# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001829126-26-005747
**Filing Date:** 2026-5
**Character Count:** 144059
**Document Hash:** 8221165b3f02e752bbfa0eed8a67b882
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-005747.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001829126-26-005747

**CONFORMED SUBMISSION TYPE**: 485BXT

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 485BXT
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 261034126

**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
**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:** 485BXT
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-180870
- **FILM NUMBER:** 261034125

**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 MLM Commodity Long/Neutral Index Strategy ETF (Series ID: S000093512)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000261800 | KraneShares MLM Commodity Long/Neutral Index Strategy ETF |  |

**As Filed with the U.S. Securities and Exchange Commission on May 28, 2026**

**File Nos. 333-180870 and 811-22698**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT**

***UNDER***

---

| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 488** | ☒ |

---

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

---

| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |
| **Amendment No. 491** | ☒ |

---

**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)

(212) 933-0393

(Registrant's Telephone Number, including Area Code)

Jonathan Krane

Krane Funds Advisors, LLC

280 Park Avenue, 32nd Floor

New York, NY 10017

(Name and Address of Agent for Service)

Copy to:

Stacy L. Fuller<br> Willkie Farr & Gallagher LLP<br> 1875 K Street, N.W.<br> Washington, D.C. 20006-1238

It is proposed that this filing will become effective (check appropriate box):

☐ Immediately upon filing pursuant to paragraph (b) of Rule 485

&nbsp;&nbsp;&nbsp;&nbsp;☒ On July 1, 2026 pursuant to paragraph (b)(1)(iii) of Rule 485

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

☐ On (date) pursuant to paragraph (a)(1) of Rule 485

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485

☐ On (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

&nbsp;&nbsp;&nbsp;&nbsp;☒ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 488 to the Registration Statement on Form N-1A for KraneShares Trust (the "Trust") is being filed pursuant to paragraph (b)(1)(iii) of Rule 485 under the Securities Act of 1933 for the purpose of delaying, until July 1, 2026, the effectiveness of Post-Effective Amendment No. 482 ("PEA No. 482") with respect to the KraneShares MLM Commodity Long/Neutral Index Strategy ETF, which was filed with the Commission via EDGAR Accession No. 0001829126-26-003066 on April 2, 2026. Parts A and B of PEA No. 482 are incorporated herein by reference. The Part C of the Registrant's Registration Statement is included herein.

**PART A – PROSPECTUS**

[The Prospectus for the KraneShares MLM Commodity Long/Neutral Index Strategy ETF is incorporated herein by reference to Part A of PEA No. 482.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626003066/kraneshares_485apos.htm)

**PART B – STATEMENT OF ADDITIONAL INFORMATION**

[The Statement of Additional Information for the KraneShares MLM Commodity Long/Neutral Index Strategy ETF is incorporated herein by reference to Part B of PEA No. 482.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626003066/kraneshares_485apos.htm)

**PART C: OTHER INFORMATION**

---

| | |
|:---|:---|
| **<u>Item 28</u>.** | **<u>Exhibits</u>** |
| (a)(1) | [Certificate of Trust, as filed with the state of Delaware on February 3, 2012, for KraneShares Trust (the "Registrant" or the "Trust") is incorporated herein by reference to Exhibit (a)(1) to the Registrant's initial Registration Statement on Form N-1A as filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0001193125-12-173444 on April 20, 2012.](http://www.sec.gov/Archives/edgar/data/1547576/000119312512173444/d336429dex99a1.htm) |
| (a)(2) | [Registrant's Amended and Restated Declaration of Trust, dated June 7, 2017, is incorporated herein by reference to Exhibit (a)(2) of Post-Effective Amendment No. 145 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-17-033078 on June 19, 2017.](http://www.sec.gov/Archives/edgar/data/1547576/000114420417033078/v469064_ex99-a2.htm) |
| (b) | [Registrant's Amended and Restated By-Laws, dated May 23, 2024, are incorporated herein by reference to Exhibit (b) of Post-Effective Amendment No. 383 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-004932 on July 24, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624004932/kraneshares_ex99b.htm) |
| (c) | Not applicable. |
| (d)(1) | [Investment Advisory Agreement between the Registrant and Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (d)(3) of Post-Effective Amendment No. 149 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-17-038833 on July 28, 2017.](http://www.sec.gov/Archives/edgar/data/1547576/000114420417038833/v471651_ex-d3.htm) |

---

(d)(2) [Schedule A to the Investment Advisory Agreement between the Registrant and Krane Funds Advisors, LLC, filed herewith.](kraneshares_exd2.htm)

---

| | |
|:---|:---|
| (d)(3) | [Schedule B to the Investment Advisory Agreement between the Registrant and Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (d)(3) of Post-Effective Amendment No. 180 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001615774-19-004417 on March 22, 2019.](http://www.sec.gov/Archives/edgar/data/1547576/000161577419004417/s116879_ex99d3.htm) |

---

---

| | |
|:---|:---|
| (d)(4) | [Investment Advisory Agreement between Krane Funds Advisors, LLC, and Bosera Asset Management (International) Co., Ltd., is incorporated herein by reference to Exhibit (d)(4) of Post-Effective Amendment No. 285 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-007132 on July 29, 2021.](http://www.sec.gov/Archives/edgar/data/1547576/000182912621007132/kraneshares_ex99d4.htm) |
| (d)(5) | [Amended and Restated Investment Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Quadratic Capital Management LLC, is incorporated herein by reference to Exhibit (d)(5) of Post-Effective Amendment No. 292 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-010114 on September 17, 2021.](http://www.sec.gov/Archives/edgar/data/1547576/000182912621010114/kraneshares_ex99d5.htm) |

---

---

| | |
|:---|:---|
| (d)(6) | [Form of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Climate Finance Partners LLC, is incorporated herein by reference to Exhibit (d)(9) of Post-Effective Amendment No. 236 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001615774-20-005257 on April 30, 2020.](https://www.sec.gov/Archives/edgar/data/1547576/000161577420005257/s124835_ex99-d9.htm) |
| (d)(7) | [Schedules A and B to the Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Climate Finance Partners LLC, is incorporated herein by reference to Exhibit (d)(7) of Post-Effective Amendment No. 303 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-22-008688 on April 25, 2022.](https://www.sec.gov/Archives/edgar/data/1547576/000182912622008688/kraneshares_ex99d7.htm) |

---

---

| | |
|:---|:---|
| (d)(8) | [Form of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Mount Lucas Index Advisers LLC, is incorporated herein by reference to Exhibit (d)(13) of Post-Effective Amendment No. 258 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-20-000214 on November 30, 2020.](https://www.sec.gov/Archives/edgar/data/1547576/000182912620000214/kraneshares-kmlm_ex99d13.htm) |
| (d)(9) | Schedule A to the Sub-Advisory Agreement between Krane Funds Advisors, LLC and Mount Lucas Index Advisers LLC, to be filed by subsequent amendment. |

---

---

| | |
|:---|:---|
| (d)(10) | [Form of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Amova Asset Management Americas Inc. (formerly known as Nikko Asset Management Americas Inc.), is incorporated herein by reference to Exhibit (d)(16) of Post-Effective Amendment No. 285 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-007132 on July 29, 2021.](https://www.sec.gov/Archives/edgar/data/1547576/000182912621007132/kraneshares_ex99d16.htm) |

---

---

| | |
|:---|:---|
| (d)(11) | [Form of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Etna Capital Management Company Ltd., is incorporated herein by reference to Exhibit (d)(18) of Post-Effective Amendment No. 379 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-004847 on July 17, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624004847/kraneshares_ex99d18.htm) |
| (d)(12) | [Form of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Numeric Investors LLC is incorporated herein by reference to Exhibit (d)(19) of Post-Effective Amendment No. 396 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-006656 on October 4, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624006656/kraneshares_ex99d19.htm) |
| (d)(13) | [Form of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Wahed Invest LLC, is incorporated herein by reference to Exhibit (d)(18) of Post-Effective Amendment No. 459 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-25-007606 on September 23, 2025.](https://www.sec.gov/Archives/edgar/data/1547576/000182912625007606/kraneshares_exd18.htm) |

---

---

| | |
|:---|:---|
| (d)(14) | [Form of Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Dragon Capital Management (HK) Limited, is incorporated herein by reference to Exhibit (d)(19) of Post-Effective Amendment No. 466 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-25-008258 on October 20, 2025.](https://www.sec.gov/Archives/edgar/data/1547576/000182912625008258/kraneshares_exd19.htm) |
| (d)(15) | [Sub-Advisory Agreement between Krane Funds Advisors, LLC, and Hedgeye Asset Management, LLC, filed herewith.](kraneshares_exd15.htm) |
| (d)(16) | [Amended and Restated Investment Advisory Agreement between KFA Global Carbon Subsidiary, Ltd., and Krane Fund Advisors LLC, is incorporated herein by reference to Exhibit (d)(9) of Post-Effective Amendment No. 294 to the Registrant's Registration on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-21-010841 on September 29, 2021.](http://www.sec.gov/Archives/edgar/data/1547576/000182912621010841/kraneshares_ex99d9.htm) |

---

---

| | |
|:---|:---|
| (d)(17)<br>| [Form of Investment Advisory Agreement between KFA MLM Index, and Krane Fund Advisors LLC, is incorporated herein by reference to Exhibit (d)(14) of Post-Effective Amendment No. 258 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-20-000214 on November 30, 2020.](https://www.sec.gov/Archives/edgar/data/1547576/000182912620000214/kraneshares-kmlm_ex99d14.htm)<br>|
| (d)(18) | [Form of Sub-Advisory Agreement between KFA MLM Index, Krane Fund Advisors LLC, and Mount Lucas Index Advisers LLC, is incorporated herein by reference to Exhibit (d)(15) of Post-Effective Amendment No. 258 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-20-000214 on November 30, 2020.](http://www.sec.gov/Archives/edgar/data/1547576/000182912620000214/kraneshares-kmlm_ex99d15.htm) |
| (d)(19) | [Form of Investment Advisory Agreement between KraneShares California Carbon Subsidiary, Ltd., and Krane Fund Advisors LLC, is substantially identical to the Investment Advisory Agreement in Exhibit (d)(16) except the name of the entity entering into the agreement with Krane Fund Advisors LLC.](https://www.sec.gov/Archives/edgar/data/1547576/000182912621010841/kraneshares_ex99d9.htm) |
| (d)(20) | [Form of Investment Advisory Agreement between KraneShares Eastern US Carbon Subsidiary, Ltd. and Krane Fund Advisors LLC, is substantially identical to the Investment Advisory Agreement in Exhibit (d)(16) except the name of the entity entering into the agreement with Krane Fund Advisors LLC.](https://www.sec.gov/Archives/edgar/data/1547576/000182912621010841/kraneshares_ex99d9.htm) |
| (d)(21) | [Form of Investment Advisory Agreement between KraneShares MLM Commodity Long/Neutral Subsidiary, Ltd. and Krane Fund Advisors LLC, is substantially identical to the Investment Advisory Agreement in Exhibit (d)(17) except the name of the entity entering into the agreement with Krane Fund Advisors LLC.](https://www.sec.gov/Archives/edgar/data/1547576/000182912620000214/kraneshares-kmlm_ex99d14.htm) |
| (d)(22) | [Form of Sub-Advisory Agreement between KraneShares MLM Commodity Long/Neutral Subsidiary, Ltd., and Krane Fund Advisors LLC, is substantially identical to the Investment Advisory Agreement in Exhibit (d)(18) except the name of the entity entering into the agreement with Krane Fund Advisors LLC and Mount Lucas Index Advisers LLC.](https://www.sec.gov/Archives/edgar/data/1547576/000182912620000214/kraneshares-kmlm_ex99d15.htm) |
| (e)(1) | [Amended and Restated Distribution Agreement between the Registrant and SEI Investments Distribution Co., is incorporated herein by reference to Exhibit (e)(1) of Post-Effective Amendment No. 63 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-14-046850 on August 4, 2014.](https://www.sec.gov/Archives/edgar/data/1547576/000114420414046850/v385528_ex99-e1.htm) |
| (e)(2) | [Schedule A to the Amended and Restated Distribution Agreement between Registrant and SEI Investments Distribution Co., filed herewith.](kraneshares_exe2.htm) |

---

---

| | |
|:---|:---|
| (e)(3) | [Amendment No. 1 to Amended and Restated Distribution Agreement between the Registrant and SEI Investments Distribution Co. is incorporated herein by reference to Exhibit (e)(3) of Post-Effective Amendment No. 243 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001615774-20-007826 on June 30, 2020.](http://www.sec.gov/Archives/edgar/data/1547576/000161577420007826/s126015_ex99-e3.htm) |
| (e)(4) | [Form of Authorized Participant Agreement is incorporated herein by reference to Exhibit (e)(2) of Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-13-003143 on January 18, 2013.](http://www.sec.gov/Archives/edgar/data/1547576/000114420413003143/v795494_ex99-e2.htm) |
| (f) | Not applicable. |

---

---

| | |
|:---|:---|
| (g)(1) | [Custodian and Transfer Agent Agreement between the Registrant and Brown Brothers Harriman & Co. is incorporated herein by reference to Exhibit (g) of Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-13-003143 on January 18, 2013.](http://www.sec.gov/Archives/edgar/data/1547576/000114420413003143/v795494_ex99-g.htm) |

---

---

| | |
|:---|:---|
| (h)(1) | [Amended and Restated Administration Agreement between the Registrant and SEI Global Fund Services is incorporated herein by reference to Exhibit (h)(1) of Post-Effective Amendment No. 63 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-14-046850 on August 4, 2014.](http://www.sec.gov/Archives/edgar/data/1547576/000114420414046850/v385528_ex99-h1.htm) |

---

(h)(2) [Schedule I to the Amended and Restated Administration Agreement between the Registrant and SEI Global Fund Services, filed herewith.](kraneshares_exh2.htm)

---

| | |
|:---|:---|
| (h)(3) | [Compliance Services Agreement between the Registrant and Quain Compliance Consulting, LLC, is incorporated herein by reference to Exhibit (h)(5) of Post-Effective Amendment No. 99 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-15-044651 on July 28, 2015.](http://www.sec.gov/Archives/edgar/data/1547576/000114420415044651/v416263_ex99-h5.htm) |
| (h)(4) | [Sublicense Agreement between the Registrant and Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (h)(11) of Post-Effective Amendment No. 149 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-17-038833 on July 28, 2017.](http://www.sec.gov/Archives/edgar/data/1547576/000114420417038833/v471651_ex-h11.htm) |

---

---

| | |
|:---|:---|
| (h)(5) | [Schedule I to the Form of Sublicense Agreement between the Registrant and Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (h)(5) of Post-Effective Amendment No. 486 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-003692 on April 21, 2026.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626003692/kraneshares_exh5.htm) |
| (h)(6) | [Securities Lending Agency Agreement between the Registrant and Brown Brothers Harriman & Co., dated February 1, 2018, is incorporated herein by reference to Exhibit (h)(8) of Post-Effective Amendment No. 162 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001615774-18-007036 on July 30, 2018.](http://www.sec.gov/Archives/edgar/data/1547576/000161577418007036/s111567_ex99-h8.htm) |
| (h)(7) | [Assignment and Assumption Agreement between each of the Registrant, Brown Brothers Harriman & Co., and Mitsubishi UFJ Trust and Banking Corporation, dated July 29, 2025, is incorporated herein by reference to Exhibit (h)(7) of Post-Effective Amendment No. 486 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-003692 on April 21, 2026.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626003692/kraneshares_exh7.htm) |

---

---

| | |
|:---|:---|
| (h)(8) | [Fee Waiver Agreement between the Registrant and Krane Funds Advisors, LLC, relating to the KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares Asia Robotics and Artificial Intelligence Index ETF, KraneShares China Credit Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, and KraneShares Global EM Revenue Leaders Index ETF, is incorporated herein by reference to Exhibit (h)(7) of Post-Effective Amendment No. 384 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-005055 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624005055/kraneshares_ex99h7.htm) |
| (h)(9) | [Fee Waiver Agreement between the Registrant and Krane Funds Advisors, LLC, relating to the Quadratic Interest Rate Volatility and Inflation Hedged ETF, filed herewith.](kraneshares_exh9.htm) |

---

---

| | |
|:---|:---|
| (i) | Opinion and consent of counsel, to be filed by subsequent amendment. |
| (j) | Not applicable. |
| (k) | Not applicable. |
| (l) | [Form of Subscription Agreement between the Registrant and Krane Funds Advisors, LLC is incorporated herein by reference to Exhibit (l) of Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001144204-13-003143 on January 18, 2013.](http://www.sec.gov/Archives/edgar/data/1547576/000114420413003143/v795494_ex99-l.htm) |
| (m)(1) | [Distribution Plan, is incorporated by herein by reference to Exhibit (m) of Post-Effective Amendment No. 299 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-22-005727 on March 9, 2022.](http://www.sec.gov/Archives/edgar/data/1547576/000182912622005727/kraneshares_ex99m.htm) |
| (m)(2) | [Schedule A to Distribution Plan, filed herewith.](kraneshares_exm2.htm) |

---

---

| | |
|:---|:---|
| (n) | Not applicable. |
| (o) | Not applicable. |
| (p)(1) | [Code of Ethics of the Registrant, is incorporated herein by reference to Exhibit (p)(1) of Post-Effective Amendment No. 384 to the Registrant's Registration Statement on Form N- 1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-005055 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624005055/kraneshares_ex99p1.htm) |
| (p)(2) | [Code of Ethics of Krane Funds Advisors, LLC, is incorporated herein by reference to Exhibit (p)(2) of Post-Effective Amendment No. 487 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-004964 on May 12, 2026.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626004964/kraneshares_exp2.htm) |
| (p)(3) | [Code of Ethics of Bosera Asset Management (International) Co., Ltd., is incorporated herein by reference to Exhibit (p)(3) of Post-Effective Amendment No. 309 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-22-014824 on July 29, 2022.](https://www.sec.gov/Archives/edgar/data/1547576/000182912622014824/kraneshares_ex99p3.htm) |
| (p)(4) | [Code of Ethics of Quadratic Capital Management LLC, is incorporated herein by reference to Exhibit (p)(4) of Post-Effective Amendment No. 384 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811- 22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-005055 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624005055/kraneshares_ex99p4.htm) |

---

---

| | |
|:---|:---|
| (p)(5) | [Code of Ethics of Climate Finance Partners LLC, is incorporated herein by reference to Exhibit (p)(5) of Post-Effective Amendment No. 384 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-005055 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624005055/kraneshares_ex99p5.htm) |

---

---

| | |
|:---|:---|
| (p)(6) | [Code of Ethics of Mount Lucas Index Advisers LLC, is incorporated herein by reference to Exhibit (p)(6) of Post-Effective Amendment No. 487 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-004964 on May 12, 2026.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626004964/kraneshares_exp6.htm) |
| (p)(7) | [Code of Ethics of Amova Asset Management Americas Inc., is incorporated herein by reference to Exhibit (p)(7) of Post-Effective Amendment No. 487 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-004964 on May 12, 2026.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626004964/kraneshares_exp7.htm) |

---

---

| | |
|:---|:---|
| (p)(8) | [Code of Ethics of Etna Capital Management Company Ltd., is incorporated herein by reference to Exhibit (p)(9) of Post-Effective Amendment No. 379 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-24-004847 on July 17, 2024.](https://www.sec.gov/Archives/edgar/data/1547576/000182912624004847/kraneshares_ex99p9.htm) |
| (p)(9) | [Code of Ethics of Numeric Investors LLC, is incorporated herein by reference to Exhibit (p)(9) of Post-Effective Amendment No. 487 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-004964 on May 12, 2026.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626004964/kraneshares_exp9.htm) |
| (p)(10) | [Code of Ethics of Wahed Invest LLC, is incorporated herein by reference to Exhibit (p)(10) of Post-Effective Amendment No. 487 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-26-004964 on May 12, 2026.](https://www.sec.gov/Archives/edgar/data/1547576/000182912626004964/kraneshares_exp10.htm) |
| (p)(11) | [Code of Ethics of Dragon Capital Management (HK) Limited, is incorporated herein by reference to Exhibit (p)(11) of Post-Effective Amendment No. 466 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-180870 and 811-22698), as filed with the SEC via EDGAR Accession No. 0001829126-25-008258 on October 20, 2025.](https://www.sec.gov/Archives/edgar/data/1547576/000182912625008258/kraneshares_exp11.htm) |
| (p)(12) | [Code of Ethics of Hedgeye Asset Management, LLC, filed herewith.](kraneshares_exp12.htm) |
| (q) | [Powers of Attorney dated May 19, 2026, for Matthew Stroyman, John Ferguson, and Luis Berruga, filed herewith.](kraneshares_exq.htm) |

---

---

| | |
|:---|:---|
| **<u>Item 29</u>.** | **<u>Persons Controlled by or under Common Control with the Fund</u>** |

---

Not applicable.

---

| | |
|:---|:---|
| **<u>Item 30</u>.** | **<u>Indemnification</u>** |

---

A Trustee, when acting in such capacity, shall not be personally liable to any Person, other than the Trust, to the extent provided in Article VII of the Registrant's Amended and Restated Declaration of Trust, for any act, omission, or obligation of the Trust, of such Trustee, or of any other Trustee. A Trustee shall be liable to the Trust solely for his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, Investment Adviser, or Principal Underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Trust shall indemnify each Person who is, or has been, a Trustee, officer, employee or agent of the Trust, any Person who is serving or has served at the Trust's request as a Trustee, officer, trustee, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a Trustee, director, officer, employee or agent and against amounts paid or incurred by him in settlement thereof.

Subject to applicable federal law, expenses of preparation and presentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification under Section 2 of the Registrant's Amended and Restated Declaration of Trust shall be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under Section 2.

All persons extending credit to, contracting with or having any claim against the Trust or the Trustees, officers, employees or agents of the Trust shall look only to the assets of the appropriate Series, or, if the Trustees have yet to establish Series, of the Trust for payment under such credit, contract or claim; and neither the Trustees nor the Shareholders, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, executed or done by or on behalf of the Trust or Trustees or by any of them in connection with the Trust shall conclusively be deemed to have been executed or done only in or with respect to his or their capacity as Trustee or Trustees, and such Trustee or Trustees shall not be personally liable thereon. At the Trustees' discretion, any note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officer or officers may give notice that the Certificate of Trust is on file in the Office of the Secretary of State of the State of Delaware and that a limitation on the liability of each Series exists and such note, bond, contract, instrument, certificate or undertaking may, if the Trustees so determine, recite that the same was executed or made on behalf of the Trust or by a Trustee or Trustees in such capacity and not individually or by an officer or officers in such capacity and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only on the assets and property of the Trust or a Series thereof, and may contain such further recital as such Person or Persons may deem appropriate. The omission of any such notice or recital shall in no way operate to bind any Trustees, officers or Shareholders individually.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

---

| | |
|:---|:---|
| **<u>Item 31</u>.** | **<u>Business and other Connections of the Investment Adviser</u>** |

---

**<u>Krane Funds Advisors, LLC</u>**

Krane Funds Advisors, LLC ("Krane") serves as the investment adviser for each series of the Trust, except the CICC Global Wealth Preservation Fund and CICC US Government Money Market Fund. The principal address of Krane is 280 Park Avenue, 32nd Floor, New York, New York 10017. Krane is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Krane during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-77589).

**<u>Bosera Asset Management (International) Co., Ltd.</u>**

Bosera Asset Management (International) Co., Ltd. ("Bosera") serves as the investment sub-adviser for the Trust's KraneShares Bosera MSCI China A 50 Connect Index ETF and KraneShares SSE Star Market 50 Index ETF. The principal address of Bosera is Suite 4109, Jardine House, One Connaught Place, Central, Hong Kong. Bosera is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Bosera during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-78507).

**<u>Quadratic Capital Management LLC</u>**

Quadratic Capital Management LLC ("Quadratic") serves as the investment sub-adviser for the Trust's Quadratic Interest Rate Volatility and Inflation Hedge ETF and Quadratic Deflation ETF. The principal address of Quadratic is 39 Lewis Street, 4th Floor, Greenwich, Connecticut 06830. Quadratic is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Quadratic during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-106485).

**<u>Climate Finance Partners LLC</u>**

Climate Finance Partners LLC ("Climate Finance") serves as the investment sub-adviser for the Trust's KraneShares Global Carbon Strategy ETF, KraneShares California Carbon Allowance Strategy ETF, and KraneShares Eastern US Carbon ETF. The principal address of Climate Finance is 156 5th Avenue, Suite 804, New York, New York 10010. Climate Finance is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Climate Finance during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-117593).

**<u>Mount Lucas Index Advisers, LLC</u>**

Mount Lucas Index Advisers, LLC ("MLIA") serves as the investment sub-adviser for the Trust's KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares MLM Commodity Long/Neutral Index Strategy ETF. The principal address of MLIA is 405 State Street, Newtown, Pennsylvania, 18940. MLIA is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of MLIA during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-119730).

**<u>Amova Asset Management Americas Inc</u>.** 

Amova Asset Management Americas Inc. ("Amova") serves as the investment sub-adviser for the Trust's KraneShares Asia Pacific High Income USD Bond ETF. The principal address of Amova is 605 Third Avenue, 38th Floor, New York, NY, 10158. Amova is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Amova during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-60881).

**<u>Etna Capital Management Company Ltd.</u>**

Etna Capital Management Company Ltd. ("Etna") serves as the investment sub-adviser for the Trust's KraneShares Artificial Intelligence and Technology ETF. The principal address of Etna is 1532 Nexxus Building, Connaught Road, Central, Hong Kong.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Etna during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-130428).

**<u>Numeric Investors LLC</u>**

Numeric Investors LLC ("Numeric") serves as the investment sub-adviser for the Trust's KraneShares Man Buyout Beta Index ETF. The principal address of Numeric is 200 Pier 4 Boulevard, 5th Floor, Boston, Massachusetts 02210. Numeric is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Numeric during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-63276).

<u>**Wahed Invest LLC**</u>

Wahed Invest LLC ("Wahed") serves as the investment sub-adviser for the Trust's KraneShares Wahed Alternative Income Index ETF. The principal address of Wahed is 27 East 28th Street, 8th Floor, New York, New York 10016. Wahed is an investment adviser registered under the Investment Advisers Act of 1940.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Wahed during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-106499).

**<u>Dragon Capital Management (HK) Limited</u>**

Dragon Capital Management (HK) Limited ("Dragon Capital") serves as the investment sub-adviser for the Trust's KraneShares Dragon Capital Vietnam Growth Index ETF. The principal address of Dragon Capital is Unit 2406, 24/F, 9 Queen's Road, Central, Hong Kong.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Dragon Capital during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-132130).

**<u>Hedgeye Asset Management, LLC</u>**

Hedgeye Asset Management, LLC ("Hedgeye") serves as the investment sub-adviser for the Trust's KraneShares Hedgeye Hedged Equity Index ETF. The principal address of Hedgeye is 605 Third Avenue, 38<sup>th</sup> Floor, New York, NY 10158.

Information as to any business, profession, vocation or employment of a substantial nature engaged in by the officers, directors and partners of Dragon Capital during the past two years is incorporated by reference to its Form ADV filed with the SEC (SEC File No. 801-132720).

---

| | |
|:---|:---|
| **<u>Item 32</u>.** | **<u>Principal Underwriters</u>** |

---

(a) Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for:

---

| | |
|:---|:---|
| SEI Daily Income Trust | July 15, 1982 |
| SEI Tax Exempt Trust | December 3, 1982 |
| SEI Institutional Managed Trust | January 22, 1987 |
| SEI Institutional International Trust | August 30, 1988 |
| The Advisors' Inner Circle Fund | November 14, 1991 |
| The Advisors' Inner Circle Fund II | January 28, 1993 |
| Bishop Street Funds | January 27, 1995 |
| SEI Asset Allocation Trust | April 1, 1996 |
| SEI Institutional Investments Trust | June 14, 1996 |
| City National Rochdale Funds (f/k/a CNI Charter Funds) | April 1, 1999 |
| Causeway Capital Management Trust | September 20, 2001 |
| SEI Offshore Opportunity Fund II, Ltd. | September 1, 2005 |
| ProShares Trust | November 14, 2005 |
| Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) | January 8, 2007 |
| SEI Offshore Advanced Strategy Series SPC | July 31, 2007 |
| SEI Structured Credit Fund, LP | July 31, 2007 |
| Global X Funds | October 24, 2008 |
| ProShares Trust II | November 17, 2008 |
| SEI Special Situations Fund, Ltd. | July 1, 2009 |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | August 7, 2009 |
| Schwab Strategic Trust | October 12, 2009 |
| RiverPark Funds Trust | September 8, 2010 |
| Adviser Managed Trust | December 10, 2010 |
| SEI Core Property Fund, LP | January 1, 2011 |
| New Covenant Funds | March 23, 2012 |
| KraneShares Trust | December 18, 2012 |
| The Advisors' Inner Circle Fund III | February 12, 2014 |
| SEI Catholic Values Trust | March 24, 2015 |
| SEI Hedge Fund SPC | June 26, 2015 |
| SEI Energy Debt Fund, LP | June 30, 2015 |
| Gallery Trust | January 8, 2016 |
| City National Rochdale Select Strategies Fund | March 1, 2017 |
| City National Rochdale Strategic Credit Fund | May 16, 2018 |
| Symmetry Panoramic Trust | July 23, 2018 |
| Frost Family of Funds | May 31, 2019 |
| SEI Vista Fund, Ltd. | January 20, 2021 |
| Wilshire Private Assets Fund | March 22, 2021 |
| Catholic Responsible Investments Funds | November 17, 2021 |
| SEI Exchange Traded Funds | May 18, 2022 |
| SEI Global Private Assets VI, L.P. | July 29, 2022 |
| Quaker Investment Trust | June 8, 2023 |
| SEI Alternative Income Fund | September 1, 2023 |
| Global X Venture Fund | March 12, 2025 |

---

The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

(b) Furnish the Information required by the following table with respect to each director, officer or partner of each principal underwriter named in the answer to Item 20 of Part B. Unless otherwise noted, the business address of each director or officer is Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| **Name** | **Position and Office with Underwriter** | **Positions and Offices with Registrant** |
| Robert Hum | President, Chief Executive Officer & Director |  |
| Heather Corkery | Director |  |
| Gabriel Garcia | Director |  |
| John C. Munch | General Counsel & Secretary |  |
| Jason McGhin | Vice President & Chief Operations Officer |  |
| John P. Coary | Vice President, Chief Financial Officer & Treasurer |  |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer |  |
| William M. Martin | Vice President |  |
| Christopher Rowan | Vice President |  |
| Judith A. Rager | Vice President |  |
| Gary Michael Reese | Vice President |  |

---

(c) There were no commissions or other compensation received, directly or indirectly, from the Fund for the last fiscal year by each principal underwriter who is not an affiliated person of the Fund or any affiliated person of an affiliated person.

---

| | |
|:---|:---|
| **<u>Item 33</u>.** | **<u>Location of Accounts and Records</u>** |

---

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules promulgated thereunder, are maintained as follows:

Registrant:

c/o Krane Funds Advisors, LLC

280 Park Avenue, 32nd Floor

New York, New York 10017

Adviser:

Krane Funds Advisors, LLC

280 Park Avenue, 32nd Floor

New York, New York 10017

Sub-Advisers:

Bosera Asset Management (International) Co., Ltd.

Suite 4109

Jardine House

One Connaught Place

Central, Hong Kong

Quadratic Capital Management LLC

39 Lewis Street, 4th Floor

Greenwich, Connecticut 06830

Climate Finance Partners LLC

156 5th Ave, Suite 804

New York, New York 10010

Mount Lucas Index Advisers LLC

405 South State Street

Newtown, Pennsylvania, 18940

Amova Asset Management Americas Inc.

605 Third Avenue, 38th Floor

New York, New York, 10158

Etna Capital Management Company Ltd.

1532 Nexxus Building, Connaught Road

Central, Hong Kong

Numeric Investors LLC

200 Pier 4 Boulevard, 5th Floor

Boston, Massachusetts 02210

Wahed Invest LLC

27 East 28th Street, 8th Floor

New York, New York 10016

Dragon Capital Management (HK) Limited

Unit 2406, 24/F, 9 Queen's Road

Central, Hong Kong

Hedgeye Asset Management, LLC

1 High Ridge Park, 3<sup>rd</sup> Floor

Stamford, CT 06905

Administrator:

SEI Investments Global Funds Services

1 Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor:

SEI Investments Distribution Co.

1 Freedom Valley Drive

Oaks, Pennsylvania 19456

---

| | |
|:---|:---|
| **<u>Item 34</u>.** | **<u>Management Services</u>** |

---

Not Applicable.

---

| | |
|:---|:---|
| **<u>Item 35</u>.** | **<u>Undertakings</u>** |

---

Not Applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act") and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 488 to the Registrant's Registration Statement (File Nos. 333-180870 and 811-22698) to be signed on its behalf by the undersigned, duly authorized, in the City of New York, State of New York on this 28<sup>th</sup> day of May, 2026.

---

| |
|:---|
| **KraneShares Trust** |
| /s/ Jonathan Krane |
| Jonathan Krane |
| Trustee, Principal Executive Officer and |
| Principal Financial Officer |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacity and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Jonathan Krane | Trustee, Principal Executive Officer and | May 28, 2026 |
| Jonathan Krane | Principal Financial Officer |  |
| \* | Trustee | May 28, 2026 |
| Luis Berruga |  |  |
| \* | Trustee | May 28, 2026 |
| John Ferguson |  |  |
| \* | Trustee | May 28, 2026 |
| Matthew Stroyman |  |  |
| \*/s/ Stacy L. Fuller |  |  |
| Stacy L. Fuller |  |  |

---

\* Attorney-in-Fact pursuant to powers of attorney dated May 19, 2026.

## Ex-99.(D)(2)

**Exhibit (d)(2)**

**Schedule A** 

**Dated February 20, 2026** 

**to the**

**Investment Advisory Agreement dated October 5, 2017**

**by and between KraneShares Trust and Krane Funds Advisors, LLC**

---

| | |
|:---|:---|
| **Fund Name** | **Advisory 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 Asia Pacific High Income USD Bond ETF | 0.68% |
| KraneShares MSCI All China Health Care Index ETF | 0.78% |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 0.68% |
| KraneShares MSCI China A Hedged Index ETF\* | 0.78% |
| KraneShares MSCI Emerging Markets ex China Index ETF | 0.58% |
| Quadratic Interest Rate Volatility and Inflation Hedge ETF | 0.99% |
| KraneShares Global Carbon Strategy ETF | 0.78% |
| KraneShares SSE STAR Market 50 Index ETF | 0.88% |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 0.55% |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 0.89% |
| KraneShares Hang Seng TECH Index ETF | 0.68% |
| Quadratic Deflation ETF | 0.99% |
| KraneShares California Carbon Allowance Strategy ETF | 0.78% |
| KraneShares Eastern US Carbon Strategy ETF\* | 0.78% |
| KraneShares KWEB Covered Call Strategy ETF | 0.25% |
| KraneShares Global EM Revenue Leaders Index ETF\* | 0.68% |
| KraneShares 90% KWEB Defined Outcome January 2027 ETF | 0.25% |
| KraneShares 100% KWEB Defined Outcome January 2027 ETF | 0.25% |
| KraneShares Hedgeye Hedged Equity Index ETF | 0.78% |
| KraneShares Artificial Intelligence and Technology ETF | 0.99% |
| 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 2x Long BABA Daily ETF | 1.25% |
| KraneShares 2x Long PDD Daily ETF | 1.25% |
| KraneShares 2x Long JD Daily ETF | 1.25% |
| KraneShares 2x Long BIDU Daily ETF | 1.25% |
| KraneShares 2x Long TSM Daily ETF\* | 1.25% |
| KraneShares 2x Long GRAB Daily ETF\* | 1.25% |
| KraneShares 2x Long SE Daily ETF\* | 1.25% |
| KraneShares 2x Long MELI Daily ETF | 1.25% |
| KraneShares 2x Long ASML Daily ETF\* | 1.25% |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 0.78% |
| KraneShares Wahed Alternative Income Index ETF | 0.50% |
| KraneShares Dragon Capital Vietnam Growth Index ETF | 0.78% |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | 0.78% |
| KraneShares MLM Commodity Long/Neutral ETF\* | 0.89% |

---

\* Fund not operational.

**Schedule B**

**Dated September 11, 2025**

**to the**

**Investment Advisory Agreement dated October 5, 2017**

**by and between KraneShares Trust and Krane Funds Advisors, LLC**

<u>Securities Lending Fees</u>

As compensation for services provided by the Adviser in connection with securities lending-related activities of each Fund covered by the Agreement, except the Quadratic Interest Rate Volatility and Inflation Hedge ETF and the Quadratic Deflation ETF, a lending Fund shall pay to the Adviser 10% of the monthly investment income received from the investment of cash collateral and loan fees received from borrowers in respect of securities loans (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers).

## Ex-99.(D)(15)

**Exhibit (d)(15)**

**SUB-ADVISORY AGREEMENT**

THIS AGREEMENT (the "Agreement") made as of this [15<sup>th</sup>] day of [January], [2026] by and between Krane Funds Advisors, LLC, a Delaware limited liability company (the "Adviser"), and Hedgeye Asset Management, LLC, a Delaware limited liability company (the "Sub-Adviser").

**WITNESSETH:**

WHEREAS, the Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engages in the business of providing investment management services;

WHEREAS, the Adviser has entered into an Investment Advisory Agreement ("Advisory Agreement") with KraneShares Trust (the "Trust"), a Delaware statutory trust;

WHEREAS, the Sub-Adviser is a registered investment adviser under the Advisers Act, and engages in the business of providing investment management services;

WHEREAS, the Adviser, subject to the approval of the Board of Trustees of the Trust (the "Board" or the "Trustees"), desires to retain the Sub-Adviser to render investment advisory services to the funds specified in Schedule A hereto, as amended from time to time, each a series of the Trust (each, a "Fund" and collectively, the "Funds"), in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

**1**. **Duties of the Sub-Adviser**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall be responsible for securing any regulatory approvals, quotas and/or licenses that may be necessary or appropriate
for each Fund's operations or investment strategies, as set forth in each Fund's registration statement, and as otherwise may reasonably
be requested by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, subject to supervision and oversight of the Adviser and the Board, the Sub-Adviser shall manage all the securities and other assets of the portion of each Fund allocated by the Adviser to the Sub-Adviser (the "Assets"), including the purchase, retention and disposition of the Assets, in accordance with each Fund's respective investment objectives, policies and restrictions as stated in each Fund's prospectus and statement of additional information, as currently in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), the standards applicable to each Fund to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), and applicable law, regulations and interpretations and exemptions from the foregoing and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise directed by the Adviser, the Sub-Adviser shall determine from time to time what
 assets will be purchased, retained or sold by the Funds, including what portion of the assets will be invested or held uninvested in
 cash. Consistent with this delegation of responsibility to the Sub-Adviser, to the extent that a Prospectus describes a Fund as seeking to track
an underlying index: (A) the Sub-Adviser shall be responsible for reviewing the methodology of any underlying index, the constituent securities
of such underlying index, the portfolio securities of the Fund and all relevant aspects of the Fund's operations to ensure that the underlying
index methodology is as disclosed in the Prospectus; and (B) the Sub-Adviser shall monitor the assets owned by the Fund and promptly notify
the Adviser if the Sub-Adviser believes it may cause the Fund to not to comply with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the performance of its duties and obligations under this Agreement, the Sub-Adviser
 shall act in the best interests of each Fund and in conformity with the Trust's Amended and Restated Declaration of Trust, and
 By-Laws, each as may be modified, amended or supplemented from time to time, the Prospectus, the instructions and directions of the
 Adviser and of the Board, the then-current terms and conditions of any exemptive, interpretive, and no-action relief on which the
 Trust relies, and the Trust's policies and procedures. The Adviser undertakes to provide the Sub-Adviser with copies or other
 written notice of any amendments, modifications or supplements to any such above-mentioned documents to the extent not otherwise
 publicly available. In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall comply in all
 material respects with the requirements of the Securities Act of 1933, Securities Exchange Act of 1934, Investment Company Act of
 1940 (the "1940 Act"), the Advisers Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all
 other applicable federal and state laws and regulations, as each is amended from time to time, and the rules promulgated by the
 primary listing exchange upon which a Fund's shares trade. In this regard, the Sub-Adviser represents that it has adopted and
 implemented and will maintain in accordance with Rule 206(4)-7 under the Advisers Act, policies and procedures reasonably designed
 to (a) prevent violation by the Sub-Adviser and its supervised persons (as such term is defined by the Advisers Act) of the Advisers
 Act and the rules thereunder; and (b) to the extent that the Sub-Adviser's activities or services could affect the Fund(s),
 policies and procedures, prevent violation of the federal securities laws (as such term is defined in Rule 38a-1 under the
 Investment Company Act) by the Fund(s) and the Sub-Adviser. Further, the Sub-Adviser shall maintain a disaster recovery and business
 continuity plan that is in accordance with applicable law and within industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Sub-Adviser shall assist the Adviser and any other relevant service provider in connection with any securities lending activities by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Sub-Adviser
 shall maintain all books and records, including for the prescribed periods, with respect to the Fund required by the 1940 Act and
 the rules thereunder. The Sub-Adviser shall timely furnish to the Adviser all information needed by the Adviser to keep the books
 and records of the Fund required under the 1940 Act and the rules thereunder. The Sub-Adviser agrees that all records that it
 maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records
 upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Sub-Adviser shall provide the relevant Fund's custodian on each business day with information relating to all transactions concerning the Assets, if any, and shall provide the Adviser with such information upon request of the Adviser and shall otherwise cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust. The Sub-Adviser shall not hold, or have custody of, any asset of the Fund (or the Fund's documents of title, if any) on behalf of the Fund or the Sub-Adviser. The Sub-Adviser will also provide the Adviser with such compliance reports and certifications relating to its duties under this Agreement and applicable laws and regulations as may be reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Sub-Adviser shall, when explicitly directed by the Adviser or the Board and consistent with the best interests of each Fund, be responsible for exercising all rights of security holders with respect to securities held by each Fund, including but not limited to: reviewing proxy solicitation materials, voting and handling proxies and converting, tendering exchanging or redeeming securities. The Sub-Adviser shall report to the Adviser in a timely manner a record of all proxies voted, in such form and format that complies with acceptable federal statutes and regulations (e.g., requirements of Form N-PX), including a record of all proxies not voted and/or voted inconsistently with Sub-Adviser's proxy voting guidelines. The Sub-Adviser shall certify at least annually or more often as may reasonably be requested by the Adviser, as to the compliance of its proxy voting policies and procedures with applicable federal statutes and regulations. If the Adviser chooses to be responsible for voting any proxies for the Funds, the Sub-Adviser will immediately forward any proxy solicited by or with respect to the issuers of securities in which assets of a Fund are invested to the Adviser or to any agent of the Adviser designated by the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Sub-Adviser shall maintain books and records with respect to its services to the Fund
 and keep the Adviser fully informed on an ongoing basis of all material facts concerning the Sub-Adviser and its key investment
 personnel providing services to the Funds. The Sub-Adviser shall furnish to the Adviser or the Board regular, periodic and special
 reports, balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board may
 reasonably request; and the Sub-Adviser will attend meetings with the Adviser and/or the Board, as reasonably requested, to discuss
 the foregoing. Upon the request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to
 the Assets that is required to be filed by the Adviser or the Trust or sent to shareholders under the federal securities laws
 (including the rules adopted thereunder) or any exemptive or other relief from the SEC on which the Adviser, the Trust or a Fund
 relies. The Sub-Adviser will cooperate promptly with any regulatory or compliance examinations or inspections (including information
 requests) relating to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) In the event that the Trust shall be required to call a meeting of shareholders or send an information statement or registration statement supplement to shareholders due to the actions of the Sub-Adviser, including a change of control of the Sub-Adviser, the Sub-Adviser shall bear all reasonable expenses associated therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Sub-Adviser shall monitor the Assets owned by the Fund(s) and, in accordance with procedures established by the Board, as amended from time to time, and in conjunction with the Adviser, promptly notify the Adviser and the Trust's Fund Accounting Agent of Assets that the Sub-Adviser believes should be fair valued in accordance with the Trust's Valuation Procedures. The Sub-Adviser will provide reasonable assistance in determining the fair value of the Assets, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser for which market prices are not readily available, it being understood that the Sub-Adviser will not be solely responsible for determining such value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Sub-Adviser shall provide reasonable assistance to the Adviser in the preparation of any regulatory filings and required disclosures relating to a Fund, as requested by the Adviser from time to time. The Sub-Adviser will promptly notify the Adviser if it becomes aware of any material misstatement or omission in a Fund's registration statement, as amended and/or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Funds agree that any entity or person associated with Adviser or Sub-Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Funds that is permitted by Section 11(a) of the Exchange Act, and the Funds consent to the retention of compensation for such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Sub-Adviser shall be responsible for managing the portion of each Fund allocated by the Adviser
 to the Sub-Adviser. The Sub-Adviser shall not consult with any other subadviser to the Fund or any other series of the Trust
 concerning transactions for the Fund in securities or other assets; provided, that this shall not be deemed to prohibit the
 Sub-Adviser from consulting with any of its affiliated persons concerning transactions in securities or other assets. This also
 shall not be deemed to prohibit the Sub-Adviser from consulting with any of the other covered advisers concerning compliance with
 paragraphs (a) and (b) of Rule 12d3-1 under the Investment Company Act.

2. **Duties of the Adviser**. The Adviser shall have responsibility for all services to be provided to the Funds pursuant to its Advisory Agreement with the Trust, including overseeing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) regulatory filings by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) compliance by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) custody of Fund assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer agency in Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) listing
 of Fund shares on NYSE Arca, Inc. or another national securities exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) execution
of purchases and sales of the Assets.

The Adviser shall also oversee the Sub-Adviser's provision of services under this Agreement.

3. **Compensation**. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, an advisory fee at the rate specified in <u>Schedule C</u> hereto. To the extent applicable, the fee will be calculated based on the average daily value of the Assets under the Sub-Adviser's management and will be paid to the Sub-Adviser monthly. The Sub-Adviser may waive a portion of its fee, as permitted by law and agreed by the Adviser. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

4. **Expenses**. Each of the Adviser and Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for it to perform its duties under this Agreement and administrative facilities, including bookkeeping, and all equipment necessary for the fulfillment of its responsibilities under this Agreement.

5. **Liability and Indemnification**. Each Party (the "Indemnifying Party") agrees, at its expense, to defend, indemnify and hold the other Party, its affiliates, officers, directors, employees and agents (collectively, the "Indemnified Parties"), harmless from any and all claims, demands, damages, costs, expenses, suits, actions, liabilities and losses (including, without limitation, reasonable attorneys' fees and expenses) arising by virtue of, in connection with, or related to, the Indemnifying Party's performance hereunder or execution hereof, except as such claims, losses or damages may result from the Indemnified Party's gross negligence, bad faith, willful misconduct or reckless disregard of its duties. In no event shall either Party be liable to the other Party for any special, consequential or punitive damages arising under or related to this Agreement. The Indemnified Party shall not be liable to the Indemnifying Party in connection with the Indemnified Party's performance or execution hereof except as a result of such Indemnified Party's gross negligence, bad faith, willful misconduct or reckless disregard of its duties. No compromise or settlement by the Indemnifying Party of any action or proceeding related to the transaction contemplated hereby shall be effective unless it also contains an unconditional release of the Indemnified Party except to the extent related to the gross negligence, bad faith, willful misconduct or reckless disregard of its duties of the Indemnified Party. Notwithstanding anything to the contrary herein, the indemnification obligations under this paragraph shall survive the termination of this Agreement.

6. **Representations and Warranties of Sub-Adviser**. The Sub-Adviser represents and warrants to the Adviser and the Funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser is registered as an investment adviser under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect. The Sub-Adviser covenants to maintain all necessary registrations, licenses and approvals in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser will immediately notify the Adviser of the occurrence of any event that could substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act, including any actions taken by the SEC to place any restrictions on, or suspend, reject or revoke any approval, quota or license that may be necessary or appropriate for a Fund's operations or investment strategies, as set forth in the Fund's registration statement, and as otherwise may reasonably be requested by the Adviser; or has commenced proceedings or an investigation that may result in any of these actions. The Sub-Adviser will promptly notify the Adviser, in all cases within 15 calendar days, if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the Sub-Adviser (which for the avoidance of doubt will also include any affairs of the Sub-Adviser that involve the Funds) or any of the aforementioned approvals, licenses or quotas and provide such information as reasonably requested by the Adviser regarding such matters (notwithstanding anything to the contrary herein, the requirement for the Sub-Adviser to notify the Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body involving the affairs of the Funds under this paragraph shall survive the termination of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser is fully authorized under all applicable law to enter into this Agreement and serve as Sub-Adviser to the Funds and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's powers and have been duly authorized by all necessary action on the part of its members, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement is a valid and binding agreement of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser is not an affiliated person of any depositary bank for any Depositary Receipts held by a Fund, except a depositary bank that is deemed to be affiliated solely because a Fund owns greater than 5% of the outstanding voting securities of such depositary bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and the Sub-Adviser and its applicable employees, officers, and directors are subject to reporting requirements thereunder and, accordingly, agrees that it shall, on a timely basis, furnish a copy of such code of ethics to the Adviser (and any amendments), and, with respect to such persons, the Sub-Adviser shall furnish to the Trust and Adviser all reports and information provided under Rule 17j-1(c)(2). The Sub-Adviser also represents that it has policies and procedures regarding the detection and prevention and the misuse of material, nonpublic information by the Sub-Adviser and its employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall protect against unauthorized access to or use of the Adviser or the Trust's proprietary information that could result in harm or inconvenience to the Adviser or the Trust. The Sub-Adviser agrees to notify the Adviser as soon as possible of any information security breach or acquisition of proprietary information by an unauthorized person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser will notify the Adviser of any anticipated "assignment" (as defined in the 1940 Act) of this Agreement;

7. **Representations and Warranties of the Adviser**. The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is registered as an investment adviser under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser will immediately notify the Sub-Adviser of the occurrence of any event that would substantially impair the Adviser's ability to fulfill its commitment under this Agreement or disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act. The Adviser will also promptly notify the Sub-Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the Funds or the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser is fully authorized under all applicable law to enter into this Agreement and serve as Adviser to the Funds and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser is a limited liability company duly organized and validly existing under the laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's powers and have been duly authorized by all necessary action on the part of its members, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement is a valid and binding agreement of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.

8. **Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall become effective with respect to a Fund upon its execution (and with respect to any Fund that is added to Schedules of this Agreement, the later of the date Schedules are amended to reflect the addition of the Fund or the date upon which the shareholder(s) of the Fund approve this Agreement), and continue for two years after its initial effectiveness as to each Fund and thereafter for periods of one year for so long as such continuance thereafter is specifically approved at least annually (a) by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, and (b) by the Trustees of the Trust or by vote of a majority of the outstanding voting securities of each Fund; provided, however, that if the shareholders of any Fund fail to approve the Agreement as provided herein, the Sub-Adviser may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules thereunder. The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to a Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the Fund, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By the Sub-Adviser upon sixty (60) days' written notice to the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By any party, to take effect immediately upon written notice to the other party, in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the license, approval, quota, authorization or consent held by any of the other parties which is required for the performance of its obligations under this Agreement or as described in Paragraph 1(a), is rejected, revoked, restricted, terminated or suspended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any of the parties commits a material breach of this Agreement, which such material breach has not been cured by the breaching party within thirty (30) days from the date of notice from the other party of such material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any step is taken with a view to the winding up, bankruptcy or administration of any party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any adverse finding is made in respect of, or official sanction imposed on, any other party by any relevant regulatory authority which would be likely to affect its ability to perform its obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a relevant regulatory authority has held, or is likely to hold, any other party to be in breach of any regulatory or other duties in relation to this Agreement.

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this <u>Section 8</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act or any rules or interpretations of the SEC or its staff thereunder.

9. **Confidentiality**. Except as otherwise set forth in this Agreement or any other agreement between the parties, each party shall keep the Confidential Information of the other party secret and confidential and shall use such Confidential Information only in accordance with the terms of this Agreement, and shall not (without the prior written consent of the other party) disclose any part of that Confidential Information to any person other than to its designated person who is mutually agreed by both parties in advance for getting access to that Confidential Information in order for the parties to perform their obligations or receive the benefit of rights under this Agreement except for the regulatory requests made to the Adviser and the Sub-Adviser arising from the applicable laws, including any demand of any regulatory or taxing authority having jurisdiction, except that the Sub-Adviser shall notify the Adviser prior to providing information in response to such a request or demand so as to allow the Adviser to respond appropriately. For the purpose of this Agreement, "Confidential Information" means in relation to any party all confidential and proprietary information (whether such information is in oral or written form or is recorded in any other medium) about or pertaining to any business initiatives or evaluation of any future business initiative, or the business of that party which it disclosed to the other party or its employee, or which is acquired by or otherwise comes to the knowledge of the other party or its employee in connection with this Agreement or any future exchange of information between the parties (including the performance by a party of its obligations hereunder). It is understood that any information or recommendation supplied by the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Adviser, the Funds, the Funds' service providers, the Board, or such persons as the Adviser, subject to the Sub-Adviser's written consent, may designate in connection with the Funds. It is also understood that any information supplied to the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Sub-Adviser in connection with its obligation to provide investment advice and other services to the Funds. Except as required by applicable law or regulation, the terms of this Agreement, all non-public information pertaining to the establishment and on-going operation of the Funds and the actions of the Sub-Adviser and the Funds in respect thereof shall be considered as "Confidential Information." Notwithstanding anything to the contrary herein, the confidentiality obligations under this paragraph shall survive the termination of this Agreement.

10. **Exclusivity**. The services of the Adviser and Sub-Adviser are not to be deemed exclusive, and the Adviser and Sub-Adviser and their directors, officers, employees and affiliates shall be free to render similar services to others so long as its services to the Trust are not impaired thereby. The Sub-Adviser shall be deemed to be an independent contractor of the Adviser and Trust.

11. **Supplemental Arrangements**. The Sub-Adviser may from time to time employ or associate itself with any person it believes to be particularly suited to assist it in providing the services to be performed by the Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the Fund(s) that would constitute an assignment or require approval of an advisory agreement pursuant to Section 15 of the 1940 Act. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser.

12. **Use of Name**. The Sub-Adviser grants the Adviser use of the Sub-Adviser's name(s), derivatives, logos, trademarks, service marks or trade names in connection with certain materials used in the ordinary course of business, such as prospectuses, financial reports, fund fact sheets, fund name and related materials, including advertising and marketing materials for the Funds. Such grant will be revoked as to future use as soon as this Agreement is terminated.

13. **Amendments**. This Agreement may be amended by mutual written consent, subject to approval by the Board and Fund shareholders to the extent and in the manner required by the 1940 Act. No material amendment of this Agreement shall be effective until approved, if applicable, in the manner required by the 1940 Act, any rules thereunder or any exemptive or other relief granted by the SEC or its staff.

14. **Governing Law**. This Agreement shall be governed by the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof, and in accordance with the 1940 Act. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

15. **Severability**. Should any part of this Agreement be held invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

16. **Trust and Shareholder Liability**. The Sub-Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Amended and Restated Declaration of Trust and agrees that any claims against or liabilities of the Trust shall be limited in all cases to the Trust and its assets, and if the claim or liability relates to one or more of the Funds, they shall be limited to the respective assets of that Fund. The Sub-Adviser further agrees that it shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Fund, nor from the Trustees or any individual Trustee of the Trust.

17. **Notice**. Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the party giving notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | Krane Funds Advisors, LLC |
|  | 280 Park Avenue |
|  | 32<sup>nd</sup> Floor |
|  | New York, New York 10017 |

---

To the Sub-Adviser at: Hedgeye Asset Management, LLC <br> 1 High Ridge Park <br> Stamford, CT 06905

18. **Third Party Beneficiaries**. The Sub-Adviser acknowledges that the Trust, on behalf of each Fund, is a third-party beneficiary of this Agreement and that the Trust shall have the full right to enforce any and all provisions of this Agreement for its benefit and to pursue any breach of any provision of this Agreement or for any loss, damage, claim, liability arising due to any act or omission to the same extent as if the Fund itself were a party to this Agreement. For the avoidance of doubt, shareholders of a Fund are not parties to, or intended (or "third-party") beneficiaries of, this Agreement. To the maximum extent permitted by law, this Agreement is not intended to create in any individual shareholder or group of shareholders of the Fund any right to enforce this Agreement or to seek any remedy under this Agreement, either directly or on behalf of the Trust or the Fund.

19. **Entire Agreement**. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter.

20. **Counterparts.** This Agreement may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears the original, scanned or facsimile signatures of each of the parties.

21. **Interpretation.** Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation or order.

---

| | | | |
|:---|:---|:---|:---|
| **ADVISER:** | **ADVISER:** | **SUB-ADVISER:** | **SUB-ADVISER:** |
| **Krane Funds Advisors**, **LLC** | **Krane Funds Advisors**, **LLC** | **Hedgeye Asset Management, LLC** | **Hedgeye Asset Management, LLC** |
| By: | /s/ Jonathan Krane | By: | /s/ John S. McNamara III |
| Name: | Jonathan Krane | Name: | John S. McNamara III |
| Title: | CEO | Title: | CIO |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**by and among**

**Hedgeye Asset Management, LLC**

**and**

**Krane Funds Advisors, LLC**

**[ ], [ ]**

**Fund Name:**

**KraneShares Hedgeye Hedged Equity Index ETF**

Sch. A-1

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**by and among**

**Hedgeye Asset Management, LLC**

**and**

**Krane Funds Advisors, LLC**

**[ ], [ ]**

**Index Name:**

**Hedgeye Hedged Equity Index**

Sch. B-1

**Schedule C**

**to the**

**Sub-Advisory Agreement**

**by and among**

**Hedgeye Asset Management, LLC**

**and**

**Krane Funds Advisors, LLC**

**[ ], [ ]**

---

| | |
|:---|:---|
| **Fund** | **Fee** |
| KraneShares Hedgeye Hedged Equity Index ETF | 0.10% of the average daily net assets of the Fund |

---

Sch. C-1

## Ex-99.(E)(2)

**Exhibit (e)(2)**

**Schedule A**

**Dated July 9, 2014, as revised May 19, 2026**

**to the**

**Amended and Restated Distribution Agreement dated July 9, 2014**

**by and between KraneShares Trust and SEI Investments Distribution Co**.

**SCHEDULE A**

---

| |
|:---|
| **Funds** |
| KraneShares CSI China Internet ETF |
| KraneShares Bosera MSCI China A 50 Connect Index ETF |
| KraneShares MSCI One Belt One Road Index ETF |
| KraneShares Public-Private Emerging Markets Internet and Technology ETF (formerly, 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 |
| Quadratic Interest Rate Volatility and Inflation Hedge 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 |
| Quadratic Deflation ETF |
| KraneShares California Carbon Allowance Strategy ETF |
| KraneShares KWEB Covered Call Strategy ETF |
| KraneShares 90% KWEB Defined Outcome January 2027 ETF |
| KraneShares 100% KWEB Defined Outcome January 2027 ETF |
| KraneShares Hedgeye Hedged Equity Index ETF |
| KraneShares Public-Private AI & Technology ETF (formerly, KraneShares Artificial Intelligence and Technology ETF) |
| KraneShares Sustainable Ultra Short Duration Index ETF |
| KraneShares China Alpha Index ETF |
| KraneShares Man Buyout Beta Index ETF |

---

---

| |
|:---|
| KraneShares 2x Long BABA Daily ETF |
| KraneShares 2x Long PDD Daily ETF |
| KraneShares Global Humanoid Robotics and Physical AI Index ETF (formerly, KraneShares Global Humanoid and Embodied Intelligence Index ETF) |
| KraneShares 2x Long MELI Daily ETF |
| KraneShares MSCI China A Hedged Index ETF |
| KraneShares Eastern US Carbon Strategy ETF |
| KraneShares Global EM Revenue Leaders Index ETF |
| KraneShares 2x Long JD Daily ETF |
| KraneShares 2x Long BIDU Daily ETF |
| KraneShares 2x Long TSM Daily ETF |
| KraneShares 2x Long GRAB Daily ETF |
| KraneShares 2x Long SE Daily ETF |
| KraneShares 2x Long ASML Daily ETF |
| KraneShares Wahed Alternative Income Strategy ETF |
| KraneShares Dragon Capital Growth of Vietnam Index ETF (formerly, KraneShares Dragon Capital Vietnam Growth Index ETF) |
| KraneShares MLM Commodity Long/Neutral Index Strategy ETF |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF |
| KraneShares Asia AI Infrastructure ETF (formerly, KraneShares China AI and Technology ETF) |
| KraneShares InspereX S&P Intraday Edge Autocallable Index ETF |
| KraneShares High-Bandwidth Memory ETF |
| KraneShares Photonic and Optical ETF (formerly, KraneShares Public-Private Optical AI Infrastructure ETF) |
| KraneShares Public-Private Digital and Tokenized Finance ETF |
| KraneShares Public-Private AI Energy Demand ETF |
| KraneShares Public-Private Space and Defense Tech ETF |
| KraneShares Public-Private TPU & Next-Gen Computing ETF |

---

## Ex-99.(H)(2)

**Exhibit (h)(2)**

**SCHEDULE I**

---

| |
|:---|
| ***Funds*** |
| KraneShares CSI China Internet ETF |
| KraneShares Bosera MSCI China A 50 Connect Index ETF |
| KraneShares MSCI One Belt One Road Index ETF |
| KraneShares Public-Private Emerging Markets Internet and Technology ETF (formerly, 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 |
| Quadratic Interest Rate Volatility and Inflation Hedge 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 |
| Quadratic Deflation ETF |
| KraneShares California Carbon Allowance Strategy ETF |
| KraneShares KWEB Covered Call Strategy ETF |
| KraneShares 90% KWEB Defined Outcome January 2027 ETF |
| KraneShares 100% KWEB Defined Outcome January 2027 ETF |
| KraneShares Hedgeye Hedged Equity Index ETF |
| KraneShares Public-Private AI & Technology ETF (formerly, KraneShares Artificial Intelligence and Technology ETF) |
| KraneShares Sustainable Ultra Short Duration Index ETF |
| KraneShares China Alpha Index ETF |
| KraneShares Man Buyout Beta Index ETF |
| KraneShares 2x Long BABA Daily ETF |
| KraneShares 2x Long PDD Daily ETF |
| KraneShares Global Humanoid Robotics and Physical AI Index ETF (formerly, KraneShares Global Humanoid and Embodied Intelligence Index ETF) |
| KraneShares 2x Long MELI Daily ETF |

---

---

| |
|:---|
| KraneShares MSCI China A Hedged Index ETF |
| KraneShares Eastern US Carbon Strategy ETF |
| KraneShares Global EM Revenue Leaders Index ETF |
| KraneShares 2x Long JD Daily ETF |
| KraneShares 2x Long BIDU Daily ETF |
| KraneShares 2x Long TSM Daily ETF |
| KraneShares 2x Long GRAB Daily ETF |
| KraneShares 2x Long SE Daily ETF |
| KraneShares 2x Long ASML Daily ETF |
| KraneShares Wahed Alternative Income Strategy ETF |
| KraneShares Dragon Capital Growth of Vietnam Index ETF (formerly, KraneShares Dragon Capital Vietnam Growth Index ETF) |
| KraneShares MLM Commodity Long/Neutral Index Strategy ETF |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF |
| KraneShares Asia AI Infrastructure ETF (formerly, KraneShares China AI and Technology ETF) |
| KraneShares InspereX S&P Intraday Edge Autocallable Index ETF |
| KraneShares High-Bandwidth Memory ETF |
| KraneShares Photonic and Optical ETF (formerly, KraneShares Public-Private Optical AI Infrastructure ETF) |
| KraneShares Public-Private AI Energy Demand ETF |
| KraneShares Public-Private Digital and Tokenized Finance ETF |
| KraneShares Public-Private Space and Defense Tech ETF |
| KraneShares Public-Private TPU & Next-Gen Computing ETF |

---

## Ex-99.(H)(9)

**Exhibit (h)(9)**

**KRANESHARES TRUST**

**FEE WAIVER AGREEMENT**

THIS FEE WAIVER AGREEMENT (the "**Agreement**") is effective with respect to each Fund (as defined below) as of the Effective Date set forth in Appendix A, by and between KRANESHARES TRUST, a Delaware statutory trust (the "**Trust**"), on behalf of its series listed in Appendix A, as amended from time to time (each a "**Fund**"), and the investment adviser of the Funds, KRANE FUNDS ADVISORS, LLC (the "**Adviser''**) and replaces and terminates the current Fee Waiver Agreement with respect to each Fund.

WITNESSETH:

WHEREAS, the Adviser serves as investment adviser to each Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Adviser dated as of the Effective Date, as amended from time to time (the "**Investment Advisory Agreement**");

WHEREAS, the Adviser is entitled to compensation under the Investment Advisory Agreement in exchange for providing advisory and other services, and paying all of the Trust's expenses except those specifically excluded therein; and

WHEREAS, the Adviser desires to waive a portion the Advisory Fee specified in Schedule A of the Investment Advisory Agreement ("**Advisory Fee**") of each Fund listed in Appendix A hereto for the period described herein pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of each Fund) desires to allow the Adviser to implement such waivers;

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intended to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Advisory Fee Waiver</u>. The Adviser hereby agrees to waive a portion of its current Advisory Fee for each Fund by an annual rate, expressed as a percentage of average annual net assets, listed in Appendix A hereto (the "Annual Waiver").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term</u>. This Agreement shall become effective with respect to a Fund on the date set forth in Appendix A hereto and shall remain in effect with respect to such Fund until the date set forth in Appendix A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination</u>. This Agreement may be terminated at any time with respect to any Fund, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund. This Agreement will automatically terminate with respect to any Fund listed in Appendix A if the Investment Advisory Agreement for that Fund is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination for that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assignment</u>. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, as amended, and the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **KRANESHARES TRUST** | **KRANESHARES TRUST** | **KRANE FUNDS ADVISORS, LLC** | **KRANE FUNDS ADVISORS, LLC** |
| By: | /s/ Jonathan Krane | By: | /s/ Jonathan Krane |
| Name: | Jonathan Krane | Name: | Jonathan Krane |
| Title: | Chief Executive Officer | Title: | Chief Executive Officer |

---

**Appendix A**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Effective Date** | **Waiver Period** | **Annual Waiver** |
| Quadratic Interest Rate Volatility and Inflation Hedge ETF | April 1, 2026 | Effective Date through<br> August 1, 2028 | 0.04% |

---

## Ex-99.(M)(2)

**Exhibit (m)(2)**

**EXHIBIT A**

**Dated November 8, 2012**

**Amended May 2026**

---

| | |
|:---|:---|
| **Funds** | **Approved<br> Distribution<br> Fee Rate** |
| KraneShares CSI China Internet ETF | 0.25% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 0.25% |
| KraneShares MSCI China Clean Technology Index ETF | 0.25% |
| KraneShares Emerging Markets Consumer Technology Index ETF | 0.25% |
| KraneShares MSCI One Belt One Road Index ETF | 0.25% |
| KraneShares Asia Pacific High Income USD Bond ETF | 0.25% |
| KraneShares MSCI All China Health Care Index ETF | 0.25% |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 0.25% |
| KraneShares MSCI Emerging Markets ex China Index ETF | 0.25% |
| Quadratic Interest Rate Volatility and Inflation Hedge ETF | 0.25% |
| KraneShares Global Carbon Strategy ETF | 0.25% |
| KraneShares SSE Star Market 50 Index ETF | 0.25% |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 0.25% |
| KraneShares Hang Seng TECH Index ETF | 0.25% |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 0.25% |
| Quadratic Deflation ETF | 0.25% |
| KraneShares California Carbon Allowance Strategy ETF | 0.25% |
| KraneShares KWEB Covered Call Strategy ETF | 0.25% |
| KraneShares 90% KWEB Defined Outcome January 2027 ETF | 0.25% |
| KraneShares 100% KWEB Defined Outcome January 2027 ETF | 0.25% |
| KraneShares Hedgeye Hedged Equity Index ETF | 0.25% |
| KraneShares Artificial Intelligence and Technology Public and Private ETF (formerly, KraneShares Artificial Intelligence and Technology ETF) | 0.25% |
| KraneShares China Alpha Index ETF | 0.25% |
| KraneShares Man Buyout Beta Index ETF | 0.25% |
| KraneShares Sustainable Ultra Short Duration Index ETF | 0.25% |

---

---

| | |
|:---|:---|
| KraneShares 2x Long BABA Daily ETF | 0.25% |
| KraneShares 2x Long PDD Daily ETF | 0.25% |
| KraneShares 2x Long JD Daily ETF | 0.25% |
| KraneShares 2x Long BIDU Daily ETF | 0.25% |
| KraneShares 2x Long MELI Daily ETF | 0.25% |
| KraneShares Global Humanoid Robotics and Physical AI Index ETF (formerly, KraneShares Global Humanoid and AI Index ETF) | 0.25% |
| KraneShares Wahed Enhanced Income Strategy ETF | 0.25% |
| KraneShares Dragon Capital Growth of Vietnam Index ETF (formerly, KraneShares Dragon Capital Vietnam Growth Index ETF) | 0.25% |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | 0.25% |
| KraneShares MSCI China A Hedged Index ETF\* | 0.25% |
| KraneShares Eastern US Carbon Strategy ETF\* | 0.25% |
| KraneShares Global EM Revenue Leaders Index ETF\* | 0.25% |
| KraneShares 2x Long TSM Daily ETF\* | 0.25% |
| KraneShares 2x Long GRAB Daily ETF\* | 0.25% |
| KraneShares 2x Long SE Daily ETF\* | 0.25% |
| KraneShares 2x Long ASML Daily ETF\* | 0.25% |
| KraneShares MLM Commodity Long/Neutral Index Strategy ETF^ | 0.25% |
| KraneShares Asia AI Infrastructure ETF (formerly, KraneShares China AI and Technology ETF)^ | 0.25% |
| KraneShares InspereX S&P Intraday Edge Autocallable Index ETF^ | 0.25% |
| KraneShares High-Bandwidth Memory ETF^ | 0.25% |
| KraneShares Photonic and Optical ETF (formerly, KraneShares Public-Private Optical AI Infrastructure ETF)^ | 0.25% |
| KraneShares Public-Private Digital and Tokenized Finance ETF^ | 0.25% |
| KraneShares Public-Private AI Energy Demand ETF^ | 0.25% |
| KraneShares Public-Private Space and Defense Tech ETF^ | 0.25% |
| KraneShares Public-Private TPU & Next-Gen Computing ETF^ | 0.25% |

---

^ Fund registration not effective and Fund not operational

\* Fund not operational

<u>Calculation of Fees</u>

Distribution fees are based on a percentage of the Funds' average daily net assets attributable to Shares of the Funds.

<u>Funds with Multiple Share Classes</u>

With respect to any Fund that offers more than one share class, references to "Fund" in Sections 3, 6, 7 and 8 above and the text under the "Calculation of Fees" heading above are to be read as referring to the share class of the applicable Fund identified above.

## Ex-99.(P)(12)

**Exhibit (p)(12)**

**Code of Ethics**

***Background***

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

Rule 204A-1 under the Advisers Act requires each registered investment adviser to establish, maintain and enforce a written code of ethics that contains, at a minimum, provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;1. A standard of business conduct required of supervised persons that reflects fiduciary obligations of the adviser and supervised persons;

2. Compliance with all applicable Federal Securities Laws;

3. Reporting and review of personal Securities transactions and holdings;

4. Reporting of violations of the code; and

5. Distribution of the code and any amendments to each supervised person and a written acknowledgment of their receipt.

The Code has been adopted in compliance with the requirements of Rule 204A-1 of the Advisers Act, Rule 17j-1 under the ("1940 Act"), and other applicable state and federal regulations (collectively the "Securities Laws").

Rule 17j-1 under the 1940 Act requires each investment Adviser to a registered investment company ("RIC") to adopt a written code of ethics containing provisions reasonably necessary to prevent the Adviser and its Employees from:

● Employing any device, scheme or artifice to defraud the RIC;

● Making any untrue statement of a material fact to the RIC or omit to state a material fact necessary in order to make the statements made to the RIC, in light of the circumstances under which they were made, not misleading;

● Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the RIC; and

● Engaging in any manipulative practice with respect to the RIC.

● As required by Rule 17j-1(c)(2)(ii), no less frequently than annually, the Firm shall furnish to the board of directors/trustees of a RIC, a written report that:

○ Describes any issues arising under the Code or the related procedures adopted hereunder since the last report to the board of trustees, including, but not limited to, information about material violations of the Code or procedures and the sanctions imposed in response to such material violations; and

○ Certifies that the Adviser has adopted procedures reasonably necessary to prevent Access Persons (as defined in Rule 17j-1) from violating the Code.

***Risks***

In developing these policies and procedures, HAM considered the material risks associated with administering the *Code of Ethics*. This analysis includes risks such as:

● Employees do not understand the fiduciary duty that they, and HAM, owe to Clients;

● Employees and/or HAM fail to identify and comply with all applicable Federal Securities Laws;

● Access Persons do not report personal Securities transactions;

● Access Persons trade personal accounts ahead of recommendations to Clients or prior to providing recommendations to model portfolio or index subscribers;

● Violations of the Federal Securities Laws, the *Code of Ethics*, or the policies and procedures set forth in this Manual, are not reported to the CCO and/or appropriate supervisory personnel;

● HAM does not provide its *Code of Ethics* and any amendments to all Employees;

● Employees do not understand the potential Conflicts of Interest;

● HAM Employees may obtain access to market moving research ideas before the ideas are disseminated broadly;

● HAM Employees may possess information regarding recommendations before the recommendations are made to Clients or provided to model portfolio or index subscribers; and

● HAM does not retain Employees' written acknowledgements that they received the *Code of Ethics* and any amendments.

HAM has established the following guidelines to mitigate these risks.

***Policies and Procedures***

**<u>Code of Conduct, Fiduciary Standards, and Compliance with the Federal Securities Laws</u>**

At all times, HAM and its Employees must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets. The CCO administers the *Code of Ethics* (or the or this "*Code*"). All questions regarding the *Code* should be directed to the CCO or a member of the Compliance Department. Employees must cooperate to the fullest extent reasonably requested by the CCO to enable (i) HAM to comply with all applicable Federal Securities Laws; and (ii) the CCO to discharge his duties under the Manual.

All Employees will act with competence, dignity, integrity, and in an ethical manner, when dealing with Clients, the public, prospects, third-party service providers and fellow Employees. Employees must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting HAM's services, and engaging in other professional activities.

HAM expects all Employees to adhere to the highest standards with respect to any potential conflicts of interest with Clients. As a fiduciary, HAM must act in its Clients' best interests. Notify the CCO or a member of the Compliance Department, promptly about any practice that creates, or gives the appearance of, a material conflict of interest.

Employees are generally expected to discuss any perceived risks, or concerns about HAM's business practices, with their direct supervisor. However, if an Employee is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the CCO's attention.

**<u>Reporting Violations</u>**

Improper actions by HAM or its Employees could have severe negative consequences for HAM, its Clients, and its Employees. Impropriety, or even the appearance of impropriety, could negatively impact all Employees, including people who had no involvement in the problematic activities.

Employees must promptly report any improper or suspicious activities, including any suspected violations of the *Code of Ethics* or the Federal Securities Laws to the CCO. Issues can be reported to the CCO in person, or by telephone, email, or written letter. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO, who will work directly with the CIO on the matter. Any problems identified during the review, may be further escalated to the President, and will be addressed in ways that reflect HAM's fiduciary duty to its Clients.

An Employee's identification of a material compliance issue will be viewed favorably by the Company's senior executives. Retaliation against any Employee who reports a violation of the *Code of Ethics* in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If an Employee believes that he or she has been retaliated against, he or she should notify the CCO directly.

Violations of this *Code of Ethics*, or the other policies and procedures set forth in the Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Employee's supervisor or to senior executives, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), demotion or loss of responsibilities; loss or forfeiture of bonuses or incentive compensation; making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject an Employee to civil, regulatory or criminal sanctions. No Employee will determine whether he or she committed a violation of the *Code of Ethics* or impose any sanction against himself or herself.<sup>4</sup> All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

For the avoidance of doubt, nothing in this Manual prohibits Employees from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Employees do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with HAM to make any such reports or disclosures and do not need to notify HAM that they have made such reports or disclosures. Additionally, nothing in this Manual prohibits Employees from recovering an award pursuant to a whistleblower program of a government agency or entity.

<sup>4</sup> Acts or actions by the CCO which may give rise to investigation as a violation shall be referred to the Company's President.

**<u>Distribution of the Code and Acknowledgement of Receipt</u>**

HAM will distribute this Manual, which contains the Company's *Code of Ethics*, to each Employee upon the commencement of employment, annually, and upon any change to the *Code of Ethics* or any material change to another portion of the Manual.

All Employees must acknowledge that they have received, read, understood, and agree to comply with HAM's policies and procedures described in this Manual, including this *Code of Ethics*.

**Acknowledgement Reporting Procedure**

By signing below, I certify that I have received, read, understood, abided by, and will continue to abide by HAM's Compliance Manual, which includes HAM's *Code of Ethics*. I understand that any questions about HAM's Manual (including the *Code*) should be directed to the CCO.

**<u>Personal Securities Transactions</u>**

**Application**

For purposes of this **Personal Securities Transactions** section, the term "Access Person" includes: (1) any Employee who (a) has access to nonpublic information regarding the investment recommendations made to Clients or provided to model portfolio or index subscribers, (b) who is involved in making securities recommendations to Clients or providing model portfolios or indices to subscribers; and (2) any other person subject to the Company's Compliance Manual and so designated by the CCO by notice to such person due to the nature of their access to certain non-public information.

Not all Employees may be an Access Person subject to the **Personal Securities Transaction Section** of this Code.

Any Access Person who trades in or for their personal benefit (i.e. personal trading or "PA" trading) should execute trades in a manner consistent with our fiduciary obligations to our Clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Employee personal trades must not be timed to precede orders placed for any Client, nor should personal trading activity be so excessive as to conflict with the Employee's ability to fulfill daily job responsibilities.

**Personal Trading Policy Summary**

*Prohibited Securities – Asset Management Professionals*

Generally, and subject to certain exceptions defined more fully below, Access Persons deemed to be involved in the asset management of a specific Fund, may not engage in self-directed personal trading in the equities issued by publicly-traded companies (i.e. stocks) considered for the Fund<sup>5</sup> or equities issued by publicly-traded companies held by the Fund, including options thereon (collectively "Prohibited Securities"). Access Persons may only dispose of Prohibited Securities held in their respective personal trading accounts within five (5) days of commencing employment with HAM or with prior approval from the CCO (see **Pre-Clearance Procedures** section below).

<sup>5</sup> The HAM Compliance Department will maintain a document defining the Portfolio Manager's definition as to the universe of investible securities considered for that Fund and apply such to Access Persons involved in such Fund.

*Non-Prohibited Securities Transactions – Single Issuer Equities (i.e. Stocks)*

Generally, Access Persons are permitted to transact in equities issued by publicly-traded companies (i.e. stocks) not held in, or considered for, a Fund for which the Access Person is involved in the asset management, provided the Access Person obtains pre-clearance in writing from the Compliance Department (see **Pre-Clearance Procedures** section below). Generally, Access Persons who purchase equities issued by publicly-traded companies under this section approved by the Compliance Department will be required to hold such equities for a minimum of thirty (30) days.

*Mutual Funds and Exchange Traded Funds – Non-HAM Managed*

Access Persons may purchase and sell open-end mutual funds and open-ended, broad-based exchange traded funds ("ETFs") not managed by the Adviser, without pre-clearance in reported accounts. However, transactions in ETFs are subject to this Policy's Transaction Reporting Requirements (see **Transaction Reporting Requirements** section below) ((i.e. such transactions must be included in quarterly transaction reports).

*HAM Managed Mutual Funds and ETFs*

Mutual Funds and ETFs managed by HAM<sup>6</sup> (collectively "HAM Managed Funds") must be pre-cleared (see **Pre-Clearance Procedures** section below). Generally, Access Persons who purchase HAM Managed Funds under this section approved by the Compliance Department will be required to hold such equities for a minimum of thirty (30) days.

*Private Placements and Private Offerings*

Access Persons may also participate in limited offerings such as hedge funds, private equity funds, or other types of private offerings, subject to the **Pre-Clearance** and/or **Reporting Requirements** sections stated below. Generally, accounts in which an Access Person does have or maintain the authority to self-direct the sale or purchase of Prohibited Securities are exempt from the reporting requirement (e.g. Automatic Transaction Accounts such as 401(k), 529(b), 503(b), equity compensation plans and Dividend Reinvestment Accounts). Generally, Access Persons who make investments under this section approved by the Compliance Department will be required to hold such investments for a minimum of thirty (30) days.

<sup>6</sup> Including ETFs based on HAM managed indices.

***Illustrative Summary***

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Type of Security*** | ***Pre-Clearance Required*** | ***Subject to<br>Reporting Requirement*** | ***Subject to***<br>***Holding Period*** | ***Short Sale<br>Profit Prohibited*** |
| Most ETFs<sup>7</sup> & Options thereon | No | Yes | No | No |
| Mutual Funds (not HAM Managed) | No | Yes<sup>8</sup> | No | No |
| HAM Managed Funds (ETFs and Mutual Funds) | Yes | Yes | 30 Days | All Shorting Prohibited |
| Funds Relating to HAM Managed Indices | Yes | Yes | 30 Days | All Shorting Prohibited |
| U.S. Government Securities | No | No | No | N/A |
| Money Market Instruments | No | No | No | N/A |
| Digital Currencies | No | No | No | No |
| IPOs | Yes | Yes | 30 Days | Yes |
| Private Placements | Yes | Yes | 30 Days | Yes |
| Public-Traded individual equities (i.e. stocks), options and bonds thereof ***not considered*** for Fund or Model Portfolio | Yes | Yes | 30 Days | Yes |
| Public-Traded individual equities (i.e. stocks), options and bonds thereof ***considered*** for Fund or Model Portfolio *(Applies only to Access Persons in relation to the Funds for which they are involved in the asset management)* | Prohibited unless meeting De Minimis exception or other qualified exception (see below) | Yes | N/A trading prohibited absent exception | Yes |

---

***De Minimis Exception***

Notwithstanding the above-noted restrictions, personal trading by Access Persons may be exempted where the purchases and sales do not exceed the lesser of either: (1) 0.1% of the Fund's total assets under management ("AUM") at the time of purchase or sale; or (2) $25,000, provided issuer's market capitalization exceeds $5bn at the time of purchase or sale ("De Minimis Transaction"). Such De Minimis Transactions are subject to a thirty (30) day holding period and a blackout period of either: (1) seven (7) days after a transaction in the Fund for personal transactions in the same security; or (2) seven (7) days after a personal transaction for a transaction for the Fund in the same equity.

<sup>7</sup> Specifically, ETFs that are both open-ended and broad-based (i.e. composed of multiple equities with requirements on the individual and collective weighting of constituent equities). This does not include, and preclearance is required for, close-ended ETFs ("CETFs") and ETFs composed of a single stock, either exclusively or in any combination with the following: derivatives of that same stock, futures of that same stock; and cash.

<sup>8</sup> Transactions in Mutual Funds not managed by HAM are not per se reportable, but are expected to be included in provided statements to the extent Reporting-Exempt Securities transactions occur in accounts for which reporting by Access Persons is required, such transactions must be reported.

**Personal Securities Transactions meeting the De Minimis Transaction requirements are still subject to pre-clearance requirements, and whether an exception is granted is in the CCO's sole discretion.**

***Other Exceptions***

Additionally, personal trading by Access Persons may qualify for an exception due a reasonable need for liquidity by the requester, stop-loss, or any other rationale as deemed appropriate within the sole discretion of the CCO and subject to pre-clearance.

**Accounts Covered by the Policies and Procedures**

HAM's **Personal Securities Transactions** policies and procedures apply to all accounts holding any Securities over which Access Persons have any beneficial ownership interest, which typically includes accounts held by immediate family members sharing the same household, or non-Clients over which Employees or Access Persons exercise investment discretion. Immediate family members include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

It may be possible for Access Persons to exclude accounts held personally by the Access Person or by immediate family members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts (i.e. releases management to authority to a fiduciary such an unaffiliated investment adviser), or if the Access Person can rebut the presumption of beneficial ownership over family members' accounts because the existence of separate finances and/or economic independence without influence. Access Persons should consult with the CCO before excluding any accounts held by immediate family members sharing the same household.

**Reportable Securities**

HAM requires Access Persons to provide quarterly reports regarding transactions and holdings in all "Reportable Securities," which include any Security, **<u>except</u>** the following list of **Reporting-Exempt Accounts & Securities**:

● Direct obligations of the Government of the United States;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

● Shares issued by money market funds;

● Shares issued by mutual funds registered under the Investment Company Act of 1940, **other than investment companies advised or underwritten** by HAM or an affiliate; and

● Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies registered under the Investment Company Act of 1940, none of which are advised or underwritten by HAM or an affiliate.

● Shares issued by the employer of an Access Persons or their immediate family (as defined above). Note holding employer-issued shares of equity in a publicly traded company may create conflicts of interest disclosure obligations. See **Conflicts of Interest** section of this Code.

**Pre-clearance Procedures**

Access Persons wishing to pre-clear a transaction, whether a Prohibited Security, a HAM Managed Fund, or otherwise required to be pre-cleared, must have written clearance before completing the transactions. Request shall be submitted to <u>compliance@hedgeyeam.com</u>. Access Persons must wait for written confirmation that their request has been approved before effectuating the transaction. Approvals are good for seven (7) days from the date that permission is granted, unless revoked earlier in writing.

HAM may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper. If clearance is granted for a specified period of time, the Access Person receiving the approval is responsible for ensuring that his or her trading is completed before the clearance's expiration. Access Persons should be cautious when submitting good-until-cancelled orders to avoid inadvertent violations of HAM's pre-clearance procedures.

HAM's CCO will maintain a Restricted List of Securities with the assistance of investment management personnel that HAM is actively evaluating for purchase or sale in Client accounts, or about which HAM might have received Material Nonpublic Information. The CCO will not pre-clear any personal transactions in Securities that are associated with any issuers on the Restricted List.

**Reporting**

HAM must collect information regarding the personal trading activities and holdings of all Access Persons. Access Persons must, within ten (10) days of becoming an Access Person and at least annually thereafter, report to the CCO their personal securities holdings on the brokerage statement of the account in which the transaction occurred. Each reported transaction and holding must contain, at a minimum, the following information:

● The title and type of security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

● The name of any broker, dealer, or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit.

● The date the Access Person submits the report.

Each quarter, Access Persons must report/confirm all Reportable Securities transactions in accounts in which they have a Beneficial Interest.

To assist in the monitoring of employee trading, the Access Person will arrange to ensure duplicate statements of such accounts are forwarded directly from the brokerage firm to the CCO, or provide the same directly to the CCO, on at least a quarterly basis.

*Exceptions from Reporting Requirements*

There are limited exceptions from certain reporting requirements. Specifically, an Access Person is not required to submit:

● Quarterly reports for any transactions effected pursuant to an Automatic Investment Plan (529 college savings plans; 401(k), 503(b), Dividend Reinvestment Accounts or employer compensation equity plans), provided the Access Person cannot effectuate transactions in securities non-exempt from the reporting requirement within such account;

● Any reports with respect to Securities held in accounts over which the Access Person had no direct or indirect influence or control, such as an account managed by an investment adviser on a discretionary basis or held in a blind or managed Trust;

● Accounts established for the sole purpose of holding shares of an issuer with whom an Access Person or an immediate family member of an Access Person holds or had held employment with the issuer and the shares were issued as part of the account holder's compensation as an employee of issuer; or

● Accounts in the name of immediate family members living in the same household who are of the age of majority and are economically independent.

Any investment plans or accounts that may be eligible for these exceptions should be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception from the reporting requirement. In making this determination, the CCO may ask for supporting documentation, such as a copy of the Automatic Investment Plan, a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser, and may provide Access Persons with the exact wording and a clear definition of "no direct or indirect influence or control" that the adviser consistently applies to all Access Persons. On a sample basis, the CCO may request reports on holdings and/or transactions made in the trust or discretionary account to identify transactions that would have been prohibited pursuant to HAM's Code, absent reliance on the reporting exception. Employees or Access Persons who claim they have no direct or indirect influence or control over an account may also required to complete the attached Exempt Accounts Certification upon commencement of their employment and on an annual basis thereafter.

Reliance on this independent or separately managed account exception may be conditioned on HAM's receipt of the attached *Exempt Accounts Certification* and other satisfactory documentary evidence (e.g., copy of advisory agreement, certification from adviser, etc.) as directed by the CCO*.*

*Personal Trading and Holdings Reviews*

HAM's *Personal Securities Transactions* policies and procedures are designed to mitigate any potential material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the CCO will closely monitor Access Persons' investment patterns to detect the following potentially abusive behavior:

● Frequent and/or short-term trades in any Security, with particular attention paid to potential market-timing;

● Trading opposite of recommendations made for Clients or provided to model portfolio or index subscribers;

● Trading ahead of recommendations made for Clients or provided to model portfolio or index subscribers and

● Trading that appears to be based on Material Nonpublic Information ("MNPI").

The CCO will review all reports submitted pursuant to the **Personal Securities Transactions** policies and procedures for potentially abusive behavior and will compare Access Person trading with recommendations made to Clients or provided to model portfolio or index subscribers as necessary. Upon review of the report, the CCO will sign-off and date each report quarterly and will prepare a written memorandum of any issues noted. Any personal trading that appears abusive may result in further inquiry by the CCO, which may include consultation with the Company's CIO and/or President, as necessary and appropriate, with such actions potentially resulting in sanctions, reprimand, additional trainings, fines, forced trade unwinds, demotion, loss of trading rights, terminating employment for cause, and/or a combination of the foregoing.

The President will monitor the CCO's personal Securities transactions for compliance with the **Personal Securities Transactions** policies and procedures and will initial and date each report received.

**<u>Inter-Company Firewall Policy & Procedure</u>**

To reduce the risk of HAM Employees coming into possession of HRM work product relating to potentially market moving unpublished or pre-published research or trade signals or the proprietary and confidential inner workings of HRM predictive models that would allow HAM to front-run HRM market research, HRM and HAM have designed this inter-company information and firewall policy and procedure.

● HAM's CIO, Portfolio Managers and other investment professionals shall not be granted access to HRM network folders or files that contain HRM proprietary financial models, predictive models or unpublished research work product;

● HAM and HRM Microsoft files and folders are managed by BetterITS, a third-party information and technology vendor;

● Access to HRM OneDrive folders will not be granted to HAM's CIO, Portfolio Managers or investment professionals without the written approval of both:

○ HAM and HRM's CCO; and

○ HRM's President.

● Access to HAM's OneDrive folders will not be granted to HRM employees responsible for publishing investment research or trade signals without the written approval of both:

○ HAM's CIO; and

○ HAM's CCO.

At all times, records of which Microsoft OneDrive files and folders HAM's CIO, Portfolio Managers and other investment professionals have access to will be recorded and readily retrievable.

It may be appropriate for HAM to grant access to certain of its files to HRM employees, and HRM to grant access to certain files to HAM employees for the execution of administrative functions, such as compliance, human resources, governance and management and other appropriate instances that do not materially compromise the purpose of this Policy. The CCO shall be responsible for considering the risk associated with the granting of any such access.

HAM's CIO, Portfolio Managers and investment professionals will not be provided regular working stations within the immediate proximity of HRM employees responsible for publishing research, but rather will either: (1) work remotely; (2) be provided a working stations not located within the immediate area designated for HRM employees responsible for publishing research; or (3) otherwise provided working accommodations at the office in consultation with HAM's CCO. Notwithstanding the foregoing, nothing in this Policy shall be construed to: (x) prohibit HAM and HRM personnel from having regularly occurring in-person, telephonic or electronic communication; or (y) other reasonable and appropriate business and social interactions provided (z) no such interactions provide HAM's CIO, Portfolio Managers or other investment professional with access to pre-published research ideas or tips regarding the same.

**<u>Disclosure of the Code of Ethics</u>**

HAM will describe its *Code of Ethics* to its Clients and, upon request, furnish Clients with a copy of the *Code of Ethics*. All Client requests for HAM's *Code of Ethics* should be directed to the CCO or a member of the Company's Compliance Department.

***Exempt Accounts Certification***

Dear Anthony,

In accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Rule"), I am considered to be an "Access Person" of Hedgeye Asset Management, LLC ("HAM") and subject to the Rule's terms and conditions. The Rule requires periodic reporting of my personal securities transactions and holdings to be made to HAM. However, as specified in the Rule, I am not required to submit any report with respect to securities held in accounts over which I have "no direct or indirect influence or control."

I have retained a trustee or third-party manager (the "Manager") to manage certain of my accounts. Following is a list of the accounts over which I have no direct or indirect influence or control (the "Accounts"):

---

| | | |
|:---|:---|:---|
| **Name of Broker, <br> Dealer, or Bank** | **Account Name** | **Relationship to Manager**<br> (independent professional, friend, relative, etc.) |

---

By signing below, I acknowledge and certify that:

● I have no direct or indirect influence or control over the Accounts;

● If my control over the Accounts should change in any way, I will immediately notify you in writing of such a change and will provide any required information regarding holdings and transactions in the Accounts pursuant to the Rule; and

● I agree to provide reports of holdings and/or transactions (including, but not limited to, duplicate account statements and trade confirmations) made in the Accounts at the request of HAM's Chief Compliance Officer.

Access persons completing this certification on an annual basis, also acknowledge and certify the following:

● I did not direct or suggest any purchases or sales of specific securities for the Accounts during the period ;

● Any discussions with the Manager about my Accounts related to general guidelines involving my investment objectives, risk tolerance and investment timeline.

---

| |
|:---|
| Name: |
| Signature: |
| Date: |

---

## Ex-99.(Q)

**Exhibit (q)**

POWER OF ATTORNEY

I, <u>Luis Berruga</u>, the undersigned Trustee of KraneShares Trust (the "Trust") do hereby constitute and appoint Stacy Fuller and Kelley A. Howes, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A, Form N-8A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and Registration Statements on Form N-14, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at New York City, New York, this 19th day of May 2026.

---

| |
|:---|
| /s/ Luis Berruga |
| Trustee |

---

POWER OF ATTORNEY

I, <u>John Ferguson</u>, the undersigned Trustee of KraneShares Trust (the "Trust") do hereby constitute and appoint Stacy Fuller and Kelley A. Howes, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A, Form N-8A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and Registration Statements on Form N-14, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at New York City, New York, this 19th day of May 2026.

---

| |
|:---|
| /s/ John Ferguson |
| Trustee |

---

I, <u>Matthew Stroyman</u>, the undersigned Trustee of KraneShares Trust (the "Trust") do hereby constitute and appoint Stacy Fuller and Kelley A. Howes, and each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A, Form N-8A or any successor thereto, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statements on Form N-1A or any successor thereto, and Registration Statements on Form N-14, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at New York City, New York, this 19th day of May 2026.

---

| |
|:---|
| /s/ Matthew Stroyman |
| Trustee |

---