement in an individual security to a pre-determined price range based on that day's opening price ("Collared Securities"). Fair value determinations for Collared Securities will generally be capped based on any applicable pre-determined "limit down" or "limit up" prices established by the relevant foreign securities exchange. As an example, China A-Shares can only be plus or minus ten percent in one day of trading in the relevant mainland China equity market. As a result, the fair value price determination on a given day will generally be capped plus or minus ten percent.

Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could actually be realized upon the sale of the security or that another fund that uses market quotations or its own fair value procedures to price the same securities. In addition, fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by its Underlying Index, if any. This may adversely affect a Fund's ability to track its Underlying Index.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day (a "Business Day", as used herein, is any day on which the Exchange is open for business). In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which a Fund's NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of a Fund's portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur.

Fund shares are purchased or sold on a national securities exchange at market prices, which may be higher or lower than NAV. Transactions in Fund shares will be priced at NAV only if shares are purchased or redeemed directly from a Fund in Creation Units. No secondary sales will be made to brokers or dealers at concession by the Distributor or by a Fund. Purchases and sales of shares in the secondary market, which will not involve a Fund, will be subject to customary brokerage commissions and charges.

With respect to the securities of private companies, the Administrator will obtain the price of private company securities from the Valuation Designee, who will determine their fair value using various inputs, including observable data such as cost basis, primary financing rounds, tender offers, and secondary market activity. The Valuation Designee will also consider pricing from independent pricing experts<sup>1</sup>, comparables of public and private companies, and relevant market news. While primary financing rounds, tender offers, and cost basis are expected to be the main drivers of fair value, all factors will be considered. A daily dashboard will be stored to record data being considered. In addition to conducting a pricing and trend analysis on the data received from the independent pricing experts, the Valuation Designee will take business cycle, market depth, transaction size and other relevant factors into consideration when reviewing observable data and will periodically assess the pricing methodology used by the independent pricing experts.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

<sup>1</sup> It is currently expected that the Valuation Designee will get pricing from two independent pricing agents.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date.

Level 2 — Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost).

Level 3 — Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments, broker quotes, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, refer to each Fund's Schedule of Investments.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2025. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

KraneShares Artificial Intelligence and Technology ETF

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| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** |
| **Assets** | **Fair Value at<br> 9/30/25** | **Valuation<br> Technique(s)** | **Unobservable<br> Input** | **Discount<br> Percentage** |
| Preferred Stock | $2975660 | As of 9/30, Valued at 166.90 based on Fair Valuation Methodology | Private Company Valuation | 0.0% |
| Preferred Stock | $1500020 | As of 9/30, valued at 36.56 which was cost basis/Tender Offer Price | Private Company Valuation | 0.0% |

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FEDERAL INCOME TAXES — It is each Fund's intention to qualify or continue to qualify as a regulated investment company for federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute annually all or substantially all of its taxable income and gains to shareholders. Accordingly, no provisions for federal income taxes have been made in the financial statements.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions in the current period. However, management's conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of September 30, 2025, management of the Funds has reviewed all open tax years since inception and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Interest income is recognized on the accrual basis from the settlement date and includes the amortization of premiums and the accretion of discount calculated using the effective interest method.

Dividend income received from affiliated funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations/Consolidated Statements of Operations. Capital gain distributions received from affiliated funds are recognized on ex-dividend date and are recorded on the Statement of Operations as such. Costs used in determining realized gains and losses on the sales of affiliated funds are on the basis of specific identification. See details on the Statements of Operations/Consolidated Statements of Operations.

FOREIGN CURRENCY — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

FORWARD FOREIGN CURRENCY CONTRACTS — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized appreciation (depreciation) during the year are

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

presented on the Statements of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default.

As of September 30, 2025, the KraneShares Asia Pacific High Income USD Bond ETF had open forward foreign currency contracts. Refer to the Fund's Schedule of Investments for details regarding open forward foreign currency as of September 30, 2025.

For the period ended September 30, 2025, the average monthly notional amount of forward foreign currency contracts were as follows:

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| | |
|:---|:---|
| KraneShares Asia Pacific High Income USD Bond ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Short | $112686.0 |

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FUTURES — The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF will each utilize its respective Subsidiary for purposes of investing in commodity futures that are the same as or similar to those included in the Index. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

As of September 30, 2025, the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF had open futures contracts. Refer to each Fund's Consolidated Schedule of Investments for details regarding open futures contracts as of September 30, 2025.

For the period ended September 30, 2025, the average monthly notional amount of futures contracts were as follows:

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| | |
|:---|:---|
| KraneShares Global Carbon Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $203122201.0 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $198546942.0 |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Short | $288012474.0 |
| KraneShares European Carbon Allowance Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $9905989.0 |
| KraneShares California Carbon Allowance Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $113761475.0 |

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OPTIONS — The KraneShares KWEB Covered Call Strategy ETF writes (sells) at the money FLexible EXchange<sup>®</sup> call options ("FLEX options") on the KraneShares CSI China Internet ETF ("Underlying Fund"). The KraneShares KWEB Covered Call Strategy ETF will cover such options by holding the Underlying Fund. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Each FLEX option written by KraneShares KWEB Covered Call Strategy ETF will generally (i) have an expiration date greater than 30 days; (ii) have an exercise price generally at the prevailing market price of the Underlying Fund; and (iii)

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

be traded on a national securities exchange. The KraneShares KWEB Covered Call Strategy ETF will attempt to hold each FLEX option written until expiration. However, if there are redemptions in the KraneShares KWEB Covered Call Strategy ETF it may not be able to hold such options until expiration. In addition, each FLEX option written generally will only be subject to exercise on its expiration date.

KraneShares Hedgeye Hedged Equity Index ETF utilizes both European-style exchange-traded options on the S&P 500 Index and FLEX options on an ETF that seeks to track the S&P 500 Index or a similar large cap securities index. European-style options are option contracts, which are exercisable at the strike price only on the expiration date. The Fund's current index is the Hedgeye Hedged Equity Index (the "Underlying Index"), which uses Hedgeye Risk Management, LLC's Risk Range™ signals to determine whether to buy and/or sell such put and call options, and at what strike prices. The Fund may weight the put and call options differently than the Underlying Index and may buy and sell put and call options on different dates than the Underlying Index.

As of September 30, 2025, the KraneShares KWEB Covered Call Strategy ETF and KraneShares Hedgeye Hedged Equity Index ETF had open written option positions. As of September 30, 2025, the KraneShares Hedgeye Hedged Equity Index ETF had open purchased option positions. Refer to the Schedule of Investments for details regarding open options as of September 30, 2025. All options held during the year were equity options.

For the period ended September 30, 2025, the average monthly notional amount of written option contracts were as follows:

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| | |
|:---|:---|
| KraneShares KWEB Covered Call Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $4331598.0 |
| KraneShares Hedgeye Hedged Equity Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $360660.0 |

---

For the period ended September 30, 2025, the average monthly notional amount of purchased option contracts were as follows:

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| | |
|:---|:---|
| KraneShares Hedgeye Hedged Equity Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $190003.0 |

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DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund, except for the KraneShares Asia Pacific High Income USD Bond ETF, KraneShares Global Carbon Strategy ETF, KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF, KraneShares California Carbon Allowance Strategy ETF, KraneShares KWEB Covered Call Strategy ETF and KraneShares Sustainable Ultra Short Duration Index ETF, intends to pay out dividends, if any, at least annually; the KraneShares Asia Pacific High Income USD Bond ETF, KraneShares KWEB Covered Call Strategy ETF and KraneShares Sustainable Ultra Short Duration Index ETF intend to pay out net investment income, if any, at least monthly. The KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF typically distributes any net investment income quarterly. The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF may pay out net investment income, if any, at least semi-annually in June and December, but may pay such income as frequently as quarterly. The Funds pay out to their shareholders net realized capital gains, if any, once a year (usually in December). Each Fund may make distributions on a more frequent basis. Each Fund reserves the right to declare special distributions, including if, in its

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a regulated investment company under Subchapter M of the Code, or to avoid imposition of income or excise taxes on undistributed income.

Effective January 1, 2025, KraneShares KWEB Covered Call Strategy ETF currently intends to distribute on a monthly basis its option premium income so that the Fund's monthly distribution percentage does not exceed 2% of net asset value. The Fund's distribution in December may exceed this amount in order for the Fund to continue to qualify as a regulated investment company.

CASH OVERDRAFT CHARGES — Per the terms of an agreement with Brown Brothers Harriman & Co. ("BBH"), the Funds' Custodian, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of the BBH Overdraft Base Rate plus 2.00%. Cash overdraft charges, if applicable, are included in "Interest Expense" on the Statements of Operations/Consolidated Statements of Operations.

SECURITIES LENDING — The Funds may lend securities from their portfolios to brokers, dealers and other financial institutions. In connection with such loans, a Fund remains the beneficial owner of the loaned securities and continues to receive payments in amounts approximately equal to the interest, dividends or other distributions payable on the loaned securities. A Fund also has the right to terminate a loan at any time. A Fund does not have the right to vote on securities while they are on loan. Loans of portfolio securities will not exceed 33 1/3% of the value of a Fund's total assets (including the value of all assets received as collateral for the loan). A Fund will receive collateral in an amount equal to at least 100% of the current market value of the loaned securities. If the collateral consists of cash, a Fund will reinvest the cash and pay the borrower a pre-negotiated fee or "rebate" from any return earned on the investment. Should the borrower of the securities fail financially, a Fund may experience delays in recovering the loaned securities or exercising its rights in the collateral. In a loan transaction, a Fund will also bear the risk of any decline in value of securities acquired with cash collateral. Krane and a sub-adviser are subject to potential conflicts of interest because the compensation paid to them increases in connection with any net income received by a Fund from a securities lending program. Each Fund pays Krane 10% of any net monthly income received from the investment of cash collateral and loan fees received from borrowers in respect of each securities loan (net of any amounts paid to the securities lending agent or rebated to borrowers) (see Note 4).

As of September 30, 2025, the Funds do not have any portfolio securities on loan.

CREATION UNITS — The Funds issue and redeem Shares at NAV and only in large specified number of Shares (each called a "Creation Unit" consisting of 25,000 Shares, 50,000 Shares, 100,000 Shares, or multiples thereof). In its discretion, the Trust reserves the right to increase or decrease the number of each Fund's shares that constitute a Creation Unit.

Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees when buying or selling Shares. If a Creation Unit is purchased or redeemed for cash, a higher transaction fee may be charged.

The Adviser may adjust the transaction fees from time to time based on actual experience.

CASH AND CASH EQUIVALENTS — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

**3. DERIVATIVES TRANSACTIONS**

The following tables are exposure by type of risk on derivatives held throughout the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of Assets<br> and Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of Assets<br> and Liabilities<br> Location** | **Fair Value** |
| **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** |  |  |  |
| Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | $1030 | Unrealized loss on forward foreign currency contracts | $— |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $1030 |  | $— |
| **KraneShares Global Carbon Strategy ETF** | **KraneShares Global Carbon Strategy ETF** |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $4196949 \* | Unrealized depreciation on futures contracts | $4170089 \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $4196949 |  | $4170089 |
| **KraneShares Mount Lucas Managed Futures Index Strategy ETF** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF** |  |  |  |
| Foreign exchange contracts | Unrealized appreciation on futures contracts | $258505 \* | Unrealized depreciation on futures contracts | $256091 \* |
| Interest rate contracts | Unrealized appreciation on futures contracts | 445297 \* | Unrealized depreciation on futures contracts | 278323 \* |
| Commodity contracts | Unrealized appreciation on futures contracts | 4850922 \* | Unrealized depreciation on futures contracts | 1105751 \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $5554724 |  | $1640165 |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of Assets<br> and Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of Assets<br> and Liabilities<br> Location** | **Fair Value** |
| **KraneShares European Carbon Allowance Strategy ETF** | **KraneShares European Carbon Allowance Strategy ETF** |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $446263 \* | Unrealized depreciation on futures contracts | $— \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $446263 |  | $— |
| **KraneShares California Carbon Allowance Strategy ETF** | **KraneShares California Carbon Allowance Strategy ETF** |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $— \* | Unrealized depreciation on futures contracts | $12070089 \* |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $— |  | $12070089 |
| **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** |  |  |  |
| Equity contracts | Investments, at value\*\* | $— | Options and Swaptions written, at value | $7746596 |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $— |  | $7746596 |
| **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** |  |  |  |
| Equity contracts | Investments, at value\*\* | $238410 | Options and Swaptions written, at value | $554006 |
| Total Derivatives not accounted for as hedging instruments | Total Derivatives not accounted for as hedging instruments | $238410 |  | $554006 |

---

\* *Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments or Consolidated Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.*

\*\* *Purchased options and/or swaptions only.*

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

The effect of derivative instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

Change in realized appreciation or (depreciation) on derivatives recognized in income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Purchased Options<br> and Swaptions** | **Written Options<br> and Swaptions** | **Futures** | **Forward Currency<br> Contracts** |
| KraneShares Asia Pacific High Income USD Bond ETF |  |  |  |  |
| Foreign exchange contracts | $— | $— | $— | $(11) |
| Total | $— | $— | $— | $(11) |
| KraneShares Global Carbon Strategy ETF |  |  |  |  |
| Foreign exchange contracts | $— | $— | $5033722 | $— |
| Commodity contracts |  |  | 2811055 |  |
| Total | $— | $— | $7844777 | $— |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |  |
| Interest rate contracts | $— | $— | $(885511) | $— |
| Foreign exchange contracts |  |  | (3934132) |  |
| Commodity contracts |  |  | 993960 |  |
| Total | $— | $— | $(3825683) | $— |
| KraneShares European Carbon Allowance Strategy ETF |  |  |  |  |
| Commodity contracts | $— | $— | $275365 | $— |
| Total | $— | $— | $275365 | $— |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |  |
| Commodity contracts | $— | $— | $(1175511) | $— |
| Total | $— | $— | $(1175511) | $— |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |  |
| Equity contracts | $— | $7611032 | $— | $— |
| Total | $— | $7611032 | $— | $— |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |  |
| Equity contracts | $501502 | $(1539828) | $— | $— |
| Total | $501502 | $(1539828) | $— | $— |

---

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Purchased Options<br> and Swaptions** | **Written Options<br> and Swaptions** | **Futures** | **Forward Currency<br> Contracts** |
| KraneShares Asia Pacific High Income USD Bond ETF |  |  |  |  |
| Foreign exchange contracts | $— | $— | $— | $1030 |
| Total | $— | $— | $— | $1030 |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Purchased Options<br> and Swaptions** | **Written Options<br> and Swaptions** | **Futures** | **Forward Currency<br> Contracts** |
| KraneShares Global Carbon Strategy ETF |  |  |  |  |
| Commodity contracts | $— | $— | $10088632 | $— |
| Total | $— | $— | $10088632 | $— |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |  |
| Interest rate contracts | $— | $— | $(1672539) | $— |
| Foreign exchange contracts |  |  | (604899) |  |
| Commodity contracts |  |  | (486509) |  |
| Total | $— | $— | $(2763947) | $— |
| KraneShares European Carbon Allowance Strategy ETF |  |  |  |  |
| Commodity contracts | $— | $— | $779918 | $— |
| Total | $— | $— | $779918 | $— |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |  |
| Commodity contracts | $— | $— | $5128687 | $— |
| Total | $— | $— | $5128687 | $— |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |  |
| Equity contracts | $— | $(5837439) | $— | $— |
| Total | $— | $(5837439) | $— | $— |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |  |
| Equity contracts | $(399361) | $(54316) | $— | $— |
| Total | $(399361) | $(54316) | $— | $— |

---

**4. RELATED PARTY TRANSACTIONS**

INVESTMENT ADVISORY AGREEMENT — The Adviser serves as investment adviser to each Fund pursuant to an Investment Advisory Agreement between the Trust on behalf of each Fund and the Adviser (the "Agreement"). Under the Agreement, Krane is responsible for reviewing, supervising and administering each Fund's investment program and the general management and administration of the Trust. In addition to these services, to the extent a Fund engages in securities lending, Krane will: (i) determine which securities are available for loan and notify the securities lending agent for a Fund (the "Agent"), (ii) monitor the Agent's activities to ensure that securities loans are effected in accordance with Krane's instructions and in accordance with applicable procedures and guidelines adopted by the Board, (iii) make recommendations to the Board regarding the Fund's participation in securities lending; (iv) prepare appropriate periodic reports for, and seek appropriate periodic approvals from, the Board with respect to securities lending activities, (v) respond to Agent inquiries concerning the Agent's activities, and (vi) such other related duties as Krane deems necessary or appropriate. The Board supervises Krane and establishes policies that Krane must follow in its management activities.

The Agreement requires the Adviser to pay all operating expenses of the Funds, except: (a) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes); (b) expenses of the Funds incurred with respect to the acquisition and disposition of portfolio

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

securities and the execution of portfolio transactions, including brokerage commissions and short sale dividend or interest expense; (c) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the Investment Company Act, including distribution fees; (d) "Acquired Fund Fees and Expenses" (as defined by Form N-1A under the Investment Company Act); (e) litigation expenses; (f) the compensation payable to the Adviser under the Agreement; (g) compensation and expenses of the Independent Trustees (including any fees of independent legal counsel to the Independent Trustees); and (h) any expenses determined to be extraordinary expenses by the Board. In addition, under the Agreement, while the fees and expenses related to the Funds' securities lending-related activities reduce the gross revenues and income of the Funds from such activities, they are not fees and expenses for which Krane is responsible.

Each Agreement provides that each Fund pays a unitary (or unified) fee to the Adviser for advisory and management services provided to the Fund, subject to the exceptions noted herein. In this context, there exists a risk that a Trust service provider will seek recourse against the Trust if it is not timely paid by Krane for the fees and expenses for which it is responsible, which could materially adversely affect the Funds. Pursuant to the Agreement between the Trust and the Adviser, the Funds below pay the Adviser a fee, which is calculated daily and paid monthly, at the following annual rates, based on a percentage of the average daily net assets of each Fund. In addition, as compensation for the services provided by the Adviser in connection with any securities lending-related activities, each Fund pays the Adviser 10% of the monthly investment income received from the investment of cash collateral and loan fees received from borrowers in respect to securities loans (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers), included on the Statements of Operations/Consolidated Statements of Operations as "Security Lending Fees".

---

| | |
|:---|:---|
|  | **Management<br> Fee** |
| KraneShares CSI China Internet ETF | 0.68% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 0.78% |
| KraneShares MSCI One Belt One Road Index ETF | 0.78% |
| KraneShares Emerging Markets Consumer Technology Index ETF | 0.78% |
| KraneShares MSCI China Clean Technology Index ETF | 0.78% |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 0.68% |
| KraneShares MSCI All China Health Care Index ETF | 0.78% |
| KraneShares Asia Pacific High Income USD Bond ETF | 0.68% |
| KraneShares MSCI Emerging Markets ex China Index ETF | 0.58% |
| KraneShares Global Carbon Strategy ETF | 0.78% |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 0.55% |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 0.89% |
| KraneShares SSE STAR Market 50 Index ETF | 0.88% |
| KraneShares Hang Seng TECH Index ETF | 0.68% |
| KraneShares European Carbon Allowance Strategy ETF | 0.78% |
| KraneShares California Carbon Allowance Strategy ETF | 0.78% |
| KraneShares KWEB Covered Call Strategy ETF | 0.25% |
| KraneShares Global Luxury Index ETF | 0.68% |
| KraneShares Hedgeye Hedged Equity Index ETF | 0.78% |
| KraneShares Artificial Intelligence and Technology ETF | 0.99% |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | |
|:---|:---|
|  | **Management<br> Fee** |
| KraneShares Sustainable Ultra Short Duration Index ETF | 0.29% |
| KraneShares China Alpha Index ETF | 0.78% |
| KraneShares Man Buyout Beta Index ETF | 0.88% |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 0.78% |

---

The Adviser bears all of its own costs associated with providing these advisory services.

Pursuant to the terms of Fee Waiver Agreements, Krane has contractually agreed to waive its management fee for the below listed Funds by the following amounts of the Fund's average daily net assets until August 1, 2026. The Fee Waiver Agreements may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreements will terminate if the Agreement for a Fund is terminated.

---

| | |
|:---|:---|
|  | **Fee Waiver<br> Fee** |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 0.23% |
| KraneShares Emerging Markets Consumer Technology Index ETF | 0.30% |
| KraneShares MSCI All China Health Care Index ETF | 0.14% |
| KraneShares MSCI Emerging Markets ex China Index ETF | 0.35% |
| KraneShares Hedgeye Hedged Equity Index ETF | 0.10%\* |
| KraneShares Sustainable Ultra Short Duration Index ETF | 0.10% |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 0.10% |

---

*\** *The fee waiver was terminated effective August 1, 2025.*

SUB-ADVISORY AGREEMENT — Bosera Asset Management (International) Co., Ltd. ("Bosera"), operating out of Hong Kong, serves as the Sub-Adviser to the KraneShares Bosera MSCI China A 50 Connect Index ETF and KraneShares SSE STAR Market 50 Index ETF and is responsible for the day-to-day management of the Funds, subject to the supervision by the Adviser and the Board. As of January 1, 2024, Krane pays Bosera fifteen (15%) percent of the net revenue received by Krane from KraneShares Bosera MSCI China A 50 Connect Index ETF under the Investment Advisory Agreement. Prior to that date, Krane paid Bosera fifty (50%) percent of the net revenue received by Krane from the Fund. For the services Bosera provides to KraneShares SSE STAR Market 50 Index ETF, the Adviser pays Bosera a twelve basis points (0.12%) sub-advisory fee based upon the monthly average assets under management of KraneShares SSE STAR Market 50 Index ETF.

Amova Asset Management Americas, Inc. ("Amova") serves as the investment sub-adviser to KraneShares Asia Pacific High Income USD Bond ETF. Amova is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board. Amova delegates to its affiliate Amova Asset Management Asia, Ltd. ("Amova Asia"), a registered investment adviser with the SEC, certain of its responsibilities for the management of the Fund. Krane has entered into a Sub-Advisory Agreement with Amova pursuant to which Krane has agreed to pay Amova 36.77% of the sum of: (i) the total gross advisory fee due to the Adviser from the Fund under the terms of the Agreement minus (ii) any applicable fee waivers from time to time entered into between the Fund and the Adviser.

Climate Finance Partners LLC ("CFP") serves as the Sub-Adviser of the KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF. CFP provides non-discretionary sub-advisory services to the Funds,

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

which includes advice, research and subject matter expertise related to the Funds' investments and the monitoring of such investments. For the services CFP provides to KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF, the Adviser pays CFP a fee equal to 32% of the Net Revenue received by Krane from each Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Advisory Agreement minus gross fund-related expenses (including any waiver by Krane of its compensation under the Advisory Agreement and any reimbursements by Krane of the Fund's expenses).

Mount Lucas Index Advisers LLC ("MLIA") serves as the Sub-Adviser of the KraneShares Mount Lucas Managed Futures Index Strategy ETF. For the services MLIA provides to the Fund, the Adviser pays MLIA a fee equal to 32% of the total gross advisory paid to Krane by the Fund under the terms of the Advisory Agreement minus any applicable fee waivers entered into between the Fund and Krane.

Etna Capital Management Company Ltd. ("Etna") serves as the Sub-Adviser of the KraneShares Artificial Intelligence and Technology ETF. Etna is responsible for the selection of the Fund's private securities, subject to the supervision of Krane and the Board of Trustees. For the services it will provide, Krane will pay Etna a fee equal to 30% of the total gross advisory fee paid to Krane by the Fund under the terms of the Investment Advisory Agreement.

Numeric Investors LLC ("Numeric" or "Sub-Adviser"), serves as the index provider and investment sub-adviser of the KraneShares Man Buyout Beta Index ETF and selects investments for the Underlying Index using a systematic process as defined in the index methodology. Krane retains sole responsibility for submitting investment orders and executing trades on behalf of the Fund. Krane will pay Numeric forty-five (45%) percent of the Net Revenue received by Krane from the Fund on the first $1 billion in Assets and fifty (50%) percent on any amounts thereafter. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Sub-Advisory Agreement – (minus) gross fund-related expenses (including any waiver by Krane of its compensation under the Investment Advisory Agreement and any reimbursements by Krane of the Fund's expenses).

DISTRIBUTION AGREEMENT — SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments Company, and an affiliate of the Administrator, serves as the Funds' distributor of Creation Units pursuant to a Distribution Agreement. The Distributor does not maintain any secondary market in Fund shares.

The Trust has adopted a Distribution and Service Plan ("Plan") pursuant to Rule 12b-1 under the Investment Company Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended September 30, 2025, no fees were charged under the Plan. Fees would only be charged under the Plan upon approval by the Board.

ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT — SEI Investments Global Funds Services (the "Administrator") serves as the Funds' Administrator pursuant to an Administration Agreement. BBH serves as the Funds' Custodian and Transfer Agent pursuant to a Custodian and Transfer Agent Agreement.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

**5. BASIS FOR CONSOLIDATION FOR THE KRANESHARES GLOBAL CARBON STRATEGY ETF, KRANESHARES MOUNT LUCAS MANAGED FUTURES INDEX STRATEGY ETF, KRANESHARES EUROPEAN CARBON ALLOWANCE STRATEGY ETF AND KRANESHARES CALIFORNIA CARBON ALLOWANCE STRATEGY ETF**

The Consolidated Schedule of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF include the accounts of each Fund's Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation for the Funds. The Subsidiaries have a fiscal year end of March 31 for financial statements consolidation purposes.

The Subsidiaries are classified as controlled foreign corporations under the Code. The Subsidiaries' taxable income is included in the calculation of the Funds' taxable income. Net losses of the Subsidiaries are not deductible by the Funds either in the current period or carried forward to future periods.

The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF investment in each of their respective Subsidiary may not exceed 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary's value), which limitation is imposed by the Code and is measured at the end of each quarter.

A summary of the investments in each Subsidiary is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Inception<br> Date of<br> Subsidiary** | **Subsidiary<br> Net Assets at<br> September 30,<br> 2025** | **% of Total<br> Net Assets at<br> September 30,<br> 2025** |
| KFA Global Carbon Subsidiary, Ltd. | July 29, 2020 | $26686087 | 16.25% |
| KraneShares MLM Index Subsidiary, Ltd. | December 1, 2020 | $31720008 | 17.29% |
| KraneShares European Carbon, Subsidiary Ltd. | October 4, 2021 | $1411836 | 20.23% |
| KraneShares California Carbon, Subsidiary Ltd. | October 4, 2021 | $27700297 | 19.51% |

---

**6. INVESTMENT TRANSACTIONS**

For the period ended September 30, 2025, the following Funds had purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities transactions:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and<br> Maturities** |
| KraneShares CSI China Internet ETF | $2001070822 | $1662125997 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 63816838 | 40912998 |
| KraneShares MSCI One Belt One Road Index ETF | 672409 | 605606 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 11685232 | 8017915 |
| KraneShares MSCI China Clean Technology Index ETF | 13681013 | 8268839 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 24253269 | 31074449 |
| KraneShares MSCI All China Health Care Index ETF | 46308092 | 50179900 |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and<br> Maturities** |
| KraneShares Asia Pacific High Income USD Bond ETF | $21534323 | $20352952 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 6332917 | 14613384 |
| KraneShares Global Carbon Strategy ETF | 58687186 | 27738748 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 14218262 | 14163341 |
| KraneShares SSE STAR Market 50 Index ETF | 22090562 | 14292953 |
| KraneShares Hang Seng TECH Index ETF | 31006504 | 22209979 |
| KraneShares European Carbon Allowance Strategy ETF | 503200 | 1065870 |
| KraneShares California Carbon Allowance Strategy ETF | 33713550 | 11240526 |
| KraneShares KWEB Covered Call Strategy ETF | 370595233 | 360588678 |
| KraneShares Global Luxury Index ETF | 411559 | 456045 |
| KraneShares Hedgeye Hedged Equity Index ETF | 2770418 | 3050720 |
| KraneShares Artificial Intelligence and Technology ETF | 12195906 | 10007348 |
| KraneShares China Alpha Index ETF | 6836700 | 9817534 |
| KraneShares Man Buyout Beta Index ETF | 3928267 | 3937175 |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 37978681 | 9679087 |

---

For the period ended September 30, 2025, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the period ended September 30, 2025, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized<br> Gain/(Loss)** |
| KraneShares CSI China Internet ETF | $572557550 | $480964216 | $46064176 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 1451754 | 269621 | 77919 |
| KraneShares MSCI China Clean Technology Index ETF | 103906 | 22845 | 5503 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 6212909 | 9552937 | 1859903 |
| KraneShares MSCI All China Health Care Index ETF | 295343 | 362421 | 11123 |
| KraneShares MSCI Emerging Markets ex China Index ETF |  | 2517930 | 485854 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 18813555 | 16529947 | 232146 |
| KraneShares KWEB Covered Call Strategy ETF | 23578277 | 8095092 | 1430144 |
| KraneShares Global Luxury Index ETF |  | 1142205 | (23192) |
| KraneShares Hedgeye Hedged Equity Index ETF | 24924746 | 6567276 | 975838 |
| KraneShares Artificial Intelligence and Technology ETF | 61405689 | 11244810 | 2813281 |
| KraneShares Sustainable Ultra Short Duration Index ETF | 76031277 |  |  |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 36385350 |  |  |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

**7. TAX INFORMATION**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the years or periods ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Totals** |
| KraneShares CSI China Internet ETF |  |  |  |  |
| 2025 | $191767210 | $— | $— | $191767210 |
| 2024 | 94044849 |  |  | 94044849 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF |  |  |  |  |
| 2025 | $4042367 | $— | $— | $4042367 |
| 2024 | 6619090 |  |  | 6619090 |
| KraneShares MSCI One Belt One Road Index ETF |  |  |  |  |
| 2025 | $122602 | $— | $— | $122602 |
| 2024 | 137606 |  |  | 137606 |
| KraneShares Emerging Markets Consumer Technology Index ETF |  |  |  |  |
| 2025 | $109397 | $— | $— | $109397 |
| 2024 | 27452 |  |  | 27452 |
| KraneShares MSCI China Clean Technology Index ETF |  |  |  |  |
| 2025 | $716873 | $— | $— | $716873 |
| 2024 | 496202 |  |  | 496202 |
| KraneShares Electric Vehicles and Future Mobility Index ETF |  |  |  |  |
| 2025 | $530712 | $— | $— | $530712 |
| 2024 | 1252258 |  |  | 1252258 |
| KraneShares MSCI All China Health Care Index ETF |  |  |  |  |
| 2025 | $477397 | $— | $— | $477397 |
| 2024 | 383670 |  |  | 383670 |
| KraneShares Asia Pacific High Income USD Bond ETF |  |  |  |  |
| 2025 | $1826852 | $— | $— | $1826852 |
| 2024 | 2334194 |  |  | 2334194 |
| KraneShares MSCI Emerging Markets ex China Index ETF |  |  |  |  |
| 2025 | $2347147 | $— | $— | $2347147 |
| 2024 | 910616 |  |  | 910616 |
| KraneShares Global Carbon Strategy ETF |  |  |  |  |
| 2025 | $14365041 | $— | $— | $14365041 |
| 2024 | 37810059 |  |  | 37810059 |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Totals** |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF |  |  |  |  |
| 2025 | $1896053 | $681551 | $— | $2577604 |
| 2024 | 868772 | 308656 |  | 1177428 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |  |
| 2025 | $2749827 | $— | $— | $2749827 |
| 2024 |  |  |  |  |
| KraneShares SSE STAR Market 50 Index ETF |  |  |  |  |
| 2025 | $— | $— | $— | $— |
| 2024 |  |  |  |  |
| KraneShares Hang Seng TECH Index ETF |  |  |  |  |
| 2025 | $32395 | $— | $— | $32395 |
| 2024 | 46489 |  |  | 46489 |
| KraneShares European Carbon Allowance Strategy ETF |  |  |  |  |
| 2025 | $669523 | $— | $— | $669523 |
| 2024 | 1055315 |  |  | 1055315 |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |  |
| 2025 | $49060171 | $— | $— | $49060171 |
| 2024 | 8439069 |  |  | 8439069 |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |  |
| 2025 | $22213508 | $— | $34762537 | $56976045 |
| 2024 | 24792799 |  | 20258230 | 45051029 |
| KraneShares Global Luxury Index ETF |  |  |  |  |
| 2025 | $42198 | $6106 | $— | $48304 |
| 2024 | 4643 |  |  | 4643 |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |  |
| 2025 | $91874 | $8761 | $— | $100635 |
| KraneShares Artificial Intelligence and Technology ETF |  |  |  |  |
| 2025 | $29447 | $3506 | $— | $32953 |
| KraneShares Sustainable Ultra Short Duration Index ETF |  |  |  |  |
| 2025 | $7438872 | $— | $— | $7438872 |
| KraneShares China Alpha Index ETF |  |  |  |  |
| 2025 | $237089 | $— | $— | $237089 |
| KraneShares Man Buyout Beta Index ETF |  |  |  |  |
| 2025 | $4815 | $— | $— | $4815 |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

As of March 31, 2025, the components of tax basis distributable earnings (distributable losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> CSI China<br> Internet ETF** | **KraneShares<br> Bosera MSCI<br> China A 50<br> Connect<br> Index ETF** | **KraneShares<br> MSCI One Belt<br> One Road<br> Index ETF** | **KraneShares<br> Emerging Markets<br> Consumer Technology<br> Index ETF** |
| Undistributed Ordinary Income | $274757276 | $197223 | $3144 | $753641 |
| Capital Loss Carryforwards | (4123110723) | (227317107) | (3693493) | (48742238) |
| Unrealized Depreciation on Investments and Foreign Currency | (989559358) | (18348270) | (867400) | (2803925) |
| Other Temporary Differences | (5) | (12) | (1) | (2) |
| Total Distributable Loss | $(4837912810) | $(245468166) | $(4557750) | $(50792524) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI China<br> Clean Technology<br> Index ETF** | **KraneShares<br> Electric Vehicles and<br> Future Mobility<br> Index ETF** | **KraneShares<br> MSCI All China<br> Health Care<br> Index ETF** | **KraneShares**<br> **Asia Pacific High<br> Income USD<br> Bond ETF** |
| Undistributed Ordinary Income | $25043 | $— | $478884 | $39983 |
| Capital Loss Carryforwards | (90614366) | (118300055) | (77073987) | (10848135) |
| Qualified Late-Year Loss Deferrals |  | (35778) |  |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 4563730 | (28465415) | (18697743) | 82884 |
| Other Temporary Differences | 3 | (2) | (1) | 86248 |
| Total Distributable Loss | $(86025590) | $(146801250) | $(95292847) | $(10639020) |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI Emerging**<br> **Markets ex China<br> Index ETF** | **KraneShares**<br> **Global Carbon<br> Strategy ETF** | **KraneShares<br> Value Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** | **KraneShares<br> Mount Lucas Managed<br> Futures Index<br> Strategy ETF** |
| Undistributed Ordinary Income | $391687 | $1269522 | $177833 | $— |
| Undistributed Long-Term Capital Gain |  |  | 724114 |  |
| Capital Loss Carryforwards | (2307310) | (2671014) |  | (53479709) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (7901) | (87140393) | 2011896 | (23349891) |
| Other Temporary Differences | (1) | (2) | 59 | (169374) |
| Total Distributable Earnings/(Loss) | $(1923525) | $(88541887) | $2913902 | $(76998974) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> SSE STAR Market 50<br> Index ETF** | **KraneShares<br> Hang Seng TECH<br> Index ETF** | **KraneShares<br> European Carbon<br> Allowance<br> Strategy ETF** | **KraneShares<br> California Carbon<br> Allowance<br> Strategy ETF** |
| Undistributed Ordinary Income | $— | $337647 | $— | $855229 |
| Capital Loss Carryforwards | (33293827) | (2852858) |  |  |
| Post October Losses |  |  | (1086) | (45081) |
| Qualified Late-Year Loss Deferrals | (81210) |  |  |  |
| Unrealized Depreciation on Investments and Foreign Currency | (2870862) | (1455005) | (9036174) | (81727166) |
| Other Temporary Differences | (9) | (5) | 1 | 1 |
| Total Distributable Loss | $(36245908) | $(3970221) | $(9037259) | $(80917017) |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> KWEB Covered Call<br> Strategy ETF** | **<br> KraneShares<br> Global Luxury<br> Index ETF** | **KraneShares<br> Hedgeye<br> Hedged Equity<br> Index ETF** | **KraneShares<br> Artificial<br> Intelligence and<br> Technology ETF** |
| Undistributed Ordinary Income | $— | $— | $21619 | $156774 |
| Post October Losses |  | (446) | (187250) |  |
| Qualified Late-Year Loss Deferrals |  |  |  | (31022) |
| Unrealized Depreciation on Investments and Foreign Currency | (26469934) | (552591) |  | (3189344) |
| Other Temporary Differences |  | (2) |  | (1) |
| Total Distributable Loss | $(26469934) | $(553039) | $(165631) | $(3063593) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Sustainable<br> Ultra Short Duration<br> Index ETF** | **KraneShares<br> China Alpha<br> Index ETF** | **KraneShares<br> Man Buyout<br> Beta Index ETF** |
| Undistributed Ordinary Income | $99678 | $81988 | $1548 |
| Post October Losses |  |  | (120917) |
| Qualified Late-Year Loss Deferrals |  |  | (1) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (50195) | 508335 | (1008958) |
| Other Temporary Differences | (1) |  |  |
| Total Distributable Earnings/(Loss) | $49482 | $590323 | $(1128328) |

---

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2025 through March 31, 2025 and November 1, 2024 through March 31, 2025, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

Other temporary differences primarily consist of late year and specified loss deferrals, perpetual bond adjustments, PFIC mark to market and book adjustments not recognized for tax.

The Funds have capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term**<br> **Loss** | **Long-Term<br> Loss** | **Total** |
| KraneShares CSI China Internet ETF | $748413164 | $3374697559 | $4123110723 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 76897157 | 150419950 | 227317107 |
| KraneShares MSCI One Belt One Road Index ETF | 2449025 | 1244468 | 3693493 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 21422828 | 27319410 | 48742238 |
| KraneShares MSCI China Clean Technology Index ETF | 3342359 | 87272007 | 90614366 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 32538587 | 85761468 | 118300055 |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br> Loss** | **Long-Term<br> Loss** | **Total** |
| KraneShares MSCI All China Health Care Index ETF | $4920386 | $72153601 | $77073987 |
| KraneShares Asia Pacific High Income USD Bond ETF | 8959239 | 1888896 | 10848135 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 151122 | 2156188 | 2307310 |
| KraneShares Global Carbon Strategy ETF | 1090225 | 1580789 | 2671014 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 20554471 | 32925238 | 53479709 |
| KraneShares SSE STAR Market 50 Index ETF | 8676743 | 24617084 | 33293827 |
| KraneShares Hang Seng TECH Index ETF | 2145573 | 707285 | 2852858 |

---

During the year ended March 31, 2025, the following Funds utilized capital loss carryforwards, to offset capital gains:

---

| | |
|:---|:---|
|  | **Amount Utilized** |
| KraneShares MSCI One Belt One Road Index ETF | $1082 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 927602 |
| KraneShares MSCI China Clean Technology Index ETF | 157997 |
| KraneShares Asia Pacific High Income USD Bond ETF | 2280 |
| KraneShares Hang Seng TECH Index ETF | 231094 |

---

The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Aggregated<br> Gross<br> Unrealized<br> Appreciation** | **Aggregated<br> Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| KraneShares CSI China Internet ETF | $7867961107 | $2267620400 | $(299044368) | $1968576032 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 210610315 | 50476074 | (5572567) | 44903507 |
| KraneShares MSCI One Belt One Road Index ETF | 4083499 | 810244 | (1080569) | (270325) |
| KraneShares Emerging Markets Consumer Technology Index ETF | 28770967 | 9361297 | (3804322) | 5556975 |
| KraneShares MSCI China Clean Technology Index ETF | 48230758 | 19926983 | (1536320) | 18390663 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 72565087 | 20136657 | (13483878) | 6652779 |
| KraneShares MSCI All China Health Care Index ETF | 87091108 | 25173150 | (1452305) | 23720845 |
| KraneShares Asia Pacific High Income USD Bond ETF | 23193848 | 634994 | (88555) | 546439 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 52372947 | 17941353 | (4468302) | 13473051 |
| KraneShares Global Carbon Strategy ETF | 154761327 |  | (121259) | (121259) |

---

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Aggregated<br> Gross<br> Unrealized<br> Appreciation** | **Aggregated<br> Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | $29082199 | $3314331 | $(728978) | $2585353 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 104687030 | 1414 | (3561) | (2147) |
| KraneShares SSE STAR Market 50 Index ETF | 45131070 | 12000790 | (823511) | 11177279 |
| KraneShares Hang Seng TECH Index ETF | 49481519 | 11298464 | (1360755) | 9937709 |
| KraneShares European Carbon Allowance Strategy ETF | 4836775 |  | (266437) | (266437) |
| KraneShares California Carbon Allowance Strategy ETF | 114112307 |  | (17335129) | (17335129) |
| KraneShares KWEB Covered Call Strategy ETF | 105710531 | 21300296 |  | 21300296 |
| KraneShares Global Luxury Index ETF | 2031248 | 32814 | (543738) | (510924) |
| KraneShares Hedgeye Hedged Equity Index ETF | 33642185 | 2316159 | (148069) | 2168090 |
| KraneShares Artificial Intelligence and Technology ETF | 81003278 | 10292843 | (1952310) | 8340533 |
| KraneShares Sustainable Ultra Short Duration Index ETF | 223988573 | 190546 | (46476) | 144070 |
| KraneShares China Alpha Index ETF | 8930728 | 2471815 | (158028) | 2313787 |
| KraneShares Man Buyout Beta Index ETF | 10923637 | 1691382 | (568010) | 1123372 |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 65313852 | 9619908 | (778731) | 8841177 |

---

For the KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF and the KraneShares MSCI Emerging Markets ex China Index ETF, the difference in unrealized appreciation is attributable to Foreign Capital Gains Tax Payable. For the KraneShares Hedgeye Hedged Equity Index ETF, the difference in unrealized depreciation is attributable to straddles.

Uncertainties in the Chinese tax rules governing the taxation of income distributions and capital gains from investments in A Shares could result in unexpected tax liabilities for the Funds. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by non-Chinese resident investors (including, for example, Qualified Foreign Institutional Investors ("QFII")) from Chinese companies and those companies which are not Chinese tax residents, but which are deemed to be Chinese tax residents (e.g., under Notice 7). China also imposes withholding tax at a rate of 10% on capital gains derived by non-residents from investment in actual and constructive Chinese resident companies. The Chinese withholding taxes applied to dividends, interest and capital gains may, in principle, be subject to a reduced rate under an applicable Chinese tax treaty,

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

but the application of such treaties in the case of a non-resident (e.g., in the case of a QFII acting on behalf of non-resident investors, such as the Funds) is also uncertain. The imposition of such taxes could have a material adverse effect on the Funds' returns. The People's Republic of China (the "PRC") rules regarding the taxation of non-resident investors are quickly evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or the PRC Ministry of Finance to clarify matters may apply retrospectively. Such retroactively applied rules may be adverse to the Funds and their shareholders. It is also unclear how China's value added tax ("VAT") may be affected by tax treaty provisions. If such a tax is collected, the expenses will be passed on and borne by the Funds. The imposition of such taxes, as well as future changes in applicable PRC tax law, may adversely affect the Funds. If the Funds expect VAT to be imposed, they reserve the right to establish a reserve for such tax. If the Funds establish such a reserve but are not ultimately subject to the tax, shareholders who redeemed or sold their shares while the reserve was in place will effectively bear the tax and may not benefit from the later release, if any, of the reserve. Conversely, if the Funds do not establish such a reserve but ultimately are subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from investments in a Fund. Effective November 17, 2014, QFIIs, RQFIIs (i.e., QFIIs investing in Yuan, rather than foreign currency) and non-Chinese resident investors investing through the Hong Kong-Shanghai Stock Connect are exempted temporarily from the 10% capital gains tax that normally applies to sales of A Shares on a public Chinese exchange (such as the Shanghai Stock Exchange). However, such investors are still required to pay capital gains tax for gains realized on trades executed before November 17, 2014.

On November 7, 2018, China's Ministry of Finance and the State Administration of Taxation jointly issued Circular 108. This circular announced a three year exemption from corporate income tax withholding ("WHT") and Value Added Tax ("VAT") for China-sourced bond interest derived by overseas institutional investors. The WHT and VAT exemptions were extended to December 31, 2025.

In 2020, the PRC government eliminated QFII and RQFII quotas, meaning that entities registered with the appropriate Chinese regulator will no longer be subject to quotas when investing in PRC securities (but will remain subject to foreign shareholder limits), and merged the two programs into the Qualified Foreign Investor regime ("QFI").

**8. CONCENTRATION OF RISKS**

As with all exchange-traded funds ("ETFs"), shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to certain of the principal risks noted below, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in each Fund's prospectus under the heading "Principal Risks".

ARTIFICAL INTELLIGENCE AND TECHNOLOGY RISK — "AI and Technology" companies typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers' products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

on their profitability. A failure in an issuer's product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an AI and Technology company.

Certain AI and Technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.

CHINA RISK — The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries. China may be subject to considerable degrees of economic, political and social instability. In addition, the Chinese economy is export-driven and highly reliant on trade with key partners. A downturn in the economies of China's primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund's investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.

In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions or even the threat of such developments, could lead to significant reduction in international trade, which could have a negative impact on China's export industry and a commensurately negative impact on the Fund.

The RMB Bond market is volatile with a risk of trading suspensions in particular securities and government interventions. Trading in RMB Bonds may be suspended without warning and for lengthy periods. Information on such trading suspensions, including as to their expected length, may be unavailable. Securities affected by trading suspensions may be or become illiquid. In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make certain Chinese securities illiquid.

In addition, trade relations between the U.S. and China have been strained. Worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China including by limiting the ability of Chinese issuers to list on the U.S. exchanges. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. In addition, the U.S government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies, which may adversely impact the Fund, may mean that the Fund's Underlying Index may need to adjust its methodology or could increase tracking errors for the Fund.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

CONCENTRATION RISK — Because the assets of certain Funds are expected to be concentrated in an industry or group of industries to the extent that the Underlying Index concentrates in a particular industry or group of industries, the Fund is subject to loss due to adverse occurrences that may affect that industry or group of industries or sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. Depending on the composition of each Fund's Underlying Index, the Fund may be subject to principal risks, as outlined in each Fund's prospectus. Each Fund may have significant exposure to other industries or sectors over time.

CURRENCY RISK — The Funds' assets will be invested in instruments denominated in foreign currencies and the income received by the Fund may be in foreign currencies. The Fund will compute and expects to distribute its income in U.S. dollars, and the computation of income will be made on the date that the income is earned by the Fund at the foreign exchange rate in effect on that date. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market at the time the Fund wishes to enter into the transaction, or through forward, futures or options contracts to purchase or sell foreign currencies.

The Fund's NAV is determined on the basis of the U.S. dollar. The Fund may therefore lose value if the local currency of a foreign investment depreciates against the U.S. dollar, even if the local currency value of the Fund's holdings goes up. Currency exchange rates can be very volatile and can change quickly and unpredictably, which may adversely affect the Fund. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund's performance over time.

DERIVATIVES RISK — The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.

EMERGING MARKETS RISK — Securities issued by entities with substantial operations or holdings in emerging market countries may involve additional risks and are subject to greater risk of loss than investments in developed markets. This is due to, among other things, greater market volatility, greater risk of asset seizures and capital controls, lower trading volume, political and economic instability, greater risk of market shutdown and more governmental limitations on

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

foreign investments in emerging market countries than typically found in developed markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted.

EQUITY SECURITIES RISK — The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities are subject to volatile changes in value and their values may be more volatile than other asset classes. In the event of liquidation, equity securities are generally subordinate in rank to debt and other securities of the same issuer.

FUTURES STRATEGY RISK — The use of futures contracts is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors; and (e) if the Fund has insufficient cash, it may have to sell securities or financial instruments from its portfolio to meet daily variation margin requirements, which may lead to the Fund selling securities or financial instruments at a loss.

LIQUIDITY RISK — Certain of the Funds' investments are subject to liquidity risk, which exists when an investment is or becomes difficult to purchase or sell at a reasonable time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Funds to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash.

MARKET RISK — The values of the Fund's holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund's investments to become

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

less liquid and subject to erratic price movements. Such market developments may also cause the Fund to encounter difficulties in timely honoring redemptions, especially if market events cause an increased incidence of shareholder redemptions.

NEW FUND RISK — If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a stop to trading.

NON-DIVERSIFIED FUND RISK — Because a Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund's share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund's performance.

OPERATIONAL AND CYBERSECURITY RISK — The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

OPTIONS RISK — The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.

An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).

PRIVATELY-ISSUED SECURITIES RISK — The Fund may invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the "Securities Act"). Privately-issued securities are securities that have not been registered under the Securities Act and as a result are subject to

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (continued)**

legal restrictions on resale. Privately-issued securities are not traded on established markets and may be less liquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. In addition, transaction costs may be higher for privately-issued securities than for more liquid securities. The Fund may have to bear the expense of registering privately-issued securities for resale and the risk of substantial delays in effecting the registration.

VALUATION RISK — Independent market quotations for the non-U.S. securities held by the Funds may not be readily available and such securities may be fair valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that a Fund may not be able to sell an investment at the price assigned to the investment by the Fund. In addition, the securities in which the Funds invest may trade on days that the Funds do not price their shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their holdings.

**9. REVERSE STOCK SPLIT**

The Board of the Trust approved a reverse share split of one to three (1:3) of the issued and outstanding shares of KraneShares KWEB Covered Call Strategy ETF (the "Reverse Split"). The Reverse Share Split was completed after the close of business on December 31, 2024. The effect of this transaction for the Fund was to reduce the number of outstanding Shares of the Fund by one-third, resulting in a corresponding increase in the NAV per Share. The capital share activity presented on the Statement of Changes in Net Assets for each of the years in the period ended, have been given retroactive effect to reflect the reverse share split. There were no changes in net assets, results of operation or total return as a result of this transaction.

**10. INDEMNIFICATIONS**

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

**11. RECENT ACCOUNTING PRONOUNCEMENTS**

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Krane Funds Advisors, LLC acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single

**Notes to Financial Statements/Notes to Consolidated Financial Statements (Unaudited) (concluded)**

segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations/Consolidated Statements of Operations.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**12. SUBSEQUENT EVENTS**

Effective November 3, 2025, the KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF investment objectives, principal derivatives risk and principal tax risk changed.

The Funds have evaluated the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of the date the financial statements were issued.

**Other Information (Form N-CSRS Items 8-11) (Unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration is shown on the Statements of Operations/Consolidated Statements of Operations of the financial statements included in Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

At a meeting held on May 20-21, 2025, the Board of Trustees (the "Board") of KraneShares Trust (the "Trust"), including all of the Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved renewal of:

● the existing investment advisory agreement (the "KFA Agreement") between Krane Funds Advisors, LLC ("Krane") and the Trust on behalf of each of the following separate series of the Trust (collectively, the "Funds"):

○ KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF ("KVLE");

○ KraneShares Artificial Intelligence and Technology ETF ("AGIX");

○ KraneShares Asia Pacific High Income USD Bond ETF ("KHYB");

○ KraneShares Bosera MSCI China A 50 Connect Index ETF ("KBA");

○ KraneShares California Carbon Allowance Strategy ETF ("KCCA");

○ KraneShares China Alpha Index ETF ("KCAI");

○ KraneShares CSI China Internet ETF ("KWEB");

○ KraneShares Electric Vehicles and Future Mobility Index ETF ("KARS");

○ KraneShares Emerging Markets Consumer Technology Index ETF ("KEMQ");

○ KraneShares European Carbon Allowance Strategy ETF ("KEUA");

○ KraneShares Global Carbon Strategy ETF ("KRBN");

○ KraneShares Global Humanoid and Embodied Intelligence Index ETF ("KOID");

○ KraneShares Global Luxury Index ETF ("KLXY");

○ KraneShares Hang Seng TECH Index ETF ("KTEC");

○ KraneShares Hedgeye Hedged Equity Index ETF ("KSPY");

○ KraneShares KWEB Covered Call Strategy ETF ("KLIP");

○ KraneShares Mount Lucas Managed Futures Index Strategy ETF ("KMLM");

○ KraneShares MSCI All China Health Care Index ETF ("KURE");

**Other Information (Form N-CSRS Items 8-11) (Unaudited) (continued)**

○ KraneShares MSCI China Clean Technology Index ETF ("KGRN");

○ KraneShares MSCI Emerging Markets ex China Index ETF ("KEMX");

○ KraneShares MSCI One Belt One Road Index ETF ("OBOR");

○ KraneShares SSE STAR Market 50 Index ETF ("KSTR"); and

○ KraneShares Sustainable Ultra Short Duration Index ETF ("KCSH").

● the existing sub-advisory agreement (the "Bosera Agreement") between Bosera Asset Management (International) Co., Ltd. ("Bosera") and Krane, on behalf of KBA and KSTR;

● the existing sub-advisory agreement (the "CFP Agreement") between Climate Finance Partners LLC ("CFP") and Krane, on behalf of each of KRBN, KCCA, and KEUA;

● the existing sub-advisory agreement (the "Etna Agreement") between Etna Capital Management Company Ltd. ("Etna") and Krane on behalf of AGIX;

● the existing sub-advisory agreement (the "Mount Lucas Agreement") between Mount Lucas Index Advisers LLC ("Mount Lucas") and Krane on behalf of KMLM; and

● the existing sub-advisory agreement (the "Amova Agreement") between Amova Asset Management Americas, Inc. ("Amova") and Krane on behalf of KHYB.

Bosera, CFP, Etna, Mount Lucas, and Amova are referred to collectively herein as the "Sub-Advisers." The Bosera Agreement, the CFP Agreement, the Etna Agreement, the Mount Lucas Agreement, and the Amova Agreement are referred to collectively herein as the "Sub-Advisory Agreements," and the Sub-Advisory Agreements and the Advisory Agreements are collectively referred to as the "Agreements."

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on May 20, 2025, the Board received and considered information provided by Krane in response to the Independent Trustees' written requests relating to the Board's consideration of the KFA Agreement with respect to each Fund. The Board also considered information provided by each Sub-Adviser in response to separate written requests directed to each Sub-Adviser.

The Board considered that its evaluation process with respect to Krane and each Sub-Adviser is an ongoing one, and the Board considers information at each of its regularly scheduled meetings related to, among other matters, the services provided to each Fund by Krane and (as applicable) the relevant Sub-Adviser. The Board also receives additional information from Krane outside of the regularly scheduled Board meetings, including at executive sessions held by the Independent Trustees.

In evaluating the Agreements, the Board considered, among other matters: (1) the nature, extent, and quality of the services provided to each Fund by Krane and, if applicable, by its respective Sub-Adviser; (2) the compensation paid under the KFA Agreement; (3) the costs of the services provided by Krane and the profitability of Krane with respect to its relationship with the Funds; (4) the extent to which economies of scale could be realized as the Funds grow and whether the unitary fee charged to the Funds under the KFA Agreement will enable investors in the Funds to share in any such economies of scale; and (5) other benefits Krane and the Sub-Advisers receive from their respective relationship with the Funds.

**Other Information (Form N-CSRS Items 8-11) (Unaudited) (continued)**

**A.** **Nature, Extent and Quality of Services** 

Based on written and oral reports received by the Board prior to and at the May 20, 2025 executive session of the Independent Trustees and the May 20-21, 2025 meeting of the Board, the Board considered the nature, quality, and extent of the overall services provided by Krane and (as applicable) the relevant Sub-Adviser under the Agreements. The Board considered the responsibilities of Krane with respect to each Fund under the KFA Agreement, including its obligation to oversee the services provided by the Sub-Advisers. The Board also discussed the nature, quality and extent of services provided by Bosera under the Bosera Agreement, CFP under the CFP Agreement, Etna under the Etna Agreement, Mount Lucas under the Mount Lucas Agreement, and Amova under the Amova Agreement.

The KFA Agreement

● The Board took note of the qualifications, background and responsibilities of Krane's senior personnel who provide services to the Funds managed directly by Krane and also considered the expertise of Krane personnel charged with oversight of the Sub-Advisers.

● The Board recognized that Krane has invested and continues to invest significant time and effort in structuring the Trust and the Funds. The Board noted that Krane, together with the Sub-Advisers (if applicable), is responsible for assessing the market appeal and the investment strategy of each Fund, and that Krane continually seeks to create new series of the Trust that present unique investment strategies and meet unique investor needs. The Board considered the related entrepreneurial risk assumed by Krane with respect to the Trust and Funds.

● The Board noted that Krane routinely reevaluates the Funds' performance and whether each Fund is meeting investor needs. The Board considered that Krane recommended the termination of several underperforming series of the Trust during the prior calendar year, eliminating the need for Krane personnel to manage investments, operations and compliance for such series.

● The Board considered that Krane is responsible for arranging and overseeing other service providers for the Trust.

● The Board also considered that Krane has established and oversees a securities lending program for the benefit of the Funds. The Board recognized that Krane also benefits from the securities lending program through sharing a percentage of the fee. The Board noted that it receives a quarterly report of securities lending activities and the effect of such program on the Funds.

● The Board noted that Krane continues to evaluate its existing compliance and operational staff, as well as its investment personnel, and that Krane continually seeks to retain qualified and experienced staff in these areas and to invest in additional resources as its business continues to grow. The Board noted the increase in compliance and operational personnel at Krane and Krane's investment in technology to facilitate oversight of various compliance matters.

● The Board considered that Krane is actively involved in marketing the Funds, and that the expenses of such marketing activity is borne by Krane under the Funds' unitary fee structure. The Board took note of the recent marketing campaign related to KOID, including appearances of a branded humanoid robot at a NASDAQ bell ringing, and noted that Krane's Chief Investment Officer is considered an expert in global financial markets who regularly appears on programs on leading business and financial outlets.

**Other Information (Form N-CSRS Items 8-11) (Unaudited) (continued)**

● The Board considered the financial condition of Krane and noted that Krane is part of a larger family of investment management firms with significant resources.

The Bosera Agreement

● The Board took note of the significant experience of Bosera's portfolio management team with respect to investments in China and access to the China A Share market.

● The Board noted KBA's favorable performance against its Morningstar peer group for the 5-year period due to the relative outperformance of A shares compared to the broader China markets which are reflected in the peer group.

● The Board considered that KSTR provides access to the 50 largest and most liquid companies listed on China's STAR Market, which is focused on innovative, pre-profit technology companies. The Board considered that KSTR's 1-year, 3-year, and since inception performance is lower than the peer group median because KSTR launched during a period of high IPO activity and high valuations for companies listed on the STAR Market.

● The Board noted the continued evolution of Bosera's compliance function and its long-term relationship with the Adviser.

The CFP Agreement

● The Board took note that the carbon suite Funds reflect CFP's expertise with respect to carbon credits and developing carbon allocation and offset markets.

● The Board noted that CFP is a non-discretionary sub-adviser to the carbon suite Funds and considered the relative roles of personnel at both Krane and CFP with respect to management of the carbon suite Funds and their wholly-owned subsidiaries (as applicable).

● The Board noted that KRBN provides investors with access to investments in carbon allowance futures across the largest, most liquid global emissions trading systems, with exposure to carbon markets in the European Union, California, the United Kingdom, the Northeast power sector, and Washington state.

● The Board noted that KCCA provides investors with unique access to California carbon allowance futures and that KEUA provides unique access to European Union carbon allowances.

The Etna Agreement

● The Board considered that Etna provides investors in AGIX with direct exposure to private artificial intelligence companies, and that this exposure differentiates AGIX from pure passive index exchange-traded funds.

● The Board considered the operational resources, including deal sourcing, oversight of private investments, and analysis related to valuation that are required from Etna.

The Mount Lucas Agreement

● The Board noted that it had the opportunity to meet with members of the Mount Lucas management team and discuss their investment process and the performance of KMLM to date.

● The Board took note of the experience of Mount Lucas portfolio staff in managing a futures portfolio.

**Other Information (Form N-CSRS Items 8-11) (Unaudited) (continued)**

● The Board noted that the KMLM structure provides non-institutional investors with access to a managed futures portfolio that can provide uncorrelated returns.

● The Board recognized that KMLM has outperformed peers since inception because the portfolio composition positioned the Fund well against recent global volatility.

The Amova Agreement

● The Board noted that investors in KHYB have access to a portfolio actively managed by one of the largest asset management firms in Asia with significant experience managing fixed income portfolios in Japan and across Asia.

● The Board considered that KHYB invests in high-yield bonds across the Asia Pacific region.

● The Board considered that the lead portfolio manager of KHYB has a significant tenure at Amova and is supported by a large and experienced fixed income team.

**B.** **Investment Performance** 

The Board noted that it considers the performance of each operational Fund versus an identified Morningstar peer group at each regular meeting of the Board. At the Meeting, the Board considered each Fund's performance versus its broad Morningstar peer group, as well as a select group of competitors identified by Krane and, in certain cases, a second peer group curated to better reflect the strategy of a particular Fund. The Board recognized that many of the Funds are in the same Morningstar peer group because they have significant exposure to China, notwithstanding the meaningful differences in the Funds' underlying indexes and investment strategies. The Board noted the limitations of comparisons versus such a large and undifferentiated peer group and considered that the Funds offer shareholders access to unique investment opportunities, particularly in China.

The Board noted that two of the Funds are actively managed, and it considered that the performance of each actively-managed Fund relative to its respective peer group is an appropriate measurement of performance.

● KLIP. The Board noted that KLIP's since inception performance is significantly higher than its peer group's median because KLIP uses the sale of covered call options to offset losses in its position in KWEB. The Board noted KLIP's 1-year underperformance versus its peer group because the recent strong performance of KWEB.

● KHYB. The Board considered that KHYB's performance is below the median of its peer group for the three- and five-year periods, primarily due to heightened default risks in China's real estate development sector during those periods. The Board noted that KHYB is above the peer group median for the one-year period due to the recent re-rating of developer bonds held by the Fund.

With respect to those Funds that track the performance of an underlying index, the Board considered that the tracking error of each Fund against its underlying index was a more meaningful representation of the Fund's performance. The Board received and reviewed a report from KFA summarizing each passive Fund's tracking error and tracking difference to benchmark over a one-year period. The Board also considered a tracking error attribution report, noting that tracking error of the passively managed Funds resulted from a variety of factors, including but not limited to a Fund's inability to hold all securities in its benchmark index due to the requirements of the Presidential Executive Order 13959 (Addressing the Threat From Securities Investments That

**Other Information (Form N-CSRS Items 8-11) (Unaudited) (continued)**

Finance Certain Companies of the People's Republic of China), the need for a Fund to comply with diversification requirements imposed by the Internal Revenue Code, or whether a Fund follows a sampling approach to tracking its index, rather than a full replication of the index.

The Board also considered other factors, including the use of fair value pricing by the Funds and the Funds' asset inflows and outflows, which affect the performance of the Funds but not their underlying indices. The Board considered that these factors can be expected to primarily affect the Funds' tracking error.

**C.** **Compensation** 

The Board considered that pursuant to the KFA Agreement, Krane has entered into a unitary advisory fee arrangement for each Fund. Under the unitary fee arrangement, Krane is responsible for paying most of a Fund's expenses, including those of the Fund's principal service providers and Sub-Adviser (if applicable). The Board considered the information provided by Krane regarding the amounts it pays to the Trust's service providers under the unitary fee arrangement. The Board reviewed and considered the fees paid by each Fund in light of the nature, quality and extent of the services provided or obtained by Krane. The Board also considered that Krane has imposed fee waivers on certain Funds and considered the net expense ratios of the currently operational Funds compared to those of their peer groups.

The Board noted that the management fees paid by many of the Funds are higher than the median management fee within their respective Morningstar peer groups and that the total expense ratios of many Funds are managed through the use of expense waivers. The Board considered that the Morningstar peer groups for the Funds do not reflect the unique exposure and thematic approach of the Funds and considered that the Funds' total expense ratios are generally consistent with those of their direct peers. The Board considered that Krane applies a methodical and consistent approach to pricing the Funds and conducts significant competitive research with respect to such pricing. The Board considered that the Funds offer unique investment exposure for investors in U.S. registered funds and considered the operational costs and entrepreneurial risks incurred by Krane as a result of the unitary fee structure. The Board also considered the effect of each Fund's assets under management on its net expense ratio.

Although the Board received information regarding the fees paid to the Sub-Advisers under the Sub-Advisory Agreements, the Board noted the arm's-length nature of the relationship between Krane and the Sub-Advisers with respect to the negotiation of sub-advisory fee rates. The Board also considered that Krane (and not the Funds) pays each Sub-Adviser's fees.

**D.** **Costs and Profitability** 

The Board reviewed a report of Fund-by-Fund profitability prepared by Krane. The Board noted that Krane continues to waive fees for some of the Funds. The Board also considered that, although Krane is profitable, it was not making a profit from its relationship with each Fund under the KFA Agreement. The Board considered Krane's commitment to the success of each Fund and the use of a unitary fee structure under which Krane bears the risk if certain expenses increase or if a Fund's assets fail to increase to a level sufficient to cover such expenses. The Board recognized that the volatility in asset flows experienced by the Trust overall can directly and materially affect Krane's profitability. The Board also considered that Krane has established a securities lending program for the benefit of the Funds, and that fees earned by Krane from such Funds can affect the profitability of such Funds to Krane.

**Other Information (Form N-CSRS Items 8-11) (Unaudited) (concluded)**

The Board considered the effect of each Fund's assets under management on the potential profitability of such Fund under the unitary fee structure in light of the costs associated with the personnel, systems and equipment necessary to manage the Fund and to meet the regulatory and compliance requirements of the SEC and other regulatory bodies, as well as other expenses Krane pays in accordance with the KFA Agreement.

The Board did not consider information regarding the costs of services provided or profits realized by the Sub-Advisers from their relationships with the applicable Funds, noting the arm's-length nature of the relationship between Krane and each Sub-Adviser with respect to the negotiation of the sub-advisory fee rate on behalf of the relevant Fund. The Board considered that Krane, and not a Fund, is responsible for paying the sub-advisory fees under each Sub-Advisory Agreement.

**E.** **Other Benefits** 

The Board considered the extent to which Krane would derive ancillary benefits from the Funds' operations, including benefits to Krane as a result of its ability to use the assets of certain Funds to engage in soft dollar transactions and the existence of a securities lending program for the Funds. The Board also noted that Krane and certain of its executives hold minority ownership interests in CFP, and that they would therefore benefit from the success and profitability of any Fund sub-advised by CFP. The Board did not observe any other potential benefits to be realized by Krane from its relationship with the Funds.

**F.** **Economies of Scale** 

The Board considered that each Fund is managed by Krane pursuant to a unitary fee advisory agreement, pursuant to which Krane bears all of the Fund's expenses until it gathers sufficient assets under management to, in effect, pay its own costs. As a result, the Board observed, Krane typically subsidizes each Fund for a period of time following its inception. The Board also considered that Krane continues to reinvest a significant portion of its profits in its business, including through the addition of compliance and operations personnel and investment in new compliance systems, and that any economies of scale are shared with the Funds in this manner. The Board determined to continue monitoring for potential economies of scale, but concluded that, at present, they were not a material factor for the Board to consider in connection with the renewal of the KFA Agreement.

**G.** **Conclusion** 

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors in their review of the Agreements. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Agreements. The Board noted that, as in the past, it will continue to monitor the Funds at its regular meetings, during executive sessions of the Independent Trustees and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Agreements, were reasonable in light of the factors considered by the Board.

![](img_001.jpg)

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| | |
|:---|:---|
| **KraneShares Trust:** | **Sub-Adviser:** |
| 280 Park Avenue 32nd Floor<br> New York, NY 10017 | Numeric Investors LLC<br> 200 Pier 4 Boulevard, Fifth Floor<br> Boston, MA 02210 |
| **Investment Adviser:** | **Distributor:** |
| Krane Funds Advisors, LLC<br> 280 Park Avenue 32nd Floor<br> New York, NY 10017 | SEI Investments Distribution Co.<br> One Freedom Valley Drive<br> Oaks, PA 19456 |
| **Sub-Adviser:** | **Administrator:** |
| Bosera Asset Management<br> (International) Co., Ltd.<br> Suite 4109<br> Jardine House<br> One Connaught Place<br> Central, Hong Kong | SEI Investments Global Funds Services<br> One Freedom Valley Drive<br> Oaks, PA 19456 |
| **Sub-Adviser:** | **Independent Registered Public Accounting Firm:** |
| Amova Asset Management Americas, Inc.<br> 605 Third Avenue 38th Floor<br> New York, NY 10158 | KPMG LLP<br> 1735 Market Street<br> Philadelphia, PA 19103 |
| **Sub-Adviser:** |  |
| Climate Finance Partners LLC<br> 1000 N. West Street<br> Wilmington, DE 19801 |  |
| **Sub-Adviser:** |  |
| Mount Lucas Index Advisers, LLC<br> 405 South State Street<br> Newtown, PA 18940 |  |
| **Sub-Adviser:** |  |
| Etna Capital Management Company Ltd.<br> 1532 Nexxus Building<br> Connaught Road, Central Hong Kong |  |

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This information must be preceded or accompanied by a current prospectus for the Funds described.

![](img_001.jpg)

**KraneShares Trust:**

280 Park Avenue, 32nd Floor

New York, NY 10017

KRS-SA-001-1300

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable to the Registrant.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.](kraneshares_ex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

[(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), are filed herewith.](kraneshares_ex99-906cert.htm)

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) | KraneShares Trust |
| By (Signature and Title) | /s/ Jonathan Krane |
|  | Jonathan Krane |
|  | Principal Executive Officer |

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Date: December 3, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Jonathan Krane |
|  | Jonathan Krane |
|  | Principal Executive Officer |

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Date: December 3, 2025

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Jonathan Krane |
|  | Jonathan Krane |
|  | Principal Financial Officer |

---

Date: December 3, 2025

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Jonathan Krane, certify that:

1. I have reviewed this report on Form N-CSRS of the KraneShares Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: December 3, 2025

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| |
|:---|
| /s/ Jonathan Krane |
| Jonathan Krane |
| Principal Executive Officer and Principal Financial Officer |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Jonathan Krane, the Principal Executive Officer and Principal Financial Officer of the KraneShares Trust (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended September 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: December 3, 2025

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| |
|:---|
| /s/ Jonathan Krane |
| Jonathan Krane |
| Principal Executive Officer and |
| Principal Financial Officer |

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