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

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

KraneShares Trust

KraneShares CSI China Internet ETF

Ticker: KWEB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares CSI China Internet ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kweb/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares CSI China Internet ETF	$83	0.70%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KWEB	37.13	37.46	36.11^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

(a) CSI Overseas China Internet Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

The KraneShares CSI China Internet ETF seeks to provide investment results that, before expenses and fees, correspond generally to the price and yield performance of the CSI Overseas China Internet Index (the "Underlying Index"), which is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd.

China's internet equities outperformed China's equity market more broadly and global equities, broadly defined, due to several positive catalysts for China's internet equities during the Period, including stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. In addition, DeepSeek, China's answer to OpenAI's ChatGPT, was reported to operate at a higher level of efﬁciency and demand fewer chips to train than expected, potentially eliminating concerns over chip shortages for China's internet giants. Earnings reported by China internet companies were also strong during the Period.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	KraneShares CSI China Internet ETF - $12197	MSCI China All Shares Index (Net) (USD) - $11011	CSI Overseas China Internet Index - $12497
Mar/15	$10000	$10000	$10000
Mar/16	$10471	$7833	$10645
Mar/17	$12514	$8746	$12588
Mar/18	$18223	$11342	$18353
Mar/19	$14498	$10569	$14704
Mar/20	$13940	$9941	$14139
Mar/21	$23387	$14496	$23932
Mar/22	$9824	$10988	$10090
Mar/23	$10400	$10281	$10731
Mar/24	$8894	$8571	$9181
Mar/25	$12197	$11011	$12497

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	10 Years
KraneShares CSI China Internet ETF	37.13%	-2.64%	2.01%
MSCI China All Shares Index (Net) (USD)	28.47%	2.07%	0.97%
CSI Overseas China Internet Index	36.11%	-2.44%	2.25%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kweb/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$8,047,217,081	30	$40,786,079	54%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Short-Term Investment^{Footnote Reference†}	2.1%
Real Estate	3.5%
Industrials	3.9%
Financials	4.3%
Consumer Staples	5.3%
Communication Services	40.7%
Consumer Discretionary	42.3%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^†	This security, or a portion thereof, was purchased with cash collateral held from securities on loan.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Alibaba Group Holding			12.2%
Tencent Holdings			10.8%
PDD Holdings ADR			6.9%
Meituan, Cl B			6.6%
Trip.com Group			4.7%
Kanzhun ADR			4.5%
Kuaishou Technology, Cl B			4.1%
Tencent Music Entertainment Group ADR			4.0%
JD.com, Cl A			3.9%
Full Truck Alliance ADR			3.9%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

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

KraneShares Trust

KraneShares CSI China Internet ETF: KWEB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KWEB-AR-2025

KraneShares Trust

KraneShares Bosera MSCI China A 50 Connect Index ETF

Ticker: KBA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Bosera MSCI China A 50 Connect Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kba/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Bosera MSCI China A 50 Connect Index ETF	$60	0.56%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KBA	12.61	12.83	13.44^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

(a) MSCI China A 50 Connect Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

The KraneShares Bosera MSCI China A 50 Connect Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI China A 50 Connect Index (the "Underlying Index"). The Underlying Index is constructed from the MSCI China A Index (the "Parent Index"), a broad-based benchmark index, which captures large and mid-capitalization China A-shares listed on the Shanghai Stock Exchange and/or the Shenzhen Stock Exchange and accessible through the Northbound Stock Connect program. The Underlying Index is designed to reflect the performance of the 50 largest securities representing each Global Industry Classification Standard (GICS) sector at the sector weight allocation of the Parent Index.

China's A-share market outpaced global equity markets during the Period, as measured by the MSCI All Country World Index (ACWI). China's A-share market benefited from the stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. Within the Fund, the best-performing sectors were Consumer Discretionary and Financials, while the worst-performing sectors were Real Estate and Energy. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	KraneShares Bosera MSCI China A 50 Connect Index ETF - $9034	MSCI China All Shares Index (Net) (USD) - $11011	Custom Blended KBA Index^ - $9524
Mar/15	$10000	$10000	$10000
Mar/16	$7282	$7833	$7512
Mar/17	$7133	$8746	$7617
Mar/18	$8751	$11342	$8987
Mar/19	$8400	$10569	$8469
Mar/20	$7897	$9941	$8030
Mar/21	$11846	$14496	$12133
Mar/22	$10903	$10988	$11201
Mar/23	$9526	$10281	$9905
Mar/24	$8022	$8571	$8396
Mar/25	$9034	$11011	$9524

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	10 Years
KraneShares Bosera MSCI China A 50 Connect Index ETF	12.61%	2.73%	-1.01%
MSCI China All Shares Index (Net) (USD)	28.47%	2.07%	0.97%
Custom Blended KBA Index^	13.44%	3.47%	-0.49%

^ Custom Blended KBA Index consists of: MSCI China A Index (inception to October 23, 2014), MSCI China A International Index (October 23, 2024 to December 26, 2017), MSCI China A Inclusion Index (December 27, 2017 to May 29, 2019), MSCI China A Index (May 29, 2019 to January 5. 2022), and MSCI China A 50 Connect Index (January 6, 2022 to present).

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$189,121,002	85	$1,004,622	77%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	0.9%
Communication Services	1.1%
Energy	3.1%
Utilities	4.4%
Health Care	5.9%
Consumer Discretionary	7.9%
Materials	9.3%
Consumer Staples	11.6%
Industrials	14.6%
Information Technology	17.3%
Financials	23.4%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Contemporary Amperex Technology, Cl A			6.6%
Kweichow Moutai, Cl A			6.3%
Zijin Mining Group, Cl A			5.8%
BYD, Cl A			5.4%
China Merchants Bank, Cl A			4.0%
Hygon Information Technology, Cl A			3.7%
China Yangtze Power, Cl A			3.4%
Wanhua Chemical Group, Cl A			3.4%
Luxshare Precision Industry, Cl A			3.3%
Jiangsu Hengrui Pharmaceuticals, Cl A			3.1%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Bosera MSCI China A 50 Connect Index ETF: KBA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KBA-AR-2025

KraneShares Trust

KraneShares MSCI All China Index ETF

Ticker: KALL

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares MSCI All China Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kall/. You can also request this information by contacting us at 1-855-857-2638. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI All China Index ETF	$56	0.49%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KALL	28.62	29.01	28.47^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

(a) MSCI China All Shares Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category.

The KraneShares MSCI All China Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI China All Shares Index (the "Underlying Index"). The Underlying Index seeks to track the equity market performance of companies based in China and listed in Mainland China, Hong Kong and the United States. Companies available for inclusion must be headquartered in China and meet the market capitalization minimums required by the MSCI Global Investable Market Indexes Methodology.

The Fund outperformed global equities, as measured by the MSCI ACWI, significantly during the Period. Offshore listings in Hong Kong and the United States contributed the most to performance. Unprecedented stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts, were a key catalyst for the Fund during the Period. Offshore-listed internet and technology stocks were top performers within the Fund during the Period, as DeepSeek, China's answer to OpenAI's ChatGPT, was reported to operate at a higher level of efﬁciency and demand fewer chips to train, potentially eliminating concerns over chip shortages for many of China's internet and technology companies. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	KraneShares MSCI All China Index ETF - $11965	MSCI China All Shares Index (Net) (USD) - $11011	Custom Blended KALL Index^ - $11870
Mar/15	$10000	$10000	$10000
Mar/16	$8619	$7833	$8647
Mar/17	$9564	$8746	$9860
Mar/18	$11571	$11342	$11779
Mar/19	$11164	$10569	$11394
Mar/20	$10461	$9941	$10717
Mar/21	$15479	$14496	$15628
Mar/22	$11711	$10988	$11846
Mar/23	$10957	$10281	$11083
Mar/24	$9303	$8571	$9240
Mar/25	$11965	$11011	$11870

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	10 Years
KraneShares MSCI All China Index ETF	28.62%	2.72%	1.81%
MSCI China All Shares Index (Net) (USD)	28.47%	2.07%	0.97%
Custom Blended KALL Index^	28.47%	2.07%	1.73%

^ Custom Hybrid for KraneShares MSCI All China Index ETF consists of: FTSE Emerging incl. Overseas non-R/QFII GDP Weighted Index from inception of the Fund through July 31, 2018, and the MSCI China All Shares Index going forward.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$10,209,728	201	$39,611	17%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	2.1%
Utilities	3.2%
Energy	3.4%
Materials	3.8%
Health Care	4.0%
Industrials	6.2%
Information Technology	6.4%
Consumer Staples	7.5%
Communication Services	14.8%
Consumer Discretionary	24.0%
Financials	24.1%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Tencent Holdings			10.2%
Alibaba Group Holding			6.9%
Xiaomi, Cl B			3.0%
Meituan, Cl B			2.8%
China Construction Bank, Cl H			2.3%
Kweichow Moutai, Cl A			2.1%
PDD Holdings ADR			2.0%
BYD, Cl H			1.7%
JD.com, Cl A			1.5%
Bank of China, Cl H			1.4%

Material Fund Changes

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund’s prospectus, which is available at https://kraneshares.com/kall/#documents or upon request at 1-855-857-2638.

Upon the recommendation of Krane Funds Advisors, LLC, the adviser to the Fund, the Board of Trustees of KraneShares Trust has approved the liquidation and termination of the Fund. Accordingly the Fund ceased operations and liquidated on May 27, 2025.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI All China Index ETF: KALL

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KALL-AR-2025

KraneShares Trust

KraneShares MSCI One Belt One Road Index ETF

Ticker: OBOR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares MSCI One Belt One Road Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/obor/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI One Belt One Road Index ETF	$82	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
OBOR	7.37	7.28	7.93^{Footnote Reference(a)}	4.83^{Footnote Reference(b)}

(a) MSCI Global China Infrastructure Exposure Index

(b) The Fund is in the Morningstar U.S. ETF Infrastructure Category

The KraneShares MSCI One Belt One Road Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI Global China Infrastructure Exposure Index (the Underlying Index). The Underlying Index aims to identify potential beneficiaries of the "Belt & Road" or "One Belt One Road" initiative by the central government in China based on how their geography, revenue, and sector attributes align with the broad theme. The Fund seeks to capture potential upside for the companies involved in China's Belt & Road Initiative.

The shares in the companies involved in or related to China's outbound infrastructure investment initiatives slightly underperformed Emerging Markets equities, as measured by the MSCI Emerging Markets Index, and global equities, as measured by the MSCI ACWI. These companies tend to be concentrated in the Industrial and Financial sectors, which underperformed more growth-oriented sectors, such as Communication Services and Consumer Discretionary, across Emerging Markets, leading the Fund to underperform. Within the Fund, the top-performing countries were South Africa and Israel, while the worst-performing countries were the Philippines and Malaysia. Within the Fund, the top-performing sectors were Financials and Utilities, while the worst-performing sectors were Communication Services and Industrials. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares MSCI One Belt One Road Index ETF - $11038	MSCI ACWI Index (Net) (USD) - $19643	MSCI Global China Infrastructure Exposure Index (Net) - $11911
Sep/17	$10000	$10000	$10000
Mar/18	$10267	$10644	$10309
Mar/19	$9759	$10921	$9922
Mar/20	$7634	$9692	$7971
Mar/21	$12659	$14983	$13358
Mar/22	$12519	$16074	$13216
Mar/23	$10643	$14878	$11274
Mar/24	$10281	$18333	$11035
Mar/25	$11038	$19643	$11911

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	Since Inception
KraneShares MSCI One Belt One Road Index ETF	7.37%	7.65%	1.31%
MSCI ACWI Index (Net) (USD)	7.15%	15.18%	9.33%
MSCI Global China Infrastructure Exposure Index (Net)	7.93%	8.36%	2.34%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on September 7, 2017. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/obor/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,249,166	118	$27,280	19%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	1.3%
Kazakhstan	0.9%
Malaysia	1.7%
Poland	2.1%
Turkey	2.2%
Thailand	4.3%
South Africa	4.5%
Indonesia	4.6%
India	5.0%
Israel	7.9%
Singapore	10.1%
Kuwait	10.5%
China	44.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Kuwait Finance House			10.3%
Oversea-Chinese Banking			7.4%
China Yangtze Power, Cl A			4.9%
Elbit Systems			4.7%
PTT			4.3%
Impala Platinum Holdings			2.8%
China Petroleum & Chemical, Cl H			2.2%
KGHM Polska Miedz			2.1%
Beijing-Shanghai High Speed Railway, Cl A			2.0%
Turk Hava Yollari AO			2.0%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI One Belt One Road Index ETF: OBOR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

OBOR-AR-2025

KraneShares Trust

KraneShares Emerging Markets Consumer Technology Index ETF

Ticker: KEMQ

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Emerging Markets Consumer Technology Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kemq/. You can also request this information by contacting us at 1-855-857-2638. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Emerging Markets Consumer Technology Index ETF	$62	0.55%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KEMQ	24.41	26.55	24.96^{Footnote Reference(a)}	6.65^{Footnote Reference(b)}

(a) Solactive Emerging Markets Consumer Technology Index

(b) The Fund is in the Morningstar U.S. ETF Diversified Emerging Markets Category

The KraneShares Emerging Markets Consumer Technology Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Solactive Emerging Markets Consumer Technology Index (the "Underlying Index"). The Underlying Index selects companies from 26 eligible countries within emerging markets whose primary business or businesses are internet retail, internet software/services, purchase, payment processing, semiconductor production, or software for internet and e-commerce transactions.

Emerging Markets consumer technology equities outperformed global equities, as measured by the MSCI ACWI, during the Period. These stocks benefited from stimulus and AI innovation in China, and strong economic growth in Latin America and Southeast Asia. Within the Fund, the best-performing stocks included financial technology companies and online health care platforms. In contrast, the worst-performing stocks included chipmakers, which came off record-high valuations, and payments processors. Within the Fund, the best-performing countries were Singapore and China, while the worst-performing countries were Taiwan and Brazil. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Emerging Markets Consumer Technology Index ETF - $7746	MSCI Emerging Markets Index (NR) (USD) - $11779	Solactive Emerging Markets Consumer Technology Index (TR) (USD) - $8301
Oct/17	$10000	$10000	$10000
Mar/18	$10592	$10546	$10802
Mar/19	$9176	$9765	$9421
Mar/20	$7957	$8038	$8225
Mar/21	$13355	$12731	$13922
Mar/22	$7537	$11284	$7987
Mar/23	$6384	$10076	$6831
Mar/24	$6226	$10898	$6643
Mar/25	$7746	$11779	$8301

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	Since Inception
KraneShares Emerging Markets Consumer Technology Index ETF	24.41%	-0.54%	-3.36%
MSCI Emerging Markets Index (NR) (USD)	8.09%	7.94%	2.22%
Solactive Emerging Markets Consumer Technology Index (TR) (USD)	24.96%	0.18%	-2.46%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 11, 2017. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kemq/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$20,197,851	53	$89,103	63%

What did the Fund invest in?

Country/Asset Weightings^{Footnote Reference*}

Value	Value
Other Countries	1.7%
Greece	0.9%
Short-Term Investment^{Footnote Reference†}	2.0%
Netherlands	2.0%
Japan	2.7%
Finland	2.7%
India	3.6%
South Africa	3.7%
Singapore	3.9%
Brazil	4.3%
Taiwan	13.0%
South Korea	17.7%
China	44.2%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^†	This security, or a portion thereof, was purchased with cash collateral held from securities on loan.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Sea ADR			3.9%
JD.com, Cl A			3.8%
PDD Holdings ADR			3.8%
NetEase			3.7%
SK Hynix			3.7%
Naspers, Cl N			3.7%
Alibaba Group Holding			3.6%
Tencent Holdings			3.6%
Meituan, Cl B			3.5%
Taiwan Semiconductor Manufacturing			3.4%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

Effective November 1, 2024, Krane has contractually agreed to waive its management fee by 0.30% of the average daily net assets of the Fund. This contractual fee waiver will continue until August 1, 2025, and may only be terminated prior thereto by the Board. Prior to November 1, 2024, Krane had contractually agreed to waive its management fee by 0.20% of the average daily net assets of the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Emerging Markets Consumer Technology Index ETF: KEMQ

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KEMQ-AR-2025

KraneShares Trust

KraneShares MSCI China Clean Technology Index ETF

Ticker: KGRN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares MSCI China Clean Technology Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kgrn/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI China Clean Technology Index ETF	$90	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KGRN	27.07	28.61	28.58^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

(a) MSCI China IMI Environment 10/40 Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

The KraneShares MSCI China Clean Technology Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI China IMI Environment 10/40 Index (the "Underlying Index"). The Underlying Index comprises securities that derive at least 50% of their revenues from environmentally beneficial products and services. The Underlying Index is based on four key clean technology themes: (1) Alternative Energy, (2) Sustainable Water, (3) Pollution Prevention and (4) Energy Efficiency. The Underlying Index is designed to measure the performance of Chinese companies that focus on contributing to a more environmentally sustainable economy by making efficient use of scarce natural resources or by mitigating the impact of environmental degradation.

China's clean technology equities outperformed global equities, as represented by the MSCI ACWI, and China equities more broadly, as represented by the MSCI China All Shares Index, during the Period. Within the Fund, electric vehicle (EV) manufacturers, supported by consumer subsidies targeting the automotive industry, outperformed new energy system component suppliers, which were challenged by the potential for increased trade protectionism abroad, including in the U.S., among other factors. Xpeng, an EV manufacturer and top Fund holding, beat earnings per share (EPS) estimates for the fourth quarter of 2024. Meanwhile, Xinyi Solar, a manufacturer of solar panels and equipment, fell short of expectations for its EPS for the second half of 2024, posting a loss for the year after three years of net profits. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares MSCI China Clean Technology Index ETF - $11552	MSCI China All Shares Index (Net) (USD) - $9988	MSCI China IMI Environment 10/40 Index (Net) (USD) - $10935
Oct/17	$10000	$10000	$10000
Mar/18	$9544	$10289	$9569
Mar/19	$8277	$9588	$8373
Mar/20	$7187	$9018	$7274
Mar/21	$17466	$13150	$16965
Mar/22	$15962	$9968	$15018
Mar/23	$12656	$9326	$11762
Mar/24	$9091	$7775	$8505
Mar/25	$11552	$9988	$10935

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	Since Inception
KraneShares MSCI China Clean Technology Index ETF	27.07%	9.96%	1.95%
MSCI China All Shares Index (Net) (USD)	28.47%	2.07%	-0.02%
MSCI China IMI Environment 10/40 Index (Net) (USD)	28.58%	8.50%	1.20%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 12, 2017. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kgrn/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$48,392,215	47	$404,836	36%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Information Technology	17.0%
Industrials	18.7%
Utilities	20.6%
Consumer Discretionary	43.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
XPeng, Cl A			10.6%
BYD, Cl H			9.6%
Li Auto, Cl A			8.7%
Contemporary Amperex Technology, Cl A			8.4%
China Yangtze Power, Cl A			4.5%
Kingdee International Software Group			4.1%
Zhejiang Leapmotor Technology			4.0%
CGN Power, Cl H			3.8%
NIO, Cl A			3.7%
China Longyuan Power Group, Cl H			3.0%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI China Clean Technology Index ETF: KGRN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KGRN-AR-2025

KraneShares Trust

KraneShares Electric Vehicles and Future Mobility Index ETF

Ticker: KARS

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Electric Vehicles and Future Mobility Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kars/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Electric Vehicles and Future Mobility Index ETF	$70	0.72%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KARS	-4.86	-4.78	-4.71^{Footnote Reference(a)}	2.57^{Footnote Reference(b)}

(a) Bloomberg Electric Vehicles Index

(b) The Fund is in the Morningstar U.S. ETF Industrials Category

The KraneShares Electric Vehicle & Future Mobility Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Electric Vehicles Index (the "Underlying Index"). The Underlying Index seeks to measure the performance of companies that are engaged in the production of electric vehicles, their components, or other initiatives that may change the future of mobility. This includes electric vehicles, autonomous driving, lithium and/or copper production, lithium-ion/lead acid battery production, hydrogen fuel cell manufacturing, and/or electric infrastructure businesses.

The global electric vehicle (“EV”) and future mobility ecosystem was challenged by waning support for the electrification of transport from the U.S. government following a surge in support with the Biden Administration's 2023 Inflation Reduction Act. Nonetheless, global electric vehicle sales reached another record high of over 17 million units in 2024. Electric vehicle manufacturers in China outperformed those in other regions. Within the Fund, the best-performing industries were vehicle manufacturers and EV components, while the worst-performing industries were hydrogen engines, fuel cells, and EV charging infrastructure. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Electric Vehicles and Future Mobility Index ETF - $9639	MSCI ACWI Index (Net) (USD) - $17465	Custom Blended KARS Index^ - $10069
Jan/18	$10000	$10000	$10000
Mar/18	$9320	$9464	$9287
Mar/19	$8370	$9710	$8307
Mar/20	$7856	$8617	$7812
Mar/21	$17476	$13322	$17567
Mar/22	$17484	$14291	$17951
Mar/23	$13676	$13228	$14081
Mar/24	$10132	$16299	$10567
Mar/25	$9639	$17465	$10069

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	Since Inception
KraneShares Electric Vehicles and Future Mobility Index ETF	-4.86%	4.18%	-0.51%
MSCI ACWI Index (Net) (USD)	7.15%	15.18%	8.05%
Custom Blended KARS Index^	-4.71%	5.21%	0.10%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 18, 2018. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kars/ for current month-end performance.

^ Custom Blended KARS Index consists of: Solactive Electric Vehicles and Future Mobility Index (Inception to June 15, 2021) and Bloomberg Electric Vehicles Total Return Index (June 16, 2021 to present).

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$63,659,698	53	$544,206	39%

What did the Fund invest in?

Country/Asset Weightings^{Footnote Reference*}

Value	Value
Sweden	0.9%
Belgium	1.5%
Germany	2.3%
Chile	2.8%
Japan	5.2%
Short-Term Investment^{Footnote Reference†}	6.0%
Australia	7.4%
South Korea	9.1%
United States	14.5%
China	55.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^†	This security, or a portion thereof, was purchased with cash collateral held from securities on loan.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
BYD, Cl A			4.6%
XPeng, Cl A			4.4%
Panasonic Holdings			4.2%
Li Auto, Cl A			4.1%
Contemporary Amperex Technology, Cl A			4.0%
Geely Automobile Holdings			4.0%
Rivian Automotive, Cl A			4.0%
Zhejiang Leapmotor Technology			3.5%
CMOC Group, Cl A			3.0%
Tesla			3.0%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Electric Vehicles and Future Mobility Index ETF: KARS

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KARS-AR-2025

KraneShares Trust

KraneShares MSCI All China Health Care Index ETF

Ticker: KURE

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares MSCI All China Health Care Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kure/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI All China Health Care Index ETF	$68	0.65%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KURE	7.98	8.72	8.72^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

(a) MSCI China All Shares Health Care 10/40 Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

The KraneShares MSCI All China Health Care Index ETF seeks to provide investment results that, before fees and expenses, track the price and yield performance of the MSCI China All Shares Health Care 10/40 Index (the "Underlying Index"). The Underlying Index captures large and mid-cap representation across China A‐shares, B‐shares, H‐shares, Red‐chips, P‐chips, and foreign listings (e.g. American depositary receipts). The Underlying Index is designed to reflect the various China equity share classes, including those listed in Hong Kong, Shanghai, Shenzhen, and outside of China.

China's health care equities outperformed global equities, as measured by the MSCI ACWI, during the Period. China's health care equities benefited from the stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. China's regulators also adopted a more supportive approach to the sector than in the past, releasing plans to induce more private investments in innovative medicine and expand insurance programs to cover the costs of new drug development. In addition, Fund holding Akeso developed a new lung cancer treatment during the Period that could be twice as effective as the current global best-in-class treatments, based on initial clinical trial data driving positive performance for the Fund. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares MSCI All China Health Care Index ETF - $7336	MSCI China All Shares Index (Net) (USD) - $8814	MSCI China All Shares Healthcare 10/40 Index (Net) (USD) - $7736
Jan/18	$10000	$10000	$10000
Mar/18	$10660	$9079	$10746
Mar/19	$8955	$8460	$8951
Mar/20	$9578	$7958	$9649
Mar/21	$15426	$11604	$15776
Mar/22	$10971	$8796	$11353
Mar/23	$9583	$8230	$9942
Mar/24	$6794	$6861	$7116
Mar/25	$7336	$8814	$7736

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	Since Inception
KraneShares MSCI All China Health Care Index ETF	7.98%	-5.19%	-4.23%
MSCI China All Shares Index (Net) (USD)	28.47%	2.07%	-1.75%
MSCI China All Shares Healthcare 10/40 Index (Net) (USD)	8.72%	-4.32%	-3.52%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 31, 2018. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kure/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$86,599,232	51	$301,369	77%

What did the Fund invest in?

Industry Weightings^{Footnote Reference*}

Value	Value
Health Care Providers & Services	8.8%
Health Care Equipment & Supplies	13.0%
Life Sciences Tools & Services	16.1%
Biotechnology	26.2%
Pharmaceuticals	35.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
BeiGene			8.6%
Jiangsu Hengrui Pharmaceuticals, Cl A			8.0%
Wuxi Biologics Cayman			7.5%
Shenzhen Mindray Bio-Medical Electronics, Cl A			7.2%
Innovent Biologics			4.7%
WuXi AppTec, Cl A			4.3%
Akeso			3.9%
Aier Eye Hospital Group, Cl A			3.2%
CSPC Pharmaceutical Group			3.2%
Sino Biopharmaceutical			3.2%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI All China Health Care Index ETF: KURE

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KURE-AR-2025

KraneShares Trust

KraneShares Asia Pacific High Income USD Bond ETF

Ticker: KHYB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Asia Pacific High Income USD Bond ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/khyb/. You can also request this information by contacting us at 1-855-857-2638. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Asia Pacific High Income USD Bond ETF	$72	0.69%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KHYB^	7.93	8.10	N/A	7.25^{Footnote Reference(1)}

^ Fund is actively managed and does not track an Underlying Index

(1) The Fund is in the Morningstar U.S. ETF Emerging Markets Bond Category

The KraneShares Asia Pacific High Income U.S.D. Bond ETF seeks to provide a total return that, before fees and expenses, exceeds that of the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate (the "Benchmark Index") over a complete market cycle. The Benchmark Index is comprised of liquid U.S. dollar-denominated debt instruments issued out of Asia ex-Japan and is market capitalization weighted. The Underlying Index is limited to issuers classified as noninvestment grade based on the middle rating between Moody's, Fitch, and S&P.

The Asia ex Japan high yield bond market slightly underperformed the global high yield bond market, as measured by the Bloomberg Global High Yield Index, during the Period. China real estate developers' bonds continued to recover on strong government support and backstop measures, contributing positively to the Fund's performance and resulting in real estate issuers doubling as a percentage of the total portfolio. Meanwhile, trade-related uncertainties led to a slight widening of high-yield spreads in Asia. However, relatively benign inflation in local economies and rate cut cycles initiated by multiple regional central banks during the Period supported bond prices, mitigating losses by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Asia Pacific High Income USD Bond ETF - $10533	JP Morgan Asia Credit Index (JACI) (TR) (USD) - $11499	Custom Blended KHYB Index^ - $10584
Jun/18	$10000	$10000	$10000
Mar/19	$10572	$10665	$10884
Mar/20	$10178	$10915	$10527
Mar/21	$11432	$11897	$11869
Mar/22	$9177	$11006	$9296
Mar/23	$9136	$10714	$9238
Mar/24	$9759	$11343	$9547
Mar/25	$10533	$11499	$10584

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	Since Inception
KraneShares Asia Pacific High Income USD Bond ETF	7.93%	0.69%	0.77%
JP Morgan Asia Credit Index (JACI) (TR) (USD)	6.63%	2.07%	2.85%
Custom Blended KHYB Index^	10.87%	0.11%	0.84%

Since its inception on June 26, 2018. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/khyb/ for current month-end performance.

^ Custom Blended KHYB Index consist of: Solactive USD China Corporate High Yield Bond Index (Inception to 31 Jul 2021) and JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (1 Aug 2021 to present.)

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$25,273,651	80	$121,225	158%

What did the Fund invest in?

Maturity Weightings^{Footnote Reference*}^{Footnote Reference^}

Value	Value
Perpetual Maturity^{Footnote Reference(A)}	23.6%
Greater than 10 Years	1.1%
5 to 10 Years	6.3%
3 to 5 Years	14.8%
1 to 3 Years	37.5%
Less than 1 Year	9.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.
Footnote^(A)	Perpetual security with no stated maturity date.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
Fuqing Investment Management	3.250%	06/23/25	2.4%
Mong Duong Finance Holdings BV	5.125%	05/07/29	2.2%
Standard Chartered, H15T5Y + 3.135%	4.300%	—^{Footnote Reference(A)}	2.1%
Greentown China Holdings	8.450%	02/24/28	2.0%
Pingan Real Estate Capital	3.450%	07/29/26	1.9%
Piramal Finance	7.800%	01/29/28	1.8%
Yanlord Land HK	5.125%	05/20/26	1.7%
VLL International	7.250%	07/20/27	1.7%
Golomt Bank	11.000%	05/20/27	1.6%
Vedanta Resources Finance II	10.875%	09/17/29	1.6%

Footnote	Description
Footnote^(A)	Perpetual security with no stated maturity date.

Material Fund Changes

Effective August 1, 2024, the name of the Fund changed from the “KraneShares Asia Pacific High Income Bond ETF” to the “KraneShares Asia Pacific High Income USD Bond ETF”.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Asia Pacific High Income USD Bond ETF: KHYB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KHYB-AR-2025

KraneShares Trust

KraneShares MSCI Emerging Markets ex China Index ETF

Ticker: KEMX

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares MSCI Emerging Markets ex China Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kemx/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI Emerging Markets ex China Index ETF	$24	0.24%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KEMX	-1.51	-1.82	-2.14^{Footnote Reference(a)}	6.65^{Footnote Reference(b)}

(a) MSCI Emerging Markets ex China Index

(b) The Fund is in the Morningstar U.S. ETF Diversified Emerging Markets Category

The KraneShares MSCI Emerging Markets ex China Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI Emerging Markets ex China Index (the "Underlying Index"). The Underlying Index is a free float-adjusted market capitalization-weighted index designed to track the equity market performance of mid- and large-cap companies of emerging market countries, excluding China.

Emerging Markets equities, excluding China, underperformed both China, as measured by the MSCI China All Shares Index, and the global equity market, as measured by the MSCI ACWI. U.S. dollar strength and the anticipation of increased U.S. tariffs and protectionism weighed on Emerging Markets during the Period. Meanwhile, a re-rating of semiconductor manufacturers after their valuations reached all-time highs and DeepSeek's demonstration that large language models (LLMs) may require significantly fewer chips to train weighed on key semiconductor-producing countries, Taiwan and South Korea. Within the Fund, the best-performing countries were the Czech Republic and Colombia, while the worst-performing countries were Indonesia and Mexico. Within the Fund, the best-performing sectors were Utilities and Financials, while the worst-performing sectors were Materials and Industrials. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares MSCI Emerging Markets ex China Index ETF - $13383	MSCI Emerging Markets Index (NR) (USD) - $11732	MSCI Emerging Markets ex China Index (Net) (USD) - $12979
Apr/19	$10000	$10000	$10000
Mar/20	$7569	$8005	$7371
Mar/21	$12957	$12679	$12440
Mar/22	$13031	$11238	$12697
Mar/23	$11451	$10036	$11006
Mar/24	$13589	$10854	$13263
Mar/25	$13383	$11732	$12979

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	5 Years	Since Inception
KraneShares MSCI Emerging Markets ex China Index ETF	-1.51%	12.07%	5.00%
MSCI Emerging Markets Index (NR) (USD)	8.09%	7.94%	2.71%
MSCI Emerging Markets ex China Index (Net) (USD)	-2.14%	11.98%	4.46%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on April 11, 2019. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kemx/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$63,995,861	291	$170,053	3%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	5.4%
Qatar	1.2%
United Arab Emirates	1.3%
Thailand	1.6%
Poland	2.1%
Malaysia	2.4%
Indonesia	2.4%
Mexico	3.7%
South Africa	6.5%
Brazil	7.0%
South Korea	15.8%
India	22.3%
Taiwan	28.1%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing			11.9%
Samsung Electronics			3.7%
ICICI Bank			1.8%
HDFC Bank			1.7%
Infosys ADR			1.7%
SK Hynix			1.5%
MediaTek			1.5%
Bharti Airtel			1.4%
Hon Hai Precision Industry			1.3%
Naspers, Cl N			1.3%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI Emerging Markets ex China Index ETF: KEMX

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KEMX-AR-2025

KraneShares Trust

KraneShares Global Carbon Strategy ETF

Ticker: KRBN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Global Carbon Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/krbn/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Global Carbon Strategy ETF	$78	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KRBN	-1.46	-1.26	0.77^{Footnote Reference(a)}	12.06^{Footnote Reference(b)}

(a) S&P Global Carbon Credit Index

(b) The Morningstar U.S. ETF Commodities Focused Category portfolios primarily invest in physical commodities, such as agricultural goods, precious metals, and energy sources, directly or through futures contracts.

The KraneShares Global Carbon Strategy ETF seeks to provide a total return that, before fees and expenses, tracks the performance of the S&P Global Carbon Credit Index (the "Underlying Index"), which is an index comprised of futures contracts on carbon allowances traded within the largest, most liquid carbon allowance "cap and trade" programs. Such programs seek to reduce greenhouse gas emissions over time by capping the issuance of carbon emission allowances, but allowing them to be traded at market prices, which are expected to reflect their reduced supply, notwithstanding fluctuations in demand.

During the Period, European Union (“E.U.”) allowances, the largest exposure in the Fund, closely tracked the swings in natural gas prices for most of the year but contributed positively to Fund performance At the same time, the U.K. cap and trade market was boosted by discussions around linking its emissions trading program with the E.U., resulting in it contributing positively to Fund performance. Washington State also made headway toward linking its program with the California market when the state legislature passed a new law in this regard. Further, the ballot initiative vote in support of the State cap-and-trade program resulted in Washington carbon allowances having the highest returns across the five markets represented in the Fund (i.e. E.U., U.K., California, Washington, and the Northeast U.S.). By contrast, the California market detracted from Fund performance as a result of delays in ongoing rulemaking around California’s carbon emissions allowance program and uncertainty surrounding potential policy shifts during the Trump Administration. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the Underlying Index assuming a different return on cash collateral than that earned by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Global Carbon Strategy ETF - $20171	S&P 500 Index (TR) - $18498	S&P Global Carbon Credit Index (USD, TR)^ - $21120
Jul/20	$10000	$10000	$10000
Mar/21	$14195	$12329	$14161
Mar/22	$23380	$14258	$23392
Mar/23	$24415	$13156	$24772
Mar/24	$20469	$17088	$20960
Mar/25	$20171	$18498	$21120

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares Global Carbon Strategy ETF	-1.46%	16.20%
S&P 500 Index (TR)	8.25%	14.06%
S&P Global Carbon Credit Index (USD, TR)^	0.77%	17.35%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 29, 2020. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/krbn/ for current month-end performance.

^ As of August 1, 2024, IHS Markit Global Carbon Index's name changed to S&P Global Carbon Credit Index.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$172,178,220	9	$2,032,003	45%

What did the Fund invest in?

Market Exposure^{Footnote Reference*}

Futures Contracts:
Futures Contract	103.4%
Collateral and Currency Management:
Short-Term Investment, GVMXX	0.1%
Exchange-Traded Fund^{Footnote Reference**}	68.3%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount.
Footnote^**	Affiliated Investment

Futures Breakdown^{Footnote Reference^}

Data as of 3/31/2025

Value	Value
CCA 2025 Future	20.0%
REG 2025 Future	5.0%
CCA 2026 Future	5.0%
EUA 2025 Future	54.9%
EUA 2026 Future	5.0%
UKA 2025 Future	5.0%
WSH 2025 Future	5.1%

Footnote	Description
Footnote^{^}	Percentages are calculated based on total notional value. Future contracts are presented at the notional value.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Global Carbon Strategy ETF: KRBN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KRBN-AR-2025

KraneShares Trust

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

Ticker: KVLE

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Value Line^® Dynamic Dividend Equity Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kvle/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Value Line^® Dynamic Dividend Equity Index ETF	$59	0.56%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KVLE	11.31	11.33	10.75^{Footnote Reference(a)}	7.44^{Footnote Reference(b)}

(a) Value Line^® Dynamic Dividend Equity Index

(b) The Fund is in the Morningstar U.S. ETF Large Value Category

The KraneShares Value Line^® Dynamic Dividend Equity Index ETF seeks to provide investment results that correspond generally to the price and yield performance of the Value Line^® Dynamic Dividend Equity Index (the "Underlying Index"). The Underlying Index introduces a market-adaptive approach to investing in U.S. large-cap companies. The strategy seeks to identify U.S. companies whose equity securities pay a high dividend yield and are the highest rated by Value Line^®'s Safety™ and Timeliness™ Ranking Systems. Careful quantitative modeling, which incorporates a unique set of risk management tools, adjusts the beta of the overall portfolio based on the market environment. The index is rebalanced monthly.

During the Period, large-cap, high-dividend, diversified U.S. stocks outperformed global equities, as represented by the MSCI ACWI, and outperformed broad U.S. equities, as measured by the S&P 500 Index. The Fund's sector-neutral approach proved valuable when high concentrations in other U.S. indexes led them to underperform as uncertainties rose in the first quarter of 2025. Within the Fund, the best-performing sectors were Utilities and Energy, while the worst-performing sectors were Materials and Consumer Discretionary. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Value Line^® Dynamic Dividend Equity Index ETF - $16307	S&P 500 Index (TR) - $16751	Value Line^® Dynamic Dividend Equity Index (NR) (USD) - $16083
Nov/20	$10000	$10000	$10000
Mar/21	$11546	$11165	$11529
Mar/22	$13003	$12912	$12966
Mar/23	$13027	$11914	$12950
Mar/24	$14650	$15474	$14522
Mar/25	$16307	$16751	$16083

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares Value Line^® Dynamic Dividend Equity Index ETF	11.31%	11.89%
S&P 500 Index (TR)	8.25%	12.58%
Value Line^® Dynamic Dividend Equity Index (NR) (USD)	10.75%	11.53%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on November 23, 2020. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kvle/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$28,483,315	80	$172,898	80%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	2.2%
Materials	2.4%
Utilities	5.0%
Consumer Staples	7.6%
Consumer Discretionary	7.7%
Energy	8.8%
Communication Services	9.9%
Health Care	10.4%
Financials	10.6%
Industrials	12.6%
Information Technology	22.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			5.4%
NVIDIA			5.4%
Apple			5.0%
Alphabet, Cl C			4.4%
Amazon.com			2.4%
Home Depot			2.3%
Visa, Cl A			2.1%
Cisco Systems			1.9%
Comcast, Cl A			1.8%
Goldman Sachs Group			1.8%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Value Line^® Dynamic Dividend Equity Index ETF: KVLE

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KVLE-AR-2025

KraneShares Trust

KraneShares Mount Lucas Managed Futures Index Strategy ETF

Ticker: KMLM

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Mount Lucas Managed Futures Index Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kmlm/. You can also request this information by contacting us at 1-855-857-2638. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Mount Lucas Managed Futures Index Strategy ETF	$86	0.90%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KMLM	-7.88	-7.98	-6.80^{Footnote Reference(a)}	-5.17^{Footnote Reference(b)}

(a) KFA MLM Index

(b) The Fund is in the Morningstar U.S. ETF Systematic Trend Category

The KraneShares Mount Lucas Managed Futures Index Strategy ETF seeks to provide investment results that, before fees and expenses, track the price performance of the KFA MLM Index (the "Underlying Index"). The Index consists of a portfolio of twenty-two liquid futures contracts traded on U.S. and foreign exchanges. The Index includes futures contracts on 11 commodities, six currencies, and five global bond markets. These three baskets are weighted by their relative historical volatility, and within each basket, the constituent markets are equal dollar weighted.

The Fund's long position in gold and short positions in natural gas and wheat all contributed positively to performance for the Period. The Fund’s frequent rotation between long and short positions in crude oil, which were triggered by changes in the one-year moving averages that the Underlying Index uses to determine long versus short exposure, detracted from performance. In addition, the Fund charges a management fee, which the Underlying Index does not, which detracted from the Fund’s performance relative to that of the Underlying Index.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Mount Lucas Managed Futures Index Strategy ETF - $13311	Bloomberg Global Aggregate Index (USD) - $8637	KFA MLM Index (PR) (USD) - $14501
Dec/20	$10000	$10000	$10000
Mar/21	$11020	$9693	$11045
Mar/22	$13468	$9073	$13929
Mar/23	$14305	$8341	$15274
Mar/24	$14450	$8382	$15558
Mar/25	$13311	$8637	$14501

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares Mount Lucas Managed Futures Index Strategy ETF	-7.88%	6.83%
Bloomberg Global Aggregate Index (USD)	3.05%	-3.33%
KFA MLM Index (PR) (USD)	-6.80%	8.96%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on December 1, 2020. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kmlm/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$221,264,948	27	$2,875,942	0%

What did the Fund invest in?

Commodity Exposure^{Footnote Reference*}^{Footnote Reference^}

Commodity Exposures as of 3/31/2025	Identifier	Position	% NAV
COPPER FUTURE JUL25	HGH5	Long	7.58%
GOLD 100 OZ FUTR JUN25	GCG5	Long	7.55%
LIVE CATTLE FUTR JUN25	LCG5	Long	7.40%
NATURAL GAS FUTR JUN25	NGH25	Long	7.21%
GASOLINE RBOB FUT JUN25	XBH5	Short	7.06%
WTI CRUDE FUTURE JUN25	CLH5	Short	7.05%
NY HARB ULSD FUT JUN25	HOH5	Short	6.95%
SOYBEAN FUTURE MAY25	S H5	Short	6.79%
WHEAT FUTURE(CBT) MAY25	W H5	Short	6.63%
SUGAR #11 (WORLD) MAY25	SBH5	Long	2.33%
CORN FUTURE MAY25	C H5	Short	1.59%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Wheat - Futures Contract^{Footnote Reference(1)}			0.9%
Gold - Futures Contract^{Footnote Reference(1)}			0.8%
Copper - Futures Contract^{Footnote Reference(1)}			0.7%
Euro-Bund 10-Year Bond - Futures Contract^{Footnote Reference(1)}			0.5%
Live Cattle - Futures Contract^{Footnote Reference(1)}			0.4%
Long Gilt 10-Year Bond - Futures Contract^{Footnote Reference(1)}			0.4%
Soybean - Futures Contract^{Footnote Reference(1)}			0.2%
AUD Currency - Futures Contract^{Footnote Reference(1)}			0.2%
Japanese Yen - Futures Contract^{Footnote Reference(1)}			0.1%
Swiss Franc - Futures Contract^{Footnote Reference(1)}			0.1%

Footnote	Description
Footnote⁽¹⁾	At market value.
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

Effective August 1, 2024, the name of the Fund changed from the “KFA Mount Lucas Managed Futures Index Strategy ETF” to the “KraneShares Mount Lucas Managed Futures Index Strategy ETF”.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Mount Lucas Managed Futures Index Strategy ETF: KMLM

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KMLM-AR-2025

KraneShares Trust

KraneShares SSE STAR Market 50 Index ETF

Ticker: KSTR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares SSE STAR Market 50 Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kstr/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares SSE STAR Market 50 Index ETF	$101	0.89%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KSTR	26.88	27.15	34.57^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

(a) Shanghai Stock Exchange Science and Technology Innovation Board 50 Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

The KraneShares SSE STAR Market 50 Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Shanghai Stock Exchange ("SSE") Science and Technology Innovation Board 50 Index (the "Underlying Index"). The Underlying Index is comprised of the 50 largest companies listed on the SSE Science and Technology Innovation Board ("STAR Market") as determined by market capitalization and liquidity.

Equities listed on China's STAR Market Science & Technology Innovation Board, a sub-board of the Shanghai Stock Exchange, outperformed global equities, as measured by the MSCI ACWI. The top-performing sector within the Fund was the Information Technology sector, driven mainly by optimism over DeepSeek's innovation in AI large language models (LLMs). Within the Fund, the top-performing sectors were Information Technology and Materials, while the worst-performing sectors were Consumer Staples and Industrials. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the index's inclusion of a name indicated in U.S. Executive Order 13959/14032⁽¹⁾, which was not held in the portfolio during the Period.

⁽¹⁾ Executive Order 13959/14032, signed by former President Trump on November 12, 2020, prohibits U.S. investors from purchasing or transacting in securities linked to Chinese companies identified as tied to the Chinese military (CMICs). It became effective on January 11, 2021. Executive Order 14032, signed by President Biden on June 3, 2021, amends Executive Order 13959 by maintaining the investment restrictions while allowing the Treasury Secretary, in coordination with the Secretaries of State and Defense, to update the list of prohibited companies. It also outlines procedures for U.S. persons to divest from such securities.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares SSE STAR Market 50 Index ETF - $5532	MSCI China All Shares Index (Net) (USD) - $6757	SSE Science and Technology Innovation Board 50 Index (USD, TR) - $6309
Jan/21	$10000	$10000	$10000
Mar/21	$8424	$8896	$8334
Mar/22	$7504	$6743	$7555
Mar/23	$6756	$6309	$6946
Mar/24	$4360	$5260	$4688
Mar/25	$5532	$6757	$6309

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares SSE STAR Market 50 Index ETF	26.88%	-13.21%
MSCI China All Shares Index (Net) (USD)	28.47%	-8.96%
SSE Science and Technology Innovation Board 50 Index (USD, TR)	34.57%	-10.44%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 26, 2021. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kstr/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$35,947,595	51	$264,084	57%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Consumer Staples	0.7%
Industrials	2.6%
Materials	2.9%
Consumer Discretionary	5.6%
Health Care	12.1%
Information Technology	75.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Hygon Information Technology, Cl A			9.6%
Cambricon Technologies, Cl A			9.5%
Montage Technology, Cl A			6.5%
Beijing Kingsoft Office Software, Cl A			5.3%
Advanced Micro-Fabrication Equipment China, Cl A			4.0%
Shanghai United Imaging Healthcare, Cl A			3.9%
Shenzhen Transsion Holdings, Cl A			3.2%
Verisilicon Microelectronics Shanghai, Cl A			2.9%
Beijing Roborock Technology, Cl A			2.8%
SUPCON Technology, Cl A			2.6%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares SSE STAR Market 50 Index ETF: KSTR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KSTR-AR-2025

KraneShares Trust

KraneShares Hang Seng TECH Index ETF

Ticker: KTEC

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Hang Seng TECH Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/ktec/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Hang Seng TECH Index ETF	$86	0.69%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KTEC	50.40	49.15	57.58^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

(a) Hang Seng TECH Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category.

The KraneShares Hang Seng TECH Index ETF seeks to provide investment results that, before expenses and fees, correspond generally to the price and yield performance of the Hang Seng TECH Index (the "Underlying Index"). The Underlying Index is designed to track the performance of the 30 largest technology companies listed in Hong Kong with significant revenue exposure to technology themes.

Internet and technology equities listed on the Hong Kong Stock Exchange significantly outperformed global equities, as represented by the MSCI ACWI, and China's equity markets more broadly, as represented by the MSCI China All Shares Index. Catalysts during the Period included stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. Meanwhile, DeepSeek, China's answer to OpenAI's ChatGPT, was reported to operate at a higher level of efﬁciency and demand fewer chips to train, potentially eliminating concerns over chip shortages for China's internet and technology firms. The Fund's inclusion of hardware companies, especially Xiaomi, led to its outperformance over China's internet equities, as hardware names were seen as beneficiaries of AI before internet firms. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees and the index's inclusion of a name indicated in U.S. Executive Order 13959/14032⁽¹⁾, which was not held in the portfolio during the Period, and the deduction of management fees.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Hang Seng TECH Index ETF - $6548	MSCI China All Shares Index (Net) (USD) - $7346	Hang Seng TECH Index (USD) - $6921
Jun/21	$10000	$10000	$10000
Mar/22	$5572	$7332	$5674
Mar/23	$5328	$6859	$5381
Mar/24	$4354	$5719	$4392
Mar/25	$6548	$7346	$6921

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares Hang Seng TECH Index ETF	50.40%	-10.51%
MSCI China All Shares Index (Net) (USD)	28.47%	-7.77%
Hang Seng TECH Index (USD)	57.58%	-9.20%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on June 8, 2021. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/ktec/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$46,081,718	29	$84,353	86%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}^{Footnote Reference^}

Value	Value
Consumer Staples	2.9%
Information Technology	21.4%
Communication Services	24.4%
Consumer Discretionary	44.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
JD.com, Cl A			8.9%
Alibaba Group Holding			8.8%
Tencent Holdings			8.8%
Meituan, Cl B			8.6%
Xiaomi, Cl B			8.6%
NetEase			4.2%
XPeng, Cl A			4.1%
Kuaishou Technology, Cl B			4.0%
Li Auto, Cl A			4.0%
Lenovo Group			3.7%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Hang Seng TECH Index ETF: KTEC

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KTEC-AR-2025

KraneShares Trust

KraneShares European Carbon Allowance Strategy ETF

Ticker: KEUA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares European Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/keua/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares European Carbon Allowance Strategy ETF	$82	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KEUA	8.05	7.73	10.49^{Footnote Reference(a)}	12.06^{Footnote Reference(b)}

(a) S&P Carbon Credit EUA Index

(b) The Fund is in the Morningstar U.S. ETF Commodities Focused Category.

The KraneShares European Carbon Allowance Strategy ETF seeks to provide a total return that, before fees and expenses, tracks the performance of the S&P Carbon Credit EUA Index (the "Underlying Index"), which is an index comprised of futures contracts on European carbon allowances issued by the European Union Emission Trading System that seeks to reduce greenhouse gas emissions over time.

The European carbon market closely tracked natural gas price action for most of the year, where uncertainty around the region's supply drove volatility in the market. Higher natural gas prices led to more gas-to-coal fuel switching, which, in turn, created more demand for carbon allowances and contributing positively to Fund performance. Meanwhile, global trade and tariff uncertainty added some downward pressure on prices near the end of the Period, which detracted from Fund performance. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the Underlying Index assuming a different return on cash collateral than that earned by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares European Carbon Allowance Strategy ETF - $9733	S&P 500 Index (TR) - $13763	S&P Carbon Credit EUA Index (USD, TR)^ - $9530
Oct/21	$10000	$10000	$10000
Mar/22	$11524	$10609	$11459
Mar/23	$13608	$9789	$13008
Mar/24	$9008	$12714	$8625
Mar/25	$9733	$13763	$9530

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares European Carbon Allowance Strategy ETF	8.05%	-0.77%
S&P 500 Index (TR)	8.25%	9.58%
S&P Carbon Credit EUA Index (USD, TR)^	10.49%	-1.37%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 4, 2021. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/keua/ for current month-end performance.

^ As of August 1, 2024, IHS Markit Carbon EUA Index's name changed to S&P Carbon Credit EUA Index.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$7,359,741	3	$79,253	10%

What did the Fund invest in?

Market Exposure^{Footnote Reference*}

Futures Contracts:
Futures Contract	100.9%
Collateral and Currency Management:
Short-Term Investment, GVMXX	2.7%
Exchange-Traded Fund^{Footnote Reference**}	48.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount.
Footnote^**	Affiliated Investment

Futures Breakdown^{Footnote Reference^}

Data as of 3/31/2025

Value	Value
European Union	100.0%

Footnote	Description
Footnote^{^}	Percentages are calculated based on total notional value. Future contracts are presented at the notional value.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares European Carbon Allowance Strategy ETF: KEUA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KEUA-AR-2025

KraneShares Trust

KraneShares California Carbon Allowance Strategy ETF

Ticker: KCCA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares California Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kcca/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares California Carbon Allowance Strategy ETF	$69	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KCCA	-24.92	-25.34	-23.32^{Footnote Reference(a)}	12.06^{Footnote Reference(b)}

(a) S&P Carbon Credit CCA Index

(b) The Fund is in the Morningstar U.S. ETF Commodities Focused Category.

The KraneShares California Carbon Allowance Strategy ETF seeks to provide a total return that, before fees and expenses, tracks the performance of the S&P Carbon Credit CCA Index (the "Underlying Index"), which is an index comprised of futures contracts on California carbon allowances issued by the state's "cap and trade" program that seeks to reduce greenhouse gas emissions over time.

The market undergoes periodic reforms every few years, where the latest policy updates introduce supply-tightening measures to better align the program with accelerated emissions reduction targets. From wildfires in Southern California to shifting federal climate policies, the California Air Resources Board (CARB), which issues carbon allowances, faced added pressure and introduced new considerations for the market. That said, Governor Newsom, in collaboration with other state officials, reinforced their support for the program by announcing their intentions to extend the market beyond its sunset clause in 2030. Nonetheless, delays in CARB rulemaking negatively impacted the value of Fund investments tied to California’s carbon emission allowances and detracted from Fund performance. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the Underlying Index assuming a different return on cash collateral than that earned by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares California Carbon Allowance Strategy ETF - $8903	S&P 500 Index (TR) - $13763	S&P Carbon Credit CCA Index (USD, TR)^ - $9354
Oct/21	$10000	$10000	$10000
Mar/22	$10308	$10609	$10233
Mar/23	$9603	$9789	$9677
Mar/24	$11857	$12714	$12198
Mar/25	$8903	$13763	$9354

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares California Carbon Allowance Strategy ETF	-24.92%	-3.27%
S&P 500 Index (TR)	8.25%	9.58%
S&P Carbon Credit CCA Index (USD, TR)^	-23.32%	-1.90%

^ As of August 1, 2024, IHS Markit Carbon CCA Index's name changed to S&P Carbon Credit CCA Index.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$109,082,163	3	$1,500,624	74%

What did the Fund invest in?

Market Exposure^{Footnote Reference*}

Futures Contracts:
Futures Contract	115.5%
Collateral and Currency Management:
Short-Term Investment, GVMXX	4.4%
Exchange-Traded Fund^{Footnote Reference**}	79.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount.
Footnote^**	Affiliated Investment

Futures Breakdown^{Footnote Reference^}

Data as of 3/31/2025

Value	Value
California	100.0%

Footnote	Description
Footnote^{^}	Percentages are calculated based on total notional value. Future contracts are presented at the notional value.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares California Carbon Allowance Strategy ETF: KCCA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KCCA-AR-2025

KraneShares Trust

KraneShares KWEB Covered Call Strategy ETF

Ticker: KLIP

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares KWEB Covered Call Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/klip/. You can also request this information by contacting us at 1-855-857-2638. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares KWEB Covered Call Strategy ETF	$27	0.26%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KLIP^	10.51	10.46	N/A	26.92^{Footnote Reference(1)}

^ Fund is actively managed and does not track an Underlying Index.

(1) The Fund is in the Morningstar U.S. ETF China Region Category.

The KraneShares KWEB Covered Call Strategy ETF seeks to provide current income. To achieve its investment objective, the Fund employs a covered call strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the CSI Overseas China Internet Index or in instruments that have economic characteristics similar to those in the Index and writes (sells) covered call options on the Index or in instruments that have economic characteristics similar to writing covered call options on the Index. Currently, the Fund invests in the KraneShares CSI China Internet ETF (the "Underlying Fund"), which is an exchange-traded fund advised by Krane that seeks to track the Index, and to write (sell) covered call options on the Underlying Fund.

Elevated implied volatility in China’s internet equities led to an increase in the options premiums earned by the Fund during the Period. China's internet equities outperformed China's equity market more broadly and global equities, broadly defined, due to several positive catalysts for China's internet equities during the Period, including stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares KWEB Covered Call Strategy ETF - $12179	MSCI China All Shares Index (Net) (USD) - $10337	CSI Overseas China Internet Index - $10541
Jan/23	$10000	$10000	$10000
Mar/23	$9644	$9652	$9052
Mar/24	$11021	$8047	$7744
Mar/25	$12179	$10337	$10541

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares KWEB Covered Call Strategy ETF	10.51%	9.29%
MSCI China All Shares Index (Net) (USD)	28.47%	1.50%
CSI Overseas China Internet Index	36.11%	2.40%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 11, 2023. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/klip/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$104,568,776	9	$366,857	424%

What did the Fund invest in?

(KWEB) Industry Weightings^{Footnote Reference*}

Value	Value
Insurance	0.7%
Media	0.8%
Short-Term Investment^{Footnote Reference†}	2.1%
Diversified Consumer Services	3.2%
Real Estate Management & Development	3.5%
Consumer Finance	3.6%
Ground Transportation	3.9%
Consumer Staples Distribution & Retail	5.3%
Internet & Catalog Retail	6.6%
Hotels, Restaurants & Leisure	6.6%
Entertainment	11.5%
Broadline Retail	25.9%
Interactive Media & Services	28.4%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^†	This security, or a portion thereof, was purchased with cash collateral held from KWEB securities on loan.

Top Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
KraneShares CSI China Internet ETF^{Footnote Reference**}			102.3%
Written Option - KWEB US, $36.30, 04/25/25^{Footnote Reference(1)}			0.0%
Written Option - KWEB US, $36.17, 05/02/25^{Footnote Reference(1)}			0.0%
Written Option - KWEB US, $36.99, 04/11/25^{Footnote Reference(1)}			-0.2%
Written Option - KWEB US, $36.78, 04/17/25^{Footnote Reference(1)}			-0.3%
Written Option - KWEB US, $35.58, 04/25/25^{Footnote Reference(1)}			-0.7%
Written Option - KWEB US, $33.93, 04/04/25^{Footnote Reference(1)}			-0.8%
Written Option - KWEB US, $35.04, 05/02/25^{Footnote Reference(1)}			-0.9%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote⁽¹⁾	At market value.
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

The Board of the Trust approved a reverse share split of one to three (1:3) of the issued and outstanding shares of KraneShares KWEB Covered Call Strategy ETF (the "Reverse Split"). The Reverse Split was completed after the close of business on December 31, 2024. The effect of this transaction for the Fund was to reduce the number of outstanding Shares of the Fund by one-third, resulting in a corresponding increase in the NAV per Share. There were no changes in net assets, results of operation or total return as a result of this transaction.

Effective January 27, 2025, the KraneShares China Internet and Covered Call Strategy ETF was renamed the KraneShares KWEB Covered Call Strategy ETF.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares KWEB Covered Call Strategy ETF: KLIP

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KLIP-AR-2025

KraneShares Trust

KraneShares Dynamic Emerging Markets Strategy ETF

Ticker: KEM

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Dynamic Emerging Markets Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kem/. You can also request this information by contacting us at 1-855-857-2638. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Dynamic Emerging Markets Strategy ETF	$12	0.11%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KEM^	14.74	14.47	N/A	6.65^{Footnote Reference(1)}

^ Fund is actively managed and does not track an Underlying Index.

(1) The Fund is in the Morningstar U.S. ETF Diversified Emerging Markets Category.

The KraneShares Dynamic Emerging Markets Strategy ETF is an active ETF that invests in other Funds to provide investors with exposure to broad Emerging Market equities while dynamically adjusting the portfolio's China weight based on fundamental, valuation and technical signals. KEM has the potential to mitigate downside risk by dynamically adjusting its allocations between the Underlying ETFs and cash and cash equivalents. By combining a strategic allocation with a systematic valuation overlay between China and the rest of Emerging Markets, KEM seeks to outperform the MSCI Emerging Markets Index ("Benchmark Index"). KEM primarily invests in the following ETFs:

• The KraneShares MSCI All China Index ETF

• The KraneShares MSCI Emerging Markets ex China Index ETF

The Fund outperformed both Emerging Markets equities, as measured by the MSCI Emerging Markets Index, and global equities, as measured by the MSCI ACWI, during the Period. The Fund's consistent overweight to China contributed positively to Fund performance. U.S. dollar strength and the anticipation of increased U.S. tariffs and protectionism weighed on Emerging Markets outside of China during the Period. Meanwhile, a re-rating of semiconductor manufacturers after their valuations reached all-time highs and DeepSeek's demonstration that large language models (LLMs) may require significantly fewer chips to train weighed on key semiconductor-producing countries, Taiwan and South Korea. China's outperformance was driven by stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts, as well as critical advancements in AI technology in the country during the Period.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Dynamic Emerging Markets Strategy ETF - $11739	MSCI Emerging Markets Index (NR) (USD) - $11601
Aug/23	$10000	$10000
Mar/24	$10231	$10733
Mar/25	$11739	$11601

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares Dynamic Emerging Markets Strategy ETF	14.74%	10.52%
MSCI Emerging Markets Index (NR) (USD)	8.09%	9.71%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on August 24, 2023. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kem/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$4,862,790	2	$4,570	3%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Exchange - Traded Fund	99.1%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
KraneShares MSCI All China Index ETF^{Footnote Reference**}			60.0%
KraneShares MSCI Emerging Markets ex China Index ETF^{Footnote Reference**}			39.1%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Dynamic Emerging Markets Strategy ETF: KEM

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KEM-AR-2025

KraneShares Trust

KraneShares Global Luxury Index ETF

Ticker: KLXY

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Global Luxury Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/klxy/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Global Luxury Index ETF	$64	0.69%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KLXY	-13.44	-13.59	-13.30^{Footnote Reference(a)}	3.50^{Footnote Reference(b)}

(a) Solactive Global Luxury Select Index

(b) The Fund is in the Morningstar U.S. ETF Consumer Cyclical Category.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund's current index is the Solactive Global Luxury Select Index (the "Underlying Index"). The Underlying Index is a modified, free float-adjusted market capitalization-weighted index designed to measure the equity performance of companies in developed markets from global luxury-related sectors. The Underlying Index includes companies classified by the FactSet Revere Business Industry Classification system ("RBICS") as being in the travel & leisure, premium ware and apparel, luxury goods, and premium consumer goods industries that include certain luxury-related business descriptions. Solactive AG ("Index Provider") defines developed countries as the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, or United States.

The KraneShares Global Luxury Index ETF considerably underperformed global markets during the Period. This underperformance can be attributed to lackluster earnings from top luxury names and consumption lulls in key markets like China, the United States, and Europe. Additionally, the potential for increased tariffs and protectionism in the United States is expected to weigh on the sector as macroeconomic uncertainty leads to a cautious consumer. Nonetheless, luxury companies continue to breach new markets with rising incomes in Southeast Asia, India, the Middle East, and South America. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Global Luxury Index ETF - $9269	MSCI ACWI Index (Net) (USD) - $12450	Solactive Global Luxury Select Index (NR) (USD)^ - $9347
Sep/23	$10000	$10000	$10000
Mar/24	$10708	$11619	$10782
Mar/25	$9269	$12450	$9347

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares Global Luxury Index ETF	-13.44%	-4.73%
MSCI ACWI Index (Net) (USD)	7.15%	15.01%
Solactive Global Luxury Select Index (NR) (USD)^	-13.30%	-4.22%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on September 6, 2023. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/klxy/ for current month-end performance.

^ As of August 1, 2024, Solactive Global Luxury Index's name changed to Solactive Global Luxury Select Index.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,870,891	28	$21,332	55%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
China	0.7%
Germany	0.8%
United Kingdom	1.0%
Denmark	4.6%
Japan	7.6%
Switzerland	11.3%
Italy	11.5%
United States	23.8%
France	37.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Cie Financiere Richemont, Cl A			9.5%
LVMH Moet Hennessy Louis Vuitton			9.3%
L'Oreal			9.0%
Hermes International			8.0%
EssilorLuxottica			7.0%
Estee Lauder, Cl A			4.6%
Pandora			4.6%
Moncler			4.6%
Tapestry			4.5%
Kao			4.5%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Global Luxury Index ETF: KLXY

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KLXY-AR-2025

KraneShares Trust

KraneShares Rockefeller℠ Ocean Engagement ETF

Ticker: KSEA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Rockefeller℠ Ocean Engagement ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/ksea/. You can also request this information by contacting us at 1-855-857-2638. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Rockefeller℠ Ocean Engagement ETF	$86	0.86%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KSEA^	0.44	-0.41	N/A	-7.73^{Footnote Reference(1)}

^ Fund is actively managed and does not track an Underlying Index.

(1) The Fund is in the Morningstar U.S. ETF Miscellaneous Sector Category.

The KraneShares RockefellerSM Ocean Engagement ETF seeks to provide exposure to the rise of the "blue economy" by allocating to public companies whose business activities are materially based in and actively beneficial for the ocean. The Fund's sub-advisor, Rockefeller Asset Management LLC, proactively engages with companies held by the Fund on ocean-related matters in pursuit of healthier oceans and outperformance versus its benchmark, the MSCI All Country World Index. Holdings include companies from diverse sectors such as aquaculture, commercial fishing, waste management, renewable energy, and logistics, among others.

The Fund underperformed global markets during the Period. This underperformance was largely attributable to the energy and healthcare sectors, the worst-performing sectors within the Fund. Industrial and consumer discretionary names did help boost the Fund's overall performance. The waste management space, to which the Fund maintained a meaningful exposure during the Period, experienced solid returns, driven by a focus on technology and automation and multiple mergers and acquisitions to help improve efficiency.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Rockefeller℠ Ocean Engagement ETF - $10786	MSCI ACWI Index (Net) (USD) - $12401
Sep/23	$10000	$10000
Mar/24	$10739	$11574
Mar/25	$10786	$12401

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares Rockefeller℠ Ocean Engagement ETF	0.44%	4.99%
MSCI ACWI Index (Net) (USD)	7.15%	14.86%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on September 11, 2023. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/ksea/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,646,138	41	$23,111	46%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}^{Footnote Reference^}

Value	Value
Health Care	4.4%
Utilities	6.1%
Information Technology	8.7%
Materials	11.2%
Consumer Discretionary	11.2%
Consumer Staples	17.9%
Industrials	38.5%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Waste Management			4.2%
Crown Holdings			3.9%
Teledyne Technologies			3.7%
Loblaw			3.7%
Republic Services, Cl A			3.5%
Trimble			3.5%
SSE PLC			3.5%
Amazon.com			3.2%
Bureau Veritas			3.2%
Jeronimo Martins			3.2%

Material Fund Changes

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Rockefeller℠ Ocean Engagement ETF: KSEA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KSEA-AR-2025

KraneShares Trust

KraneShares Hedgeye Hedged Equity Index ETF

Ticker: KSPY

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Hedgeye Hedged Equity Index ETF (the "Fund") for the period from July 15, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kspy/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Hedgeye Hedged Equity Index ETF	$50	0.69%

Footnote	Description
Footnote*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KSPY*	2.91	2.71	3.90^{Footnote Reference(a)}	5.71^{Footnote Reference(b)}

*Return since Fund inception on July 15, 2024 (less than one year)

(a) Hedgeye Hedged Equity Index

(b) The Fund is in the Morningstar U.S. ETF Equity Hedged Category.

The KraneShares Hedgeye Hedged Equity Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Hedgeye Hedged Equity Index (the "Underlying Index"). The Underlying Index is designed to track the performance of a portfolio of large-cap securities subject to downside hedging and seeking to exhibit less volatility than a portfolio of large-cap securities alone. The Underlying Index models an investment in the S&P 500 Index, the purchase and sale of put options on the S&P 500 Index and Flexible Exchange^® Options (“FLEX Options”) on an ETF that tracks the S&P 500 Index or a similar large-cap securities index, and the sale of call options on the S&P 500 Index. Fund assets not invested in options are invested in an ETF that seeks to track the S&P 500 Index.

The Fund underperformed the U.S. equity market, as measured by the S&P 500 Index, for most of the Period since its inception. However, the Fund began outperforming the U.S. equity market when U.S. equities entered a downtrend in mid-February 2025. At this point, widespread macroeconomic uncertainty spread among investors regarding tariffs, inflation, and the Federal Reserve's rate cut trajectory due to the Fund's use of a downside hedge against broader market declines. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Hedgeye Hedged Equity Index ETF - $10291	S&P 500 Index (TR) - $10060	Hedgeye Hedged Equity Index (PR) (USD) - $10390
Jul/15/24	$10000	$10000	$10000
Jul/24	$10004	$9810	$10010
Aug/24	$9940	$10048	$10001
Sep/24	$10064	$10262	$10102
Oct/24	$10092	$10169	$10114
Nov/24	$10456	$10766	$10514
Dec/24	$10368	$10509	$10446
Jan/25	$10599	$10802	$10692
Feb/25	$10579	$10661	$10673
Mar/25	$10291	$10060	$10390

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	Cumulative Since Inception
KraneShares Hedgeye Hedged Equity Index ETF	2.91%
S&P 500 Index (TR)	0.60%
Hedgeye Hedged Equity Index (PR) (USD)	3.90%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 15, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kspy/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$13,967,769	4	$40,811	2%

What did the Fund invest in?

S&P 500 Top Constituents^{Footnote Reference*}

Value	Value
UNITEDHEALTH GROUP INC	1.0%
EXXON MOBIL CORP	1.1%
VISA INC-CLASS A SHARES	1.3%
ELI LILLY & CO	1.4%
JPMORGAN CHASE & CO	1.4%
TESLA INC	1.5%
ALPHABET INC-CL C	1.6%
BROADCOM INC	1.7%
ALPHABET INC-CL A	1.9%
BERKSHIRE HATHAWAY INC-CL B	2.1%
META PLATFORMS INC-CLASS A	2.7%
AMAZON.COM INC	3.8%
NVIDIA CORP	5.6%
MICROSOFT CORP	5.9%
APPLE INC	7.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
SPDR S&P 500 ETF Trust			96.1%
Purchased Option - S&P 500 Index, $5,780.00, 04/17/25^{Footnote Reference(1)}			3.3%
Written Option - SPDR S&P 500 Index, $576.67, 04/17/25^{Footnote Reference(1)}			-0.4%
Written Option - S&P 500 Index, $5,520.00, 04/17/25^{Footnote Reference(1)}			-1.1%

Footnote	Description
Footnote⁽¹⁾	At market value.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Hedgeye Hedged Equity Index ETF: KSPY

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KSPY-AR-2025

KraneShares Trust

KraneShares Artificial Intelligence and Technology ETF

Ticker: AGIX

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Artificial Intelligence and Technology ETF (the "Fund") for the period from July 17, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/agix/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Artificial Intelligence and Technology ETF	$70	0.99%

Footnote	Description
Footnote*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
AGIX*^	-1.24	-1.52	N/A	2.49^{Footnote Reference(1)}

*Return since Fund inception on July 17, 2024 (less than one year)

^ Fund is actively managed and does not track an Underlying Index

(1) The Fund is in the Morningstar U.S. ETF Technology Category.

Under normal circumstances, the KraneShares Artificial Intelligence & Technology ETF invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of artificial intelligence (AI) and technology companies and other instruments that have economic characteristics similar to such securities. The Fund considers a company to be an "AI and Technology" company if it is classified in the Technology economy within the FactSet Revere Business Industry Classification system (RBICS), which requires a company to generate at least 50% of its revenue from within the Technology economy, and has an AI Exposure Score greater than zero. An "AI and Technology" company will generally operate in the following industries, as categorized by RBICS: computer peripherals, data processing services, information technology services, internet retail, internet software/services, packaged software, semiconductors, or telecommunications equipment. An AI Exposure Score is a proprietary score used by the Underlying Index (as defined below) that attempts to quantify the exposure of a company with regard to AI. It is measured in a range from 0 (no exposure) to 5 (highest exposure) and is based on the company's public business descriptions, public filings, press releases, and financial disclosures that directly indicate involvement in AI-related business or the incorporation of AI technologies into their key operations, offerings and research and development activities.

U.S. AI equities underperformed global equities, as measured by the MSCI ACWI, during the Period. Uncertainty surrounding tariffs, the U.S. Federal Reserve's rate cut trajectory, and inflation weighed on U.S.-listed equities. The Fund's holdings in AI stocks were disproportionately affected due to their elevated valuations at launch. The Fund acquired a position in the privately-held company Anthropic during the Period.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Artificial Intelligence and Technology ETF - $9876	S&P 500 Index (TR) - $10138	Solactive Etna Artificial General Intelligence Index (NR) (USD) - $9724
Jul/17/24	$10000	$10000	$10000
Jul/24	$9748	$9885	$9693
Aug/24	$9832	$10125	$9764
Sep/24	$10164	$10341	$10090
Oct/24	$10284	$10247	$10226
Nov/24	$11272	$10849	$11211
Dec/24	$11389	$10590	$11328
Jan/25	$12056	$10885	$12000
Feb/25	$11285	$10743	$11172
Mar/25	$9876	$10138	$9724

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	Cumulative Since Inception
KraneShares Artificial Intelligence and Technology ETF	-1.24%
S&P 500 Index (TR)	1.38%
Solactive Etna Artificial General Intelligence Index (NR) (USD)	-2.76%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 17, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/agix/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$22,140,948	45	$72,002	49%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Industrials	0.9%
Health Care	1.5%
Consumer Discretionary	10.1%
Communication Services	13.2%
Information Technology	74.1%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Meta Platforms, Cl A			8.0%
Microsoft			6.0%
Amazon.com			5.2%
Anthropic			4.5%
Apple			4.1%
NVIDIA			4.0%
Alphabet, Cl A			3.5%
Salesforce			3.5%
ServiceNow			3.3%
SAP			3.2%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Artificial Intelligence and Technology ETF: AGIX

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2025

AGIX-AR-2025

KraneShares Trust

KraneShares Sustainable Ultra Short Duration Index ETF

Ticker: KCSH

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Sustainable Ultra Short Duration Index ETF (the "Fund") for the period from July 25, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kcsh/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Sustainable Ultra Short Duration Index ETF	$14	0.20%

Footnote	Description
Footnote*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KCSH*	3.43	3.43	3.51^{Footnote Reference(a)}	5.51^{Footnote Reference(b)}

*Return since Fund inception on July 25, 2024 (less than one year)

(a) Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index

(b) The Fund is in the Morningstar U.S. ETF Ultrashort Bond Category

The KraneShares Sustainable Ultra Short Duration Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Solactive ISS Sustainable Select 0-1 Year USD Corporate Investment Grade (“IG”) Index (the "Underlying Index"). The Underlying Index is designed to measure the performance of U.S. dollar denominated investment grade corporate debt securities with a maturity of up to one year that are compatible with the principal objective of the Paris Agreement, which seeks to limit temperature increases in this century to well below 2 degrees Celsius, and preferably to 1.5 degrees Celsius, above pre-industrial levels (i.e., carbon reduction target levels).

Volatility in global markets led to a shift toward the relative safety of cash-like investments, contributing to the Fund's positive performance for the Period. Furthermore, potential tariffs increased uncertainty around future inflation and interest rate trends, leading to increased demand for ultrashort bonds, which carry less interest rate risk than longer-term fixed income instruments. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares Sustainable Ultra Short Duration Index ETF - $10343	Bloomberg U.S. Aggregate Bond Index (TR) (USD) - $10366	Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (TR) (USD) - $10351
Jul/25/24	$10000	$10000	$10000
Jul/24	$10012	$10121	$10012
Aug/24	$10065	$10266	$10065
Sep/24	$10112	$10404	$10116
Oct/24	$10148	$10146	$10153
Nov/24	$10185	$10253	$10192
Dec/24	$10226	$10085	$10235
Jan/25	$10272	$10139	$10277
Feb/25	$10304	$10362	$10311
Mar/25	$10343	$10366	$10351

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	Cumulative Since Inception
KraneShares Sustainable Ultra Short Duration Index ETF	3.43%
Bloomberg U.S. Aggregate Bond Index (TR) (USD)	3.66%
Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (TR) (USD)	3.51%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 25, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kcsh/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$210,406,563	177	$295,041	0%

What did the Fund invest in?

Maturity Weightings^{Footnote Reference*}^{Footnote Reference^}

Value	Value
9-12 Months	13.8%
6-9 Months	11.7%
3-6 Months	21.0%
0-3 Months	47.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
Microsoft	3.125%	11/03/25	1.4%
Manufacturers & Traders Trust	4.650%	01/27/26	1.3%
Truist Financial	3.700%	06/05/25	1.0%
Toronto-Dominion Bank	1.150%	06/12/25	1.0%
American Express	4.900%	02/13/26	1.0%
Bank of Nova Scotia	4.750%	02/02/26	1.0%
Australia & New Zealand Banking Group NY	5.375%	07/03/25	1.0%
Bank of Nova Scotia	5.450%	06/12/25	1.0%
Royal Bank of Canada	4.950%	04/25/25	1.0%
United Parcel Service	3.900%	04/01/25	1.0%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Sustainable Ultra Short Duration Index ETF: KCSH

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KCSH-AR-2025

KraneShares Trust

KraneShares China Alpha Index ETF

Ticker: KCAI

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares China Alpha Index ETF (the "Fund") for the period from August 27, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kcai/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares China Alpha Index ETF	$50	0.79%

Footnote	Description
Footnote*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
KCAI*	11.02	10.93	11.78^{Footnote Reference(a)}	26.92^{Footnote Reference(b)}

*Return since Fund inception on August 27, 2024 (less than one year)

(a) Qi China Alpha Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category.

The KraneShares Qi China Alpha Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Qi China Alpha Index (the "Underlying Index"). The Underlying Index seeks to provide a total return that exceeds the CSI 300 Index (the "Benchmark Index") using an automated algorithmic machine learning investment process ("AI Process") developed by Quant Insight Ltd. ("Index Provider"). The CSI 300 Index is a free-float capitalization-weighted index that tracks the performance of China A-Shares issued by the 300 largest companies by market capitalization and liquidity traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange.

The Fund underperformed China's broad equity market, as represented by the MSCI China All Shares Index, during the Period, due to its investing only in China’s A-shares market during a period when China’s offshore issuers recorded higher performance. The Fund’s overweight to Financials and Industrials and underweight to both Information Technology and Consumer Discretionary led it to underperform the Benchmark Index.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares China Alpha Index ETF - $11102	MSCI China All Shares Index (Net) (USD) - $12627	Qi China Alpha Index - $11178
Aug/27/24	$10000	$10000	$10000
Aug/24	$10108	$10086	$10116
Sep/24	$11756	$12426	$11808
Oct/24	$10988	$11770	$11046
Nov/24	$10784	$11390	$10847
Dec/24	$11057	$11561	$11128
Jan/25	$11098	$11525	$11179
Feb/25	$10938	$12454	$11013
Mar/25	$11102	$12627	$11178

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	Cumulative Since Inception
KraneShares China Alpha Index ETF	11.02%
MSCI China All Shares Index (Net) (USD)	26.27%
Qi China Alpha Index	11.78%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on August 27, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/kcai/ for current month-end performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$10,858,680	35	$44,215	149%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Consumer Discretionary	8.7%
Information Technology	14.5%
Materials	15.7%
Industrials	17.2%
Financials	43.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Zijin Mining Group, Cl A			3.6%
COSCO SHIPPING Holdings, Cl A			3.3%
Eoptolink Technology, Cl A			3.3%
Huaxia Bank, Cl A			3.3%
Satellite Chemical, Cl A			3.3%
Bank of Shanghai, Cl A			3.2%
China Construction Bank, Cl A			3.2%
China Galaxy Securities, Cl A			3.2%
Fuyao Glass Industry Group, Cl A			3.2%
Shanghai International Port Group, Cl A			3.2%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares China Alpha Index ETF: KCAI

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KCAI-AR-2025

KraneShares Trust

KraneShares Man Buyout Beta Index ETF

Ticker: BUYO

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares Man Buyout Beta Index ETF (the "Fund") for the period from October 7, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/buyo/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Man Buyout Beta Index ETF	$41	0.89%

Footnote	Description
Footnote*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2025 ("Period"), the Fund delivered the following returns:

Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)	Morningstar Peer Group Median Return (%)
BUYO*	-9.16	-9.20	-8.73^{Footnote Reference(a)}	1.24^{Footnote Reference(b)}

*Return since Fund inception on October 7, 2024 (less than one year)

(a) Man Buyout Beta Index

(b) The Fund is in the Morningstar U.S. ETF Mid-Cap Blend Category

The KraneShares Man Buyout Beta Index ETF seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific equity securities index. The Fund's current index is the Man Buyout Beta Index (the "Underlying Index"). The Underlying Index is designed to provide a proxy for private equity performance and risk exposures by focusing on small- and mid-capitalization stocks with characteristics similar to companies in private equity buyout funds. A "buyout" fund is a type of fund that targets companies for acquisition or control in an attempt to enhance the value of those acquired companies. The Fund does not invest directly in private equity funds or the privately-held shares of companies, and the Fund will not attempt to acquire or control private companies.

The Fund slightly underperformed the small to mid-capitalization U.S. equity market, as represented by the Russell 2,500 Index, during the Period. Small to mid-capitalization stocks are generally affected disproportionately during times of macroeconomic uncertainty. Heightened levels of uncertainty were introduced in mid-February 2025, which weighed on the companies held within the Fund. During the Period, a New Mexico utility company held by the Fund entered into strategic talks with a private buyer about a potential takeover. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$10,216,953	304	$46,688	27%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Utilities	1.9%
Energy	2.7%
Consumer Staples	3.7%
Communication Services	5.0%
Materials	7.6%
Financials	8.7%
Health Care	11.7%
Consumer Discretionary	13.1%
Industrials	20.1%
Information Technology	25.5%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Elastic			1.7%
Encompass Health			1.6%
News			1.5%
Nutanix, Cl A			1.4%
Q2 Holdings			1.2%
Option Care Health			1.1%
QIAGEN			1.1%
Light & Wonder			1.0%
Pegasystems			1.0%
Pentair			1.0%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

Householding

KraneShares Trust

KraneShares Man Buyout Beta Index ETF: BUYO

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

BUYO-AR-2025

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, and any person who performs a similar function. During the period covered by the report, there were no amendments to the code of ethics, and the Registrant did not grant any waivers from a provision of the code of ethics.

(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has an audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert, John Ferguson, is an independent trustee as defined in Form N-CSR Item 3 (a)(2).

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

(1) These services included tax return preparation and tax compliance for the Funds.

(e)(1) Pursuant to the requirements of the Sarbanes-Oxley Act of 2002, the SEC adopted Rule 2-01 under Regulation S-X, which, among other things, requires a fund’s audit committee to pre-approve certain audit and non-audit services that are provided by its independent auditors in order to ensure the auditors’ independence. The Registrant’s Board of Trustees has established an Audit Committee that has been charged with, among other things, assisting the Board of Trustees in its oversight of: the Registrant’s independent auditors; preapproving all audit and non-audit services provided by the Registrant’s independent auditors; the integrity of the Funds’ financial statements; the independent auditors’ qualifications and independence; and the use of appropriate accounting principles.

(e)(2) Percentage of fees billed applicable to non-audit services approved pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) were as follows for KPMG:

(g) The aggregate non-audit fees and services billed by KPMG for the last two fiscal years were $0 and $0, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of the Registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

(a) The Registrant has a separately-designated standing Audit Committee, which is composed of the Registrant’s Independent Trustees, Messrs. Luis Berruga, John Ferguson and Matthew Stroyman.

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

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

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

As of March 31, 2025, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

The following summarizes the market value of the Fund’s investments used as of March 31, 2025, based on the inputs used to value them:

As of March 31, 2025, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

The following summarizes the market value of the Fund’s investments used as of March 31, 2025, based on the inputs used to value them:

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

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2025, based on the inputs used to value them:

Transactions with affiliated companies during the year ended March 31, 2025 are as follows:

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

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2025, based on the inputs used to value them:

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

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2025, based on the inputs used to value them:

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

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

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2025, based on the inputs used to value them:

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

The following summarizes the market value of the Fund’s investments used as of March 31, 2025, based on the inputs used to value them:

Transactions with affiliated companies during the year ended March 31, 2025 are as follows:

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

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

The following summarizes the market value of the Fund’s investments used as of March 31, 2025, based on the inputs used to value them:

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

Glossary (abbreviations used in preceding Schedules of Investments/Consolidated Schedules of Investments):

Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities

Statement of Assets and Liabilities/Consolidated Statements of Assets and Liabilities

KraneShares Trust (the “Trust”) is a Delaware Statutory Trust formed on February 3, 2012. The Trust is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an open-end management investment company. As of March 31, 2025, the Trust had 32 operational series. The financial statements herein and the related notes pertain to the following 26 series: KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Income USD Bond ETF (formerly, KraneShares Asia Pacific High Income Bond ETF), KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares Global Carbon Strategy ETF, KraneShares Value Line^® Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF (formerly, KFA Mount Lucas Managed Futures Index Strategy ETF), KraneShares SSE STAR Market 50 Index ETF, KraneShares Hang Seng TECH Index ETF, KraneShares European Carbon Allowance Strategy ETF, KraneShares California Carbon Allowance Strategy ETF, KraneShares KWEB Covered Call Strategy ETF (formerly, KraneShares China Internet and Covered Call Strategy ETF), KraneShares Dynamic Emerging Markets Strategy ETF, KraneShares Global Luxury Index ETF, KraneShares Rockefeller℠ Ocean Engagement ETF, KraneShares Hedgeye Hedged Equity Index ETF, KraneShares Artificial Intelligence and Technology ETF, KraneShares Sustainable Ultra Short Duration Index ETF, KraneShares China Alpha Index ETF and KraneShares Man Buyout Beta Index ETF (each, a “Fund” and collectively, the “Funds”). KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares Value Line Dynamic Dividend Equity Index ETF and KraneShares Dynamic Emerging Markets Strategy ETF are diversified Funds. All other Funds are non-diversified Funds, as defined under Section 5(b)(1) of the Investment Company Act. Krane Funds Advisors, LLC (“Krane” or the “Adviser”), a Delaware limited liability company, serves as the investment adviser for the Funds and is subject to the supervision of the Board of Trustees (the ‘‘Board’’). The Adviser is responsible for managing the investment activities of the Funds, the Funds’ business affairs and other administrative matters. The Adviser may use sub-advisers (each, a “Sub-Adviser” or collectively, the “Sub-Advisers”) to perform the day-to-day management of the Funds.

China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited owns a majority stake in Krane. As of March 31, 2025, Central Huijin Investment Limited, a mainland Chinese-domiciled entity, and HKSCC Nominees Limited, held approximately 40.1% and 39.4%, respectively, of the shares of China International Capital Corporation Limited. Central Huijin Investment Limited is a wholly-owned subsidiary of China Investment Corporation, which is a mainland Chinese sovereign wealth fund. KFA One Holdings, LLC, located at 280 Park Avenue 32^nd Floor, New York, New York, 10017, holds the remaining equity interests in Krane and Jonathan Krane, through his equity interests in KFA One Holdings, LLC, beneficially owns more than 10% of the equity interests in Krane.

The KFA Global Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares Global Carbon Strategy ETF, KFA MLM Index Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares European Carbon Allowance

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

Strategy ETF and KraneShares California Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares California Carbon Allowance Strategy ETF (each, a “Subsidiary”). Each Subsidiary is organized under the laws of the Cayman Islands as an exempt limited company. Information regarding the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF and their respective subsidiaries have been consolidated in the Consolidated Schedule of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights.

Shares of all Funds except KraneShares Artificial Intelligence and Technology ETF are listed and traded on the NYSE Arca, Inc. (the “NYSE”). Shares of KraneShares Artificial Intelligence and Technology ETF are listed and traded on the NASDAQ Stock Market LLC (“NASDAQ” and together with NYSE, each an “Exchange”). Market prices for Fund shares (“Shares”) may be different from their net asset value (“NAV”). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares each called a “Creation Unit”. This does not mean, however, that individual investors will be able to redeem and purchase Shares directly with the series of the Trust. Only Authorized Participants can redeem and purchase Creation Units of Shares directly. Each Fund will issue and redeem Shares for a basket of securities and/or a balancing cash amount. Individual shares trade in the secondary market at market prices that change throughout the day.

At March 31, 2025, all shares issued by the Funds were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Funds). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Funds’ Distributor.

The investment objective of each of the following Funds is to seek to provide a total return or investments results that (before fees and expenses) tracks the performance of its respective index listed below (each, an “Underlying Index”):

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

KraneShares Asia Pacific High Income USD Bond ETF seeks to provide a total return that, before fees and expenses, exceeds that of the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (the “Benchmark Index”) over a complete market cycle. KraneShares Asia Pacific High Income USD Bond ETF is actively managed and does not track an index.

KraneShares Dynamic Emerging Markets Strategy ETF seeks growth of capital. KraneShares Dynamic Emerging Markets Strategy ETF is actively managed and does not track an index.

KraneShares KWEB Covered Call Strategy ETF seeks to provide current income. KraneShares KWEB Covered Call Strategy ETF intends to invest in KraneShares CSI China Internet ETF (“Underlying Fund”), which is an exchange-traded fund advised by Krane that seeks to track its Underlying Index, and to write (sell) covered call options on the Underlying Fund. KraneShares KWEB Covered Call Strategy ETF intends to write covered call options on the Underlying Fund on the full amount of its investment in the Underlying Fund. KraneShares KWEB Covered Call Strategy ETF is actively managed and does not track an index.

KraneShares Rockefeller℠ Ocean Engagement ETF seeks long-term growth of capital. The KraneShares Rockefeller℠ Ocean Engagement ETF is actively managed and does not track an index.

KraneShares Artificial Intelligence and Technology ETF seeks growth of capital. With respect to its investments in instruments in the Solactive Etna Artificial General Intelligence Index (“Underlying Index”), KraneShares Artificial Intelligence and Technology ETF seeks to provide investment results that, before fees and expenses, track the performance of its Underlying Index. KraneShares Artificial Intelligence and Technology ETF also may invest in the securities of private companies with exposure to artificial intelligence businesses, which are not securities included in its Underlying Index. KraneShares Artificial Intelligence and Technology ETF is actively managed and does not track an index.

The following is a summary of the significant accounting policies followed by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION — The NAV per share of each Fund is computed by dividing the value of the net assets of a Fund (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares of a Fund outstanding, rounded to the nearest cent. Expenses and fees, including without limitation, the management, administration and distribution fees, are accrued daily and taken into account for purposes of determining NAV. The NAV per share for each Fund normally is calculated by the Administrator (as defined below) and determined as of the regularly scheduled close of normal trading on each day that the NYSE is scheduled to be open for business (normally 4:00 p.m., Eastern Time). Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Securities listed on a securities exchange (i.e., exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund’s NAV is calculated if a security’s exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value.

The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. The exchange rates used for valuation are captured as of the close of the London Stock Exchange each day normally at 4:00 p.m. Greenwich Mean Time.

The value of a swap contract is equal to the obligation (or rights) under the swap contract, which will generally be equal to the net amounts to be paid or received under the contract based upon the relative values of the positions held by each party to the contract as determined by the applicable independent, third party pricing agent.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

Swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of the exchange on which they are listed. The daily settlement prices for centrally cleared swaps are provided by an Independent Pricing Agent. Swaps which are not centrally cleared are priced based on valuations provided by an Independent Pricing Agent.

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index, or basket of stocks (the “equity leg” of the swap) in return for interest payment(s) calculated based on the notional amount of the swap (the “financing leg” of the swap). Each leg of the swap is valued separately, and the net amount of the two legs is included in the Fund’s net asset value. The value of the equity leg of the swap is provided by an Independent Pricing Agent based on the value of the financial instrument underlying the swap. The value of the financing leg of the swap is systematically calculated by the Fund’s accounting agent based on the details of the swap.

Exchange-traded options, except as discussed below for FLEX options, are valued at the mean of their most recent bid and asked price, if available, and otherwise, long positions will be valued at the most-recent bid price, and short positions will be valued at the most-recent ask price. Over-the-counter (“OTC”) options are valued based upon prices determined by the applicable independent, third party pricing agent. FLEX (short for flexible) options are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX option occurs, the trade price will be used to value such FLEX options in lieu of the model price.

Futures are valued at the settlement price established by the board of trade on which they are traded. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate and the 30-, 60-, 90- and 180-day forward rates provided by an independent pricing agent.

As of and during the year ended March 31, 2025, the Funds did not hold swaps or foreign currency forward contracts. Securities issued by a wholly owned subsidiary of a Fund will be valued at the subsidiary’s net asset value, which will be determined using the same pricing policies and procedures applicable to the Fund.

Investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described above).

On certain days, the settlement price for futures may not be available at the time the Fund calculates its NAV. On such days, the best available price (which is typically the last trade price) may be used to value futures.

Investments for which market prices are not ‘‘readily available,’’ or are not deemed to reflect current market values, or are debt securities where no evaluated price is available from third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Adviser’s valuation policies and procedures approved by the Board. Some of the more common reasons that may necessitate that a security be valued using ‘‘fair value’’ pricing may include, but are not limited to: the security’s trading has been halted or suspended; the security’s primary trading market is temporarily closed; or the security has not been traded for an extended period of time.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

In addition, a Fund may fair value its securities if an event that may materially affect the value of a Fund’s securities that trade outside of the United States (a ‘‘Significant Event’’) has occurred between the time of the security’s last close and the time that a Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Krane becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which a Fund calculates its NAV, it will notify the Administrator and may request that an ad hoc meeting of the Fair Value Pricing Committee be called.

With respect to trade-halted securities, the Adviser typically will fair value a trade-halted security by adjusting the security’s last market close price by the security’s sector performance, as measured by a predetermined index, unless Krane’s Fair Value Pricing Committee determines to make additional adjustments. Certain foreign securities exchanges have mechanisms in place that confine one day’s price movement in an individual security to a pre-determined price range based on that day’s opening price (“Collared Securities”). Fair value determinations for Collared Securities will generally be capped based on any applicable pre-determined “limit down” or “limit up” prices established by the relevant foreign securities exchange. As an example, China A-Shares can only be plus or minus ten percent in one day of trading in the relevant mainland China equity market. As a result, the fair value price determination on a given day will generally be capped plus or minus ten percent.

Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could actually be realized upon the sale of the security or that another fund that uses market quotations or its own fair value procedures to price the same securities. In addition, fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by its Underlying Index, if any. This may adversely affect a Fund’s ability to track its Underlying Index.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day (a “Business Day”, as used herein, is any day on which the Exchange is open for business). In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which a Fund’s NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of a Fund’s portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur.

Fund shares are purchased or sold on a national securities exchange at market prices, which may be higher or lower than NAV. Transactions in Fund shares will be priced at NAV only if shares are purchased or redeemed directly from a Fund in Creation Units. No secondary sales will be made to brokers or dealers at concession by the Distributor or by a Fund. Purchases and sales of shares in the secondary market, which will not involve a Fund, will be subject to customary brokerage commissions and charges.

With respect to the securities of private companies, the Administrator will obtain the price of private company securities from the Valuation Designee, who will determine their fair value using various inputs, including observable data such as cost basis, primary financing rounds, tender offers, and secondary market activity. The Valuation Designee will also consider pricing from independent

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

pricing experts¹, comparables of public and private companies, and relevant market news. While primary financing rounds, tender offers, and cost basis are expected to be the main drivers of fair value, all factors will be considered. A daily dashboard will be stored to record data being considered. In addition to conducting a pricing and trend analysis on the data received from the independent pricing experts, the Valuation Designee will take business cycle, market depth, transaction size and other relevant factors into consideration when reviewing observable data and will periodically assess the pricing methodology used by the independent pricing experts.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date.

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost).

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, broker quotes, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, refer to each Fund’s Schedule of Investments.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2025. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute annually all or substantially all of its taxable income and gains to shareholders. Accordingly, no provisions for federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of March 31, 2025, management of the Funds has reviewed all open tax years since inception and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Interest income is recognized on the accrual basis from the settlement date and includes the amortization of premiums and the accretion of discount calculated using the effective interest method.

Dividend income received from affiliated funds is recognized on the ex-dividend date and is recorded as income distributions in the Statements of Operations/Consolidated Statements of Operations. Capital gain distributions received from affiliated funds are recognized on ex-dividend date and are recorded on the Statement of Operations as such. Costs used in determining realized gains and losses on the sales of affiliated funds are on the basis of specific identification. See details on the Statements of Operations/Consolidated Statements of Operations.

FOREIGN CURRENCY — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

FUTURES — The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF will each utilize its respective Subsidiary for purposes of

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

investing in commodity futures that are the same as or similar to those included in the Index. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

As of March 31, 2025, the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF had open futures contracts. Refer to each Fund’s Consolidated Schedule of Investments for details regarding open futures contracts as of March 31, 2025.

For the year ended March 31, 2025, the average monthly notional amount of futures contracts were as follows:

OPTIONS — The KraneShares KWEB Covered Call Strategy ETF writes (sells) at the money FLexible EXchange^® call options (“FLEX options”) on the KraneShares CSI China Internet ETF (“Underlying Fund”). The KraneShares KWEB Covered Call Strategy ETF will cover such options by holding the Underlying Fund. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Each FLEX option written by KraneShares KWEB Covered Call Strategy ETF will generally (i) have an expiration date greater than 30 days; (ii) have an exercise price generally at the prevailing market price of the Underlying Fund; and (iii) be traded on a national securities exchange. The KraneShares KWEB Covered Call Strategy ETF will attempt to hold each FLEX option written until expiration. However, if there are redemptions in the KraneShares KWEB Covered Call Strategy ETF it may not be able to hold such options until expiration. In addition, each FLEX option written generally will only be subject to exercise on its expiration date.

KraneShares Hedgeye Hedged Equity Index ETF utilizes both European-style exchange-traded options on the S&P 500 Index and FLEX options on an ETF that seeks to track the S&P 500 Index or a similar large cap securities index. European-style options are option contracts, which are exercisable at the strike price only on the expiration date. The Fund’s current index is the Hedgeye Hedged Equity Index (the “Underlying Index”), which uses Hedgeye Risk Management, LLC’s Risk Range™ signals to determine whether to buy and/or sell such put and call options, and at what strike prices. The Fund may weight the put and call options differently than the Underlying Index and may buy and sell put and call options on different dates than the Underlying Index.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

As of March 31, 2025, the KraneShares KWEB Covered Call Strategy ETF and KraneShares Hedgeye Hedged Equity Index ETF had open written option positions. As of March 31, 2025, the KraneShares Hedgeye Hedged Equity Index ETF had open purchased option positions. Refer to the Schedule of Investments for details regarding open options as of March 31, 2025. All options held during the year were equity options.

For the year ended March 31, 2025, the average monthly notional amount of written option contracts were as follows:

For the year ended March 31, 2025, the average monthly notional amount of purchased option contracts were as follows:

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund, except for the KraneShares Asia Pacific High Income USD Bond ETF, KraneShares KWEB Covered Call Strategy ETF, KraneShares Value Line^® Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance Strategy ETF, KraneShares California Carbon Allowance Strategy ETF and KraneShares Sustainable Ultra Short Duration Index ETF, intends to pay out dividends, if any, at least annually; the KraneShares Asia Pacific High Income USD Bond ETF, KraneShares KWEB Covered Call Strategy ETF and KraneShares Sustainable Ultra Short Duration Index ETF intend to pay out net investment income, if any, at least monthly. The KraneShares Value Line^®Dynamic Dividend Equity Index ETF typically distributes any net investment income quarterly. The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF may pay out net investment income, if any, at least semi-annually in June and December, but may pay such income as frequently as quarterly. The Funds pay out to their shareholders net realized capital gains, if any, once a year (usually in December). Each Fund may make distributions on a more frequent basis. Each Fund reserves the right to declare special distributions, including if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a regulated investment company under Subchapter M of the Code, or to avoid imposition of income or excise taxes on undistributed income.

Effective January 1, 2025, KraneShares KWEB Covered Call Strategy ETF currently intends to distribute on a monthly basis its option premium income so that the Fund’s monthly distribution percentage does not exceed 2% of net asset value. The Fund’s distribution in December may exceed this amount in order for the Fund to continue to qualify as a regulated investment company.

CASH OVERDRAFT CHARGES — Per the terms of an agreement with Brown Brothers Harriman & Co. (“BBH”), the Funds’ Custodian, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of the BBH Overdraft Base Rate plus 2.00%. Cash overdraft charges, if applicable, are included in “Interest Expense” on the Statements of Operations/Consolidated Statements of Operations.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

SECURITIES LENDING — The Funds may lend securities from their portfolios to brokers, dealers and other financial institutions. In connection with such loans, a Fund remains the beneficial owner of the loaned securities and continues to receive payments in amounts approximately equal to the interest, dividends or other distributions payable on the loaned securities. A Fund also has the right to terminate a loan at any time. A Fund does not have the right to vote on securities while they are on loan. Loans of portfolio securities will not exceed 33 1/3% of the value of a Fund’s total assets (including the value of all assets received as collateral for the loan). A Fund will receive collateral in an amount equal to at least 100% of the current market value of the loaned securities. If the collateral consists of cash, a Fund will reinvest the cash and pay the borrower a pre-negotiated fee or “rebate” from any return earned on the investment. Should the borrower of the securities fail financially, a Fund may experience delays in recovering the loaned securities or exercising its rights in the collateral. In a loan transaction, a Fund will also bear the risk of any decline in value of securities acquired with cash collateral. Krane and a sub-adviser are subject to potential conflicts of interest because the compensation paid to them increases in connection with any net income received by a Fund from a securities lending program. Each Fund pays Krane 10% of any net monthly income received from the investment of cash collateral and loan fees received from borrowers in respect of each securities loan (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers) (see Note 4).

CREATION UNITS — The Funds issue and redeem Shares at NAV and only in large blocks of Shares (each block of Shares for a Fund is a Creation Unit of 25,000 Shares, 50,000 Shares, 100,000 Shares, or multiples thereof). In its discretion, the Trust reserves the right to increase or decrease the number of each Fund’s shares that constitute a Creation Unit.

Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees when buying or selling Shares. If a Creation Unit is purchased or redeemed for cash, a higher transaction fee may be charged.

The Adviser may adjust the transaction fees from time to time based on actual experience.

CASH AND CASH EQUIVALENTS — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

The following tables are exposure by type of risk on derivatives held throughout the year.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

Change in realized appreciation or (depreciation) on derivatives recognized in income:

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

INVESTMENT ADVISORY AGREEMENT — The Adviser serves as investment adviser to each Fund pursuant to an Investment Advisory Agreement between the Trust on behalf of each Fund and the Adviser (the “Agreement”). Under the Agreement, Krane is responsible for reviewing, supervising and administering each Fund’s investment program and the general management and administration of the Trust. In addition to these services, to the extent a Fund engages in securities lending, Krane will: (i) determine which securities are available for loan and notify the securities lending agent for a Fund (the “Agent”), (ii) monitor the Agent’s activities to ensure that securities loans are effected in accordance with Krane’s instructions and in accordance with applicable procedures and guidelines adopted by the Board, (iii) make recommendations to the Board regarding the Fund’s participation in securities lending; (iv) prepare appropriate periodic reports for, and seek appropriate periodic approvals from, the Board with respect to securities lending activities, (v) respond to Agent inquiries concerning the Agent’s activities, and (vi) such other related duties as Krane deems necessary or appropriate. The Board supervises Krane and establishes policies that Krane must follow in its management activities.

The Agreement requires the Adviser to pay all operating expenses of the Funds, except: (a) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes); (b) expenses of the Funds incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions and short sale dividend or interest expense; (c) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the Investment Company Act, including distribution fees; (d) “Acquired Fund Fees and Expenses” (as defined by Form N-1A under the Investment Company Act); (e) litigation expenses; (f) the compensation payable to the Adviser under the Agreement; (g) compensation and expenses of the Independent Trustees (including any fees of independent legal counsel to the Independent Trustees); and (h) any expenses determined to be extraordinary expenses by the Board. In addition, under the Agreement, while the fees and expenses related to the Funds’ securities lending-related activities reduce the gross revenues and income of the Funds from such activities, they are not fees and expenses for which Krane is responsible.

Each Agreement provides that each Fund pays a unitary (or unified) fee to the Adviser for advisory and management services provided to the Fund, subject to the exceptions noted herein. In this context, there exists a risk that a Trust service provider will seek recourse against the Trust if it is not timely paid by Krane for the fees and expenses for which it is responsible, which could materially adversely affect the Funds. Pursuant to the Agreement between the Trust and the Adviser, the Funds below pay the Adviser a fee, which is calculated daily and paid monthly, at the following annual rates, based on a percentage of the average daily net assets of each Fund. In addition, as compensation for the services provided by the Adviser in connection with any securities lending-related activities, each Fund pays the Adviser 10% of the monthly investment income received from the investment of cash collateral and loan fees received from borrowers in respect to securities loans (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers), included on the Statements of Operations/Consolidated Statements of Operations as “Security Lending Fees”.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

The Adviser bears all of its own costs associated with providing these advisory services.

Pursuant to the terms of Fee Waiver Agreements, Krane has contractually agreed to waive its management fee for the below listed Funds by the following amounts of the Fund’s average daily net assets until August 1, 2025. The Fee Waiver Agreements may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreements will terminate if the Agreement for a Fund is terminated.

SUB-ADVISORY AGREEMENT — Bosera Asset Management (International) Co., Ltd. (“Bosera”), operating out of Hong Kong, serves as the Sub-Adviser to the KraneShares Bosera MSCI China A 50 Connect Index ETF and KraneShares SSE STAR Market 50 Index ETF and is responsible for the

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

day-to-day management of the Funds, subject to the supervision by the Adviser and the Board. As of January 1, 2024, Krane pays Bosera fifteen (15%) percent of the net revenue received by Krane from KraneShares Bosera MSCI China A 50 Connect Index ETF under the Investment Advisory Agreement. Prior to that date, Krane paid Bosera fifty (50%) percent of the net revenue received by Krane from the Fund. For the services Bosera provides to KraneShares SSE STAR Market 50 Index ETF, the Adviser pays Bosera a twelve basis points (0.12%) sub-advisory fee based upon the monthly average assets under management of KraneShares SSE STAR Market 50 Index ETF.

Nikko Asset Management Americas Inc. (“Nikko”) serves as the investment sub-adviser to KraneShares Asia Pacific High Income USD Bond ETF. Nikko is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board. Nikko delegates to its affiliate Nikko Asset Management Asia, Ltd. (“Nikko Asia”), a registered investment adviser with the SEC, certain of its responsibilities for the management of the Fund. Krane has entered into a Sub-Advisory Agreement with Nikko pursuant to which Krane has agreed to pay Nikko 36.77% of the sum of: (i) the total gross advisory fee due to the Adviser from the Fund under the terms of the Agreement minus (ii) any applicable fee waivers from time to time entered into between the Fund and the Adviser.

Climate Finance Partners LLC (“CFP”) serves as the Sub-Adviser of the KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF. CFP provides non-discretionary sub-advisory services to the Funds, which includes advice, research and subject matter expertise related to the Funds’ investments and the monitoring of such investments. For the services CFP provides to KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF, the Adviser pays CFP a fee equal to 32% of the Net Revenue received by Krane from each Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Advisory Agreement minus gross fund-related expenses (including any waiver by Krane of its compensation under the Advisory Agreement and any reimbursements by Krane of the Fund’s expenses).

Mount Lucas Index Advisers LLC (“MLIA”) serves as the Sub-Adviser of the KraneShares Mount Lucas Managed Futures Index Strategy ETF. For the services MLIA provides to the Fund, the Adviser pays MLIA a fee equal to 32% of the Net Revenue received by Krane from the Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Agreement minus gross fund-related expenses (including any waiver by Krane of its compensation under the Agreement and any reimbursements by Krane of the Fund’s expenses).

Rockefeller & Co. LLC (“Rockefeller”) serves as the investment sub-adviser to the KraneShares Rockefeller℠ Ocean Engagement ETF. Rockefeller is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board. For the services it will provide, Krane pays Rockefeller a fee equal to thirty five percent (35%) of the difference of: (i) the total gross advisory fee paid to Krane by the Fund under the terms of the Agreement minus (ii) any applicable fee waivers on the first $1 billion of Fund’s average daily net assets (the “Sub-Advisory Fee”). The Sub-Advisory Fee increases to forty percent (40%) of the difference of: (i) the total gross advisory fee paid to Krane by the Fund under the terms of the Agreement minus (ii) any applicable fee waivers on any amounts over $1 billion of the Fund’s average daily net assets.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

Etna Capital Management Company Ltd. (“Etna”) serves as the Sub-Adviser of the KraneShares Artificial Intelligence and Technology ETF. Etna is responsible for the selection of the Fund’s private securities, subject to the supervision of Krane and the Board of Trustees. For the services it will provide, Krane will pay Etna a fee equal to 30% of the total gross advisory fee paid to Krane by the Fund under the terms of the Investment Advisory Agreement.

Numeric Investors LLC (“Numeric” or “Sub-Adviser”), serves as the index provider and investment sub-adviser of the KraneShares Man Buyout Beta Index ETF and selects investments for the Underlying Index using a systematic process as defined in the index methodology. Krane retains sole responsibility for submitting investment orders and executing trades on behalf of the Fund. Krane will pay Numeric forty-five (45%) percent of the Net Revenue received by Krane from the Fund on the first $1 billion in Assets and fifty (50%) percent on any amounts thereafter. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Sub-Advisory Agreement – (minus) gross fund-related expenses (including any waiver by Krane of its compensation under the Investment Advisory Agreement and any reimbursements by Krane of the Fund’s expenses).

DISTRIBUTION AGREEMENT — SEI Investments Distribution Co. (the “Distributor”), a wholly-owned subsidiary of SEI Investments Company, and an affiliate of the Administrator, serves as the Funds’ distributor of Creation Units pursuant to a Distribution Agreement. The Distributor does not maintain any secondary market in Fund shares.

The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the Investment Company Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the year ended March 31, 2025, no fees were charged under the Plan. Fees would only be charged under the Plan upon approval by the Board.

ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT — SEI Investments Global Funds Services (the “Administrator”) serves as the Funds’ Administrator pursuant to an Administration Agreement. BBH serves as the Funds’ Custodian and Transfer Agent pursuant to a Custodian and Transfer Agent Agreement.

5. BASIS FOR CONSOLIDATION FOR THE KRANESHARES GLOBAL CARBON STRATEGY ETF, KRANESHARES MOUNT LUCAS MANAGED FUTURES INDEX STRATEGY ETF, KRANESHARES EUROPEAN CARBON ALLOWANCE STRATEGY ETF AND KRANESHARES CALIFORNIA CARBON ALLOWANCE STRATEGY ETF

The Consolidated Schedule of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF include the accounts of each Fund’s Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation for the Funds. The Subsidiaries have a fiscal year end of March 31 for financial statements consolidation purposes.

The Subsidiaries are classified as controlled foreign corporations under the Code. The Subsidiaries’ taxable income is included in the calculation of the Funds’ taxable income. Net losses of the Subsidiaries are not deductible by the Funds either in the current period or carried forward to future periods.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF investment in each of their respective Subsidiary may not exceed 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary’s value), which limitation is imposed by the Code and is measured at the end of each quarter.

For the year ended March 31, 2025, the following Funds had purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities transactions:

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

For the year ended March 31, 2025, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the year ended March 31, 2025, in-kind transactions associated with creations and redemptions were:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The permanent differences primarily consist of foreign currency translations, investments in passive foreign investment companies (“PFICs”), foreign capital gain reclass, net operating loss, Partnership adjustments, perpetual bond adjustments and distribution reclassification. The permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings for the fiscal year ended March 31, 2025 are primarily related to redemptions in-kind, distributions in excess and net operating loss.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

The tax character of dividends and distributions paid during the years or periods ended March 31, 2025 and March 31, 2024 were as follows:

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

As of March 31, 2025, the components of tax basis distributable earnings (distributable losses) were as follows:

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2025 through March 31, 2025 and November 1, 2024 through March 31, 2025, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

Other temporary differences primarily consist of late year and specified loss deferrals, perpetual bond adjustments, PFIC mark to market and book adjustments not recognized for tax.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

During the year ended March 31, 2025, the following Funds utilized capital loss carryforwards, to offset capital gains:

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the tax deferral of losses on wash sales, investments in PFICs, perpetual bonds and investments in CFC. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at March 31, 2025 were as follows:

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

For the KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF and the KraneShares MSCI Emerging Markets ex China Index ETF, the difference in unrealized appreciation is attributable to Foreign Capital Gains Tax Payable. For the KraneShares Hedgeye Hedged Equity Index ETF, the difference in unrealized depreciation is attributable to straddles.

Uncertainties in the Chinese tax rules governing the taxation of income distributions and capital gains from investments in A Shares could result in unexpected tax liabilities for the Funds. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by non-Chinese resident investors (including, for example, Qualified Foreign Institutional Investors (“QFII”)) from Chinese companies and those companies which are not Chinese tax residents, but which are deemed to be Chinese tax residents (e.g., under Notice 7). China also imposes withholding tax at a rate of 10% on capital gains derived by non-residents from investment in actual and constructive Chinese resident companies. The Chinese withholding taxes applied to dividends, interest and capital gains may, in principle, be subject to a reduced rate under an applicable Chinese tax treaty, but the application of such treaties in the case of a non-resident (e.g., in the case of a QFII acting on behalf of non-resident investors, such as the Funds) is also uncertain. The imposition of such taxes could have a material adverse effect on the Funds’ returns. The People’s Republic of China (the “PRC”) rules regarding the taxation of non-resident investors are quickly evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or the PRC Ministry of Finance to clarify matters may apply retrospectively. Such retroactively applied rules may be adverse to the Funds and their shareholders. It is also unclear how China’s value added tax (“VAT”) may be affected by tax treaty provisions. If such a tax is collected, the expenses will be passed on and borne by the Funds. The imposition of such taxes, as well as future changes in applicable PRC tax law, may adversely affect the Funds. If the Funds expect VAT to be imposed, they reserve the right to establish a reserve for such tax. If the Funds establish such a reserve but are not ultimately subject to the tax, shareholders who redeemed or sold their shares while the reserve was in place will effectively bear the tax and may not benefit from the later release, if any, of the reserve. Conversely, if the Funds do not establish such a reserve but ultimately are subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from investments in a Fund. Effective November 17, 2014, QFIIs, RQFIIs (i.e., QFIIs investing in Yuan, rather than foreign currency) and non-Chinese resident investors investing through the Hong Kong-Shanghai Stock Connect are exempted temporarily from the 10% capital gains tax that normally applies to sales of A Shares on a public Chinese exchange (such as the Shanghai Stock Exchange). However, such investors are still required to pay capital gains tax for gains realized on trades executed before November 17, 2014.

On November 7, 2018, China’s Ministry of Finance and the State Administration of Taxation jointly issued Circular 108. This circular announced a three year exemption from corporate income tax withholding (“WHT”) and Value Added Tax (“VAT”) for China-sourced bond interest derived by overseas institutional investors. The WHT and VAT exemptions were extended to December 31, 2025.

In 2020, the PRC government eliminated QFII and RQFII quotas, meaning that entities registered with the appropriate Chinese regulator will no longer be subject to quotas when investing in PRC securities (but will remain subject to foreign shareholder limits), and merged the two programs into the Qualified Foreign Investor regime (“QFI”).

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

As with all exchange-traded funds (“ETFs”), shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to certain of the principal risks noted below, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in each Fund’s prospectus under the heading “Principal Risks”.

ARTIFICAL INTELLIGENCE AND TECHNOLOGY RISK — “AI and Technology” companies typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an AI and Technology company.

Certain AI and Technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.

CHINA RISK — The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries. China may be subject to considerable degrees of economic, political and social instability. In addition, the Chinese economy is export-driven and highly reliant on trade with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.

In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions or even the threat of such developments, could lead to significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.

The RMB Bond market is volatile with a risk of trading suspensions in particular securities and government interventions. Trading in RMB Bonds may be suspended without warning and for lengthy periods. Information on such trading suspensions, including as to their expected length, may be unavailable. Securities affected by trading suspensions may be or become illiquid. In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make certain Chinese securities illiquid.

In addition, trade relations between the U.S. and China have recently been strained. Worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China including by limiting the ability of Chinese issuers to list on the U.S. exchanges. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. In addition, the U.S government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies, which may adversely impact the Fund, may mean that the Fund’s Underlying Index may need to adjust its methodology or could increase tracking errors for the Fund.

CONCENTRATION RISK — Because the assets of certain Funds are expected to be concentrated in an industry or group of industries to the extent that the Underlying Index concentrates in a particular industry or group of industries, the Fund is subject to loss due to adverse occurrences that may affect that industry or group of industries or sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. Depending on the composition of each Fund’s Underlying Index, the Fund may be subject to principal risks, as outlined in each Fund’s prospectus. Each Fund may have significant exposure to other industries or sectors over time.

CURRENCY RISK — The Funds’ assets will be invested in instruments denominated in foreign currencies and the income received by the Fund may be in foreign currencies. The Fund will compute and expects to distribute its income in U.S. dollars, and the computation of income will be made on the date that the income is earned by the Fund at the foreign exchange rate in effect on that date. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market at the time the Fund wishes to enter into the transaction, or through forward, futures or options contracts to purchase or sell foreign currencies.

The Fund’s NAV is determined on the basis of the U.S. dollar. The Fund may therefore lose value if the local currency of a foreign investment depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Currency exchange rates can be very volatile and can change quickly and unpredictably, which may adversely affect the Fund. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance over time.

DERIVATIVES RISK — The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which is the risk of loss in the event that

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

the counterparty to an agreement fails to make required payments or otherwise comply with the terms of derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.

EMERGING MARKETS RISK — A Funds’ investments in emerging markets are subject to greater risk of loss than investments in developed markets. This is due to, among other things, greater market volatility, greater risk of asset seizures and capital controls, lower trading volume, political and economic instability, greater risk of market shutdown and more governmental limitations on foreign investments than typically found in developed markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted.

EQUITY SECURITIES RISK — The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities are subject to volatile changes in value and their values may be more volatile than other asset classes. In the event of liquidation, equity securities are generally subordinate in rank to debt and other securities of the same issuer.

FUTURES STRATEGY RISK — The use of futures contracts is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors; and (e) if the Fund has insufficient cash, it may have to sell securities or financial instruments from its portfolio to meet daily variation margin requirements, which may lead to the Fund selling securities or financial instruments at a loss.

LIQUIDITY RISK — Certain of the Funds’ investments are subject to liquidity risk, which exists when an investment is or becomes difficult to purchase or sell at a reasonable time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Funds to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash.

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

MARKET RISK — The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements. Such market developments may also cause the Fund to encounter difficulties in timely honoring redemptions, especially if market events cause an increased incidence of shareholder redemptions.

NEW FUND RISK — If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a stop to trading.

NON-DIVERSIFIED FUND RISK — Because a Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.

OPTIONS RISK — The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.

An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).

VALUATION RISK — Independent market quotations for the non-U.S. securities held by the Funds may not be readily available and such securities may be fair valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that a Fund may not be able to

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

sell an investment at the price assigned to the investment by the Fund. In addition, the securities in which the Funds invest may trade on days that the Funds do not price their shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their holdings.

The Board of the Trust approved a reverse share split of one to three (1:3) of the issued and outstanding shares of KraneShares KWEB Covered Call Strategy ETF (the “Reverse Split”). The Reverse Share Split was completed after the close of business on December 31, 2024. The effect of this transaction for the Fund was to reduce the number of outstanding Shares of the Fund by one-third, resulting in a corresponding increase in the NAV per Share. The capital share activity presented on the Statement of Changes in Net Assets for each of the years in the period ended, have been given retroactive effect to reflect the reverse share split. There were no changes in net assets, results of operation or total return as a result of this transaction.

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Krane Funds Advisors, LLC acts as each Fund’s CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with each Fund’s single investment objective which is executed by each Fund’s portfolio managers. The financial information in the form of each Fund’s schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmarks and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within each Fund’s financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations/Consolidated Statements of Operations.

Notes to Financial Statements/Notes to Consolidated Financial Statements (concluded)

Upon the recommendation of Krane Funds Advisors, LLC, the adviser to KraneShares MSCI All China Index ETF, KraneShares Dynamic Emerging Markets Strategy ETF and KraneShares Rockefeller℠ Ocean Engagement ETF, each a series of the Trust, the Board has approved the liquidation and termination of each Fund. Accordingly the Funds ceased operations and scheduled for liquidation on or around May 27, 2025.

The Funds have evaluated the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of the date the financial statements were issued.

We have audited the accompanying statements of assets and liabilities and the consolidated statements of assets and liabilities of the funds listed in the Appendix, twenty-six of the funds comprising KraneShares Trust (collectively, the Funds), including the schedules of investments and the consolidated schedules of investments, as of March 31, 2025, the related statements of operations and consolidated statement of operations for the year or period listed in the Appendix, the statements of changes in net assets and consolidated statements of changes in net assets for each of the years or periods in the two-year period listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights and consolidated financial highlights for each of the years or periods in the five-year period listed in the Appendix. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of its operations for the year or period listed in the Appendix, the changes in its net assets for each of the years or periods in the two-year period listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2025, by correspondence with custodian, transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more KraneShares investment companies since 2017.

KraneShares Asia Pacific High Income USD Bond ETF (formerly KraneShares Asia Pacific High Income Bond ETF)

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights each of the years in the five-year period ended March 31, 2025

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Consolidated financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from July 29, 2020 (inception) through March 31, 2021

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from November 23, 2020 (inception) through March 31, 2021

KraneShares Mount Lucas Managed Futures Index Strategy ETF (formerly KFA Mount Lucas Managed Futures Index Strategy ETF)

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Consolidated financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from December 1, 2020 (inception) through March 31, 2021

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from January 26, 2021 (inception) through March 31, 2021

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights for each of the years in the three-year period ended March 31, 2025 and the period from June 8, 2021 (inception) through March 31, 2022

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Consolidated financial highlights for each of the years in the three-year period ended March 31, 2025 and the period from October 4, 2021 (inception) through March 31, 2022

KraneShares KWEB Covered Call Strategy ETF (formerly KraneShares China Internet and Covered Call Strategy ETF)

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights each of the years in the two-year period ended March 31, 2025 and the period from January 11, 2023 (inception) through March 31, 2023

Statements of changes in net assets for the year ended March 31, 2025 and the period from August 24, 2023 (inception) through March 31, 2024

Financial highlights for the year ended March 31, 2025 and the period from August 24, 2023 (inception) through March 31, 2024

Statements of changes in net assets for the year ended March 31, 2025 and the period from September 6, 2023 (inception) through March 31, 2024

Financial highlights for the year ended March 31, 2025 and the period from September 6, 2023 (inception) through March 31, 2024

Statements of changes in net assets for the year ended March 31, 2025 and the period from September 11, 2023 (inception) through March 31, 2024

Financial highlights for the year ended March 31, 2025 and the period from September 11, 2023 (inception) through March 31, 2024

Statements of operations and changes in net assets and the financial highlights for the period from July 15, 2024 (inception) through March 31, 2025

Statements of operations and changes in net assets and the financial highlights for the period from July 17, 2024 (inception) through March 31, 2025

Statements of operations and changes in net assets and the financial highlights for the period from July 25, 2024 (inception) through March 31, 2025

Statements of operations and changes in net assets and the financial highlights for the period from August 27, 2024 (inception) through March 31, 2025

Statements of operations and changes in net assets and the financial highlights for the period from October 7, 2024 (inception) through March 31, 2025

For shareholders that do not have a March 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with a March 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended March 31, 2025, the Funds are designating the following items with regard to distributions paid during the year.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration is shown on the Statements of Operations/Consolidated Statements of Operations of the financial statements included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At a meeting held on March 6-7, 2024, the Board of Trustees (the “Board”) of KraneShares Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the existing investment advisory agreement (the “Advisory Agreement”) between Krane Funds Advisors, LLC (“Krane”) and the Trust, on behalf of a new series of the Trust: KraneShares Man Buyout Beta Index ETF (“New Fund”). The Board also considered and approved a proposed new sub-advisory agreement (“Sub-Advisory Agreement”) between KFA, on behalf of the New Fund, and Numeric Investors, LLC (“Man” or “Sub-Adviser”). The Advisory Agreement and the Sub-Advisory Agreement are referred to collectively as the “Agreements.”

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on March 6, 2024, the Board received and considered information provided by Krane and the Sub-Adviser in response to the Independent Trustees’ written requests for information regarding the New Fund and the Agreements.

The Board noted that it considers information at each of its regularly scheduled meetings related to, among other matters, the services provided by Krane to each series of the Trust and services provided by sub-advisers, such as Man, to particular series of the Trust. The Board recognized that, going forward, such information will include information related to the New Fund after it is operational. The Board also considered that the Independent Trustees receive additional information outside of regularly scheduled Board meetings and at executive sessions held by the Independent Trustees. As a result, the Board considered that its evaluation process with respect to advisory and sub-advisory services provided to the New Fund will be an ongoing one.

In evaluating the Agreements with respect to the New Fund, the Board considered, among other matters: (1) the nature, extent, and quality of the services to be provided to the New Fund by Krane and to Krane by the Sub-Adviser; (2) the proposed compensation to be paid by the New Fund under the Advisory Agreement and any related fee waivers or expense caps, and the proposed compensation to be paid by Krane to the Sub-Adviser of the New Fund; (3) the estimated costs of the services to be provided by Krane and the profitability expectations of Krane with respect to its relationship with the New Fund; (4) the extent to which economies of scale could be realized as the New Fund grows and whether the unitary fee charged under the Advisory Agreement will enable investors in the New Fund to share in any such economies of scale; and (5) other benefits Krane and the Sub-Adviser anticipate they may receive from their relationship with the New Fund.

Based on written and oral reports received by the Board prior to and at the March 6, 2024 executive session of the Independent Trustees and the March 6-7, 2024 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane to the New Fund under the Advisory Agreement. The Board also considered the nature, quality, and extent of the overall services to be provided by Man to the New Fund. The Board took note of the qualifications, background and responsibilities of personnel at Krane and the Sub-Adviser who will provide services to the New Fund.

With respect to the New Fund, the Board noted that the proposed strategy was designed to be a closer proxy for private equity performance and risk exposures than a simple allocation to a standard public equity benchmark. The Board considered that the New Fund will provide: (1) a focus on small/mid capitalization stocks; (2) industry allocations that Man believes are more aligned with private equity deal trends; and (3) avoidance of the types of companies that buyout funds typically do not hold. The Board noted that Man has successfully managed this strategy in a different type of product for more than six years. The Board considered Krane’s involvement with Man in developing the underlying index and refining the strategy for a registered investment company wrapper.

The Board recognized that Krane invests significant time and effort in structuring new series of the Trust, including the New Fund. The Board considered Krane’s evaluation of the market appeal for the New Fund and considered that Krane worked with the Trust’s service providers to manage the administrative and other requirements for the New Fund. The Board considered that Krane continually evaluates its existing compliance, operational and investment teams and that Krane has consistently sought to retain qualified and experienced staff in these areas as its business has grown. The Board considered Krane’s current ownership structure, financial strength and long-term strategic plans, and noted that Krane is part of a family of investment management firms with significant resources, including administrative resources utilized by Krane.

The Board noted that, because the New Fund has not yet commenced investment operations, it has no investment performance. The Board considered that once the New Fund commences operations, the Board will receive regular reports regarding the performance of the New Fund relative to a broad Morningstar peer group, as well as a select group of peers identified by Krane. The Board also considered that at its regular meetings it will receive information regarding the performance of the New Fund against the performance of its respective underlying index. The Board recognized that there are limited peers available for the New Fund.

The Board considered that, pursuant to the Advisory Agreement, Krane will enter into a unitary advisory fee arrangement for the New Fund. The Board also considered that Krane structured the proposed fee for the New Fund in a manner that is consistent with other series of the Trust. The Board took note that under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the New Fund, including those of its principal service providers, and that Krane takes the risk that the New Fund may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

The Board considered the proposed fee for the New Fund compared to its respective Morningstar universe, noting that the proposed fees and expenses for the New Fund are higher than the median of the peer group.

With respect to the New Fund, the Board noted the significant experience of Man, the proposed sub-adviser, managing a similar strategy and recognized Man’s access to expansive data science, research capabilities and infrastructure resources across its affiliated companies. The Board considered that the New Fund’s strategy targeted the drivers of private equity performance rather than a statistical replication or indirect exposure to private equity. The Board considered Krane’s representation that the New Fund’s total expense ratio was lower than actively managed exchange traded funds that invest in small and mid-capitalization equities.

The Board considered that Krane structured the proposed fee for the New Fund in a manner that is consistent with the other thematic series of the Trust. The Board noted that under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the New Fund, including those of its principal service providers. The Board considered that, under the unitary fee structure, Krane takes the risk that the New Fund may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

The Board considered pro-forma projected profit and loss statements for the New Fund. The Board recognized that, because the New Fund has not yet launched, it is difficult to estimate how profitable it will be to Krane, although the Board recognized that the New Fund will leverage procedures and systems put in place in connection with management of other series of the Trust. The Independent Trustees also considered information from Krane regarding its overall profitability and discussed with Krane’s management how launching the New Fund could impact such profitability. The Board noted Krane’s continuing commitment to operating the Trust and its continued use of a unitary fee structure under which it will bear many of the expenses of the New Fund. Based on these and other considerations, the Board considered that the profitability of the New Fund was not a material factor in its consideration of the Advisory Agreement.

The Board considered the extent to which Krane could derive ancillary benefits from the operations of the New Fund. The Board considered that Krane would benefit if the New Fund would participate in the Trust’s securities lending program and whether Krane would benefit as a result of its ability to use the New Fund’s assets to engage in soft dollar transactions.

The Board considered whether Krane would realize economies of scale with respect to its services as the New Fund grows, including the extent to which this is reflected in the level of fees to be paid by the New Fund. The Board noted that the proposed advisory fees for the New Fund do not include breakpoints, and considered that it is not possible—before the commencement of investment operations—to accurately evaluate potential economies of scale. The Board also noted that Krane continues to reinvest a portion of its profits in its business, including through the evolution of its compliance, operations and investment infrastructure, and that any economies of scale could be shared with the New Fund in this manner. Based on these and other considerations, including that the New Fund is newly organized, the Board considered economies of scale not to be a material factor in its consideration of the Advisory Agreement.

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors in their review of the Agreements. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Agreements. The Board noted that, consistent with its approach to other series of the Trust, it will continue to monitor the New Fund at its regular meetings, during executive sessions of the Independent Trustees and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Agreements, were reasonable in light of the factors considered by the Board.

This information must be preceded or accompanied by a current prospectus for the Funds described.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

		2025			2024
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$662,000	$0	N/A	$587,250	$0	N/A
(b)	Audit-Related Fees	$7,500	$0	N/A	$0	$0	N/A
(c)	Tax Fees⁽¹⁾	$172,195	$0	N/A	$178,000	$0	N/A
(d)	All Other Fees	$4,076	$0	N/A	$9,000	$0	N/A

Financial Statements (Form N-CSR Item 7)
Schedules of Investments/Consolidated Schedules of Investments
KraneShares CSI China Internet ETF		1
KraneShares Bosera MSCI China A 50 Connect Index ETF		3
KraneShares MSCI All China Index ETF		6
KraneShares MSCI One Belt One Road Index ETF		13
KraneShares Emerging Markets Consumer Technology Index ETF		20
KraneShares MSCI China Clean Technology Index ETF		25
KraneShares Electric Vehicles and Future Mobility Index ETF		27
KraneShares MSCI All China Health Care Index ETF		30
KraneShares Asia Pacific High Income USD Bond ETF		33
KraneShares MSCI Emerging Markets ex China Index ETF		39
KraneShares Global Carbon Strategy ETF		54
KraneShares Value Line^® Dynamic Dividend Equity Index ETF		56
KraneShares Mount Lucas Managed Futures Index Strategy ETF		59
KraneShares SSE STAR Market 50 Index ETF		61
KraneShares Hang Seng TECH Index ETF		63
KraneShares European Carbon Allowance Strategy ETF		65
KraneShares California Carbon Allowance Strategy ETF		67
KraneShares KWEB Covered Call Strategy ETF		69
KraneShares Dynamic Emerging Markets Strategy ETF		71
KraneShares Global Luxury Index ETF		72
KraneShares Rockefeller℠ Ocean Engagement ETF		74
KraneShares Hedgeye Hedged Equity Index ETF		78
KraneShares Artificial Intelligence and Technology ETF		79
KraneShares Sustainable Ultra Short Duration Index ETF		83
KraneShares China Alpha Index ETF		92
KraneShares Man Buyout Beta Index ETF		94
Glossary		103
Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities		104
Statements of Operations/Consolidated Statements of Operations		113
Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets		122
Financial Highlights/Consolidated Financial Highlights		148
Notes to Financial Statements/Notes to Consolidated Financial Statements		158
Report of Independent Registered Public Accounting Firm		193
Notice To Shareholders		197
Other Information (Form N-CSR Items 8-11) (Unaudited)		201

	Shares		Value
COMMON STOCK — 100.0%^‡
CHINA — 100.0%
Communication Services — 40.7%
Autohome ADR		3,287,917	$	91,141,059
Baidu, Cl A*		25,946,134		299,969,764
Bilibili, Cl Z*		12,059,984		230,494,919
China Literature*		20,268,600		67,081,790
Cloud Music*		2,720,700		51,649,344
iQIYI ADR*^(A)		25,018,062		56,540,820
JOYY ADR*		1,455,698		61,110,202
Kanzhun ADR*		18,919,351		362,683,959
Kingsoft		38,315,200		185,412,809
Kuaishou Technology, Cl B*		47,288,700		330,339,556
NetEase		15,159,705		307,858,744
Tencent Holdings		13,673,675		873,464,580
Tencent Music Entertainment Group ADR		22,283,502		321,105,264
Weibo ADR		4,020,844		38,077,393
				3,276,930,203
Consumer Discretionary — 42.3%
Alibaba Group Holding		59,489,264		978,705,936
JD.com, Cl A		15,074,540		311,554,314
Meituan, Cl B*		26,765,447		535,976,330
PDD Holdings ADR*		4,669,411		552,624,792
TAL Education Group ADR*		19,870,480		262,489,041
Tongcheng Travel Holdings		56,785,800		152,907,023
Trip.com Group		5,926,000		376,415,974
Vipshop Holdings ADR		14,692,340		230,375,891
				3,401,049,301
Consumer Staples — 5.3%
Alibaba Health Information Technology*^(A)		271,106,000		164,120,826
East Buy Holding*^(A)		22,005,000		36,032,505
JD Health International*		53,510,587		227,995,830
				428,149,161
Financials — 4.3%
Qifu Technology ADR		6,542,659		293,830,816
ZhongAn Online P&C Insurance, Cl H*^(A)		35,469,300		55,709,271
				349,540,087
Industrials — 3.9%
Full Truck Alliance ADR		24,355,618		311,021,242

	Shares		Value
COMMON STOCK (continued)
Real Estate — 3.5%
KE Holdings ADR		13,839,228	$	278,030,091

TOTAL CHINA				8,044,720,085

TOTAL COMMON STOCK (Cost $7,227,937,819)				8,044,720,085

SHORT-TERM INVESTMENT — 2.1%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.290%^(B)(C)		170,008,414		170,008,414
TOTAL SHORT-TERM INVESTMENT (Cost $170,008,414)				170,008,414

TOTAL INVESTMENTS — 102.1% (Cost $7,397,946,233)				8,214,728,499
OTHER ASSETS LESS LIABILITIES – (2.1)%				(167,511,418	)
NET ASSETS - 100%			$	8,047,217,081

	‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
	*	Non-income producing security.
	(A)	Certain securities or partial positions of certain securities are on loan at March 31, 2025.
	(B)	The rate shown is the 7-day effective yield as of March 31, 2025.
	(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2025 was $170,008,414.

	Shares		Value
COMMON STOCK — 99.5%^‡
CHINA — 99.5%
Communication Services — 1.1%
China United Network Communications, Cl A		1,778,100	$	1,360,635
Focus Media Information Technology, Cl A		807,702		780,367
				2,141,002
Consumer Discretionary — 7.9%
BYD, Cl A		203,100		10,479,389
Midea Group, Cl A		411,100		4,441,480
				14,920,869
Consumer Staples — 11.6%
Foshan Haitian Flavouring & Food, Cl A		216,242		1,207,710
Inner Mongolia Yili Industrial Group, Cl A		297,012		1,147,841
Kweichow Moutai, Cl A		56,289		12,093,082
Luzhou Laojiao, Cl A		68,846		1,229,126
Muyuan Foods, Cl A		255,045		1,359,486
Shanxi Xinghuacun Fen Wine Factory, Cl A		57,316		1,690,317
Wuliangye Yibin, Cl A		182,179		3,293,358
				22,020,920
Energy — 3.1%
China Petroleum & Chemical, Cl A		1,707,440		1,346,513
China Shenhua Energy, Cl A		349,047		1,842,298
PetroChina, Cl A		1,137,400		1,286,754
Shaanxi Coal Industry, Cl A		513,016		1,398,705
				5,874,270
Financials — 23.4%
Agricultural Bank of China, Cl A		5,376,407		3,832,944
Bank of China, Cl A		2,218,500		1,709,850
Bank of Communications, Cl A		2,478,799		2,541,606
Bank of Ningbo, Cl A		417,018		1,481,909
China Merchants Bank, Cl A		1,302,867		7,762,440
China Pacific Insurance Group, Cl A		432,114		1,912,604
CITIC Securities, Cl A		773,521		2,823,295
East Money Information, Cl A		997,031		3,098,440
Guotai Junan Securities, Cl A		852,300		2,017,584
Industrial & Commercial Bank of China, Cl A		3,973,026		3,767,482
Industrial Bank, Cl A		1,311,722		3,899,475
Ping An Bank, Cl A		1,225,467		1,899,112
Ping An Insurance Group of China, Cl A		679,698		4,829,795
Shanghai Pudong Development Bank, Cl A		1,853,646		2,660,858
				44,237,394
Health Care — 5.9%
Jiangsu Hengrui Pharmaceuticals, Cl A		861,187		5,831,404

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Shenzhen Mindray Bio-Medical Electronics, Cl A		163,453	$	5,264,042
				11,095,446
Industrials — 14.6%
Beijing-Shanghai High Speed Railway, Cl A		4,284,600		3,284,551
China State Construction Engineering, Cl A		3,605,018		2,609,780
Contemporary Amperex Technology, Cl A		367,251		12,784,716
COSCO SHIPPING Holdings, Cl A		1,113,530		2,229,849
CRRC, Cl A		2,122,709		2,062,556
NARI Technology, Cl A		700,815		2,112,312
SF Holding, Cl A		420,259		2,494,057
				27,577,821
Information Technology — 17.3%
BOE Technology Group, Cl A		5,763,445		3,291,856
Cambricon Technologies, Cl A*		65,102		5,582,040
Foxconn Industrial Internet, Cl A		2,065,700		5,646,211
Hygon Information Technology, Cl A		362,448		7,048,528
Luxshare Precision Industry, Cl A		1,129,050		6,353,907
NAURA Technology Group, Cl A		82,688		4,734,198
				32,656,740
Materials — 9.3%
Wanhua Chemical Group, Cl A		705,599		6,526,832
Zijin Mining Group, Cl A		4,423,142		11,030,613
				17,557,445
Real Estate — 0.9%
China Merchants Shekou Industrial Zone Holdings, Cl A		657,800		830,183
Poly Developments and Holdings Group, Cl A		869,077		987,982
				1,818,165
Utilities — 4.4%
China National Nuclear Power, Cl A		1,433,500		1,817,054
China Yangtze Power, Cl A		1,705,070		6,526,101
				8,343,155
TOTAL CHINA				188,243,227

TOTAL COMMON STOCK (Cost $183,488,596)				188,243,227

	Number of Rights		Value
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma^‡‡*^(A)		58,879	$	—
TOTAL CHINA				—

TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS — 99.5% (Cost $183,488,596)				188,243,227
OTHER ASSETS LESS LIABILITIES – 0.5%				877,775
NET ASSETS - 100%			$	189,121,002

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

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	188,243,227	$	—	$	—		$	188,243,227
Total Common Stock		188,243,227		—		—			188,243,227
Rights
China
Health Care		—		—		—	^‡‡		—
Total Rights		—		—		—			—
Total Investments in Securities	$	188,243,227	$	—	$	—		$	188,243,227

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

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma^‡‡*^(A)		428		—
TOTAL CHINA				—

TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS — 99.5% (Cost $10,133,896)				10,162,496
OTHER ASSETS LESS LIABILITIES – 0.5%				47,232
NET ASSETS - 100%			$	10,209,728

	Shares		Value
COMMON STOCK — 99.7%^‡
CHINA — 44.6%
Energy — 2.4%
China Petroleum & Chemical, Cl H		138,000	$	72,722
CNOOC Energy Technology & Services, Cl A		11,700		6,473
				79,195
Financials — 5.3%
Bank of Changsha, Cl A		6,700		8,465
Bank of Chengdu, Cl A		7,000		16,561
Bank of Hangzhou, Cl A		10,200		20,271
Bank of Jiangsu, Cl A		30,555		39,950
Bank of Nanjing, Cl A		18,591		26,431
Bank of Ningbo, Cl A		11,146		39,608
Bank of Suzhou, Cl A		6,500		7,049
Chongqing Rural Commercial Bank, Cl A		14,800		12,385
				170,720
Industrials — 16.2%
Beijing New Building Materials, Cl A		2,908		11,647
Beijing-Shanghai High Speed Railway, Cl A		83,900		64,317
China Communications Services, Cl H		14,000		7,665
China Energy Engineering, Cl A		55,300		17,277
China Merchants Expressway Network & Technology Holdings, Cl A		9,600		17,493
China National Chemical Engineering, Cl A		10,500		10,390
China Railway Group, Cl H		23,500		10,360
China State Construction Engineering, Cl A		70,700		51,182
China XD Electric, Cl A		8,800		8,030
CRRC, Cl H		25,000		15,552
Daqin Railway, Cl A		32,032		28,832
Dongfang Electric, Cl A		4,800		9,889
Goldwind Science & Technology, Cl A		5,900		7,211
Goneo Group, Cl A		1,050		10,406
Jiangsu Expressway, Cl H		6,000		7,126
Jiangsu Zhongtian Technology, Cl A		5,800		11,623
Liaoning Port, Cl A		32,000		6,562
Metallurgical Corp of China, Cl A		30,500		12,677
NARI Technology, Cl A		13,652		41,148
Ningbo Orient Wires & Cables, Cl A		1,100		7,373
Ningbo Sanxing Medical Electric, Cl A		2,400		9,767
Power Construction Corp of China, Cl A		29,400		19,382
Shanghai Electric Group, Cl A*		22,300		23,448
Shenzhen Inovance Technology, Cl A		2,250		21,110
Sichuan Road & Bridge, Cl A		9,900		10,818
Sieyuan Electric, Cl A		1,200		12,552
TBEA, Cl A		8,667		14,338

	Shares		Value
PREFERRED STOCK — 0.0%
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC^(A)(B)(C)		136,600	$	—

TOTAL PREFERRED STOCK (Cost $74,846)				—

TOTAL INVESTMENTS — 99.7% (Cost $3,971,536)				3,239,208
OTHER ASSETS LESS LIABILITIES – 0.3%				9,958
NET ASSETS - 100%			$	3,249,166

	Shares		Value
COMMON STOCK — 100.4%^‡
AUSTRALIA — 0.9%
Consumer Discretionary — 0.9%
IDP Education		29,444	$	172,655
TOTAL AUSTRALIA				172,655

BRAZIL — 4.3%
Consumer Discretionary — 2.6%
MercadoLibre*		274		534,538

Financials — 0.9%
Pagseguro Digital, Cl A*		22,665		172,934

Information Technology — 0.8%
TOTVS		28,500		166,045

TOTAL BRAZIL				873,517

CHINA — 44.2%
Communication Services — 15.1%
Baidu, Cl A*		46,164		533,714
Bilibili, Cl Z*		23,640		451,817
Cloud Music*		7,800		148,074
Kuaishou Technology, Cl B*		64,100		447,776
NetEase		36,400		739,200
Tencent Holdings		11,575		739,403
				3,059,984
Consumer Discretionary — 19.0%
Alibaba Group Holding		44,600		733,751
JD.com, Cl A		37,175		768,317
Meituan, Cl B*		34,697		694,805
PDD Holdings ADR*		6,494		768,565
Tongcheng Travel Holdings		62,000		166,947
Trip.com Group		8,650		549,443
Vipshop Holdings ADR		9,963		156,220
				3,838,048
Consumer Staples — 5.4%
Alibaba Health Information Technology*^(A)		738,000		446,767
JD Health International*		119,500		509,161
Ping An Healthcare and Technology		154,500		139,005
				1,094,933
Information Technology — 4.7%
GDS Holdings, Cl A*		114,900		360,341
Hua Hong Semiconductor		34,000		135,689

	Shares		Value
COMMON STOCK — 94.2%^‡
AUSTRALIA — 7.4%
Materials — 7.4%
IGO		352,520	$	869,905
Lynas Rare Earths*		389,063		1,675,292
Mineral Resources*		46,100		688,591
Pilbara Minerals*		1,413,897		1,484,603
TOTAL AUSTRALIA				4,718,391

BELGIUM — 1.5%
Materials — 1.5%
Umicore		95,113		981,182
TOTAL BELGIUM				981,182

CHINA — 55.6%
Consumer Discretionary — 30.8%
BAIC BluePark New Energy Technology, Cl A*		724,300		857,289
BYD, Cl A		56,400		2,910,081
Geely Automobile Holdings		1,204,000		2,575,037
Guangzhou Automobile Group, Cl H		1,132,000		467,041
Li Auto, Cl A*		202,600		2,579,275
NIO, Cl A*^(A)		353,080		1,313,788
Seres Group, Cl A		107,100		1,855,630
Shenzhen Kedali Industry, Cl A		35,036		587,558
XPeng, Cl A*		278,800		2,823,727
Yadea Group Holdings		510,000		989,808
ZEEKR Intelligent Technology Holding ADR*^(A)		16,597		399,822
Zhejiang Leapmotor Technology*		344,500		2,224,994
				19,584,050
Industrials — 14.8%
Beijing Easpring Material Technology, Cl A		63,800		364,576
China Baoan Group, Cl A		333,207		371,917
CNGR Advanced Material, Cl A		117,770		570,218
Contemporary Amperex Technology, Cl A		74,120		2,580,260
Eve Energy, Cl A		260,860		1,691,341
GEM, Cl A		662,240		594,256
Gotion High-tech, Cl A		233,889		701,097
Hunan Yuneng New Energy Battery Material, Cl A		101,200		496,675
Qingdao TGOOD Electric, Cl A		135,800		452,860
Wuxi Lead Intelligent Equipment, Cl A		202,800		586,973
Zhejiang Huayou Cobalt, Cl A		219,263		1,028,130
				9,438,303
Materials — 10.0%
CMOC Group, Cl A		1,837,600		1,922,096
Ganfeng Lithium Group, Cl A		210,557		980,353

	Face Amount		Value
CORPORATE OBLIGATIONS — 93.2%
AUSTRALIA — 1.6%
Industrials — 0.8%
CIMIC Finance USA Pty
7.000%, 03/25/2034	$	200,000	$	212,431

Materials — 0.8%
Mineral Resources
8.125%, 05/01/2027		200,000		198,027

TOTAL AUSTRALIA				410,458

CHINA — 27.4%
Consumer Discretionary — 3.0%
Fortune Star BVI
5.050%, 01/27/2027		400,000		379,805
5.000%, 05/18/2026		400,000		387,030
				766,835
Financials — 1.1%
CFAMC III, MTN
4.950%, 11/07/2047		300,000		266,235

Materials — 0.8%
China Hongqiao Group
7.050%, 01/10/2028		200,000		205,097

Real Estate — 21.0%
Central Plaza Development
7.150%, 03/21/2028		350,000		354,673
4.650%, 01/19/2026		400,000		397,616
Franshion Brilliant
6.000%, H15T5Y + 5.584%^(A)(B)		400,000		391,192
4.250%, 07/23/2029		200,000		177,529
Fuqing Investment Management, MTN
3.250%, 06/23/2025		600,000		593,998
GLP China Holdings, MTN
2.950%, 03/29/2026		400,000		375,291
Greentown China Holdings
8.450%, 02/24/2028		500,000		510,069
5.650%, 07/13/2025		400,000		399,189
Longfor Group Holdings
4.500%, 01/16/2028		200,000		173,250
3.375%, 04/13/2027		400,000		351,079
Pingan Real Estate Capital, MTN
3.450%, 07/29/2026		500,000		472,680
Shui On Development Holding
5.500%, 06/29/2026		400,000		388,159
Vanke Real Estate Hong Kong, MTN
3.975%, 11/09/2027		200,000		139,615

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Real Estate (continued)
Wanda Properties Global
11.000%, 01/12/2026	$	150,000	$	144,442
Yanlord Land HK
5.125%, 05/20/2026		450,000		440,199
				5,308,981
Utilities — 1.5%
China Oil & Gas Group
4.700%, 06/30/2026		400,000		388,442

TOTAL CHINA				6,935,590

HONG KONG — 10.8%
Consumer Discretionary — 2.2%
Melco Resorts Finance
5.625%, 07/17/2027		200,000		195,759
5.375%, 12/04/2029		400,000		366,876
				562,635
Financials — 3.9%
FWD Group Holdings
8.045%, H15T5Y + 4.865%^(A)(B)		400,000		395,240
6.675%, H15T5Y + 3.075%^(A)(B)		400,000		388,911
PCGI Intermediate Holdings III
4.500%, 08/23/2026		200,000		192,500
				976,651
Real Estate — 4.7%
Elect Global Investments
7.200%, H15T5Y + 3.277%^(A)(B)		400,000		402,015
NWD
8.625%, 02/08/2028		400,000		304,060
NWD Finance BVI
5.250%^(A)(B)		400,000		216,674
4.125%^(A)(B)		200,000		85,290
PCPD Capital
5.125%, 06/18/2026		200,000		187,905
				1,195,944
TOTAL HONG KONG				2,735,230

INDIA — 20.4%
Energy — 4.5%
Azure Power Energy
3.575%, 08/19/2026		150,913		142,127
Continuum Green Energy India Pvt
7.500%, 06/26/2033		195,450		200,825
India Clean Energy Holdings, MTN
4.500%, 04/18/2027		400,000		379,512
India Cleantech Energy
4.700%, 08/10/2026		237,000		231,330

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Energy (continued)
ReNew Wind Energy AP2
4.500%, 07/14/2028	$	200,000	$	185,702
				1,139,496
Financials — 6.4%
Axis Bank, MTN
4.100%, H15T5Y + 3.315%^(A)(B)		400,000		386,279
IIFL Finance
8.750%, 07/24/2028		400,000		398,000
Manappuram Finance, MTN
7.375%, 05/12/2028		200,000		201,022
Piramal Finance, MTN
7.800%, 01/29/2028		450,000		446,742
Shriram Finance, MTN
6.150%, 04/03/2028		200,000		197,500
				1,629,543
Industrials — 1.6%
IRB Infrastructure Developers
7.110%, 03/11/2032		400,000		402,716

Information Technology — 1.6%
Magnum Holdings
5.375%, 10/31/2026		400,000		392,817

Materials — 5.5%
UPL
5.250%, H15T5Y + 3.865%^(A)(B)		200,000		195,045
4.625%, 06/16/2030		200,000		177,317
4.500%, 03/08/2028		200,000		186,489
Vedanta Resources Finance II
11.250%, 12/03/2031		200,000		210,977
10.875%, 09/17/2029		400,000		412,372
10.250%, 06/03/2028		200,000		206,095
				1,388,295
Utilities — 0.8%
Diamond II
7.950%, 07/28/2026		200,000		201,452

TOTAL INDIA				5,154,319

INDONESIA — 4.1%
Energy — 2.5%
Indika Energy
8.750%, 05/07/2029		250,000		246,134
Medco Bell Pte
6.375%, 01/30/2027		200,000		198,679

	†	Formerly KraneShares Asia Pacific High Income Bond ETF, effective August 1, 2024.
	(A)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
	(B)	Perpetual security with no stated maturity date.

KraneShares Trust

KraneShares CSI China Internet ETF

Ticker: KWEB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares Bosera MSCI China A 50 Connect Index ETF

Ticker: KBA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares MSCI All China Index ETF

Ticker: KALL

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares MSCI One Belt One Road Index ETF

Ticker: OBOR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares Emerging Markets Consumer Technology Index ETF

Ticker: KEMQ

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Country/Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Country/Asset Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Country/Asset Weightings^{Footnote Reference*}

Industry Weightings^{Footnote Reference*}

Maturity Weightings^{Footnote Reference*}^{Footnote Reference^}

	Shares		Value
COMMON STOCK — 96.9%^‡
BRAZIL — 5.0%
Communication Services — 0.1%
Telefonica Brasil		9,300	$	80,909

Consumer Staples — 0.5%
Ambev		85,200		200,815
Raia Drogasil		23,168		77,056
				277,871
Energy — 0.9%
Petroleo Brasileiro		71,100		506,718
Ultrapar Participacoes		20,600		61,537
				568,255
Financials — 1.2%
B3 - Brasil Bolsa Balcao		94,300		199,873
Banco Bradesco		45,387		89,940
Banco do Brasil		41,400		203,760
BB Seguridade Participacoes		11,600		81,618
NU Holdings, Cl A*		20,322		208,097
				783,288
Industrials — 0.6%
CCR		18,200		36,987
Localiza Rent a Car		13,220		77,529
Rumo		18,200		51,540
WEG		27,300		215,821
				381,877
Materials — 1.2%
Klabin		12,740		41,505
Suzano		13,700		126,628
Vale		59,700		590,991
				759,124
Utilities — 0.5%
Centrais Eletricas Brasileiras		16,700		118,931
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		4,600		81,918
Equatorial Energia		20,600		115,091
				315,940
TOTAL BRAZIL				3,167,264

CHILE — 0.7%
Consumer Discretionary — 0.1%
Empresas Copec		6,066		41,737
Falabella		11,664		48,519
				90,256

	Shares		Value
PREFERRED STOCK (continued)
CHILE — 0.2%
Materials — 0.2%
Sociedad Quimica y Minera de Chile^(C)		2,859	$	113,522

COLOMBIA — 0.1%
Financials — 0.1%
Bancolombia^(C)		6,922		69,575

RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC^(A)(B)(C)		50,900		—

SOUTH KOREA — 0.6%
Information Technology — 0.6%
Samsung Electronics^(C)		12,378		396,769

TOTAL PREFERRED STOCK (Cost $2,108,423)				1,869,812

TOTAL INVESTMENTS — 99.8% (Cost $62,588,580)				63,843,301
OTHER ASSETS LESS LIABILITIES – 0.2%				152,560
NET ASSETS - 100%			$	63,995,861

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

	Shares		Value
EXCHANGE-TRADED FUND — 68.4%
KraneShares Sustainable Ultra Short Duration Index ETF^(A)(B)(C)		4,698,500	$	117,673,932‌
TOTAL EXCHANGE-TRADED FUND (Cost $117,934,121)				117,673,932‌

SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.290%^(D)		200,582		200,582‌
TOTAL SHORT-TERM INVESTMENT (Cost $200,582)				200,582‌

TOTAL INVESTMENTS — 68.5% (Cost $118,134,703)				117,874,514‌
OTHER ASSETS LESS LIABILITIES – 31.5%				54,303,706‌
NET ASSETS - 100%			$	172,178,220‌

Type of Contract	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
CA Carbon Allowance^	981	Dec-2025	$	35,530,858‌	$	30,204,990‌	$	(5,325,868	)
CA Carbon Allowance Vintage^	231	Dec-2026		8,964,884‌		7,567,560‌		(1,397,324	)
ICE ECX Emission^	1,317	Dec-2025		97,819,731‌		96,710,407‌		(4,373,589	)
ICE ECX Emission^	116	Dec-2026		8,861,249‌		8,758,736‌		(398,668	)
RGGI Vintage^	376	Dec-2025		8,823,549‌		8,896,160‌		72,611
UK Emission Allowance^	182	Dec-2025		8,943,505‌		10,585,384‌		1,404,070
WA Carbon Allowance Vintage^	149	Dec-2025		9,060,484‌		9,017,480‌		(43,004	)
			$	178,004,260‌	$	171,740,717‌	$	(10,061,772	)

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

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	1,476,681		$	—	$	—	$	1,476,681
Unrealized Depreciation		(11,538,453	)		—		—		(11,538,453	)
Total Other Financial Instruments	$	(10,061,772	)	$	—	$	—	$	(10,061,772	)

Value as of 3/31/2024		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Value as of 3/31/2025		Dividend Income		Capital Gain Distributions
KraneShares Sustainable Ultra Short Duration Index ETF
$	—	$	157,074,274‌	$	(39,042,944	)	$	(260,189	)	$	(97,209	)	$	117,673,932‌	$	4,080,647	$	—

	Shares		Value
COMMON STOCK — 99.8%^‡
UNITED STATES — 99.8%
Communication Services — 9.9%
Alphabet, Cl C		8,059‌	$	1,259,058‌
AT&T		5,257‌		148,668‌
Comcast, Cl A		13,858‌		511,360‌
Meta Platforms, Cl A		805‌		463,970‌
T-Mobile US		156‌		41,607‌
Verizon Communications		8,701‌		394,677‌
				2,819,340‌
Consumer Discretionary — 7.7%
Amazon.com*		3,665‌		697,303‌
Dick’s Sporting Goods		412‌		83,043‌
Ford Motor		16,993‌		170,440‌
Home Depot		1,753‌		642,457‌
McDonald’s		523‌		163,369‌
NIKE, Cl B		441‌		27,995‌
Tapestry		637‌		44,851‌
Tesla*		1,427‌		369,821‌
				2,199,279‌
Consumer Staples — 7.6%
Altria Group		8,380‌		502,967‌
Cal-Maine Foods		5,096‌		463,226‌
Coca-Cola		1,230‌		88,093‌
Colgate-Palmolive		1,226‌		114,876‌
General Mills		566‌		33,841‌
Kimberly-Clark		2,717‌		386,412‌
Philip Morris International		527‌		83,651‌
Procter & Gamble		1,401‌		238,759‌
Walmart		2,865‌		251,518‌
				2,163,343‌
Energy — 8.8%
Black Stone Minerals		29,230‌		446,342‌
Chevron		1,740‌		291,084‌
DT Midstream		4,784‌		461,560‌
Enterprise Products Partners		5,792‌		197,739‌
Hess Midstream, Cl A		10,588‌		447,767‌
Kinder Morgan		10,776‌		307,439‌
ONEOK		1,258‌		124,819‌
Phillips 66		776‌		95,820‌
Plains GP Holdings, Cl A		5,896‌		125,939‌
				2,498,509‌
Financials — 10.6%
CME Group, Cl A		551‌		146,175‌

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 67.5%
U.S. Treasury Bills
4.240%, 04/15/2025^(A)(B)	$	30,000,000	$	29,950,446
4.226%, 04/29/2025^(A)(B)		30,000,000		29,901,066
4.220%, 05/06/2025^(A)(B)		30,000,000		29,876,290
4.211%, 05/15/2025^(A)(B)		30,000,000		29,844,625
4.205%, 05/29/2025^(A)(B)		30,000,000		29,795,179
TOTAL U.S. TREASURY OBLIGATIONS (Cost $149,375,617)				149,367,606

TOTAL INVESTMENTS — 67.5% (Cost $149,375,617)				149,367,606
OTHER ASSETS LESS LIABILITIES – 32.5%				71,897,342
NET ASSETS - 100%			$	221,264,948