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 90% KWEB Defined Outcome January 2027 ETF

Ticker: KBUF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares 90% KWEB Defined Outcome January 2027 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/kbuf/. 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 90% KWEB Defined Outcome January 2027 ETF	$29	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 ETF NAV Return (%)	Morningstar Peer Group Median Return (%)
KBUF	21.38	21.51	37.13^{Footnote Reference(a)}	5.68^{Footnote Reference(1)}

(a) KraneShares CSI Overseas China Internet ETF (KWEB)

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

The Fund aims to provide, before fees and expenses, the total return of KWEB up to a 20.01% Cap while providing a 100% buffer against losses over the Outcome Period of January 27, 2025, to January 15, 2027.

The Fund extended its Outcome Period by one year on January 24, 2025 (“Reset Date”) to January 15, 2027. From Fund inception to January 23, 2025, the call options, held short by the Fund, contributed the most to the Fund’s return. After the Reset Date to the end of the Period, the KWEB shares held by the Fund contributed the most to the Fund’s return.

KWEB outperformed China's broad equity market, as measured by the MSCI China All Shares Index. There were several positive catalysts for China's internet companies during the Period, including stimulus measures announced by China's government, advancements in AI technology that benefited internet firms, and strong earnings reports.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares 90% KWEB Defined Outcome January 2027 ETF - $12444	MSCI China All Shares Index (Net) (USD) - $13469	CSI Overseas China Internet Index - $14602
Feb/24	$10000	$10000	$10000
Mar/24	$10252	$10485	$10728
Mar/25	$12444	$13469	$14602

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares 90% KWEB Defined Outcome January 2027 ETF	21.38%	21.03%
MSCI China All Shares Index (Net) (USD)	28.47%	29.70%
CSI Overseas China Internet Index	36.11%	39.18%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on February 7, 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/kbuf/ 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
	$3,755,286	3	$7,168	3%

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
KraneShares CSI China Internet ETF^{Footnote Reference**}			106.8%
Purchased Option - KWEB US, $27.49, 01/15/27^{Footnote Reference(1)}			6.9%
Written Option - KWEB US, $42.76, 01/15/27^{Footnote Reference(1)}			-14.8%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote⁽¹⁾	At market value.

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/kbuf/#documents or upon request at 1-855-857-2638.

Effective January 24, 2025, the Fund's initial Outcome Period was reset and extended by a year due to market conditions in the first year of the Fund's initial Outcome Period, and a new Cap and Buffer were established. The new Outcome Period is from January 27, 2025 through January 15, 2027. The name of the Fund changed from the "KraneShares 90% KWEB Defined Outcome January 2026 ETF" to the "KraneShares 90% KWEB Defined Outcome January 2027 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/kbuf/.

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 90% KWEB Defined Outcome January 2027 ETF: KBUF

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KBUF-AR-2025

KraneShares Trust

KraneShares 100% KWEB Defined Outcome January 2027 ETF

Ticker: KPRO

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

This annual shareholder report contains important information about the KraneShares 100% KWEB Defined Outcome January 2027 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/kpro/. 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 100% KWEB Defined Outcome January 2027 ETF	$28	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 ETF NAV Return (%)	Morningstar Peer Group Median Return (%)
KPRO	14.92	15.17	37.13^{Footnote Reference(a)}	5.68^{Footnote Reference(1)}

(a) KraneShares CSI Overseas China Internet ETF (KWEB)

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

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	KraneShares 100% KWEB Defined Outcome January 2027 ETF - $11588	MSCI China All Shares Index (Net) (USD) - $13469	CSI Overseas China Internet Index - $14602
Feb/24	$10000	$10000	$10000
Mar/24	$10084	$10485	$10728
Mar/25	$11588	$13469	$14602

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Since Inception
KraneShares 100% KWEB Defined Outcome January 2027 ETF	14.92%	13.74%
MSCI China All Shares Index (Net) (USD)	28.47%	29.70%
CSI Overseas China Internet Index	36.11%	39.18%

Key Fund Statistics as of March 31, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,793,272	3	$6,650	4%

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
KraneShares CSI China Internet ETF^{Footnote Reference**}			111.0%
Purchased Option - KWEB US, $30.54, 01/15/27^{Footnote Reference(1)}			10.6%
Written Option - KWEB US, $36.65, 01/15/27^{Footnote Reference(1)}			-21.7%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote⁽¹⁾	At market value.

Material Fund Changes

Effective January 24, 2025, the Fund's initial Outcome Period was reset and extended by a year due to market conditions in the first year of the Fund's initial Outcome Period, and a new Cap and Buffer were established. The new Outcome Period is from January 27, 2025 through January 15, 2027. The name of the Fund changed from the "KraneShares 100% KWEB Defined Outcome January 2026 ETF" to the "KraneShares 100% KWEB Defined Outcome January 2027 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/kpro/.

Householding

KraneShares Trust

KraneShares 100% KWEB Defined Outcome January 2027 ETF: KPRO

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2025

KPRO-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.

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:

Transactions with affiliated companies during the year 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:

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

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

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 two series: KraneShares 90% KWEB Defined Outcome January 2027 ETF (formerly, KraneShares 90% KWEB Defined Outcome January 2026 ETF) and KraneShares 100% KWEB Defined Outcome January 2027 ETF (formerly, KraneShares 100% KWEB Defined Outcome January 2026 ETF) (each, a “Fund” and collectively, the “Funds”). All 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.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the “Exchange” or the “NYSE”). 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.

KraneShares 90% KWEB Defined Outcome January 2027 ETF seeks to provide investors with returns that match the total return of the KraneShares CSI China Internet ETF (“Underlying ETF”) of increases of up to 40.01% of the Underlying ETF (prior to taking into account any fees or expenses) (“Cap”) while providing a Buffer against 90% of decreases in the total return of the Underlying ETF (prior to taking into account any fees or expenses) (“Buffer”), over the period from January 27, 2025 to January 15, 2027 (the “initial Outcome Period”).

KraneShares 100% KWEB Defined Outcome January 2027 ETF seeks to provide investors with returns that match the total return of the Underlying ETF of increases of up to 20.01% of the Underlying ETF (prior to taking into account any fees or expenses) (“Cap”) while providing a Buffer against 100% of decreases in the total return of the Underlying ETF (prior to taking into account any fees or expenses) (“Buffer”), over the period from January 27, 2025 to January 15, 2027 (the “initial Outcome Period”).

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

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

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

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

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

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

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

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

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index, or basket of stocks (the “equity leg” of the swap) in return for interest payment(s) calculated based on the notional amount of the swap (the “financing leg” of the swap). Each leg of the swap is valued separately, and the net amount of the two legs is included in the Fund’s net asset value. 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.

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.

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).

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

In addition, a Fund may fair value its securities if an event that may materially affect the value of a Fund’s securities that trade outside of the United States (a ‘‘Significant Event’’) has occurred between the time of the security’s last close and the time that a Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Krane becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of 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 the Underlying Index. This may adversely affect a Fund’s ability to track its Underlying Index.

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

Fund shares are purchased or sold on a national securities exchange at market prices, which may be higher or lower than NAV. Transactions in Fund shares will be priced at NAV only if shares are purchased or redeemed directly from a Fund in Creation Units. No secondary sales will be made

to brokers or dealers at concession by the Distributor or by a Fund. Purchases and sales of shares in the secondary market, which will not involve a Fund, will be subject to customary brokerage commissions and charges.

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

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 Statement 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.

OPTIONS — Each of KraneShares 90% KWEB Defined Outcome January 2027 ETF and KraneShares 100% KWEB Defined Outcome January 2027 ETF invests at least 80% of its net assets in the KraneShares CSI China Internet ETF (the “Underlying Fund”) and options, including FLEX options, on the Underlying Fund. The reference asset for all of the options of each of KraneShares 90% KWEB Defined Outcome January 2027 ETF and KraneShares 100% KWEB Defined Outcome January 2027 ETF is the Underlying Fund. FLEX options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation.

As of March 31, 2025, the KraneShares 90% KWEB Defined Outcome January 2027 ETF and KraneShares 100% KWEB Defined Outcome January 2027 ETF had open written option positions. As of March 31, 2025, the KraneShares 90% KWEB Defined Outcome January 2027 ETF and KraneShares 100% KWEB Defined Outcome January 2027 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 cost for written options held during the year by the KraneShares 90% KWEB Defined Outcome January 2027 ETF and KraneShares 100% KWEB Defined Outcome January 2027 ETF were $375,062 and $514,351, respectively.

For the year ended March 31, 2025, the average monthly cost for purchased options held during the year by the KraneShares 90% KWEB Defined Outcome January 2027 ETF and KraneShares 100% KWEB Defined Outcome January 2027 ETF were $145,182 and $209,494, respectively.

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.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund intends to pay out to their shareholders net investment income, if any, at least annually. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.

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 are included in “Interest Expense” on the Statements of Operations.

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

The following tables show the derivatives categorized by underlying risk exposure.

The fair value of derivative instruments located on the Statements of Assets and Liabilities as of March 31, 2025 was as follows:

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

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

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 as “Security Lending Fees”.

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

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.

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

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 and distribution reclassification. The permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings for the fiscal period ended March 31, 2025 are redemptions in-kind.

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

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

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the straddle loss deferrals. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at March 31, 2025 were as follows:

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”.

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.

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 Index may need to adjust its methodology or could increase tracking error 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 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.

CURRENCY RISK — To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. 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.

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

are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.

EMERGING MARKETS RISK — 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.

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.

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.

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 trading halt.

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 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.

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 as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations.

The Funds have evaluated the need for additional disclosures 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 of the funds listed in the Appendix, two of the funds comprising KraneShares Trust (collectively, the Funds), including the schedules of investments, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods 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 then ended, the changes in its net assets for each of the years or periods listed in the Appendix, and the financial highlights for each of the years or periods 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 90% KWEB Defined Outcome January 2027 ETF (formerly KraneShares 90% KWEB Defined Outcome January 2026 ETF)

KraneShares 100% KWEB Defined Outcome January 2027 ETF (formerly KraneShares 100% KWEB Defined Outcome January 2026 ETF)

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

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 of the financial statements included in Item 7.

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

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

	Shares		Value
EXCHANGE - TRADED FUND — 106.8%
KraneShares CSI China Internet ETF^(A)(B)		114,900	$	4,011,159
TOTAL EXCHANGE - TRADED FUND (Cost $3,024,098)				4,011,159

PURCHASED OPTION^(C) — 6.9%
TOTAL PURCHASED OPTION (Cost $254,497)				258,249

TOTAL INVESTMENTS — 113.7% (Cost $3,278,595)				4,269,408
OTHER ASSETS LESS LIABILITIES – (13.7)%				(514,122	)
NET ASSETS - 100%			$	3,755,286

WRITTEN OPTIONS^(C)— (14.8)% (Premiums Received $(304,073))			$	(555,978	)

	†	Formerly KraneShares 90% KWEB Defined Outcome January 2026 ETF, effective January 24, 2025.
	(A)	For financial information on the KraneShares CSI China Internet ETF, please go to the Fund’s website at https://kraneshares.com/kweb/.
	(B)	Affiliated Investment.
	(C)	Refer to option table below.

Description	Number of Contracts	Notional Amount			Exercise Price		Expiration Date	Market Value
PURCHASED OPTION — 6.9%
Put Options
KWEB US*	1,149	$	4,011,159		$	27.49	01/15/27	$	258,249
WRITTEN OPTION — (14.8)%
Call Options
KWEB US*	(1,149)	$	(4,011,159	)	$	42.76	01/15/27	$	(555,978	)

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange - Traded Fund	$	4,011,159	$	—‌	$	—‌	$	4,011,159
Purchased Option		—‌		258,249‌		—‌		258,249‌
Total Investments in Securities	$	4,011,159	$	258,249‌	$	—‌	$	4,269,408

Financial Statements (Form N-CSR Item 7)
Schedules of Investments
KraneShares 90% KWEB Defined Outcome January 2027 ETF		1
KraneShares 100% KWEB Defined Outcome January 2027 ETF		3
Glossary		5
Statements of Assets and Liabilities		6
Statements of Operations		7
Statements of Changes in Net Assets		8
Financial Highlights		10
Notes to Financial Statements		12
Report of Independent Registered Public Accounting Firm		28
Notice To Shareholders		30
Other Information - (Form N-CSR Items 8-11) (Unaudited)		31

Liabilities	Level 1		Level 2			Level 3		Total
Written Option	$	—	$	(555,978	)	$	—	$	(555,978	)
Total Liabilities	$	—	$	(555,978	)	$	—	$	(555,978	)

	Shares		Value
EXCHANGE - TRADED FUND — 111.0%
KraneShares CSI China Internet ETF^(A)(B)		88,800	$	3,100,008
TOTAL EXCHANGE - TRADED FUND (Cost $2,168,496)				3,100,008

PURCHASED OPTION^(C) — 10.6%
TOTAL PURCHASED OPTION (Cost $306,384)				295,393

TOTAL INVESTMENTS — 121.6% (Cost $2,474,880)				3,395,401
OTHER ASSETS LESS LIABILITIES – (21.6)%				(602,129	)
NET ASSETS - 100%			$	2,793,272

WRITTEN OPTIONS^(C) — (21.7)% (Premiums Received $(301,000))			$	(606,522	)

	†	Formerly KraneShares 100% KWEB Defined Outcome January 2026 ETF, effective January 24, 2025.
	(A)	For financial information on the KraneShares CSI China Internet ETF, please go to the Fund’s website at https://kraneshares.com/kweb/.
	(B)	Affiliated Investment.
	(C)	Refer to option table below.

	KraneShares 90% KWEB Defined Outcome January 2027 ETF		KraneShares 100% KWEB Defined Outcome January 2027 ETF
Assets:
Investments at Value	$	258,249	$	295,393
Affiliated Investments at Value		4,011,159		3,100,008
Cash and Cash Equivalents		42,692		5,013
Total Assets		4,312,100		3,400,414

Liabilities:
Written Options at Value		555,978		606,522
Payable for Management Fees		799		593
Payable for Trustees’ Fees		37		27
Total Liabilities		556,814		607,142
Net Assets	$	3,755,286	$	2,793,272

Net Assets Consist of:
Paid-in Capital	$	3,238,183	$	2,500,050
Total Distributable Earnings		517,103		293,222
Net Assets	$	3,755,286	$	2,793,272
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		125,002		100,002
Net Asset Value, Offering and Redemption Price Per Share	$	30.04	$	27.93
Cost of Investments	$	254,497	$	306,384
Cost of Affiliated Investments		3,024,098		2,168,496
Written Options, Premiums Received		304,073		301,000

	KraneShares 90% KWEB Defined Outcome January 2027 ETF			KraneShares 100% KWEB Defined Outcome January 2027 ETF
Investment Income:
Dividend from Affiliated Investment	$	104,544		$	104,544
Interest Income		161			102
Total Investment Income		104,705			104,646

Expenses:
Management Fees^†		7,168			6,650
Trustees’ Fees		292			273
Insurance Expense		42			41
Total Expenses		7,502			6,964
Net Investment Income		97,203			97,682

Net Realized Gain (Loss) on:
Affiliated Investments		53,591			77,782
Foreign Currency Translations		25			—
Written Options		(273,473	)		(396,896	)
Net Realized Loss		(219,857	)		(319,114	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		93,590			88,761
Affiliated Investments		800,401			744,852
Written Options		(219,021	)		(240,303	)
Net Change in Unrealized Appreciation (Depreciation)		674,970			593,310
Net Realized and Unrealized Gain		455,113			274,196
Net Increase in Net Assets Resulting from Operations	$	552,316		$	371,878

	KraneShares 90% KWEB Defined Outcome January 2027 ETF
	Year Ended March 31, 2025			Period Ended March 31, 2024⁽¹⁾
Operations:
Net Investment Income (Loss)	$	97,203		$	(837	)
Net Realized Loss		(219,857	)		—
Net Change in Unrealized Appreciation (Depreciation)		674,970			63,938
Net Increase in Net Assets Resulting from Operations		552,316			63,101
Distributions:		(98,314	)		—

Capital Share Transactions:⁽²⁾
Issued		738,133			2,500,050
Increase in Net Assets from Capital Share Transactions		738,133			2,500,050
Total Increase in Net Assets		1,192,135			2,563,151

Net Assets:
Beginning of Year/Period		2,563,151			—
End of Year/Period	$	3,755,286		$	2,563,151

Share Transactions:
Issued		25,000			100,002
Net Increase in Shares Outstanding from Share Transactions		25,000			100,002

	(1)	The Fund’s inception date was on February 7, 2024.
	(2)	Includes transaction costs related to creations and redemptions.

	*	Per share data calculated using average shares method.
	**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.
	†	Annualized.
	††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
	‡	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
	(1)	The Fund’s inception date was on February 7, 2024.

Total from Distributions ($)	Net Asset Value, End of Year/Period ($)	Total Return (%)**	Net Assets, End of Year/Period ($)(000)	Ratio of Expenses to Average Net Assets (%)	Ratio of Expenses to Average Net Assets (Excluding Waivers, as applicable) (%)	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover Rate (%)

(0.98)	30.04	21.38	3,755	0.26^‡	0.26^‡	3.38	3
—	25.63	2.52	2,563	0.26^†‡	0.26^†‡	(0.23)^†	—	^††

(1.00)	27.93	14.92	2,793	0.26^‡	0.26^‡	3.66	4
—	25.21	0.84	2,521	0.26^†‡	0.26^†‡	(0.23)^†	—	^††

	Asset Derivatives			Liability Derivatives
	Statements of Assets			Statements of Assets
	and Liabilities	Fair Value		and Liabilities	Fair Value
KraneShares 90% KWEB Defined Outcome January 2027 ETF
Equity contracts	Investments, at value*	$	258,249	Options and Swaptions written, at value	$	555,978
Total Derivatives not accounted for as hedging instruments		$	258,249		$	555,978

KraneShares 100% KWEB Defined Outcome January 2027 ETF
Equity contracts	Investments, at value*	$	295,393	Options and Swaptions written, at value	$	606,522
Total Derivatives not accounted for as hedging instruments		$	295,393		$	606,522

Derivatives Not Accounted for as Hedging Instruments	Written Options and Swaptions
KraneShares 90% KWEB Defined Outcome January 2027 ETF
Equity contracts	$	(273,473	)
Total	$	(273,473	)

KraneShares 100% KWEB Defined Outcome January 2027 ETF
Equity contracts	$	(396,896	)
Total	$	(396,896	)

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions
KraneShares 90% KWEB Defined Outcome January 2027 ETF
Equity contracts	$	93,590	$	(219,021	)
Total	$	93,590	$	(219,021	)

KraneShares 100% KWEB Defined Outcome January 2027 ETF
Equity contracts	$	88,761	$	(240,303	)
Total	$	88,761	$	(240,303	)

		Management
		Fee
KraneShares 90% KWEB Defined Outcome January 2027 ETF		0.25%
KraneShares 100% KWEB Defined Outcome January 2027 ETF		0.25%

			Sales and
	Purchases		Maturities
KraneShares 90% KWEB Defined Outcome January 2027 ETF	$	104,195	$	380,008
KraneShares 100% KWEB Defined Outcome January 2027 ETF		107,172		507,298

		Purchases				Sales				Realized Gain/(Loss)
KraneShares 90% KWEB Defined Outcome January 2027 ETF		$	755,480			$	—			$	—

	Ordinary		Long-Term
	Income		Capital Gain		Totals
KraneShares 90% KWEB Defined Outcome January 2027 ETF
2025	$	98,314	$	—	$	98,314
2024		—		—		—
KraneShares 100% KWEB Defined Outcome January 2027 ETF
2025	$	99,545	$	—	$	99,545
2024		—		—		—

	KraneShares 90% KWEB Defined Outcome January 2027 ETF			KraneShares 100% KWEB Defined Outcome January 2027 ETF
Undistributed Ordinary Income	$	51,777		$	75,120
Unrealized Appreciation on Investments and Foreign Currency		465,327			218,103
Other Temporary Differences		(1	)		(1	)
Total Distributable Earnings	$	517,103		$	293,222

Return of Capital⁽¹⁾			Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction⁽²⁾			Qualifying Dividend Income⁽³⁾			U.S. Government Interest⁽⁴⁾			Interest Related Dividends⁽⁵⁾			Short Term Capital Gain Dividends⁽⁶⁾			Foreign Tax Credit⁽⁷⁾
KraneShares 90% KWEB Defined Outcome January 2027 ETF
	0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.10	%		100.00	%		0.00	%
KraneShares 100% KWEB Defined Outcome January 2027 ETF
	0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.06	%		100.00	%		0.00	%

	(1)	Return of capital is a payment received from the fund that is not considered to be taxable income. The return of capital distribution is considered to be a return of the investor’s original investment and reduces the investor’s cost basis in the fund.
	(2)	Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).
	(3)	The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.
	(4)	“U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
	(5)	The percentage in this column represents the amount of “Interest Related Dividends” and is reflected as a percentage of ordinary income distributions that is exempt from U.S. withholding tax when paid for foreign investors.
	(6)	The percentage in this column represents the amount of “Short Term Capital Gain Dividends” and is reflected as a percentage of short term capital gain distributions that is exempt from U.S. withholding tax when paid for foreign investors.
	(7)	The allocable share of foreign tax credit will be reported on Form 1099-DIV.

KraneShares Trust

KraneShares 90% KWEB Defined Outcome January 2027 ETF

Ticker: KBUF

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?

(KWEB) Industry WeightingsFootnote Reference*

Top Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares 100% KWEB Defined Outcome January 2027 ETF

Ticker: KPRO

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?

(KWEB) Industry WeightingsFootnote Reference*

Top Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

(KWEB) Industry Weightings^{Footnote Reference*}

(KWEB) Industry Weightings^{Footnote Reference*}

KraneShares Trust:		Distributor:
280 Park Avenue 32nd Floor		SEI Investments Distribution Co.
New York, NY 10017		One Freedom Valley Drive
		Oaks, PA 19456

Investment Adviser:		Administrator:
Krane Funds Advisors, LLC		SEI Investments Global Funds Services
280 Park Avenue 32nd Floor		One Freedom Valley Drive
New York, NY 10017		Oaks, PA 19456

		Independent Registered Public Accounting Firm:
		KPMG LLP
		1735 Market Street
		Philadelphia, PA 19103

(Registrant)	KraneShares Trust

By (Signature and Title)	/s/ Jonathan Krane
	Jonathan Krane
	Principal Executive Officer