Schedule of Investments (Unaudited) June 30, 2025

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.8%
Communication Services — 42.0%
Autohome ADR		2,462,635	$	63,511,357
Baidu, Cl A *		23,835,334		253,383,264
Bilibili, Cl Z *		10,317,744		220,418,557
China Literature *		17,675,200		67,210,792
Cloud Music *		2,837,600		87,116,127
iQIYI ADR *^(A)		19,764,135		34,982,519
JOYY ADR		1,071,927		54,571,804
Kanzhun ADR *		14,065,485		250,928,252
Kingsoft		30,491,400		158,866,020
Kuaishou Technology, Cl B *		34,536,400		278,490,971
NetEase		9,914,705		266,497,166
Tencent Holdings		9,944,375		637,200,080
Tencent Music Entertainment Group ADR		13,785,971		268,688,575
Weibo ADR		3,401,135		32,412,816
				2,674,278,300
Consumer Discretionary — 40.2%
Alibaba Group Holding		39,635,764		554,395,782
JD.com, Cl A		23,140,140		377,022,154
Meituan, Cl B *		27,882,347		445,051,985
PDD Holdings ADR *		4,439,517		464,639,849
TAL Education Group ADR *		16,717,065		170,848,404
Tongcheng Travel Holdings		47,409,400		118,251,726
Trip.com Group		4,188,100		243,283,261
Vipshop Holdings ADR		12,498,168		188,097,429
				2,561,590,590
Consumer Staples — 5.8%
Alibaba Health Information Technology *^(A)		215,594,000		130,180,326
JD Health International *		43,313,487		237,258,591
				367,438,917
Financials — 4.2%
Qifu Technology ADR		4,611,602		199,959,063
ZhongAn Online P&C Insurance, Cl H *^(A)		29,743,600		69,187,023
				269,146,086
Industrials — 3.7%
Full Truck Alliance ADR		20,259,474		239,264,388

Schedule of Investments (Unaudited) June 30, 2025

KraneShares CSI China Internet ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 3.9%
KE Holdings, Cl A		40,854,700	$	246,689,526

TOTAL CHINA				6,358,407,807

TOTAL COMMON STOCK (Cost $6,147,592,541)				6,358,407,807

SHORT-TERM INVESTMENT — 3.3%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% ^(B)(C)		213,145,272		213,145,272
TOTAL SHORT-TERM INVESTMENT (Cost $213,145,272)				213,145,272

TOTAL INVESTMENTS — 103.1% (Cost $6,360,737,813)				6,571,553,079
OTHER ASSETS LESS LIABILITIES – (3.1)%				(197,982,734	)
NET ASSETS - 100%			$	6,373,570,345

	‡	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 June 30, 2025.
	(B)	The rate shown is the 7-day effective yield as of June 30, 2025.
	(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $213,145,272.

See “Glossary” for abbreviations.

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

KRS-QH-002-2400

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 99.5% ‡
CHINA — 99.5%
Communication Services — 1.3%
China United Network Communications, Cl A		1,835,000	$	1,367,960
Focus Media Information Technology, Cl A		847,602		863,795
				2,231,755
Consumer Discretionary — 6.7%
BYD, Cl A		176,700		8,187,529
Midea Group, Cl A		353,300		3,561,039
				11,748,568
Consumer Staples — 11.1%
Foshan Haitian Flavouring & Food, Cl A		205,442		1,115,955
Inner Mongolia Yili Industrial Group, Cl A		282,212		1,098,409
Kweichow Moutai, Cl A		53,889		10,603,941
Luzhou Laojiao, Cl A		65,246		1,032,911
Muyuan Foods, Cl A		242,145		1,420,117
Shanxi Xinghuacun Fen Wine Factory, Cl A		54,116		1,332,587
Wuliangye Yibin, Cl A		172,079		2,856,313
				19,460,233
Energy — 3.3%
China Petroleum & Chemical, Cl A		1,614,740		1,271,386
China Shenhua Energy, Cl A		328,647		1,859,985
PetroChina, Cl A		1,075,600		1,283,846
Shaanxi Coal Industry, Cl A		483,016		1,297,366
				5,712,583
Financials — 26.5%
Agricultural Bank of China, Cl A		5,078,307		4,168,619
Bank of China, Cl A		2,095,400		1,643,990
Bank of Communications, Cl A		2,341,399		2,614,938
Bank of Ningbo, Cl A		393,918		1,504,589
China Merchants Bank, Cl A		1,230,567		7,893,812
China Pacific Insurance Group, Cl A		408,314		2,138,146
CITIC Securities, Cl A		730,521		2,816,776
East Money Information, Cl A		941,631		3,040,551
Guotai Junan Securities, Cl A		842,500		2,253,520
Industrial & Commercial Bank of China, Cl A		3,752,726		3,976,350
Industrial Bank, Cl A		1,239,222		4,037,810
Ping An Bank, Cl A		1,157,567		1,950,515
Ping An Insurance Group of China, Cl A		641,998		4,972,401
Shanghai Pudong Development Bank, Cl A		1,750,946		3,392,799
				46,404,816
Health Care — 6.4%
Jiangsu Hengrui Pharmaceuticals, Cl A		842,987		6,107,791

Schedule of Investments (Unaudited) June 30, 2025

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

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Shenzhen Mindray Bio-Medical Electronics, Cl A		160,253	$	5,028,076
				11,135,867
Industrials — 15.4%
Beijing-Shanghai High Speed Railway, Cl A		3,999,200		3,210,236
China State Construction Engineering, Cl A		3,365,118		2,710,641
Contemporary Amperex Technology, Cl A		347,051		12,219,932
COSCO SHIPPING Holdings, Cl A		1,031,130		2,164,996
CRRC, Cl A		1,981,209		1,947,148
NARI Technology, Cl A		654,115		2,046,406
SF Holding, Cl A		392,359		2,670,812
				26,970,171
Information Technology — 13.4%
BOE Technology Group, Cl A		5,309,745		2,957,621
Cambricon Technologies, Cl A *		59,986		5,037,111
Foxconn Industrial Internet, Cl A		1,902,400		5,678,132
Luxshare Precision Industry, Cl A		1,041,450		5,043,577
NAURA Technology Group, Cl A		76,288		4,709,564
				23,426,005
Materials — 9.5%
Wanhua Chemical Group, Cl A		673,599		5,102,432
Zijin Mining Group, Cl A		4,270,542		11,625,551
				16,727,983
Real Estate — 1.0%
China Merchants Shekou Industrial Zone Holdings, Cl A		619,900		758,957
Poly Developments and Holdings Group, Cl A		818,977		926,089
				1,685,046
Utilities — 4.9%
China National Nuclear Power, Cl A		1,355,300		1,763,386
China Yangtze Power, Cl A		1,612,270		6,783,861
				8,547,247
TOTAL CHINA				174,050,274

TOTAL COMMON STOCK (Cost $168,458,498)				174,050,274

Schedule of Investments (Unaudited) June 30, 2025

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

	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 $168,458,498)			174,050,274
OTHER ASSETS LESS LIABILITIES – 0.5%			919,631
NET ASSETS - 100%		$	174,969,905

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

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

See “Glossary” for abbreviations.

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

KRS-QH-003-2300

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 43.4%
Energy — 2.2%
China Petroleum & Chemical, Cl H		140,000	$	73,299
CNOOC Energy Technology & Services, Cl A		12,100		6,892
				80,191
Financials — 5.8%
Bank of Changsha, Cl A		7,100		9,853
Bank of Chengdu, Cl A		7,500		21,045
Bank of Hangzhou, Cl A		11,100		26,064
Bank of Jiangsu, Cl A		32,155		53,598
Bank of Nanjing, Cl A		19,491		31,618
Bank of Ningbo, Cl A		11,546		44,101
Bank of Suzhou, Cl A		7,900		9,683
Chongqing Rural Commercial Bank, Cl H		14,000		11,824
				207,786
Industrials — 14.8%
Beijing New Building Materials, Cl A		3,108		11,489
Beijing-Shanghai High Speed Railway, Cl A		85,600		68,713
China Communications Services, Cl H		16,000		8,662
China Energy Engineering, Cl A		58,100		18,087
China Merchants Expressway Network & Technology Holdings, Cl A		10,100		16,920
China National Chemical Engineering, Cl A		10,900		11,671
China Railway Group, Cl H		24,500		11,735
China State Construction Engineering, Cl A		71,800		57,836
China XD Electric, Cl A		9,200		7,886
CRRC, Cl H		26,000		15,699
Daqin Railway, Cl A		35,332		32,554
Dongfang Electric, Cl A		5,400		12,620
Goldwind Science & Technology, Cl A		6,100		8,729
Goneo Group, Cl A		1,610		10,845
Jiangsu Expressway, Cl H		8,000		11,292
Jiangsu Zhongtian Technology, Cl A		6,000		12,112
Liaoning Port, Cl A		33,500		7,015
Metallurgical Corp of China, Cl A		32,000		13,312
NARI Technology, Cl A		14,152		44,275
Ningbo Orient Wires & Cables, Cl A		1,200		8,663
Ningbo Sanxing Medical Electric, Cl A		2,500		7,825
Power Construction Corp of China, Cl A		30,000		20,396
Shanghai Electric Group, Cl A *		22,100		22,800
Shenzhen Inovance Technology, Cl A		2,450		22,085
Sichuan Road & Bridge, Cl A		10,500		14,512
TBEA, Cl A		8,967		14,934
Zhejiang Chint Electrics, Cl A		3,800		12,026

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Zhejiang Expressway, Cl H		10,000	$	9,198
Zhuzhou CRRC Times Electric, Cl H		2,800		11,271
				525,162
Materials — 3.6%
Anhui Conch Cement, Cl H		7,500		19,070
China National Building Material, Cl H		23,000		10,987
China Northern Rare Earth Group High-Tech, Cl A		6,324		21,983
China Rare Earth Resources And Technology, Cl A *		2,000		10,085
Henan Shenhuo Coal Industry & Electricity Power, Cl A		4,000		9,292
Jinduicheng Molybdenum, Cl A		5,700		8,705
Shanjin International Gold, Cl A		5,000		13,221
Western Mining, Cl A		4,200		9,751
Western Superconducting Technologies, Cl A		1,173		8,496
Xiamen Tungsten, Cl A		2,800		8,177
Yunnan Chihong Zinc & Germanium, Cl A		9,100		6,720
				126,487
Utilities — 17.0%
Beijing Enterprises Holdings		3,000		12,344
CGN Power, Cl H		63,000		21,428
China Gas Holdings		16,200		15,127
China Longyuan Power Group, Cl H		19,000		17,112
China National Nuclear Power, Cl A		36,100		46,970
China Power International Development		26,000		9,903
China Resources Gas Group		5,600		14,303
China Resources Power Holdings		12,635		30,485
China Three Gorges Renewables Group, Cl A		50,200		29,854
China Yangtze Power, Cl A		42,900		180,508
Datang International Power Generation, Cl A		22,400		9,913
ENN Energy Holdings		4,700		37,540
ENN Natural Gas, Cl A		4,600		12,137
GD Power Development, Cl A		31,300		21,149
Huadian Power International, Cl A		15,342		11,715
Huaneng Lancang River Hydropower, Cl A		9,700		12,932
Huaneng Power International, Cl H		25,000		16,115
Kunlun Energy		24,000		23,297
SDIC Power Holdings, Cl A		14,106		29,027
Shenergy, Cl A		8,719		10,468
Sichuan Chuantou Energy, Cl A		8,584		19,222
Wintime Energy Group, Cl A		39,700		7,427
Zhejiang Zheneng Electric Power, Cl A		19,900		14,724
				603,700
TOTAL CHINA				1,543,326

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
GREECE — 0.3%
Industrials — 0.3%
Aegean Airlines		643	$	9,208
TOTAL GREECE				9,208

INDIA — 5.5%
Energy — 0.5%
Great Eastern Shipping		1,615		18,433

Industrials — 1.1%
AIA Engineering		657		25,356
Azad Engineering *		413		8,016
GMM Pfaudler		472		6,557
				39,929
Materials — 3.9%
Navin Fluorine International		476		26,753
PI Industries		1,186		56,765
UPL		7,041		54,290
				137,808
TOTAL INDIA				196,170

INDONESIA — 5.5%
Energy — 0.3%
Medco Energi Internasional		117,100		8,980

Materials — 5.2%
Amman Mineral Internasional *		103,400		53,818
Chandra Asri Pacific		134,700		81,932
Indah Kiat Pulp & Paper		39,600		14,025
Merdeka Battery Materials *		402,900		11,416
Merdeka Copper Gold *		132,800		16,360
Pabrik Kertas Tjiwi Kimia		22,500		7,795
				185,346
TOTAL INDONESIA				194,326

ISRAEL — 3.8%
Industrials — 0.9%
ZIM Integrated Shipping Services		1,922		30,925

Materials — 2.9%
ICL Group		12,131		83,179
The Israel Corp		60		20,021
				103,200
TOTAL ISRAEL				134,125

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
KAZAKHSTAN — 1.1%
Energy — 1.1%
NAC Kazatomprom JSC GDR		947	$	40,910

Materials — 0.0%
Solidcore Resources *^(A)		7,154		—

TOTAL KAZAKHSTAN				40,910

KUWAIT — 10.2%
Financials — 10.2%
Kuwait Finance House		135,076		354,312
Kuwait Projects Holding *		25,047		7,299
TOTAL KUWAIT				361,611

MALAYSIA — 1.5%
Industrials — 0.5%
Sime Darby		44,200		17,321

Materials — 1.0%
Petronas Chemicals Group		43,600		36,139

TOTAL MALAYSIA				53,460

PHILIPPINES — 0.9%
Industrials — 0.9%
Aboitiz Equity Ventures		26,700		16,542
JG Summit		41,042		14,558
TOTAL PHILIPPINES				31,100

POLAND — 2.2%
Materials — 2.2%
KGHM Polska Miedz *		2,190		78,116
TOTAL POLAND				78,116

RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC ^(A)(B)		33,666		—
Sovcomflot PJSC ^(A)(B)		9,110		—
Surgutneftegas PJSC ^(A)(B)		143,400		—
				—
Materials — 0.0%
GMK Norilskiy Nickel PAO *^(A)(B)		123,900		—
Segezha Group PJSC *^(A)(B)		78,500		—
				—
TOTAL RUSSIA				—

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SINGAPORE — 9.8%
Financials — 7.0%
Oversea-Chinese Banking		18,712	$	239,620
Yangzijiang Financial Holding		12,600		7,321
				246,941
Industrials — 2.8%
Singapore Airlines		8,400		45,969
Singapore Technologies Engineering		8,900		54,435
				100,404
TOTAL SINGAPORE				347,345

SOUTH AFRICA — 9.8%
Materials — 9.8%
Anglo American Platinum		3,319		147,600
Impala Platinum Holdings *		14,145		126,500
Kumba Iron Ore		992		15,911
Northam Platinum Holdings		5,578		60,174
TOTAL SOUTH AFRICA				350,185

THAILAND — 4.1%
Energy — 4.1%
PTT NVDR		157,000		144,884
TOTAL THAILAND				144,884

TÜRKIYE — 1.7%
Industrials — 1.7%
Turk Hava Yollari AO		8,626		61,454
TOTAL TÜRKIYE				61,454

TOTAL COMMON STOCK (Cost $3,986,597)				3,546,220

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 — 99.8% (Cost $4,061,443)				3,546,220
OTHER ASSETS LESS LIABILITIES – 0.2%				7,713
NET ASSETS - 100%			$	3,553,933

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI One Belt One Road Index ETF (concluded)

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

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

See “Glossary” for abbreviations.

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

KRS-QH-006-1600

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
AUSTRALIA — 0.7%
Consumer Discretionary — 0.7%
IDP Education		72,665	$	174,769
TOTAL AUSTRALIA				174,769

BRAZIL — 3.4%
Consumer Discretionary — 2.6%
MercadoLibre *		247		645,567

Information Technology — 0.8%
TOTVS		24,200		187,158

TOTAL BRAZIL				832,725

CHINA — 42.7%
Communication Services — 15.4%
Baidu, Cl A *		54,114		575,263
Bilibili, Cl Z *		28,060		599,447
Kuaishou Technology, Cl B *		75,400		608,003
NetEase		31,800		854,752
Tencent Holdings		12,575		805,761
Tencent Music Entertainment Group		18,800		181,653
Weibo, Cl A		18,100		175,812
				3,800,691
Consumer Discretionary — 16.2%
Alibaba Group Holding		54,600		763,705
JD.com, Cl A		49,175		801,208
Meituan, Cl B *		44,897		716,636
PDD Holdings ADR *		8,079		845,548
Tongcheng Travel Holdings		62,800		156,640
Trip.com Group		9,500		551,847
Vipshop Holdings ADR		11,778		177,259
				4,012,843
Consumer Staples — 5.0%
Alibaba Health Information Technology *^(A)		1,008,000		608,652
JD Health International *		112,600		616,790
				1,225,442
Information Technology — 6.1%
GDS Holdings, Cl A *		178,700		671,547
Hua Hong Semiconductor ^(A)		44,000		194,497
Kingdee International Software Group *		332,000		653,004
				1,519,048
TOTAL CHINA				10,558,024

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
GREECE — 0.7%
Consumer Discretionary — 0.7%
OPAP		7,958	$	179,823
TOTAL GREECE				179,823

INDIA — 3.9%
Consumer Discretionary — 2.5%
Zomato *		197,785		609,199

Financials — 1.4%
One 97 Communications *		15,782		170,039
PB Fintech *		8,099		172,246
				342,285
TOTAL INDIA				951,484

INDONESIA — 0.7%
Communication Services — 0.7%
MNC Digital Entertainment *		5,593,800		180,890
TOTAL INDONESIA				180,890

JAPAN — 2.7%
Communication Services — 2.7%
Nexon		32,500		654,748
TOTAL JAPAN				654,748

RUSSIA — 0.0%
Communication Services — 0.0%
VK GDR *^(B)(C)		49,503		—

Consumer Discretionary — 0.0%
Ozon Holdings PLC ADR *^(B)(C)		58,005		—

Industrials — 0.0%
HeadHunter Group PLC ADR *^(B)(C)		11,746		—

TOTAL RUSSIA				—

SINGAPORE — 3.4%
Communication Services — 3.4%
Sea ADR *		5,274		843,524
TOTAL SINGAPORE				843,524

SOUTH AFRICA — 5.8%
Consumer Discretionary — 5.8%
Delivery Hero, Cl A *		22,179		598,018

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Naspers, Cl N		2,707	$	840,129
TOTAL SOUTH AFRICA				1,438,147

SOUTH KOREA — 23.2%
Communication Services — 15.4%
Kakao		16,147		717,857
Kakao Games *		14,239		201,726
Krafton *		2,151		578,551
NAVER		4,036		785,010
NCSoft		4,632		708,735
Netmarble		13,434		617,152
Pearl Abyss *		6,300		197,459
				3,806,490
Consumer Discretionary — 2.6%
Coupang, Cl A *		21,126		632,935

Industrials — 1.0%
SK Square *		1,874		254,106

Information Technology — 4.2%
SK Hynix		4,844		1,048,050

TOTAL SOUTH KOREA				5,741,581

TAIWAN — 11.8%
Consumer Discretionary — 0.6%
momo.com		16,765		154,381

Information Technology — 11.2%
Nanya Technology *		326,000		571,382
Powerchip Semiconductor Manufacturing *		336,000		177,133
Taiwan Semiconductor Manufacturing		24,000		870,875
United Microelectronics		382,000		577,995
Vanguard International Semiconductor		57,000		196,101
VisEra Technologies		23,000		182,271
Win Semiconductors		62,000		184,013
				2,759,770
TOTAL TAIWAN				2,914,151

URUGUAY — 0.8%
Financials — 0.8%
Dlocal, Cl A		17,145		194,424
TOTAL URUGUAY				194,424

TOTAL COMMON STOCK (Cost $22,710,971)				24,664,290

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

	Shares		Value
SHORT-TERM INVESTMENT — 3.1%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% ^(D)(E)		764,748	$	764,748
TOTAL SHORT-TERM INVESTMENT (Cost $764,748)				764,748

TOTAL INVESTMENTS — 102.9% (Cost $23,475,719)				25,429,038
OTHER ASSETS LESS LIABILITIES – (2.9)%				(724,130	)
NET ASSETS - 100%			$	24,704,908

	‡	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 June 30, 2025.
	(B)	Level 3 security in accordance with fair value hierarchy.
	(C)	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.
	(D)	The rate shown is the 7-day effective yield as of June 30, 2025.
	(E)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $764,748.

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

See “Glossary” for abbreviations.

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

KRS-QH-007-1600

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
CHINA — 98.9%
Consumer Discretionary — 38.4%
BAIC BluePark New Energy Technology, Cl A *		220,900	$	227,279
BYD, Cl A		7,600		352,152
BYD, Cl H		253,500		3,955,892
Li Auto, Cl A *		361,200		4,923,363
NIO, Cl A *		643,010		2,244,392
Seres Group, Cl A		64,600		1,211,349
Tianneng Power International		442,000		354,163
XPeng, Cl A *		510,300		4,589,450
Yadea Group Holdings		828,694		1,325,910
Zhejiang Leapmotor Technology *		324,600		2,261,862
				21,445,812
Industrials — 19.8%
Beijing-Shanghai High Speed Railway, Cl A		1,961,300		1,574,374
China Conch Venture Holdings		952,500		1,099,318
China Everbright Environment Group		2,456,216		1,195,254
Contemporary Amperex Technology, Cl A		142,450		5,015,774
Goldwind Science & Technology, Cl A		137,135		196,231
Gotion High-tech, Cl A		72,800		329,895
Ningbo Deye Technology, Cl A		36,225		266,307
Ningbo Sanxing Medical Electric, Cl A		55,100		172,458
Sungrow Power Supply, Cl A		82,160		777,309
Zhejiang Chint Electrics, Cl A		85,600		270,908
Zhejiang Weiming Environment Protection, Cl A		68,699		182,989
				11,080,817
Information Technology — 19.7%
China Railway Signal & Communication, Cl A		284,837		204,388
CSI Solar, Cl A		146,593		187,254
Flat Glass Group, Cl A		74,600		158,403
GDS Holdings, Cl A *		699,200		2,627,567
JA Solar Technology, Cl A *		130,768		182,191
Jinko Solar, Cl A *		394,819		286,063
JinkoSolar Holding ADR		23,089		489,949
Kingdee International Software Group *		1,483,000		2,916,882
Kingsoft Cloud Holdings *		1,504,000		1,272,173
LONGi Green Energy Technology, Cl A		300,546		630,198
Sanan Optoelectronics, Cl A		198,600		344,347
TCL Zhonghuan Renewable Energy Technology, Cl A		159,600		171,116
Trina Solar, Cl A *		85,274		172,973
Tuya ADR		178,453		412,226
Xinyi Solar Holdings		2,957,588		938,139
				10,993,869

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI China Clean Technology Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities — 21.0%
Beijing Enterprises Water Group		2,678,500	$	808,668
CGN Power, Cl A		597,000		303,369
CGN Power, Cl H		6,779,000		2,305,724
China Datang Renewable Power, Cl H		1,573,000		488,933
China Longyuan Power Group, Cl H		2,136,800		1,924,481
China National Nuclear Power, Cl A		827,600		1,076,793
China Three Gorges Renewables Group, Cl A		1,143,900		680,289
China Yangtze Power, Cl A		611,800		2,574,238
Huaneng Lancang River Hydropower, Cl A		217,400		289,840
SDIC Power Holdings, Cl A		323,200		665,066
Sichuan Chuantou Energy, Cl A		197,100		441,354
Xinyi Energy Holdings		1,362,000		199,529
				11,758,284
TOTAL CHINA				55,278,782

HONG KONG — 0.4%
Utilities — 0.4%
Concord New Energy Group		3,570,000		231,936
TOTAL HONG KONG				231,936

TOTAL COMMON STOCK (Cost $47,915,522)				55,510,718

TOTAL INVESTMENTS — 99.3% (Cost $47,915,522)				55,510,718
OTHER ASSETS LESS LIABILITIES – 0.7%				367,933
NET ASSETS - 100%			$	55,878,651

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

See “Glossary” for abbreviations.

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

KRS-QH-008-1600

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 94.2% ‡
AUSTRALIA — 6.9%
Materials — 6.9%
IGO		325,625	$	889,872
Lynas Rare Earths *		303,275		1,711,251
Mineral Resources *		38,276		540,816
Pilbara Minerals *		1,297,523		1,135,194
TOTAL AUSTRALIA				4,277,133

BELGIUM — 1.8%
Materials — 1.8%
Umicore		74,487		1,091,205
TOTAL BELGIUM				1,091,205

CHINA — 51.9%
Consumer Discretionary — 25.7%
BAIC BluePark New Energy Technology, Cl A *		740,600		761,986
BYD, Cl A		43,500		2,015,606
Geely Automobile Holdings		944,000		1,919,266
Guangzhou Automobile Group, Cl H ^(A)		1,088,000		397,778
Li Auto, Cl A *		170,600		2,325,376
NIO, Cl A *		381,860		1,332,862
Seres Group, Cl A		83,100		1,558,252
Shenzhen Kedali Industry, Cl A		36,436		575,649
XPeng, Cl A *		244,400		2,198,043
Yadea Group Holdings		522,000		835,200
ZEEKR Intelligent Technology Holding ADR *^(A)		22,755		580,253
Zhejiang Leapmotor Technology *		192,600		1,342,066
				15,842,337
Industrials — 15.7%
Beijing Easpring Material Technology, Cl A		65,700		402,373
China Baoan Group, Cl A		345,307		428,070
CNGR Advanced Material, Cl A		123,570		567,206
Contemporary Amperex Technology, Cl A		65,020		2,289,404
Eve Energy, Cl A		238,860		1,527,565
GEM, Cl A		677,140		600,272
Gotion High-tech, Cl A		241,489		1,094,314
Hunan Yuneng New Energy Battery Material, Cl A		101,000		439,777
Qingdao TGOOD Electric, Cl A		140,600		470,489
Wuxi Lead Intelligent Equipment, Cl A		206,800		717,419
Zhejiang Huayou Cobalt, Cl A		226,563		1,170,904
				9,707,793
Materials — 10.5%
CMOC Group, Cl A		1,473,200		1,731,688
Ganfeng Lithium Group, Cl A		213,557		1,006,795

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Guangzhou Tinci Materials Technology, Cl A		252,094	$	637,700
Ningbo Shanshan, Cl A *		301,300		397,911
Shanghai Putailai New Energy Technology, Cl A		263,999		692,140
Tianqi Lithium, Cl A *		195,200		873,109
Xiamen Tungsten, Cl A		211,851		618,711
Yunnan Energy New Material, Cl A *		128,100		523,799
				6,481,853
TOTAL CHINA				32,031,983

INDONESIA — 1.3%
Materials — 1.3%
Aneka Tambang		4,156,200		778,248
TOTAL INDONESIA				778,248

JAPAN — 4.9%
Consumer Discretionary — 3.9%
Panasonic Holdings		221,800		2,388,521

Industrials — 1.0%
Nidec		30,900		600,052

TOTAL JAPAN				2,988,573

SOUTH KOREA — 10.8%
Industrials — 8.1%
Ecopro *		23,036		1,717,118
L&F *		11,482		419,430
LG Energy Solution *		7,514		1,653,570
POSCO Future M *		12,453		1,166,315
				4,956,433
Information Technology — 2.7%
Samsung SDI		13,087		1,675,632

TOTAL SOUTH KOREA				6,632,065

SWEDEN — 0.8%
Consumer Discretionary — 0.8%
Volvo Car, Cl B *^(A)		285,047		519,523
TOTAL SWEDEN				519,523

UNITED STATES — 15.8%
Consumer Discretionary — 8.8%
Lucid Group *^(A)		561,885		1,185,577
Rivian Automotive, Cl A *		149,600		2,055,504
Tesla *		6,909		2,194,713
				5,435,794

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Industrials — 1.0%
Plug Power *^(A)		425,234	$	633,599

Materials — 6.0%
Albemarle		26,266		1,646,090
MP Materials *		61,654		2,051,229
				3,697,319
TOTAL UNITED STATES				9,766,712

TOTAL COMMON STOCK (Cost $72,056,418)				58,085,442

PREFERRED STOCK — 4.8%
CHILE — 2.5%
Materials — 2.5%
Sociedad Quimica y Minera de Chile ^(B)		44,291		1,575,339

GERMANY — 2.3%
Consumer Discretionary — 2.3%
Dr Ing hc F Porsche ^(B)		28,342		1,395,309

TOTAL PREFERRED STOCK (Cost $5,100,787)				2,970,648

SHORT-TERM INVESTMENT — 4.6%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% ^(C)(D)		2,857,423		2,857,423
TOTAL SHORT-TERM INVESTMENT (Cost $2,857,423)				2,857,423

TOTAL INVESTMENTS — 103.6% (Cost $80,014,628)				63,913,513
OTHER ASSETS LESS LIABILITIES – (3.6)%				(2,230,100	)
NET ASSETS - 100%			$	61,683,413

	‡	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 June 30, 2025.
	(B)	Currently, no stated interest rate.
	(C)	The rate shown is the 7-day effective yield as of June 30, 2025.
	(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $2,857,423.

See “Glossary” for abbreviations.

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

KRS-QH-009-1500

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
CHINA — 94.3%
Health Care — 94.3%
Aier Eye Hospital Group, Cl A		1,485,163	$	2,587,526
Akeso *		333,000		3,900,554
APT Medical, Cl A		22,504		933,065
BeiGene *		408,718		7,695,353
Beijing Tiantan Biological Products, Cl A		314,789		843,316
Beijing Tong Ren Tang, Cl A		218,390		1,099,397
Beijing Wantai Biological Pharmacy Enterprise, Cl A *		167,642		1,427,607
Changchun High-Tech Industry Group, Cl A *		64,908		898,707
China Resources Pharmaceutical Group		1,001,500		653,208
China Resources Sanjiu Medical & Pharmaceutical, Cl A		265,811		1,160,742
Chongqing Zhifei Biological Products, Cl A		381,072		1,042,167
CSPC Innovation Pharmaceutical, Cl A		209,257		1,510,019
CSPC Pharmaceutical Group		4,020,889		3,944,057
Dong-E-E-Jiao, Cl A		102,540		748,671
Genscript Biotech *		632,000		1,191,541
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		223,850		823,756
Haisco Pharmaceutical Group, Cl A		148,600		875,857
Hangzhou Tigermed Consulting, Cl A		59,050		439,548
Hansoh Pharmaceutical Group		630,000		2,387,580
Huadong Medicine, Cl A		279,341		1,573,917
Hualan Biological Engineering, Cl A		291,147		636,909
Humanwell Healthcare Group, Cl A		259,900		761,216
Imeik Technology Development, Cl A		48,140		1,174,812
Innovent Biologics *		429,500		4,289,529
Jiangsu Hengrui Pharmaceuticals, Cl A		951,028		6,890,593
Jiangsu Yuyue Medical Equipment & Supply, Cl A		159,610		793,243
Pharmaron Beijing, Cl A		235,075		805,336
Shandong Weigao Group Medical Polymer, Cl H		1,321,600		1,028,659
Shanghai Fosun Pharmaceutical Group, Cl A		337,429		1,181,895
Shanghai Pharmaceuticals Holding, Cl A		444,112		1,108,551
Shanghai RAAS Blood Products, Cl A		1,056,934		1,013,679
Shanghai United Imaging Healthcare, Cl A		131,232		2,340,252
Shenzhen Mindray Bio-Medical Electronics, Cl A		180,655		5,668,206
Shenzhen New Industries Biomedical Engineering, Cl A		125,200		991,372
Shenzhen Salubris Pharmaceuticals, Cl A		177,465		1,172,587
Sichuan Biokin Pharmaceutical, Cl A *		31,930		1,319,966
Sichuan Kelun Pharmaceutical, Cl A		254,515		1,276,279
Sinopharm Group, Cl H		712,800		1,668,951
WuXi AppTec, Cl A		315,320		3,061,573
WuXi AppTec, Cl H ^(A)		130,284		1,305,330
Wuxi Biologics Cayman *		1,737,635		5,677,750
Yunnan Baiyao Group, Cl A		284,123		2,212,884

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Zhangzhou Pientzehuang Pharmaceutical, Cl A		96,034	$	2,681,468
TOTAL CHINA				84,797,628

HONG KONG — 4.1%
Health Care — 4.1%
Sino Biopharmaceutical		5,487,750		3,677,142
TOTAL HONG KONG				3,677,142

UNITED STATES — 1.3%
Health Care — 1.3%
Legend Biotech ADR *		34,161		1,212,374
TOTAL UNITED STATES				1,212,374

TOTAL COMMON STOCK (Cost $81,714,617)				89,687,144

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ^‡‡*^(B)	105,188	—
TOTAL CHINA		—
TOTAL RIGHTS (Cost $–)		—

	Shares
SHORT-TERM INVESTMENT — 1.4%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% ^(C)(D)		1,234,695		1,234,695
TOTAL SHORT-TERM INVESTMENT (Cost $1,234,695)				1,234,695

TOTAL INVESTMENTS — 101.1% (Cost $82,949,312)				90,921,839
OTHER ASSETS LESS LIABILITIES – (1.1)%				(988,258	)
NET ASSETS - 100%			$	89,933,581

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

* Non-income producing security.

‡‡ Expiration date not available.

(A) Certain securities or partial positions of certain securities are on loan at June 30, 2025.

(B) Level 3 security in accordance with fair value hierarchy.

(C) The rate shown is the 7-day effective yield as of June 30, 2025.

(D) This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $1,234,695.

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI All China Health Care Index ETF (concluded)

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

See “Glossary” for abbreviations.

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

KRS-QH-010-1500

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Asia Pacific High Income USD Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 93.6%
AUSTRALIA — 1.1%
Materials — 1.1%
Perenti Finance Pty
7.500%, 04/26/2029	$	250,000	$	258,427

CHINA — 24.1%
Consumer Discretionary — 4.1%
Fortune Star BVI
5.050%, 01/27/2027		400,000		385,106
5.000%, 05/18/2026		400,000		392,387
Health & Happiness H&H International Holdings
9.125%, 07/24/2028		200,000		203,278
				980,771
Materials — 0.9%
China Hongqiao Group
7.050%, 01/10/2028		200,000		203,600

Real Estate — 17.5%
Central Plaza Development
7.150%, 03/21/2028		350,000		353,111
Franshion Brilliant
6.000%, H15T5Y + 5.584% ^(A)(B)		400,000		395,800
4.250%, 07/23/2029		200,000		177,634
GLP China Holdings, MTN
2.950%, 03/29/2026		600,000		565,515
Greentown China Holdings
8.450%, 02/24/2028		500,000		507,851
5.650%, 07/13/2025		200,000		199,908
Longfor Group Holdings
4.500%, 01/16/2028		200,000		178,692
3.375%, 04/13/2027		400,000		362,970
Pingan Real Estate Capital, MTN
3.450%, 07/29/2026		500,000		481,250
Shui On Development Holding
5.500%, 06/29/2026		400,000		386,811
Wanda Properties Global
11.000%, 01/12/2026		150,000		146,858
Yanlord Land HK
5.125%, 05/20/2026		450,000		438,747
				4,195,147
Utilities — 1.6%
China Oil & Gas Group
4.700%, 06/30/2026		400,000		392,326

TOTAL CHINA				5,771,844

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
HONG KONG — 11.1%
Consumer Discretionary — 4.1%
Melco Resorts Finance
7.625%, 04/17/2032	$	200,000	$	202,119
5.625%, 07/17/2027		400,000		399,174
5.375%, 12/04/2029		400,000		373,899
				975,192
Financials — 3.3%
FWD Group Holdings
8.045%, H15T5Y + 4.865% ^(A)(B)		400,000		401,504
6.675%, H15T5Y + 3.075% ^(A)(B)		400,000		387,781
				789,285
Industrials — 0.5%
Cheung Kong Infrastructure Finance BVI
4.000%, 01/29/2174 ^(B)		200,000		132,813

Real Estate — 3.2%
Elect Global Investments
7.200%, H15T5Y + 3.277% ^(A)(B)		400,000		387,166
NWD
8.625%, 02/08/2028		200,000		129,612
5.875%, 06/16/2027		200,000		138,009
NWD Finance BVI
5.250%, 12/22/2173 ^(B)		400,000		114,204
				768,991
TOTAL HONG KONG				2,666,281

INDIA — 21.6%
Energy — 5.4%
Azure Power Energy
3.575%, 08/19/2026		301,827		290,290
Continuum Energy Aura Pte
9.500%, 02/24/2027		200,000		206,520
India Clean Energy Holdings, MTN
4.500%, 04/18/2027		400,000		385,731
India Cleantech Energy
4.700%, 08/10/2026		237,000		233,280
ReNew Wind Energy AP2
4.500%, 07/14/2028		200,000		189,743
				1,305,564
Financials — 7.7%
Axis Bank, MTN
4.100%, H15T5Y + 3.315% ^(A)(B)		400,000		388,723
IIFL Finance
8.750%, 07/24/2028		400,000		402,500

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
Manappuram Finance, MTN
7.375%, 05/12/2028	$	400,000	$	404,671
Piramal Finance, MTN
7.800%, 01/29/2028		450,000		452,376
Shriram Finance, MTN
6.150%, 04/03/2028		200,000		200,431
				1,848,701
Industrials — 1.7%
IRB Infrastructure Developers
7.110%, 03/11/2032		400,000		401,025

Information Technology — 1.7%
Magnum Holdings
5.375%, 10/31/2026		400,000		397,064

Materials — 4.3%
UPL
4.500%, 03/08/2028		200,000		190,507
Vedanta Resources Finance II
11.250%, 12/03/2031		200,000		209,837
10.875%, 09/17/2029		400,000		414,140
10.250%, 06/03/2028		200,000		207,922
				1,022,406
Utilities — 0.8%
Diamond II
7.950%, 07/28/2026		200,000		201,773

TOTAL INDIA				5,176,533

INDONESIA — 5.7%
Energy — 2.4%
Medco Cypress Tree Pte
8.625%, 05/19/2030		360,000		368,654
Sorik Marapi Geothermal Power
7.750%, 08/05/2031		197,460		198,012
				566,666
Financials — 0.8%
Bank Negara Indonesia Persero
4.300%, H15T5Y + 3.466% ^(A)(B)		200,000		190,562

Materials — 1.7%
Bukit Makmur Mandiri Utama
7.750%, 02/10/2026		200,000		199,505
Nickel Industries
11.250%, 10/21/2028		200,000		209,600
				409,105

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Utilities — 0.8%
Minejesa Capital BV
5.625%, 08/10/2037	$	200,000	$	192,465

TOTAL INDONESIA				1,358,798

JAPAN — 4.6%
Financials — 2.1%
Nomura Holdings
7.000%, H15T5Y + 3.084% ^(A)(B)		500,000		506,369

Information Technology — 2.5%
Rakuten Group
8.125%, H15T5Y + 4.250% ^(A)(B)		200,000		195,789
5.125%, H15T5Y + 4.578% ^(A)(B)		400,000		392,509
				588,298
TOTAL JAPAN				1,094,667

MACAU — 6.8%
Consumer Discretionary — 6.8%
MGM China Holdings
7.125%, 06/26/2031		200,000		207,885
Studio City Finance
6.500%, 01/15/2028		200,000		197,439
Wynn Macau
5.625%, 08/26/2028		450,000		442,390
5.500%, 10/01/2027		400,000		399,087
5.500%, 01/15/2026		200,000		199,798
5.125%, 12/15/2029		200,000		192,168
TOTAL MACAU				1,638,767

MONGOLIA — 1.6%
Financials — 1.6%
Golomt Bank
11.000%, 05/20/2027		200,000		203,000
Trade & Development Bank of Mongolia
8.500%, 12/23/2027		200,000		191,272
TOTAL MONGOLIA				394,272

PHILIPPINES — 5.2%
Energy — 1.7%
Petron
5.950% ^(A)(B)		400,000		396,009

Financials — 0.8%
Rizal Commercial Banking
6.500%, H15T5Y + 6.236% ^(A)(B)		200,000		199,000

Utilities — 2.7%
San Miguel Global Power Holdings
8.125%, H15T1Y + 6.404% ^(A)(B)		250,000		245,625

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Utilities (continued)
5.700% ^(A)(B)	$	214,000	$	211,431
5.450% ^(A)(B)		200,000		190,472
				647,528
TOTAL PHILIPPINES				1,242,537

SOUTH KOREA — 0.9%
Financials — 0.9%
Hanwha Life Insurance
6.300%, H15T5Y + 2.292% ^(A)(B)		200,000		205,974

THAILAND — 4.9%
Financials — 4.9%
Kasikornbank, MTN
4.000%, H15T5Y + 3.337% ^(A)(B)		400,000		385,414
Krung Thai Bank
4.400%, H15T5Y + 3.530% ^(A)(B)		400,000		393,160
Muangthai Capital
6.875%, 09/30/2028		410,000		408,825
TOTAL THAILAND				1,187,399

UNITED KINGDOM — 3.9%
Financials — 3.9%
Standard Chartered
7.750%, H15T5Y + 4.976% ^(A)(B)		200,000		207,463
4.750%, H15T5Y + 3.805% ^(A)(B)		200,000		180,267
4.300%, H15T5Y + 3.135% ^(A)(B)		600,000		545,405
TOTAL UNITED KINGDOM				933,135

VIETNAM — 2.1%
Utilities — 2.1%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		508,200		496,242

TOTAL CORPORATE OBLIGATIONS (Cost $22,407,507)				22,424,876

SOVEREIGN DEBT — 4.3%
PAKISTAN — 4.3%
Pakistan Government International Bond, MTN
8.875%, 04/08/2051		200,000		163,636
8.250%, 09/30/2025		250,000		249,410
7.375%, 04/08/2031		250,000		222,563

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Asia Pacific High Income USD Bond ETF (concluded)

	Face Amount		Value
SOVEREIGN DEBT (continued)
PAKISTAN
6.000%, 04/08/2026	$	400,000	$	392,420
TOTAL SOVEREIGN DEBT (Cost $1,003,627)				1,028,029

TOTAL INVESTMENTS — 97.9% (Cost $23,411,134)				23,452,905
OTHER ASSETS LESS LIABILITIES – 2.1%				490,895
NET ASSETS - 100%			$	23,943,800

	(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.

See “Glossary” for abbreviations.

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

KRS-QH-012-1500

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 97.1% ‡
BRAZIL — 4.6%
Communication Services — 0.1%
Telefonica Brasil		15,361	$	86,936

Consumer Staples — 0.4%
Ambev		70,800		172,789
Raia Drogasil		19,168		53,102
				225,891
Energy — 0.7%
Petroleo Brasileiro		58,700		366,643
Ultrapar Participacoes		17,000		54,633
				421,276
Financials — 1.2%
B3 - Brasil Bolsa Balcao		77,900		208,101
Banco Bradesco		37,387		99,395
Banco do Brasil		34,200		138,420
BB Seguridade Participacoes		9,600		62,970
NU Holdings, Cl A *		16,834		230,963
				739,849
Industrials — 0.7%
CCR		15,000		37,899
Localiza Rent a Car		19,620		145,662
Rumo		15,000		50,927
WEG		22,500		176,361
				410,849
Materials — 1.0%
Klabin		10,340		34,954
Suzano		11,300		106,026
Vale		49,300		475,580
				616,560
Utilities — 0.5%
Centrais Eletricas Brasileiras		13,900		102,432
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		3,800		82,944
Equatorial Energia		17,000		112,007
				297,383
TOTAL BRAZIL				2,798,744

CHILE — 0.7%
Consumer Discretionary — 0.1%
Empresas Copec		5,030		34,186
Falabella		9,680		51,334
				85,520

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 0.4%
Banco de Chile		855,990	$	129,211
Banco de Credito e Inversiones		840		35,403
Banco Santander Chile		853,283		53,486
				218,100
Materials — 0.0%
Empresas CMPC		16,307		24,877

Utilities — 0.2%
Enel Americas		368,156		35,793
Enel Chile		924,370		68,311
				104,104
TOTAL CHILE				432,601

COLOMBIA — 0.2%
Financials — 0.2%
Grupo Cibest		9,471		118,243
TOTAL COLOMBIA				118,243

CZECHIA — 0.3%
Financials — 0.1%
Komercni Banka		934		45,021

Utilities — 0.2%
CEZ		1,984		116,172

TOTAL CZECHIA				161,193

EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank - Egypt (CIB)		33,944		57,749
TOTAL EGYPT				57,749

GREECE — 0.7%
Communication Services — 0.1%
Hellenic Telecommunications Organization		2,976		56,383

Consumer Discretionary — 0.6%
JUMBO		5,441		187,136
OPAP		8,081		182,603
				369,739
TOTAL GREECE				426,122

HUNGARY — 0.5%
Energy — 0.0%
MOL Hungarian Oil & Gas		4,633		40,193

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 0.4%
OTP Bank Nyrt		2,838	$	225,871

Health Care — 0.1%
Richter Gedeon Nyrt		2,288		67,195

TOTAL HUNGARY				333,259

INDIA — 25.9%
Communication Services — 1.3%
Bharti Airtel		35,408		829,710

Consumer Discretionary — 2.6%
Bajaj Auto		1,054		102,942
Eicher Motors		2,002		132,047
Mahindra & Mahindra		11,920		442,441
Maruti Suzuki India		1,931		279,202
Tata Motors		23,363		187,427
Titan		4,529		194,880
Zomato *		90,389		278,408
				1,617,347
Consumer Staples — 1.7%
Dabur India		21,661		122,563
Godrej Consumer Products		11,763		161,632
Hindustan Unilever		11,653		311,788
ITC		56,052		272,188
Nestle India		5,184		149,022
				1,017,193
Energy — 2.5%
Bharat Petroleum		26,544		102,743
Indian Oil		77,956		133,587
Oil & Natural Gas		56,968		162,222
Reliance Industries		64,263		1,124,453
				1,523,005
Financials — 6.4%
Axis Bank		35,508		496,516
Bajaj Finance		32,510		355,009
Bajaj Finserv		6,515		156,190
HDFC Bank		41,467		967,773
HDFC Life Insurance		12,926		122,734
ICICI Bank		59,871		1,009,346
Jio Financial Services *		28,189		107,401
Kotak Mahindra Bank		17,127		432,069
State Bank of India		28,016		267,991
				3,915,029

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care — 1.0%
Aurobindo Pharma *		6,608	$	87,439
Cipla		7,624		133,874
Dr Reddy’s Laboratories		7,326		109,625
Sun Pharmaceutical Industries		13,990		273,356
				604,294
Industrials — 4.1%
Adani Enterprises		5,896		180,084
Adani Ports & Special Economic Zone		17,423		294,622
Bharat Electronics		84,001		412,855
CG Power & Industrial Solutions		26,030		207,047
Cummins India		4,546		180,197
Hindustan Aeronautics		5,023		285,226
InterGlobe Aviation *		5,503		383,497
Larsen & Toubro		9,273		396,806
Suzlon Energy *		225,613		178,154
				2,518,488
Information Technology — 3.4%
HCL Technologies		16,818		338,988
Infosys ADR		49,424		915,827
Tata Consultancy Services		12,225		493,504
Tech Mahindra		9,658		189,984
Wipro		46,692		144,813
				2,083,116
Materials — 2.0%
Asian Paints		6,262		170,942
Grasim Industries		4,223		140,069
Hindalco Industries		26,067		210,594
JSW Steel		11,059		131,596
Tata Steel		131,955		245,815
UltraTech Cement		1,505		212,220
UPL		6,957		53,642
Vedanta		16,972		91,203
				1,256,081
Utilities — 0.9%
GAIL India		39,255		87,353
NTPC		62,640		244,614
Power Grid Corp of India		61,303		214,375
				546,342
TOTAL INDIA				15,910,605

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
INDONESIA — 2.1%
Communication Services — 0.2%
Telkom Indonesia Persero		858,300	$	146,971

Consumer Staples — 0.1%
Charoen Pokphand Indonesia		117,500		34,016
Indofood CBP Sukses Makmur		17,200		11,124
				45,140
Energy — 0.1%
Adaro Energy Indonesia		430,800		48,559
United Tractors		26,900		35,541
				84,100
Financials — 1.5%
Bank Central Asia		811,300		433,510
Bank Mandiri Persero		670,700		201,602
Bank Negara Indonesia Persero		250,200		63,494
Bank Rakyat Indonesia Persero		932,300		214,771
				913,377
Industrials — 0.2%
Astra International		372,600		103,277

TOTAL INDONESIA				1,292,865

MALAYSIA — 2.2%
Communication Services — 0.2%
CelcomDigi Bhd		55,400		51,709
Maxis		55,400		47,499
				99,208
Consumer Discretionary — 0.0%
Genting		36,200		26,223

Consumer Staples — 0.1%
SD Guthrie		41,900		46,174

Financials — 1.3%
CIMB Group Holdings		153,555		247,628
Hong Leong Bank		9,700		45,154
Malayan Banking		104,216		240,089
Public Bank		241,600		247,309
				780,180
Health Care — 0.1%
IHH Healthcare		36,200		58,635

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 0.1%
Petronas Chemicals Group		55,400	$	45,920

Utilities — 0.4%
Petronas Gas		9,400		39,337
Tenaga Nasional		68,600		234,288
				273,625
TOTAL MALAYSIA				1,329,965

MEXICO — 3.8%
Communication Services — 0.4%
America Movil		298,800		265,396

Consumer Staples — 1.0%
Fomento Economico Mexicano		30,600		312,933
Grupo Bimbo, Ser A		20,600		57,083
Wal-Mart de Mexico		79,600		261,864
				631,880
Financials — 0.8%
Grupo Financiero Banorte, Cl O		41,900		380,409
Grupo Financiero Inbursa, Cl O		28,100		72,050
				452,459
Industrials — 0.6%
Grupo Aeroportuario del Pacifico, Cl B		7,690		175,329
Grupo Aeroportuario del Sureste, Cl B		4,915		155,850
				331,179
Materials — 0.9%
Cemex		233,000		159,716
Grupo Mexico		41,900		252,083
Southern Copper		1,383		139,918
				551,717
Real Estate — 0.1%
Fibra Uno Administracion †		52,400		71,893

TOTAL MEXICO				2,304,524

PERU — 0.4%
Financials — 0.3%
Credicorp		693		154,899

Materials — 0.1%
Cia de Minas Buenaventura SAA ADR		5,445		89,407

TOTAL PERU				244,306

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
PHILIPPINES — 0.9%
Financials — 0.2%
BDO Unibank		50,929	$	138,149

Industrials — 0.3%
Ayala		5,940		60,107
SM Investments		5,940		91,952
				152,059
Real Estate — 0.4%
Ayala Land		206,100		98,787
SM Prime		281,500		117,188
				215,975
Utilities — 0.0%
Manila Electric		2,580		24,664

TOTAL PHILIPPINES				530,847

POLAND — 2.0%
Communication Services — 0.2%
CD Projekt		1,127		87,572

Consumer Discretionary — 0.3%
LPP		49		198,915

Energy — 0.2%
ORLEN		5,228		118,774

Financials — 1.2%
Bank Polska Kasa Opieki		3,087		158,034
Powszechna Kasa Oszczednosci Bank Polski		15,419		321,031
Powszechny Zaklad Ubezpieczen		11,203		195,307
Santander Bank Polska		601		82,090
				756,462
Materials — 0.1%
KGHM Polska Miedz *		2,152		76,760

TOTAL POLAND				1,238,483

QATAR — 1.1%
Financials — 0.9%
Masraf Al Rayan		73,022		46,689
Qatar Islamic Bank QPSC		21,415		130,278
Qatar National Bank		75,911		361,729
				538,696

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.2%
Industries Qatar		34,056	$	115,516

TOTAL QATAR				654,212

ROMANIA — 0.2%
Real Estate — 0.2%
NEPI Rockcastle		17,459		132,579
TOTAL ROMANIA				132,579

RUSSIA — 0.0%
Communication Services — 0.0%
Mobile TeleSystems PJSC ADR ^(A)(B)		3,839		—

Consumer Discretionary — 0.0%
X5 Retail Group GDR *^(A)(B)		915		—

Energy — 0.0%
Gazprom PJSC *^(A)(B)		89,700		—
LUKOIL PJSC ^(A)(B)		3,729		—
Novatek PJSC GDR *^(A)(B)		756		—
Rosneft Oil PJSC ^(A)(B)		10,270		—
Tatneft PJSC ^(A)(B)		16,537		—
				—
Financials — 0.0%
Sberbank of Russia PJSC ^(A)(B)		99,330		—

Materials — 0.0%
Alrosa PJSC ^(A)(B)		18,910		—
GMK Norilskiy Nickel PAO *^(A)(B)		67,000		—
Novolipetsk Steel PJSC ^(A)(B)		8,860		—
Severstal PAO ^(A)(B)		1,512		—
				—
TOTAL RUSSIA				—

SOUTH AFRICA — 4.4%
Consumer Discretionary — 1.6%
Naspers, Cl N		2,899		899,717
Woolworths Holdings		28,829		83,966
				983,683
Financials — 2.0%
Absa Group		11,204		110,960
Capitec Bank		1,055		210,805
Discovery		17,314		209,273
FirstRand		41,542		176,933
Nedbank Group		7,064		96,611

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Old Mutual		133,430	$	90,624
Remgro		13,621		121,255
Sanlam		22,705		113,287
Standard Bank Group		11,160		142,884
				1,272,632
Industrials — 0.2%
Bidvest Group		9,131		119,984

Materials — 0.6%
Anglo American Platinum		1,093		48,607
Gold Fields		7,349		171,939
Harmony Gold Mining		6,910		95,190
Sasol *		8,681		38,473
				354,209
TOTAL SOUTH AFRICA				2,730,508

SOUTH KOREA — 15.9%
Consumer Discretionary — 1.3%
Coway		676		48,486
Hyundai Mobis		1,071		227,754
Hyundai Motor		1,458		219,845
Kia		3,038		218,126
LG Electronics		1,779		97,281
				811,492
Consumer Staples — 0.6%
Amorepacific		658		66,648
KT&G		2,627		248,568
LG H&H		157		37,168
				352,384
Energy — 0.5%
HD Hyundai		1,640		157,365
SK Innovation		1,013		91,873
S-Oil		582		25,831
				275,069
Financials — 2.8%
DB Insurance		638		58,288
Hana Financial Group		5,607		358,539
Industrial Bank of Korea		3,256		44,054
KB Financial Group		4,900		402,645
Samsung Fire & Marine Insurance		848		272,697
Samsung Life Insurance		882		83,259
Shinhan Financial Group		7,148		325,198

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Woori Financial Group		9,385	$	156,115
				1,700,795
Health Care — 0.8%
Celltrion		2,540		300,335
Samsung Biologics *		273		200,664
				500,999
Industrials — 2.5%
Hyundai Glovis		2,206		220,339
Korea Aerospace Industries		2,838		188,835
Korea Shipbuilding & Offshore Engineering		484		131,257
LG		2,037		120,143
LG Energy Solution *		774		170,330
Samsung C&T		1,817		217,297
Samsung Heavy Industries *		17,581		218,330
SK		732		110,917
SK Square *		1,354		183,597
				1,561,045
Information Technology — 6.3%
LG Display *		2,764		18,350
Samsung Electro-Mechanics		1,244		124,160
Samsung Electronics		50,114		2,220,523
Samsung SDI		844		108,064
Samsung SDS		444		55,796
SK Hynix		6,243		1,350,738
				3,877,631
Materials — 0.7%
Korea Zinc		98		59,471
LG Chemical		751		117,692
POSCO Holdings		1,278		247,153
				424,316
Utilities — 0.4%
Korea Electric Power		7,926		230,803

TOTAL SOUTH KOREA				9,734,534

TAIWAN — 26.7%
Communication Services — 1.0%
Chunghwa Telecom		41,000		189,477
Far EasTone Telecommunications		57,000		174,832
Taiwan Mobile		55,000		216,521
				580,830

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 5.0%
Cathay Financial Holding		114,000	$	245,077
Chailease Holding		38,607		167,184
Chang Hwa Commercial Bank		301,282		192,865
CTBC Financial Holding		170,000		254,313
E.Sun Financial Holding		144,735		162,760
First Financial Holding		248,103		246,727
Fubon Financial Holding		82,668		247,053
Hua Nan Financial Holdings		195,091		181,654
KGI Financial Holding		342,000		175,027
Mega Financial Holding		161,516		226,970
Shanghai Commercial & Savings Bank		117,000		185,842
Shin Kong Financial Holding *		572,000		221,265
SinoPac Financial Holdings		137,591		113,984
Taishin Financial Holding		271,312		146,281
Taiwan Cooperative Financial Holding		222,882		188,838
Yuanta Financial Holding		109,310		127,788
				3,083,628
Industrials — 0.3%
Far Eastern New Century		168,000		189,210

Information Technology — 19.3%
Accton Technology		9,000		224,908
ASE Technology Holding		32,000		161,577
Asustek Computer		7,000		154,320
AUO		151,600		64,092
Catcher Technology		19,000		137,888
Delta Electronics		21,000		296,899
Hon Hai Precision Industry		116,000		639,326
Innolux		172,400		69,050
Lite-On Technology		26,000		98,350
MediaTek		19,000		813,022
Novatek Microelectronics		12,000		223,881
Pegatron		58,000		152,485
Quanta Computer		26,000		244,317
Taiwan Semiconductor Manufacturing		230,000		8,345,885
United Microelectronics		150,000		226,962
				11,852,962
Materials — 1.1%
Asia Cement		75,000		109,501
China Steel		248,000		159,606
Formosa Chemicals & Fibre		57,000		44,684
Formosa Plastics		75,000		89,475
Nan Ya Plastics		183,000		171,022

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
TCC Group Holdings		111,404	$	97,248
				671,536
TOTAL TAIWAN				16,378,166

THAILAND — 1.3%
Communication Services — 0.2%
Advanced Info Service NVDR		18,300		156,493

Consumer Staples — 0.2%
CP ALL NVDR		92,600		125,332

Energy — 0.4%
PTT NVDR		196,200		181,059
PTT Exploration & Production NVDR		26,800		90,271
				271,330
Health Care — 0.2%
Bangkok Dusit Medical Services NVDR		168,300		107,683

Industrials — 0.1%
Airports of Thailand NVDR		80,600		75,000

Materials — 0.1%
Siam Cement NVDR		7,600		39,276

Real Estate — 0.1%
Central Pattana NVDR		25,400		36,137

TOTAL THAILAND				811,251

TÜRKIYE — 0.7%
Consumer Staples — 0.3%
BIM Birlesik Magazalar		13,059		162,362

Energy — 0.1%
Turkiye Petrol Rafinerileri		26,142		91,972

Financials — 0.3%
Akbank		93,406		160,083

TOTAL TÜRKIYE				414,417

UNITED ARAB EMIRATES — 1.9%
Communication Services — 0.3%
Emirates Telecommunications Group PJSC		40,863		195,812

Financials — 0.7%
Abu Dhabi Commercial Bank PJSC		41,467		152,191

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
First Abu Dhabi Bank PJSC		61,116	$	276,223
				428,414
Real Estate — 0.9%
Aldar Properties PJSC		78,604		190,900
Emaar Properties PJSC		99,782		369,478
				560,378
TOTAL UNITED ARAB EMIRATES				1,184,604

UNITED KINGDOM — 0.4%
Materials — 0.4%
Anglogold Ashanti		6,159		277,569
TOTAL UNITED KINGDOM				277,569

UNITED STATES — 0.1%
Consumer Staples — 0.1%
JBS		5,700		81,680
TOTAL UNITED STATES				81,680

TOTAL COMMON STOCK (Cost $49,969,860)				59,579,026

PREFERRED STOCK — 3.1%
BRAZIL — 2.1%
Energy — 0.6%
Petroleo Brasileiro ^(C)		62,900		361,644

Financials — 1.4%
Banco Bradesco ^(C)		77,871		240,126
Itau Unibanco Holding ^(C)		66,740		451,834
Itausa^(C)		83,930		168,387
				860,347
Materials — 0.1%
Gerdau ^(C)		16,490		48,341

Utilities — 0.0%
Cia Energetica de Minas Gerais ^(C)		20,100		39,774

TOTAL BRAZIL				1,310,106

CHILE — 0.2%
Materials — 0.2%
Sociedad Quimica y Minera de Chile ^(C)		2,363		84,047

COLOMBIA — 0.1%
Financials — 0.1%
Grupo Cibest ^(C)		5,742		64,884

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

Schedule of Investments (Unaudited) June 30, 2025

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

	Shares		Value
PREFERRED STOCK (continued)
SOUTH KOREA — 0.7%
Information Technology — 0.7%
Samsung Electronics ^(C)		12,044	$	441,744

TOTAL PREFERRED STOCK (Cost $1,847,842)				1,900,781

TOTAL INVESTMENTS — 100.2% (Cost $51,817,702)				61,479,807
OTHER ASSETS LESS LIABILITIES – (0.2)%				(135,048	)
NET ASSETS - 100%			$	61,344,759

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

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

See “Glossary” for abbreviations.

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

KRS-QH-014-1300

Consolidated Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Carbon Strategy ETF

	Shares		Value
EXCHANGE-TRADED FUND — 62.6%
KraneShares Sustainable Ultra Short Duration Index ETF ^(A)(B)(C)		4,000,700	$	100,233,938
TOTAL EXCHANGE-TRADED FUND (Cost $100,386,292)				100,233,938

SHORT-TERM INVESTMENT — 1.3%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% ^(D)		2,053,151		2,053,150
TOTAL SHORT-TERM INVESTMENT (Cost $2,053,150)				2,053,150

TOTAL INVESTMENTS — 63.9% (Cost $102,439,442)				102,287,088
OTHER ASSETS LESS LIABILITIES – 36.1%				57,864,570
NET ASSETS - 100%			$	160,151,658

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

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
CA Carbon Allowance ^	1,153	Dec-2025	$	39,108,650	$		32,733,670	$	(6,374,980	)
CA Carbon Allowance Vintage ^	270	Dec-2026		9,810,515			8,140,500		(1,670,015	)
ICE ECX Emission ^	1,070	Dec-2025		79,506,724			86,627,421		(2,291,265	)
ICE ECX Emission ^	95	Dec-2026		7,256,985			7,893,063		(229,623	)
RGGI Vintage ^	386	Dec-2025		8,875,900			8,823,960		(51,940	)
UK Emission Allowance ^	112	Dec-2025		5,501,066			7,072,327		1,000,257
WA Carbon Allowance Vintage ^	131	Dec-2025		7,961,572			8,087,940		126,368
			$	158,021,412		$	159,378,881	$	(9,491,198	)

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

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

Value as of 3/31/2025		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Value as of 6/30/2025		Dividend Income		Capital Gain Distributions
KraneShares Sustainable Ultra Short Duration Index ETF
$	117,673,932	$	—	$	(17,442,379	)	$	107,836	$	(105,451	)	$	100,233,938	$	1,087,894	$	—

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

See “Glossary” for abbreviations.

Consolidated Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Carbon Strategy ETF (concluded)

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

KRS-QH-020-0900

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
UNITED STATES — 100.0%
Communication Services — 7.8%
Alphabet, Cl C		4,137	$	733,862
AT&T		6,733		194,853
Comcast, Cl A		15,065		537,670
Meta Platforms, Cl A		514		379,378
Verizon Communications		11,569		500,591
				2,346,354
Consumer Discretionary — 6.9%
Dick’s Sporting Goods		312		61,717
Ford Motor		45,394		492,525
Home Depot		1,788		655,552
McDonald’s		702		205,103
NIKE, Cl B		779		55,340
Tapestry		668		58,657
Tesla *		259		82,274
Upbound Group		17,609		441,986
				2,053,154
Consumer Staples — 7.9%
Altria Group		8,455		495,717
Cal-Maine Foods		4,671		465,372
Coca-Cola		1,593		112,705
Colgate-Palmolive		1,254		113,989
General Mills		663		34,350
Kimberly-Clark		2,404		309,924
Philip Morris International		1,495		272,284
Procter & Gamble		1,660		264,471
Walmart		3,025		295,784
				2,364,596
Energy — 5.0%
APA		8,522		155,867
Chevron		2,007		287,382
DT Midstream		4,087		449,202
Kinder Morgan		10,834		318,520
ONEOK		1,322		107,915
Phillips 66		859		102,479
Texas Pacific Land		85		89,793
				1,511,158
Financials — 11.3%
CME Group, Cl A		681		187,697
Goldman Sachs Group		853		603,711
JPMorgan Chase		1,804		522,997
Morgan Stanley		1,479		208,332

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Value Line^® Dynamic Dividend Equity Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Northwest Bancshares		14,820	$	189,400
Regions Financial		3,103		72,983
T Rowe Price Group		4,829		465,998
Virtu Financial, Cl A		5,368		240,433
Visa, Cl A		1,341		476,122
Western Union		49,067		413,144
				3,380,817
Health Care — 11.3%
AbbVie		2,243		416,346
Amgen		919		256,594
Bristol-Myers Squibb		9,449		437,394
Gilead Sciences		4,682		519,093
Johnson & Johnson		2,237		341,702
Merck		1,835		145,258
Organon		46,661		451,679
Pfizer		22,542		546,418
UnitedHealth Group		827		257,999
				3,372,483
Industrials — 13.8%
Automatic Data Processing		1,575		485,730
Cummins		758		248,245
Fastenal		11,131		467,502
Illinois Tool Works		1,959		484,363
Lockheed Martin		773		358,007
MSC Industrial Direct, Cl A		3,811		324,011
Paychex		2,965		431,289
Robert Half		8,862		363,785
Snap-on		564		175,505
Union Pacific		1,192		274,256
United Parcel Service, Cl B		4,982		502,883
				4,115,576
Information Technology — 24.2%
Apple		5,198		1,066,474
Broadcom		2,822		777,884
Cisco Systems		8,908		618,037
International Business Machines		1,790		527,656
Microsoft		3,384		1,683,236
NVIDIA		10,877		1,718,457
Salesforce		184		50,175
Texas Instruments		2,475		513,860
Ubiquiti		728		299,681
				7,255,460

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Value Line^® Dynamic Dividend Equity Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Materials — 3.5%
Air Products and Chemicals		1,199	$	338,190
Dow		16,046		424,898
Packaging Corp of America		1,494		281,544
				1,044,632
Real Estate — 3.1%
Public Storage †		1,563		458,616
Simon Property Group †		2,924		470,062
				928,678
Utilities — 5.2%
American Electric Power		2,288		237,403
Consolidated Edison		3,189		320,016
Entergy		4,295		357,001
Public Service Enterprise Group		2,068		174,084
WEC Energy Group		4,387		457,125
				1,545,629
TOTAL UNITED STATES				29,918,537

TOTAL COMMON STOCK (Cost $28,713,358)				29,918,537

TOTAL INVESTMENTS — 100.0% (Cost $28,713,358)				29,918,537
OTHER ASSETS LESS LIABILITIES – 0.0%				(14,042	)
NET ASSETS - 100%			$	29,904,495

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

See “Glossary” for abbreviations.

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

KRS-QH-026-0900

Consolidated Schedule of Investments (Unaudited) June 30, 2025

KraneShares Mount Lucas Managed Futures Index Strategy ETF

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 71.2%
U.S. Treasury Bills
4.314%, 08/26/2025 ^(A)(B)	$	30,000,000	$	29,798,050
4.307%, 08/05/2025 ^(A)(B)		25,000,000		24,896,477
4.218%, 07/31/2025 ^(A)(B)		30,000,000		29,896,156
4.217%, 07/03/2025 ^(A)(B)		25,000,000		24,994,167
4.210%, 07/17/2025 ^(A)(B)		25,000,000		24,953,944
TOTAL U.S. TREASURY OBLIGATIONS (Cost $134,538,991)				134,538,794

TOTAL INVESTMENTS — 71.2% (Cost $134,538,991)				134,538,794
OTHER ASSETS LESS LIABILITIES – 28.8%				54,338,060
NET ASSETS - 100%			$	188,876,854

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

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
AUD Currency	22	Sep-2025	$	1,449,836		$	1,449,690		$	(146	)
British Pound	362	Sep-2025		30,672,481			31,052,813			380,332
CAD Currency	416	Sep-2025		30,622,032			30,650,880			28,848
Copper ^	108	Sep-2025		13,208,139			13,722,750			514,611
Euro FX	213	Sep-2025		30,781,943			31,513,350			731,407
Gold ^	39	Aug-2025		12,536,638			12,900,030			363,392
Japanese Yen	347	Sep-2025		30,358,373			30,338,644			(19,729	)
Live Cattle ^	153	Aug-2025		12,718,199			13,089,150			370,951
NY Harbor ULSD ^	36	Sep-2025		3,392,554			3,404,722			12,168
Swiss Franc	198	Sep-2025		30,535,160			31,498,087			962,927
				196,275,355			199,620,116			3,344,761
Short Contracts
Canadian 10-Year Bond	(486)	Sep-2025		(43,118,561	)		(43,541,032	)		(246,166	)
Corn ^	(578)	Dec-2025		(12,566,403	)		(12,296,950	)		269,453
Euro-Bund 10-Year Bond	(322)	Sep-2025		(48,099,459	)		(49,366,025	)		274,276
Gasoline ^	(37)	Sep-2025		(3,117,372	)		(3,173,579	)		(56,207	)
Japanese 10-Year Bond	(50)	Sep-2025		(47,986,156	)		(48,269,157	)		(72,370	)
Long Gilt 10-Year Bond	(389)	Sep-2025		(47,945,794	)		(49,674,230	)		(929,408	)
Natural Gas ^	(52)	Sep-2025		(1,964,883	)		(1,814,800	)		150,083
Soybean ^	(107)	Nov-2025		(5,673,298	)		(5,494,450	)		178,848
Sugar No. 11 ^	(655)	Oct-2025		(12,476,165	)		(11,884,320	)		591,845
Ultra 10-Year U.S. Treasury Note	(425)	Sep-2025		(47,768,705	)		(48,562,891	)		(794,186	)
Wheat ^	(449)	Dec-2025		(12,879,907	)		(12,572,000	)		307,907
WTI Crude Oil ^	(114)	Sep-2025		(7,095,396	)		(7,278,900	)		(183,504	)
				(290,692,099	)		(293,928,334	)		(509,429	)
			$	(94,416,744	)	$	(94,308,218	)	$	2,835,332

Consolidated Schedule of Investments (Unaudited) June 30, 2025

KraneShares Mount Lucas Managed Futures Index Strategy ETF (concluded)

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

See “Glossary” for abbreviations.

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

KRS-QH-025-0900

Schedule of Investments (Unaudited) June 30, 2025

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 99.4% ‡
CHINA — 99.4%
Consumer Discretionary — 5.7%
Beijing Roborock Technology, Cl A		41,321	$	903,067
Ninebot, Cl A		114,528		946,039
Tianneng Battery Group, Cl A		26,093		101,121
				1,950,227
Consumer Staples — 0.8%
Bloomage Biotechnology, Cl A		38,454		275,663

Health Care — 14.3%
APT Medical, Cl A		16,887		700,160
MGI Tech, Cl A *		41,565		376,183
Shanghai Allist Pharmaceuticals, Cl A		44,906		583,271
Shanghai Junshi Biosciences, Cl A *		107,071		507,915
Shanghai United Imaging Healthcare, Cl		98,692		1,759,968
Sichuan Biokin Pharmaceutical, Cl A *		16,006		661,678
Xiamen Amoytop Biotech, Cl A		32,476		326,929
				4,916,104
Industrials — 2.9%
AVIC Chengdu UAS, Cl A		40,415		301,287
Baimtec Material, Cl A		26,944		213,012
Sany Renewable Energy, Cl A		48,954		170,443
Zhuzhou CRRC Times Electric, Cl A		52,026		309,767
				994,509
Information Technology — 72.4%
ACM Research Shanghai, Cl A		17,615		280,191
Advanced Micro-Fabrication Equipment China, Cl A		87,317		2,222,191
Amlogic Shanghai, Cl A *		67,235		666,517
Beijing Kingsoft Office Software, Cl A		46,221		1,807,053
Bestechnic Shanghai, Cl A		16,771		814,722
Biwin Storage Technology, Cl A *		64,442		606,352
Cambricon Technologies, Cl A *		41,658		3,498,082
China Railway Signal & Communication, Cl A		516,181		370,392
China Resources Microelectronics, Cl A		105,981		697,747
CSI Solar, Cl A		294,441		376,110
Everdisplay Optronics Shanghai, Cl A *		1,104,249		360,727
GalaxyCore, Cl A		155,709		334,758
Guobo Electronics, Cl A		15,464		129,551
Hangzhou EZVIZ Network, Cl A		31,434		138,319
Hwatsing Technology, Cl A		33,072		778,882
Jinko Solar, Cl A *		798,744		578,723
Loongson Technology, Cl A *		32,013		596,136
Montage Technology, Cl A		228,480		2,615,520
National Silicon Industry Group, Cl A		328,973		859,730

Schedule of Investments (Unaudited) June 30, 2025

KraneShares SSE STAR Market 50 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Nexchip Semiconductor, Cl A		160,156	$	453,203
Piotech, Cl A		27,914		598,991
Qi An Xin Technology Group, Cl A *		54,699		259,477
Shanghai BOCHU Electronic Technology, Cl A		23,023		423,174
Shenzhen Transsion Holdings, Cl A		91,037		1,012,913
SICC, Cl A *		34,305		280,401
Smartsens Technology Shanghai, Cl A		56,140		801,132
SUPCON Technology, Cl A		126,230		791,410
Trina Solar, Cl A *		260,978		529,378
United Nova Technology, Cl A *		987,605		657,654
Verisilicon Microelectronics Shanghai, Cl A *		69,973		942,657
Xinjiang Daqo New Energy, Cl A *		128,443		382,291
				24,864,384
Materials — 3.3%
Cathay Biotech, Cl A		71,978		473,279
Western Superconducting Technologies, Cl A		90,763		657,362
				1,130,641
TOTAL CHINA				34,131,528

TOTAL COMMON STOCK (Cost $34,466,357)				34,131,528

TOTAL INVESTMENTS — 99.4% (Cost $34,466,357)				34,131,528
OTHER ASSETS LESS LIABILITIES – 0.6%				215,075
NET ASSETS - 100%			$	34,346,603

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

See “Glossary” for abbreviations.

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

KRS-QH-024-0900

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 90.7% ‡
CHINA — 90.1%
Communication Services — 28.2%
Baidu, Cl A *		147,200	$	1,564,820
Bilibili, Cl Z *		33,840		722,926
Kingsoft		108,200		563,743
Kuaishou Technology, Cl B *		258,000		2,080,433
NetEase		148,205		3,983,599
Tencent Holdings		58,000		3,716,433
Tencent Music Entertainment Group		4,000		38,650
				12,670,604
Consumer Discretionary — 41.0%
Alibaba Group Holding		256,900		3,593,327
BYD, Cl H		219,000		3,417,516
Haier Smart Home, Cl A		280,826		803,127
JD.com, Cl A		122,459		1,995,224
Li Auto, Cl A *		141,500		1,928,726
Meituan, Cl B *		122,580		1,956,596
Midea Group		71,600		679,060
NIO, Cl A *		39,760		138,780
Tongcheng Travel Holdings		161,600		403,074
Trip.com Group		31,550		1,832,713
XPeng, Cl A *		187,100		1,682,708
				18,430,851
Consumer Staples — 2.6%
Alibaba Health Information Technology *		746,000		450,451
JD Health International *		129,500		709,363
				1,159,814
Information Technology — 18.3%
BYD Electronic International		91,500		370,662
Horizon Robotics *		137,400		113,596
Hua Hong Semiconductor		84,000		371,312
Kingdee International Software Group *		349,000		686,441
Lenovo Group		932,000		1,118,400
SenseTime Group, Cl B *		3,211,000		609,476
Sunny Optical Technology Group		82,340		727,424
Xiaomi, Cl B *		550,200		4,201,846
				8,199,157
TOTAL CHINA				40,460,426

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 0.6%
Information Technology — 0.6%
ASMPT		38,600	$	282,985
TOTAL HONG KONG				282,985

TOTAL COMMON STOCK (Cost $39,740,773)				40,743,411

TOTAL INVESTMENTS — 90.7% (Cost $39,740,773)				40,743,411
OTHER ASSETS LESS LIABILITIES – 9.3%				4,171,542
NET ASSETS - 100%			$	44,914,953

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

See “Glossary” for abbreviations.

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

KRS-QH-028-0900

Consolidated Schedule of Investments (Unaudited) June 30, 2025

KraneShares European Carbon Allowance Strategy ETF

	Shares		Value
EXCHANGE-TRADED FUND — 59.1%
KraneShares Sustainable Ultra Short Duration Index ETF ^(A)(B)(C)		148,800	$	3,728,050
TOTAL EXCHANGE-TRADED FUND (Cost $3,733,025)				3,728,050

SHORT-TERM INVESTMENT — 3.1%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% ^(D)		194,039		194,039
TOTAL SHORT-TERM INVESTMENT (Cost $194,039)				194,039

TOTAL INVESTMENTS — 62.2% (Cost $3,927,064)				3,922,089
OTHER ASSETS LESS LIABILITIES – 37.8%				2,388,427
NET ASSETS - 100%			$	6,310,516

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

Type of Contract		Number of Contracts			Expiration Date		Notional Amount				Value				Unrealized Appreciation/ (Depreciation)
Long Contracts ICE ECX Emission ^		78			Dec-2025		$	5,794,227			$	6,314,896			$	(171,176	)

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

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

Value
as of
3/31/2025

Purchases at
Cost

Proceeds
from Sale

Change in
Unrealized
Appreciation/
(Depreciation)

Realized

Gain/(Loss)

Value
as of
6/30/2025

Dividend
Income

Capital Gain
Distributions

KraneShares Sustainable Ultra Short Duration Index ETF

3,588,948

1,204,800

(1,065,870

)

3,425

(3,253

)

3,728,050

40,015

—

See “Glossary” for abbreviations.

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

KRS-QH-029-0800

Consolidated Schedule of Investments (Unaudited) June 30, 2025

KraneShares California Carbon Allowance Strategy ETF

	Shares		Value
EXCHANGE-TRADED FUND — 70.9%
KraneShares Sustainable Ultra Short Duration Index ETF ^(A)(B)(C)		3,032,100	$	75,966,537
TOTAL EXCHANGE-TRADED FUND (Cost $76,075,069)				75,966,537

SHORT-TERM INVESTMENT — 5.3%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% ^(D)		5,656,180		5,656,180
TOTAL SHORT-TERM INVESTMENT (Cost $5,656,180)				5,656,180

TOTAL INVESTMENTS — 76.2% (Cost $81,731,249)				81,622,717
OTHER ASSETS LESS LIABILITIES – 23.8%				25,451,957
NET ASSETS - 100%			$	107,074,674

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

Type of Contract		Number of Contracts			Expiration Date		Notional Amount				Value				Unrealized Appreciation/ (Depreciation)
Long Contracts CA Carbon Allowance ^		3,856			Dec-2025		$	134,051,701			$	109,471,840			$	(24,579,861	)

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

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

Value
as of
3/31/2025

Purchases at
Cost

Proceeds
from Sale

Change in
Unrealized
Appreciation/
(Depreciation)

Realized

Gain/(Loss)

Value
as of
6/30/2025

Dividend
Income

Capital Gain
Distributions

KraneShares Sustainable Ultra Short Duration Index ETF

87,196,672

—

(11,240,526

)

65,800

(55,409

)

75,966,537

815,395

—

See “Glossary” for abbreviations.

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

KRS-QH-030-0800

Schedule of Investments (Unaudited) June 30, 2025

KraneShares KWEB Covered Call Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUND — 103.3%
KraneShares CSI China Internet ETF ^(A)(B)		2,869,900	$	98,523,667
TOTAL EXCHANGE - TRADED FUND (Cost $95,227,586)				98,523,667

SHORT-TERM INVESTMENT — 0.0%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% ^(C)		37,783		37,783
TOTAL SHORT-TERM INVESTMENT (Cost $37,783)				37,783

TOTAL INVESTMENTS — 103.3% (Cost $95,265,369)				98,561,450
OTHER ASSETS LESS LIABILITIES – (3.3)%				(3,122,899	)
NET ASSETS - 100%			$	95,438,551

WRITTEN OPTIONS ^(D) — (3.8)% (Premiums Received $(3,633,507))			$	(3,637,180	)

	(A)	For financial information on the KraneShares CSI China Internet ETF, please go to the Fund’s website at https://kraneshares.com/kweb/.
	(B)	Affiliated Investment.
	(C)	The rate shown is the 7-day effective yield as of June 30, 2025.
	(D)	Refer to option table below.

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

Description	Number of Contracts	Notional Amount			Exercise Price		Expiration Date	Market Value
WRITTEN OPTIONS — (3.8)%
Call Options
KWEB US*	(6,815)	$	(23,395,895	)	$	32.74	07/03/25	$	(1,113,026	)
KWEB US*	(460)		(1,579,180	)	$	33.22	07/03/25		(53,880	)
KWEB US*	(5,444)		(18,689,252	)	$	34.24	07/11/25		(389,736	)
KWEB US*	(5,937)		(20,381,721	)	$	34.00	07/18/25		(625,522	)
KWEB US*	(5,734)		(19,684,822	)	$	33.30	07/25/25		(955,055	)
KWEB US*	(230)		(789,590	)	$	34.34	08/01/25		(28,143	)
KWEB US*	(4,079)		(14,003,207	)	$	34.48	08/01/25		(471,818	)
Total Written Options		$	(98,523,667	)				$	(3,637,180	)

KraneShares CSI China Internet ETF.

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

Value
as of
3/31/2025

Purchases at
Cost

Proceeds
from Sale

Change in
Unrealized
Appreciation/
(Depreciation)

Realized

Gain/(Loss)

Value
as of
6/30/2025

Dividend
Income

Capital Gain
Distributions

KraneShares CSI China Internet ETF

106,999,569

135,497,077

(141,783,529

)

2,535,157

(4,724,607

)

98,523,667

—

Schedule of Investments (Unaudited) June 30, 2025

KraneShares KWEB Covered Call Strategy ETF

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

See “Glossary” for abbreviations.

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

KRS-QH-037-0500

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Luxury Index ETF

	Shares		Value
COMMON STOCK — 98.0% ‡
DENMARK — 4.5%
Consumer Discretionary — 4.5%
Pandora		624	$	109,174
TOTAL DENMARK				109,174

FRANCE — 33.9%
Consumer Discretionary — 20.1%
Hermes International		59		159,222
Kering		519		112,439
LVMH Moet Hennessy Louis Vuitton		415		216,585
				488,246
Consumer Staples — 8.4%
L’Oreal		480		204,587

Health Care — 5.4%
EssilorLuxottica		486		132,867

TOTAL FRANCE				825,700

ITALY — 11.6%
Consumer Discretionary — 11.6%
Brunello Cucinelli		361		43,732
Ferrari		220		107,456
Moncler		1,653		93,895
PRADA		6,100		37,843
TOTAL ITALY				282,926

JAPAN — 7.9%
Consumer Staples — 7.9%
Kao		2,400		107,285
Shiseido		4,800		85,519
TOTAL JAPAN				192,804

SWITZERLAND — 8.1%
Consumer Discretionary — 8.1%
Cie Financiere Richemont, Cl A		1,042		195,637
TOTAL SWITZERLAND				195,637

UNITED KINGDOM — 2.5%
Consumer Discretionary — 2.5%
Burberry Group *		3,707		60,044
TOTAL UNITED KINGDOM				60,044

UNITED STATES — 29.5%
Consumer Discretionary — 23.6%
Bath & Body Works		2,452		73,462

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Luxury Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Deckers Outdoor *		853	$	87,919
Ralph Lauren, Cl A		395		108,341
Samsonite International		15,300		28,456
Signet Jewelers		501		39,855
Tapestry		1,250		109,762
Vail Resorts		476		74,794
VF		4,503		52,910
				575,499
Consumer Staples — 5.9%
Estee Lauder, Cl A		1,774		143,339

TOTAL UNITED STATES				718,838

TOTAL COMMON STOCK (Cost $2,657,104)				2,385,123

TOTAL INVESTMENTS — 98.0% (Cost $2,657,104)				2,385,123
OTHER ASSETS LESS LIABILITIES – 2.0%				48,870
NET ASSETS - 100%			$	2,433,993

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

See “Glossary” for abbreviations.

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

KRS-QH-039-0400

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Hedgeye Hedged Equity

	Shares		Value
EXCHANGE - TRADED FUND — 100.5%
SPDR S&P 500 ETF Trust ^(A)		30,300	$	18,720,855
TOTAL EXCHANGE - TRADED FUND (Cost $17,533,120)				18,720,855

PURCHASED OPTIONS ^(B) — 0.9%
TOTAL PURCHASED OPTIONS (Cost $194,600)				169,671

TOTAL INVESTMENTS — 101.4% (Cost $17,727,720)				18,890,526
OTHER ASSETS LESS LIABILITIES – (1.4)%				(261,972	)
NET ASSETS - 100%			$	18,628,554

WRITTEN OPTIONS ^(B) — (1.9)% (Premiums Received $(335,547))			$	(346,959	)

	(A)	For financial information on the SPDR S&P 500 ETF Trust, please go to the Commission’s website at https://www.sec.gov.
	(B)	Refer to option table below.

A list of open option contracts held by the Fund at June 30, 2025 was as follows:

Description	Number of Contracts	Notional Amount			Exercise Price		Expiration Date	Market Value
PURCHASED OPTIONS — 0.9%
Put Options
S&P 500 Index	30	$	18,614,850		$	6,170.00	07/18/25	$	168,000
S&P 500 Mini-SPX Index	3		186,150			617.00	07/18/25		1,671
Total Purchased Options		$	18,801,000					$	169,671

WRITTEN OPTIONS — (1.9)%
Put Options
S&P 500 Index	(30)	$	(18,614,850	)	$	5,960.00	07/18/25	$	(49,500	)
S&P 500 Mini-SPX Index	(3)		(186,150	)		596.00	07/18/25		(498	)
Call Options
SPDR S&P 500 ETF Trust	(303)	$	(18,720,855	)	$	615.08	07/18/25	$	(296,961	)
Total Written Options		$	(37,521,855	)				$	(346,959	)

See “Glossary” for abbreviations.

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

KRS-QH-042-0300

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Artificial Intelligence

	Shares		Value
COMMON STOCK — 96.4% ‡
CANADA — 1.7%
Information Technology — 1.7%
Shopify, Cl A *		4,149	$	477,568
TOTAL CANADA				477,568

GERMANY — 2.3%
Information Technology — 2.3%
SAP		2,115		640,906
TOTAL GERMANY				640,906

NETHERLANDS — 4.7%
Information Technology — 4.7%
ASML Holding		467		371,451
Nebius Group, Cl A *		17,384		961,857
TOTAL NETHERLANDS				1,333,308

SOUTH KOREA — 2.2%
Information Technology — 2.2%
SK Hynix		2,892		625,714
TOTAL SOUTH KOREA				625,714

TAIWAN — 3.2%
Information Technology — 3.2%
MediaTek		6,000		256,744
Taiwan Semiconductor Manufacturing		18,000		653,156
TOTAL TAIWAN				909,900

UNITED STATES — 82.3%
Communication Services — 13.1%
Alphabet, Cl A		4,972		876,216
Meta Platforms, Cl A		2,997		2,212,056
ROBLOX, Cl A *		5,967		627,728
				3,716,000
Consumer Discretionary — 9.6%
Amazon.com *		6,505		1,427,132
Duolingo, Cl A *		1,256		514,985
Tesla *		2,399		762,066
				2,704,183
Health Care — 2.0%
Tempus AI, Cl A *		8,872		563,727

Industrials — 1.4%
Vertiv Holdings, Cl A		3,150		404,491

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Artificial Intelligence (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology — 56.2%
Adobe *		1,419	$	548,983
Apple		4,304		883,052
AppLovin, Cl A *		1,171		409,944
Arista Networks *		3,141		321,356
ARM Holdings ADR *		1,740		281,427
Atlassian, Cl A *		1,872		380,184
Broadcom		2,814		775,679
Cloudflare, Cl A *		3,335		653,093
Confluent, Cl A *		12,961		323,118
Datadog, Cl A *		3,833		514,887
Elastic *		5,812		490,126
Gitlab, Cl A *		7,325		330,431
Marvell Technology		5,308		410,839
Micron Technology		2,936		361,862
Microsoft		3,005		1,494,717
MongoDB, Cl A *		1,830		384,282
NVIDIA		8,102		1,280,035
Oracle		3,458		756,023
Palantir Technologies, Cl A *		5,339		727,812
Palo Alto Networks *		1,876		383,905
Pure Storage, Cl A *		6,042		347,898
QUALCOMM		1,676		266,920
Salesforce		2,841		774,712
Samsara, Cl A *		11,413		454,009
ServiceNow *		763		784,425
Snowflake, Cl A *		2,619		586,054
Synopsys *		492		252,238
Workday, Cl A *		1,630		391,200
Zscaler *		1,169		366,996
				15,936,207
TOTAL UNITED STATES				23,324,608

TOTAL COMMON STOCK (Cost $24,408,039)				27,312,004

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Artificial Intelligence (concluded)

	Shares		Value
PREFERRED STOCK — 3.5%
UNITED STATES — 3.5%
Information Technology — 3.5%
Anthropic *^(A)(B)		17,829	$	999,966
TOTAL PREFERRED STOCK (Cost $999,966)				999,966

TOTAL INVESTMENTS — 99.9% (Cost $25,408,005)				28,311,970
OTHER ASSETS LESS LIABILITIES – 0.1%				29,066
NET ASSETS - 100%			$	28,341,036

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

See “Glossary” for abbreviations.

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

KRS-QH-043-0300

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Sustainable Ultra Short Duration Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 96.2%
AUSTRALIA — 5.0%
Financials — 5.0%
Australia & New Zealand Banking Group NY
5.375%, 07/03/2025	$	2,000,000	$	2,000,099
Transurban Finance Pty
4.125%, 02/02/2026		500,000		498,585
Westpac Banking
5.386%, 8/26/2025, SOFRRATE + 1.000% ^(A)		1,500,000		1,501,995
5.512%, 11/17/2025		700,000		702,882
5.200%, 04/16/2026		2,000,000		2,013,606
3.735%, 08/26/2025		1,400,000		1,398,198
2.850%, 05/13/2026		1,000,000		987,978
TOTAL AUSTRALIA				9,103,343

CANADA — 7.6%
Consumer Discretionary — 0.3%
Magna International
4.150%, 10/01/2025		500,000		499,045

Financials — 7.3%
Bank of Montreal
5.920%, 09/25/2025		1,000,000		1,002,961
Bank of Nova Scotia
4.750%, 02/02/2026		2,000,000		2,004,482
1.050%, 03/02/2026		1,500,000		1,467,211
Canadian Imperial Bank of Commerce
3.945%, 08/04/2025		1,000,000		999,264
0.950%, 10/23/2025		1,000,000		989,488
Federation des Caisses Desjardins du Quebec
4.400%, 08/23/2025		900,000		899,224
Royal Bank of Canada, MTN
4.875%, 01/12/2026		1,000,000		1,002,118
1.200%, 04/27/2026		2,000,000		1,951,577
0.875%, 01/20/2026		1,000,000		980,581
Toronto-Dominion Bank, MTN
0.750%, 01/06/2026		1,000,000		981,097
0.750%, 09/11/2025		1,000,000		992,320
				13,270,323
TOTAL CANADA				13,769,368

FRANCE — 0.8%
Financials — 0.8%
Banque Federative du Credit Mutuel
4.935%, 01/26/2026		791,000		793,026
4.524%, 07/13/2025		747,000		746,898
TOTAL FRANCE				1,539,924

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
GERMANY — 0.8%
Financials — 0.8%
Deutsche Bank NY
1.686%, 03/19/2026	$	1,500,000	$	1,472,067

HONG KONG — 0.6%
Financials — 0.6%
Swire Pacific Financing, MTN
3.875%, 09/21/2025		1,000,000		998,349

IRELAND — 1.0%
Industrials — 1.0%
AerCap Ireland Capital DAC
6.500%, 07/15/2025		1,000,000		1,000,644
1.750%, 01/30/2026		786,000		772,234
TOTAL IRELAND				1,772,878

JAPAN — 3.2%
Financials — 3.2%
Mitsubishi UFJ Financial Group
1.412%, 07/17/2025		1,000,000		998,637
Mizuho Financial Group
3.477%, 04/12/2026		1,500,000		1,489,403
Sumitomo Mitsui Financial Group
5.464%, 01/13/2026		1,318,000		1,324,395
1.474%, 07/08/2025		2,000,000		1,998,988
TOTAL JAPAN				5,811,423

NETHERLANDS — 1.1%
Financials — 1.1%
Cooperatieve Rabobank UA, MTN
5.500%, 07/18/2025		1,000,000		1,000,496
Cooperatieve Rabobank UA
4.850%, 01/09/2026		1,000,000		1,001,922
TOTAL NETHERLANDS				2,002,418

SPAIN — 1.5%
Financials — 1.5%
Banco Bilbao Vizcaya Argentaria
1.125%, 09/18/2025		1,000,000		992,419
Banco Santander
5.179%, 11/19/2025		1,800,000		1,800,923
TOTAL SPAIN				2,793,342

SWITZERLAND — 0.5%
Financials — 0.5%
UBS Group
4.125%, 09/24/2025		928,000		926,398

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
UNITED KINGDOM — 3.6%
Financials — 3.6%
Barclays
4.375%, 01/12/2026	$	1,000,000	$	999,198
HSBC Holdings
4.300%, 03/08/2026		2,000,000		1,998,034
4.250%, 08/18/2025		1,000,000		999,042
3.900%, 05/25/2026		1,000,000		995,864
LSEGA Financing
1.375%, 04/06/2026		1,500,000		1,464,742
TOTAL UNITED KINGDOM				6,456,880

UNITED STATES — 70.5%
Communication Services — 4.9%
Charter Communications Operating
4.908%, 07/23/2025		1,000,000		999,926
Comcast
3.950%, 10/15/2025		1,000,000		998,453
3.150%, 03/01/2026		1,500,000		1,487,898
T-Mobile USA
2.250%, 02/15/2026		1,000,000		984,517
1.500%, 02/15/2026		1,000,000		980,244
TWDC Enterprises 18
3.000%, 02/13/2026		1,000,000		992,285
TWDC Enterprises 18, MTN
3.150%, 09/17/2025		1,000,000		997,475
Verizon Communications
0.850%, 11/20/2025		500,000		493,123
Walt Disney
1.750%, 01/13/2026		1,000,000		986,121
				8,920,042
Consumer Discretionary — 3.6%
DR Horton
2.600%, 10/15/2025		500,000		496,966
Ford Motor Credit
4.134%, 08/04/2025		1,000,000		998,949
General Motors Financial
4.300%, 07/13/2025		1,000,000		999,768
McDonald’s, MTN
3.300%, 07/01/2025		1,000,000		1,000,000
Toyota Motor Credit, MTN
4.050%, 10/24/2025		1,000,000		997,260
3.650%, 08/18/2025		1,000,000		998,973
Toyota Motor Credit
5.400%, 11/10/2025		1,000,000		1,003,169
				6,495,085

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Consumer Staples — 1.9%
PepsiCo
5.250%, 11/10/2025	$	1,000,000	$	1,003,055
4.550%, 02/13/2026		1,000,000		1,000,704
3.500%, 07/17/2025		1,000,000		999,592
2.850%, 02/24/2026		500,000		495,556
				3,498,907
Financials — 34.3%
Allstate
0.750%, 12/15/2025		1,000,000		982,878
American Express
4.900%, 02/13/2026		2,000,000		2,005,900
4.200%, 11/06/2025		1,000,000		999,025
3.950%, 08/01/2025		1,000,000		1,000,000
3.125%, 05/20/2026		1,000,000		990,902
Aon Global
3.875%, 12/15/2025		2,000,000		1,993,721
Ares Capital
3.875%, 01/15/2026		2,000,000		1,989,491
3.250%, 07/15/2025		2,000,000		1,998,727
Bank of New York Mellon, MTN
2.800%, 05/04/2026		2,000,000		1,974,855
0.750%, 01/28/2026		1,000,000		979,244
Charles Schwab
4.891%, 5/13/2026, SOFRINDX + 0.520% ^(A)		500,000		500,095
1.150%, 05/13/2026		1,000,000		972,636
0.900%, 03/11/2026		596,000		581,639
Chubb INA Holdings
3.350%, 05/03/2026		1,000,000		992,259
Citibank
5.864%, 09/29/2025		1,000,000		1,001,902
5.438%, 04/30/2026		2,000,000		2,015,359
Citigroup
5.500%, 09/13/2025		1,000,000		1,001,218
4.600%, 03/09/2026		2,000,000		1,999,745
3.700%, 01/12/2026		1,000,000		996,386
3.400%, 05/01/2026		1,000,000		992,311
Corebridge Global Funding
0.900%, 09/22/2025		1,000,000		991,496
Fifth Third Bank
3.950%, 07/28/2025		1,000,000		999,482
3.850%, 03/15/2026		1,500,000		1,490,431
Goldman Sachs Group
3.750%, 02/25/2026		1,000,000		995,508
Invesco Finance
3.750%, 01/15/2026		500,000		497,578

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
Jackson National Life Global Funding
5.500%, 01/09/2026	$	850,000	$	853,462
JPMorgan Chase
3.900%, 07/15/2025		1,000,000		999,621
3.300%, 04/01/2026		2,000,000		1,986,523
KeyBank
4.150%, 08/08/2025		1,000,000		999,260
Manufacturers & Traders Trust
5.400%, 11/21/2025		500,000		500,975
4.650%, 01/27/2026		2,800,000		2,799,823
Marsh & McLennan
3.750%, 03/14/2026		2,000,000		1,989,915
Metropolitan Life Global Funding I
4.050%, 08/25/2025		1,020,000		1,019,057
Morgan Stanley, MTN
5.000%, 11/24/2025		1,000,000		1,001,487
4.000%, 07/23/2025		1,000,000		999,059
3.875%, 01/27/2026		2,000,000		1,992,148
Morgan Stanley Bank
4.754%, 04/21/2026		2,000,000		2,005,535
Prudential Financial, MTN
1.500%, 03/10/2026		2,000,000		1,961,976
State Street
3.550%, 08/18/2025		1,000,000		998,531
2.650%, 05/19/2026		2,000,000		1,972,033
Truist Bank
3.625%, 09/16/2025		2,000,000		1,994,603
Truist Financial, MTN
1.200%, 08/05/2025		1,000,000		996,728
US Bancorp, MTN
3.950%, 11/17/2025		1,500,000		1,495,616
3.100%, 04/27/2026		1,000,000		989,876
Visa
3.150%, 12/14/2025		1,000,000		994,257
Wells Fargo
3.000%, 04/22/2026		2,000,000		1,978,571
Wells Fargo, MTN
3.550%, 09/29/2025		900,000		897,457
				62,369,301
Health Care — 5.8%
Cigna Group
4.500%, 02/25/2026		500,000		499,701
4.125%, 11/15/2025		1,000,000		999,527
CVS Health
3.875%, 07/20/2025		1,000,000		999,303

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Health Care (continued)
Elevance Health
4.900%, 02/08/2026	$	510,000	$	510,030
McKesson
0.900%, 12/03/2025		500,000		492,422
Stryker
3.375%, 11/01/2025		1,000,000		995,951
UnitedHealth Group
5.150%, 10/15/2025		1,000,000		1,001,683
3.750%, 07/15/2025		1,000,000		999,666
1.150%, 05/15/2026		1,000,000		971,988
Zimmer Biomet Holdings
3.050%, 01/15/2026		1,000,000		992,193
Zoetis
5.400%, 11/14/2025		1,000,000		1,002,137
4.500%, 11/13/2025		1,000,000		999,463
				10,464,064
Industrials — 5.2%
Air Lease
3.375%, 07/01/2025		1,000,000		1,000,000
Cummins
0.750%, 09/01/2025		1,000,000		994,126
JB Hunt Transport Services
3.875%, 03/01/2026		2,000,000		1,990,793
John Deere Capital, MTN
4.800%, 01/09/2026		1,000,000		1,002,154
4.050%, 09/08/2025		1,000,000		999,080
Stanley Black & Decker
3.400%, 03/01/2026		1,500,000		1,486,977
Waste Management
0.750%, 11/15/2025		2,000,000		1,973,555
				9,446,685
Information Technology — 10.5%
Apple
4.421%, 05/08/2026		2,000,000		1,998,996
3.250%, 02/23/2026		2,000,000		1,987,287
0.700%, 02/08/2026		2,000,000		1,956,953
0.550%, 08/20/2025		1,000,000		994,861
Applied Materials
3.900%, 10/01/2025		500,000		499,444
Cisco Systems
4.900%, 02/26/2026		1,000,000		1,004,735
2.950%, 02/28/2026		2,000,000		1,981,038
Fortinet
1.000%, 03/15/2026		2,000,000		1,948,429

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Sustainable Ultra Short Duration Index ETF (concluded)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Information Technology (continued)
Intel
4.875%, 02/10/2026	$	700,000	$	700,988
Intuit
0.950%, 07/15/2025		1,000,000		998,522
Lam Research
3.750%, 03/15/2026		2,000,000		1,990,259
Microsoft
3.125%, 11/03/2025		3,000,000		2,986,938
				19,048,450
Real Estate — 4.3%
Boston Properties
3.650%, 02/01/2026		1,000,000		993,492
Equinix
1.450%, 05/15/2026		1,000,000		972,523
1.250%, 07/15/2025		1,000,000		998,708
Public Storage Operating
0.875%, 02/15/2026		2,000,000		1,956,863
Realty Income
4.625%, 11/01/2025		1,000,000		999,906
Simon Property Group
3.500%, 09/01/2025		1,000,000		997,707
3.300%, 01/15/2026		1,000,000		993,977
				7,913,176
TOTAL UNITED STATES				128,155,710

TOTAL CORPORATE OBLIGATIONS (Cost $174,862,854)				174,802,100

TOTAL INVESTMENTS — 96.2% (Cost $174,862,854)				174,802,100
OTHER ASSETS LESS LIABILITIES – 3.8%				6,856,602
NET ASSETS - 100%			$	181,658,702

(A)

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

See “Glossary” for abbreviations.

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

KRS-QH-041-0300

Schedule of Investments (Unaudited) June 30, 2025

KraneShares China Alpha Index ETF

	Shares		Value
COMMON STOCK — 99.5% ‡
CHINA — 99.5%
Consumer Discretionary — 8.4%
Fuyao Glass Industry Group, Cl A		37,201	$	296,075
Haier Smart Home, Cl A		37,500		129,727
Ningbo Tuopu Group, Cl A		25,400		167,545
Seres Group, Cl A		15,900		298,149
				891,496
Financials — 36.9%
Agricultural Bank of China, Cl A		390,100		320,221
Bank of Beijing, Cl A		342,500		326,571
Bank of China, Cl A		390,700		306,532
Bank of Communications, Cl A		283,900		317,067
Bank of Jiangsu, Cl A		196,500		327,539
Bank of Nanjing, Cl A		188,300		305,459
Bank of Shanghai, Cl A		203,800		301,867
China CITIC Bank, Cl A		247,100		293,216
China Construction Bank, Cl A		238,800		314,704
China Galaxy Securities, Cl A		44,400		106,302
Guotai Junan Securities, Cl A		125,500		335,687
Huaxia Bank, Cl A		286,500		316,371
Industrial & Commercial Bank of China, Cl A		305,100		323,281
				3,894,817
Industrials — 14.0%
China Merchants Expressway Network & Technology Holdings, Cl A		170,200		285,126
COSCO SHIPPING Holdings, Cl A		111,600		234,319
Daqin Railway, Cl A		319,600		294,474
Jiangsu Expressway, Cl A		131,900		282,466
NARI Technology, Cl A		6,200		19,397
Shanghai International Port Group, Cl A		369,400		294,462
Weichai Power, Cl A		31,900		68,492
				1,478,736
Information Technology — 21.5%
Avary Holding Shenzhen, Cl A		35,800		160,080
Chaozhou Three-Circle Group, Cl A		16,700		77,868
Eoptolink Technology, Cl A		24,500		434,444
Foxconn Industrial Internet, Cl A		113,900		339,960
Luxshare Precision Industry, Cl A		70,900		343,357
NAURA Technology Group, Cl A		1,300		80,254
WUS Printed Circuit Kunshan, Cl A		61,100		363,197
Zhongji Innolight, Cl A		23,100		470,375
				2,269,535

Schedule of Investments (Unaudited) June 30, 2025

KraneShares China Alpha Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Materials — 18.7%
Aluminum Corp of China, Cl A		329,800	$	324,130
Ningxia Baofeng Energy Group, Cl A		134,800		303,731
Satellite Chemical, Cl A		128,900		311,851
Zangge Mining, Cl A		59,400		353,838
Zhejiang Juhua, Cl A		81,500		326,312
Zhongjin Gold, Cl A		12,500		25,530
Zijin Mining Group, Cl A		121,600		331,028
				1,976,420
TOTAL CHINA				10,511,004

TOTAL COMMON STOCK (Cost $9,012,391)				10,511,004

TOTAL INVESTMENTS — 99.5% (Cost $9,012,391)				10,511,004
OTHER ASSETS LESS LIABILITIES – 0.5%				52,151
NET ASSETS - 100%			$	10,563,155

‡

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

See “Glossary” for abbreviations.

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

KRS-QH-046-0200

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
BELGIUM — 0.3%
Communication Services — 0.3%
Liberty Global, Cl C *		3,232	$	33,322
TOTAL BELGIUM				33,322

BRAZIL — 0.4%
Financials — 0.4%
StoneCo, Cl A *		2,662		42,698
TOTAL BRAZIL				42,698

GERMANY — 0.1%
Materials — 0.1%
Orion		1,021		10,710
TOTAL GERMANY				10,710

MONACO — 0.0%
Industrials — 0.0%
Safe Bulkers		1,990		7,184
TOTAL MONACO				7,184

NORWAY — 0.1%
Energy — 0.1%
Seadrill *		291		7,639
TOTAL NORWAY				7,639

PUERTO RICO — 0.2%
Communication Services — 0.2%
Liberty Latin America, Cl C *		4,282		26,634
TOTAL PUERTO RICO				26,634

UNITED KINGDOM — 0.9%
Energy — 0.9%
TechnipFMC		2,844		97,947
TOTAL UNITED KINGDOM				97,947

UNITED STATES — 97.9%
Communication Services — 4.4%
Bandwidth, Cl A *		2,614		41,563
Bumble, Cl A *		1,890		12,455
DoubleVerify Holdings *		889		13,308
IAC *		1,111		41,485
Iridium Communications		404		12,189
Magnite *		5,916		142,694
News		5,668		168,453
Toro Combineco *		1,534		11,919

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Communication Services (continued)
TripAdvisor *		846	$	11,040
ZoomInfo Technologies, Cl A *		3,477		35,187
				490,293
Consumer Discretionary — 13.5%
Adient *		1,174		22,846
American Axle & Manufacturing Holdings *		1,588		6,479
Asbury Automotive Group *		140		33,396
AutoNation *		324		64,363
BJ’s Restaurants *		500		22,300
BorgWarner		1,485		49,718
Boyd Gaming		535		41,853
Bright Horizons Family Solutions *		339		41,897
Brunswick		234		12,926
Churchill Downs		224		22,624
Dana		1,489		25,536
Dorman Products *		432		52,993
Etsy *		1,310		65,710
Frontdoor *		1,772		104,442
Funko, Cl A *		1,760		8,378
Gentherm *		560		15,842
Hanesbrands *		1,679		7,690
Hasbro		1,064		78,545
J Jill		408		5,973
Kontoor Brands		172		11,347
Lear		832		79,023
Life Time Group Holdings *		644		19,532
Light & Wonder *		542		52,173
Lindblad Expeditions Holdings *		860		10,036
M/I Homes *		171		19,173
Mattel *		4,136		81,562
Mohawk Industries *		137		14,363
Phinia		926		41,198
Ralph Lauren, Cl A		342		93,804
Savers Value Village *		1,771		18,064
Sonic Automotive, Cl A		307		24,538
Standard Motor Products		228		7,004
Taylor Morrison Home, Cl A *		110		6,756
Toll Brothers		322		36,750
TopBuild *		144		46,619
Travel + Leisure		679		35,043
Tri Pointe Homes *		617		19,713
Upbound Group		440		11,044
Vail Resorts		218		34,254
VF		774		9,094

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Wayfair, Cl A *		1,791	$	91,592
Wyndham Hotels & Resorts		871		70,734
Xponential Fitness, Cl A *		610		4,569
				1,521,496
Consumer Staples — 4.1%
BJ’s Wholesale Club Holdings *		204		21,997
Central Garden & Pet, Cl A *		701		21,934
Coca-Cola Consolidated		360		40,194
Darling Ingredients *		829		31,452
Dole		1,930		27,001
Energizer Holdings		595		11,995
Ingles Markets, Cl A		293		18,570
Ingredion		622		84,356
Natural Grocers by Vitamin Cottage		421		16,524
Pilgrim’s Pride		134		6,027
Reynolds Consumer Products		264		5,655
Turning Point Brands		893		67,663
Universal		87		5,067
US Foods Holding *		1,255		96,648
				455,083
Energy — 1.2%
Granite Ridge Resources		1,686		10,740
Kodiak Gas Services		512		17,546
NOV		2,586		32,144
Oceaneering International *		839		17,384
Ovintiv		969		36,871
Range Resources		318		12,933
World Kinect		407		11,538
				139,156
Financials — 8.8%
Affiliated Managers Group		167		32,861
Ameris Bancorp		621		40,179
Assurant		111		21,921
Axis Capital Holdings		1,023		106,208
Banner		38		2,438
Burford Capital		924		13,176
Community Trust Bancorp		36		1,905
Corebridge Financial		1,497		53,143
Donnelley Financial Solutions *		835		51,478
Enova International *		118		13,159
Enterprise Financial Services		159		8,761
Euronet Worldwide *		949		96,210
Federal Agricultural Mortgage, Cl C		35		6,800

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
First Financial		114	$	6,178
First Financial Bancorp		326		7,909
First Merchants		243		9,307
FirstCash Holdings		143		19,325
Hancock Whitney		108		6,199
Hanover Insurance Group		92		15,628
Home BancShares		318		9,050
International Bancshares		298		19,835
Mercury General		637		42,896
Morningstar		200		62,786
Old Second Bancorp		219		3,885
Origin Bancorp		248		8,864
Primerica		280		76,628
QCR Holdings		106		7,197
Reinsurance Group of America, Cl A		288		57,128
Selective Insurance Group		605		52,423
SLM		1,128		36,987
Synovus Financial		298		15,421
Texas Capital Bancshares *		303		24,058
Univest Financial		102		3,064
Virtus Investment Partners		92		16,689
Voya Financial		242		17,182
Webster Financial		399		21,785
				988,663
Health Care — 11.8%
10X Genomics, Cl A *		831		9,623
Amneal Pharmaceuticals *		8,335		67,430
Ardent Health Partners *		221		3,019
AtriCure *		1,420		46,533
Aveanna Healthcare Holdings *		2,138		11,182
Biote, Cl A *		1,157		4,651
Bio-Techne		379		19,500
BrightSpring Health Services *		2,398		56,569
Certara *		1,553		18,170
Charles River Laboratories International *		98		14,870
Community Health Systems *		3,770		12,818
CONMED		488		25,415
Definitive Healthcare, Cl A *		6,229		24,293
Elanco Animal Health *		5,161		73,699
Encompass Health		1,456		178,549
Enhabit *		806		7,770
ICU Medical *		489		64,621
Innoviva *		627		12,596
LifeStance Health Group *		3,850		19,905

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
LivaNova *		1,365	$	61,452
Mesa Laboratories		305		28,737
National Research		450		7,560
NeoGenomics *		1,735		12,683
OptimizeRx *		644		8,694
Option Care Health *		3,310		107,509
Orthofix Medical *		624		6,958
Phibro Animal Health, Cl A		385		9,833
QIAGEN		2,641		126,926
Tactile Systems Technology *		2,426		24,600
Teladoc Health *		10,962		95,479
Universal Health Services, Cl B		416		75,358
Waystar Holding *		2,336		95,472
				1,332,474
Industrials — 20.2%
AECOM		573		64,669
Allison Transmission Holdings		406		38,566
API Group *		1,416		72,287
Applied Industrial Technologies		46		10,693
Armstrong World Industries		111		18,031
ATI *		914		78,915
Atmus Filtration Technologies		982		35,764
AZZ		518		48,941
Brink’s		694		61,967
BWX Technologies		261		37,600
Clean Harbors *		98		22,656
Columbus McKinnon		129		1,970
CRA International		33		6,183
Crane		184		34,940
Curtiss-Wright		95		46,412
Donaldson		220		15,257
Douglas Dynamics		349		10,285
Dycom Industries *		96		23,461
Enerpac Tool Group, Cl A		277		11,235
EnerSys		924		79,251
Flowserve		1,178		61,668
Gates Industrial *		2,186		50,344
Generac Holdings *		667		95,521
Genpact		1,571		69,140
Gorman-Rupp		121		4,443
Griffon		342		24,751
GXO Logistics *		299		14,561
Hexcel		990		55,925
Hillman Solutions *		4,113		29,367

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Huron Consulting Group *		235	$	32,322
IBEX Holdings *		391		11,378
ICF International		167		14,147
Interface, Cl A		743		15,551
ITT		124		19,447
KBR		833		39,934
Lincoln Electric Holdings		36		7,463
MasTec *		368		62,718
Maximus		367		25,763
McGrath RentCorp		32		3,711
Moog, Cl A		269		48,681
MSA Safety		303		50,762
Mueller Water Products, Cl A		2,950		70,918
nVent Electric		309		22,634
OPENLANE *		176		4,303
Pentair		1,196		122,781
Primoris Services		199		15,510
Regal Rexnord		360		52,186
Ryder System		518		82,362
Science Applications International		263		29,616
SkyWest *		731		75,271
Standardaero *		360		11,394
Textron		875		70,254
Valmont Industries		100		32,657
Verra Mobility, Cl A *		1,960		49,764
WESCO International		351		65,005
Willdan Group *		670		41,882
WillScot Holdings		1,469		40,251
Woodward		124		30,391
				2,273,859
Information Technology — 25.2%
ACI Worldwide *		1,198		55,000
ADTRAN Holdings *		310		2,781
Alkami Technology *		337		10,157
Appian, Cl A *		1,443		43,088
Arlo Technologies *		1,479		25,084
Asana, Cl A *		2,432		32,832
AvePoint *		446		8,612
Axcelis Technologies *		178		12,405
Belden		339		39,256
Benchmark Electronics		499		19,376
BigCommerce Holdings *		6,882		34,410
BILL Holdings *		255		11,796
BlackLine *		317		17,949

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Blend Labs, Cl A *		3,737	$	12,332
CCC Intelligent Solutions Holdings *		1,559		14,670
CEVA *		206		4,528
Ciena *		909		73,929
Coherent *		787		70,208
CTS		310		13,209
Diebold Nixdorf *		156		8,642
DigitalOcean Holdings *		1,503		42,926
Dynatrace *		1,267		69,951
Elastic *		1,643		138,554
Extreme Networks *		277		4,972
FormFactor *		879		30,246
Freshworks, Cl A *		1,451		21,634
Gen Digital		771		22,667
Gitlab, Cl A *		684		30,855
Harmonic *		911		8,627
Informatica, Cl A *		1,655		40,299
Itron *		403		53,047
Jabil		612		133,477
Jamf Holding *		2,608		24,802
Kyndryl Holdings *		535		22,449
Littelfuse		105		23,807
MACOM Technology Solutions Holdings *		412		59,036
Manhattan Associates *		244		48,183
Meridianlink *		275		4,463
Mirion Technologies, Cl A *		1,801		38,776
MKS Instruments		510		50,674
N-able *		5,302		42,946
nCino *		423		11,831
Nutanix, Cl A *		1,969		150,510
Onto Innovation *		611		61,668
PagerDuty *		3,768		57,575
PDF Solutions *		432		9,236
Pegasystems		2,814		152,322
Photronics *		740		13,934
Plexus *		350		47,359
Procore Technologies *		322		22,031
PROS Holdings *		2,251		35,251
Pure Storage, Cl A *		1,432		82,455
Q2 Holdings *		1,610		150,680
Rambus *		752		48,143
Rapid7 *		1,783		41,241
RingCentral, Cl A *		2,700		76,545
Silicon Laboratories *		25		3,684
SMART Global Holdings *		1,107		21,930

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Sprinklr, Cl A *		3,643	$	30,820
Sprout Social, Cl A *		863		18,045
Synaptics *		338		21,909
Tenable Holdings *		1,864		62,966
TTM Technologies *		1,419		57,924
UiPath, Cl A *		6,481		82,957
Ultra Clean Holdings *		376		8,486
Unity Software *		865		20,933
Universal Display		279		43,094
Viant Technology, Cl A *		154		2,038
Weave Communications *		2,426		20,184
Xperi *		1,822		14,412
Yext *		6,055		51,468
				2,844,286
Materials — 6.8%
AptarGroup		403		63,041
Ashland		957		48,118
Avery Dennison		258		45,271
Avient		1,587		51,276
Axalta Coating Systems *		2,407		71,464
Commercial Metals		382		18,684
Constellium, Cl A *		1,263		16,798
Eagle Materials		112		22,636
Greif, Cl A		71		4,614
Hecla Mining		5,818		34,850
Huntsman		662		6,898
Kaiser Aluminum		519		41,468
Knife River *		871		71,109
Materion		548		43,495
Minerals Technologies		647		35,630
Mosaic		277		10,105
NewMarket		85		58,723
Scotts Miracle-Gro		113		7,454
Sensient Technologies		954		93,988
Silgan Holdings		305		16,525
TriMas		240		6,866
				769,013
Utilities — 1.9%
Avista		265		10,057
Black Hills		437		24,516
National Fuel Gas		110		9,318
New Jersey Resources		103		4,616
NiSource		606		24,446
Northwestern Energy Group		383		19,648

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Man Buyout Beta Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
NRG Energy		139	$	22,321
OGE Energy		448		19,882
Southwest Gas Holdings		539		40,096
Spire		75		5,474
TXNM Energy		602		33,905
Unitil		66		3,442
				217,721
TOTAL UNITED STATES				11,032,044

TOTAL COMMON STOCK (Cost $10,995,689)				11,258,178

TOTAL INVESTMENTS — 99.9% (Cost $10,995,689)				11,258,178
OTHER ASSETS LESS LIABILITIES – 0.1%				11,769
NET ASSETS - 100%			$	11,269,947

‡

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

Non-income producing security.

See “Glossary” for abbreviations.

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

KRS-QH-047-0200

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Humanoid Embodied Intel Index ETF

	Shares		Value
COMMON STOCK — 113.7% ‡
AUSTRALIA — 2.7%
Materials — 2.7%
Lynas Rare Earths *		45,956	$	259,310
TOTAL AUSTRALIA				259,310

BELGIUM — 3.2%
Information Technology — 3.2%
Melexis		3,627		307,182
TOTAL BELGIUM				307,182

CANADA — 2.4%
Consumer Discretionary — 2.4%
Magna International		5,977		230,582
TOTAL CANADA				230,582

CHINA — 35.9%
Consumer Discretionary — 10.0%
Ningbo Shuanglin Auto Parts, Cl A		35,200		231,353
Ningbo Tuopu Group, Cl A		25,600		168,864
Shanghai Beite Technology, Cl A		33,800		196,766
XPeng, Cl A *		20,200		181,671
Zhejiang Shuanghuan Driveline, Cl A		42,100		196,831
				975,485
Industrials — 17.8%
Estun Automation, Cl A *		69,200		195,530
Jiangsu Hengli Hydraulic, Cl A		18,700		187,962
Keli Sensing Technology Ningbo, Cl A		23,400		208,842
Leader Harmonious Drive Systems, Cl A		10,008		174,490
Shanghai Moons’ Electric, Cl A		22,000		176,506
Shenzhen Inovance Technology, Cl A		22,000		198,312
Shenzhen Zhaowei Machinery & Electronic, Cl A		11,800		178,158
UBTech Robotics *		20,250		213,850
Zhejiang Sanhua Intelligent Controls, Cl A		52,300		192,607
				1,726,257
Information Technology — 5.8%
China Leadshine Technology, Cl A		30,500		188,540
Horizon Robotics *		241,800		199,908
RoboSense Technology *		42,100		172,959
				561,407
Materials — 2.3%
China Northern Rare Earth Group High-Tech, Cl A		64,200		223,167

TOTAL CHINA				3,486,316

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Humanoid Embodied Intel Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
GERMANY — 5.5%
Consumer Discretionary — 2.8%
Schaeffler		50,180	$	268,011

Information Technology — 2.7%
Infineon Technologies		6,233		264,239

TOTAL GERMANY				532,250

ISRAEL — 2.6%
Consumer Discretionary — 2.6%
Mobileye Global, Cl A *		14,208		255,460
TOTAL ISRAEL				255,460

JAPAN — 11.5%
Industrials — 9.2%
Harmonic Drive Systems		9,900		191,907
Nabtesco		13,400		239,483
Nidec		11,900		231,088
THK		8,500		226,968
				889,446
Information Technology — 2.3%
Keyence		100		40,043
Renesas Electronics		15,300		189,496
				229,539
TOTAL JAPAN				1,118,985

NETHERLANDS — 2.4%
Information Technology — 2.4%
NXP Semiconductors		1,051		229,633
TOTAL NETHERLANDS				229,633

SOUTH KOREA — 2.4%
Industrials — 2.4%
Rainbow Robotics *		1,141		237,145
TOTAL SOUTH KOREA				237,145

SWEDEN — 2.0%
Information Technology — 2.0%
Hexagon, Cl B		19,104		190,751
TOTAL SWEDEN				190,751

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Humanoid Embodied Intel Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SWITZERLAND — 2.5%
Information Technology — 2.5%
TE Connectivity		1,429	$	241,029
TOTAL SWITZERLAND				241,029

TAIWAN — 2.4%
Industrials — 2.4%
Hiwin Technologies		32,000		230,042
TOTAL TAIWAN				230,042

UNITED STATES — 38.2%
Consumer Discretionary — 5.0%
Aptiv *		3,382		230,720
Tesla *		782		248,410
				479,130
Industrials — 12.1%
Moog, Cl A		1,218		220,421
RBC Bearings *		642		247,042
Regal Rexnord		1,749		253,535
Sensata Technologies Holding		8,216		247,384
Timken		2,839		205,969
				1,174,351
Information Technology — 18.5%
Amphenol, Cl A		3,105		306,619
Analog Devices		992		236,116
Jabil		1,464		319,299
Novanta *		1,573		202,807
NVIDIA		1,850		292,281
Teledyne Technologies *		408		209,022
Texas Instruments		1,119		232,327
				1,798,471
Materials — 2.6%
MP Materials *		7,662		254,915

TOTAL UNITED STATES				3,706,867

TOTAL COMMON STOCK (Cost $10,928,374)				11,025,552

TOTAL INVESTMENTS — 113.7% (Cost $10,928,374)				11,025,552
OTHER ASSETS LESS LIABILITIES – (13.7)%				(1,324,412	)
NET ASSETS - 100%			$	9,701,140

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

Schedule of Investments (Unaudited) June 30, 2025

KraneShares Global Humanoid Embodied Intel Index ETF (concluded)

See “Glossary” for abbreviations.

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

KRS-QH-048-0100

Schedules of Investments/Consolidated Schedule of Investments (Unaudited) June 30, 2025

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

Fund Abbreviations

ADR — American Depositary Receipt

AUD — Australian Dollar

BV — Business Value

BVI — Business Volume Indicator

CAD — Canadian Dollar

Cl — Class

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

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

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

PTY — Proprietary

Ser — Series

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

SPDR — Standard & Poor’s Depositary Receipts

SPX — Standard & Poor’s 500 Index

USD — United States Dollar

WTI — West Texas Intermediate