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

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

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

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KraneShares Trust

KraneShares CSI China Internet ETF

Ticker: KWEB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares CSI China Internet ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kweb/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares CSI China Internet ETF	$64	0.69%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KWEB	-15.27	-13.65	-15.65^{Footnote Reference(a)}

(a) CSI Overseas China Internet Index

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

China’s internet equities underperformed the broader Chinese equity market, as measured by the MSCI China All Shares Index, due to intense competition in China's E-Commerce industry, which weighed on the margins of large-cap e-commerce firms. Also, geopolitical headwinds, including tariffs, weighed on foreign investor sentiment towards China, further detracting from their performance. However, growth in artificial intelligence and cloud computing services remained strong for many China internet companies during the period.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares CSI China Internet ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	CSI Overseas China Internet Index (USD) (PR)^{Footnote Reference†}
Mar/16	$10,000	$10,000	$10,000
Mar/17	$11,951	$11,165	$11,825
Mar/18	$17,403	$14,481	$17,241
Mar/19	$13,846	$13,494	$13,813
Mar/20	$13,312	$12,691	$13,283
Mar/21	$22,334	$18,507	$22,482
Mar/22	$9,382	$14,029	$9,479
Mar/23	$9,932	$13,125	$10,081
Mar/24	$8,494	$10,942	$8,625
Mar/25	$11,648	$14,057	$11,740
Mar/26	$9,869	$15,513	$9,903

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote†	Price Return (PR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
KraneShares CSI China Internet ETF	-15.27%	-15.07%	-0.13%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	-3.47%	4.49%
CSI Overseas China Internet Index (USD) (PR)^{Footnote Reference†}	-15.65%	-15.12%	-0.10%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$6,033,567,122	32	$52,896,988	45%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Financials	2.1%
Short-Term Investment^{Footnote Reference†}	2.7%
Real Estate	4.3%
Industrials	6.5%
Consumer Staples	8.3%
Communication Services	37.3%
Consumer Discretionary	41.4%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Tencent Holdings			10.1%
Alibaba Group Holding			8.9%
PDD Holdings ADR			8.8%
Meituan, Cl B			7.4%
NetEase			5.9%
JD.com, Cl A			4.9%
KE Holdings, Cl A			4.3%
Baidu, Cl A			4.3%
JD Health International			4.0%
Full Truck Alliance ADR			3.6%

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

Material Fund Changes

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

Krane Funds Advisors, LLC (“Krane” or the “Adviser”), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the “Transaction”). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund’s existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

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

KraneShares Trust

KraneShares CSI China Internet ETF: KWEB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KWEB-AR-2026

KraneShares Trust

KraneShares Bosera MSCI China A 50 Connect Index ETF

Ticker: KBA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Bosera MSCI China A 50 Connect Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kba/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Bosera MSCI China A 50 Connect Index ETF	$64	0.56%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KBA	27.37	30.13	29.34^{Footnote Reference(a)}

(a) MSCI China A 50 Connect Index

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

China’s A-share market outperformed China’s equity market more broadly, as measured by the MSCI China All Shares Index, during the period. China’s A-share market benefited from strong performance in chipmakers and other technology hardware producers amid expectations of robust domestic demand for AI and cloud computing.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Bosera MSCI China A 50 Connect Index ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	Custom Blended KBA Index^{Footnote Reference†}
Mar/16	$10,000	$10,000	$10,000
Mar/17	$9,796	$11,165	$10,140
Mar/18	$12,018	$14,481	$11,964
Mar/19	$11,535	$13,494	$11,273
Mar/20	$10,845	$12,691	$10,690
Mar/21	$16,268	$18,507	$16,152
Mar/22	$14,972	$14,029	$14,911
Mar/23	$13,081	$13,125	$13,185
Mar/24	$11,016	$10,942	$11,177
Mar/25	$12,405	$14,057	$12,679
Mar/26	$15,800	$15,513	$16,398

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote†	Custom Blended KBA Index consists of: MSCI China A Index (inception to October 23, 2014), MSCI China A International Index (October 23, 2024 to December 26, 2017), MSCI China A Inclusion Index (December 27, 2017 to May 29, 2019), MSCI China A Index (May 29, 2019 to January 5. 2022), and MSCI China A 50 Connect Index (January 6, 2022 to present).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
KraneShares Bosera MSCI China A 50 Connect Index ETF	27.37%	-0.58%	4.68%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	-3.47%	4.49%
Custom Blended KBA Index^{Footnote Reference†}	29.34%	0.30%	5.07%

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$170,401,301	52	$1,120,396	55%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Real Estate	0.6%
Communication Services	1.7%
Energy	3.4%
Utilities	3.5%
Health Care	4.4%
Consumer Discretionary	6.2%
Consumer Staples	7.7%
Materials	11.4%
Industrials	16.5%
Financials	20.2%
Information Technology	23.9%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Contemporary Amperex Technology, Cl A			8.5%
Zijin Mining Group, Cl A			6.1%
Kweichow Moutai, Cl A			5.2%
Zhongji Innolight, Cl A			4.6%
Foxconn Industrial Internet, Cl A			4.6%
BYD, Cl A			4.2%
Hygon Information Technology, Cl A			3.5%
Eoptolink Technology, Cl A			3.2%
China Merchants Bank, Cl A			3.1%
Cambricon Technologies, Cl A			3.0%

Material Fund Changes

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

Krane Funds Advisors, LLC (“Krane” or the “Adviser”), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the “Transaction”). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund’s existing investment advisory and sub-advisory agreement. In anticipation of the Transaction, the Board approved new advisory and sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of both the new advisory agreement and the Fund’s reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval, the Board also approved interim advisory and sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Bosera MSCI China A 50 Connect Index ETF: KBA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KBA-AR-2026

KraneShares Trust

KraneShares MSCI One Belt One Road Index ETF

Ticker: OBOR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares MSCI One Belt One Road Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/obor/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI One Belt One Road Index ETF	$90	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
OBOR	27.53	29.24	29.28^{Footnote Reference(a)}

(a) MSCI Global China Infrastructure Exposure Index

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

Equities involved in China’s Belt & Road Initiative outperformed global equity markets, as measured by the MSCI ACWI Index, during the period. The Fund benefited from the strong performance of suppliers of raw materials, which experienced a windfall as global supply became constrained by tensions in the Strait of Hormuz.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares MSCI One Belt One Road Index ETF	MSCI ACWI Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	MSCI Global China Infrastructure Exposure Index (NR)^{Footnote Reference†}
Sep/17	$10,000	$10,000	$10,000
Mar/18	$10,267	$10,644	$10,309
Mar/19	$9,759	$10,921	$9,922
Mar/20	$7,634	$9,692	$7,971
Mar/21	$12,659	$14,983	$13,358
Mar/22	$12,519	$16,074	$13,216
Mar/23	$10,643	$14,878	$11,274
Mar/24	$10,281	$18,333	$11,035
Mar/25	$11,038	$19,643	$11,911
Mar/26	$14,078	$23,574	$15,398

Footnote	Description
Footnote*	ACWI – All Country World Index
Footnote†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares MSCI One Belt One Road Index ETF	27.53%	2.15%	4.07%
MSCI ACWI Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	20.01%	9.49%	10.53%
MSCI Global China Infrastructure Exposure Index (NR)^{Footnote Reference†}	29.28%	2.88%	5.17%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$4,064,962	118	$29,570	29%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Table Summary
Value	Value
Other Countries	1.7%
Turkey	1.4%
Kazakhstan	1.7%
Malaysia	1.8%
Israel	2.6%
India	3.3%
Thailand	3.3%
Poland	3.3%
Indonesia	5.1%
Kuwait	9.0%
Singapore	11.1%
South Africa	11.5%
China	43.8%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Kuwait Finance House			8.8%
Oversea-Chinese Banking			8.1%
Valterra Platinum			6.0%
China Yangtze Power, Cl A			4.3%
Impala Platinum Holdings			3.4%
KGHM Polska Miedz			3.3%
PTT NVDR			3.3%
China Petroleum & Chemical, Cl H			2.0%
Northam Platinum Holdings			1.9%
Singapore Technologies Engineering			1.9%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI One Belt One Road Index ETF: OBOR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

OBOR-AR-2026

KraneShares Trust

KraneShares Emerging Markets Consumer Technology Index ETF

Ticker: KEMQ

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Emerging Markets Consumer Technology Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kemq/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Emerging Markets Consumer Technology Index ETF	$55	0.49%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KEMQ	25.77	28.16	26.32^{Footnote Reference(a)}

(a) Solactive Emerging Markets Consumer Technology Index

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

Emerging market consumer technology equities underperformed emerging market equities more broadly, as measured by the MSCI Emerging Markets Index, during the period, due to the outsized performance of broad beta exposure to Latin America amid strong headline economic growth. Emerging markets consumer technology equities benefited from continued strong demand for AI chips from key global manufacturers, including Taiwan Semiconductor Manufacturing (TSMC) and SK Hynix, both of which are in Emerging Markets.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Emerging Markets Consumer Technology Index ETF	MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	Solactive Emerging Markets Consumer Technology Index (USD) (TR)^{Footnote Reference†}
Oct/17	$10,000	$10,000	$10,000
Mar/18	$10,592	$10,546	$10,802
Mar/19	$9,176	$9,765	$9,421
Mar/20	$7,957	$8,038	$8,225
Mar/21	$13,355	$12,731	$13,922
Mar/22	$7,537	$11,284	$7,987
Mar/23	$6,384	$10,076	$6,831
Mar/24	$6,226	$10,898	$6,643
Mar/25	$7,746	$11,779	$8,301
Mar/26	$9,742	$15,260	$10,486

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote†	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares Emerging Markets Consumer Technology Index ETF	25.77%	-6.11%	-0.31%
MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	29.55%	3.69%	5.11%
Solactive Emerging Markets Consumer Technology Index (USD) (TR)^{Footnote Reference†}	26.32%	-5.51%	0.56%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$47,148,281	53	$167,765	72%

What did the Fund invest in?

Country/Asset Weightings^{Footnote Reference*}

Table Summary
Value	Value
Other Countries	0.0%
Greece	0.7%
Australia	0.7%
Uruguay	0.9%
Indonesia	1.0%
Japan	2.5%
Brazil	3.5%
Singapore	3.5%
India	4.2%
South Africa	5.5%
Taiwan	12.6%
South Korea	18.8%
China	45.6%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Meituan, Cl B			4.0%
JD.com, Cl A			3.9%
PDD Holdings ADR			3.7%
Taiwan Semiconductor Manufacturing			3.6%
Sea ADR			3.5%
NetEase			3.4%
Alibaba Group Holding			3.4%
Tencent Holdings			3.3%
Naspers, Cl N			3.3%
SK hynix			3.1%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Emerging Markets Consumer Technology Index ETF: KEMQ

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KEMQ-AR-2026

KraneShares Trust

KraneShares MSCI China Clean Technology Index ETF

Ticker: KGRN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares MSCI China Clean Technology Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kgrn/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI China Clean Technology Index ETF	$83	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KGRN	10.87	12.38	11.96^{Footnote Reference(a)}

(a) MSCI China IMI Environment 10/40 Index

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

China’s clean technology equities outperformed the broader China equity market, as measured by the MSCI China All Shares Index, during the period. China's clean technology equities benefited from higher oil prices, leading to speculation of an acceleration in China’s transition to renewables, as well as agreements among leading solar panel manufacturers to curb production and raise their profitability.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares MSCI China Clean Technology Index ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	MSCI China IMI Environment 10/40 Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}
Oct/17	$10,000	$10,000	$10,000
Mar/18	$9,544	$10,289	$9,569
Mar/19	$8,277	$9,588	$8,373
Mar/20	$7,187	$9,018	$7,274
Mar/21	$17,466	$13,150	$16,965
Mar/22	$15,962	$9,968	$15,018
Mar/23	$12,656	$9,326	$11,762
Mar/24	$9,091	$7,775	$8,505
Mar/25	$11,552	$9,988	$10,935
Mar/26	$12,807	$11,023	$12,243

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote†	IMI - Investable Market Index

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares MSCI China Clean Technology Index ETF	10.87%	-6.02%	2.96%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	-3.47%	1.16%
MSCI China IMI Environment 10/40 Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	11.96%	-6.32%	2.42%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$61,608,429	50	$460,282	35%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Information Technology	14.6%
Utilities	19.7%
Industrials	26.3%
Consumer Discretionary	39.4%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
BYD, Cl H			9.0%
Li Auto, Cl A			8.6%
XPeng, Cl A			8.5%
Contemporary Amperex Technology, Cl A			6.8%
NIO, Cl A			4.8%
CGN Power, Cl H			4.8%
China Yangtze Power, Cl A			4.7%
GDS Holdings, Cl A			3.9%
Contemporary Amperex Technology, Cl H			3.6%
Zhejiang Leapmotor Technology, Cl H			3.2%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI China Clean Technology Index ETF: KGRN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KGRN-AR-2026

KraneShares Trust

KraneShares Electric Vehicles and Future Mobility Index ETF

Ticker: KARS

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Electric Vehicles and Future Mobility Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kars/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Electric Vehicles and Future Mobility Index ETF	$86	0.69%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KARS	48.24	52.42	48.46^{Footnote Reference(a)}

(a) Bloomberg Electric Vehicles Index

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

The global electric vehicle (“EV”) and future mobility ecosystem outperformed global equity markets, as measured by the MSCI ACWI Index, during the period. EVs and future mobility companies benefited from strong adoption trends, especially in China, a softer-than-expected political backlash against pro-EV policies in the United States, and an oil price shock that sparked speculation it could accelerate the electrification of transportation worldwide.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Electric Vehicles and Future Mobility Index ETF	MSCI ACWI Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	Custom Blended KARS Index^{Footnote Reference‡}
Jan/18	$10,000	$10,000	$10,000
Mar/18	$9,320	$9,464	$9,287
Mar/19	$8,370	$9,710	$8,307
Mar/20	$7,856	$8,617	$7,812
Mar/21	$17,476	$13,322	$17,567
Mar/22	$17,484	$14,291	$17,951
Mar/23	$13,676	$13,228	$14,081
Mar/24	$10,132	$16,299	$10,567
Mar/25	$9,639	$17,465	$10,069
Mar/26	$14,289	$20,960	$14,949

Footnote	Description
Footnote*	ACWI – All Country World Index
Footnote†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote‡	Custom Blended KARS Index consists of: Solactive Electric Vehicles and Future Mobility Index (Inception to June 15, 2021) and Bloomberg Electric Vehicles Total Return Index (June 16, 2021 to present).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares Electric Vehicles and Future Mobility Index ETF	48.24%	-3.95%	4.45%
MSCI ACWI Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	20.01%	9.49%	9.44%
Custom Blended KARS Index^{Footnote Reference‡}	48.46%	-3.18%	5.02%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$73,782,461	80	$495,924	69%

What did the Fund invest in?

Country/Asset Weightings^{Footnote Reference*}

Table Summary
Value	Value
Other Countries	0.6%
Hong Kong	0.4%
Indonesia	0.6%
Belgium	1.0%
Chile	2.5%
Short-Term Investment^{Footnote Reference†}	2.8%
Singapore	3.9%
Germany	4.6%
Japan	5.0%
Australia	7.5%
South Korea	7.9%
United States	15.9%
China	49.4%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
BYD, Cl A			5.0%
Albemarle			4.4%
Contemporary Amperex Technology, Cl A			4.4%
Panasonic Holdings			4.2%
STMicroelectronics			3.9%
Tesla			3.8%
Xiaomi, Cl B			3.7%
Bayerische Motoren Werke			3.4%
Geely Automobile Holdings			3.2%
NIO, Cl A			2.9%

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

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Electric Vehicles and Future Mobility Index ETF: KARS

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KARS-AR-2026

KraneShares Trust

KraneShares MSCI All China Health Care Index ETF

Ticker: KURE

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares MSCI All China Health Care Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kure/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI All China Health Care Index ETF	$69	0.65%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KURE	12.90	13.84	13.67^{Footnote Reference(a)}

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

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

China’s health care equities outperformed the broader China equity market, as measured by the MSCI China All Shares Index, during the period. China’s health care equities benefited from a surge in deals between China-based and multinational pharmaceutical companies to distribute treatments developed in China in external markets, as well as the shortening of the review period of innovative drugs for domestic distribution.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares MSCI All China Health Care Index ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	MSCI China All Shares Healthcare 10/40 Index (USD) (NR)^{Footnote Reference*}
Jan/18	$10,000	$10,000	$10,000
Mar/18	$10,660	$9,079	$10,746
Mar/19	$8,955	$8,460	$8,951
Mar/20	$9,578	$7,958	$9,649
Mar/21	$15,426	$11,604	$15,776
Mar/22	$10,971	$8,796	$11,353
Mar/23	$9,583	$8,230	$9,942
Mar/24	$6,794	$6,861	$7,116
Mar/25	$7,336	$8,814	$7,736
Mar/26	$8,283	$9,727	$8,794

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares MSCI All China Health Care Index ETF	12.90%	-11.69%	-2.28%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	-3.47%	-0.34%
MSCI China All Shares Healthcare 10/40 Index (USD) (NR)^{Footnote Reference*}	13.67%	-11.03%	-1.56%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$80,418,442	53	$587,928	73%

What did the Fund invest in?

Sector/Asset Weightings^{Footnote Reference*}

Table Summary
Value	Value
Short-Term Investment^{Footnote Reference†}	1.6%
Health Care Providers & Services	6.2%
Health Care Equipment & Supplies	9.6%
Life Sciences Tools & Services	20.0%
Pharmaceuticals	31.6%
Biotechnology	32.5%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Innovent Biologics			8.7%
BeOne Medicines, Cl H			8.2%
Wuxi Biologics Cayman			6.6%
Akeso			5.7%
WuXi AppTec, Cl A			5.7%
Jiangsu Hengrui Pharmaceuticals, Cl A			4.6%
Shenzhen Mindray Bio-Medical Electronics, Cl A			4.3%
Sino Biopharmaceutical			4.2%
CSPC Pharmaceutical Group			3.6%
Hansoh Pharmaceutical Group			3.6%

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

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI All China Health Care Index ETF: KURE

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KURE-AR-2026

KraneShares Trust

KraneShares Asia Pacific High Income USD Bond ETF

Ticker: KHYB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Asia Pacific High Income USD Bond ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/khyb/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Asia Pacific High Income USD Bond ETF	$71	0.69%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KHYB^	6.30	6.63	N/A

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

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

The Asia ex-Japan U.S. dollar-denominated high yield bond market outperformed Asian fixed income more broadly, as measured by the JP Morgan Asia Credit Index, during the period. Asian high yield bonds demonstrated relative resilience in the wake of the oil price shock caused by Middle Eastern tensions in March and continued to benefit from a recovery in the bonds issued by China-based real estate developers.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Asia Pacific High Income USD Bond ETF	JP Morgan Asia Credit Index (JACI) (USD) (TR)^{Footnote Reference*}	Custom Blended KHYB Index^{Footnote Reference†}
Jun/18	$10,000	$10,000	$10,000
Mar/19	$10,572	$10,665	$10,884
Mar/20	$10,178	$10,915	$10,527
Mar/21	$11,432	$11,897	$11,869
Mar/22	$9,177	$11,006	$9,296
Mar/23	$9,136	$10,714	$9,238
Mar/24	$9,759	$11,343	$9,547
Mar/25	$10,533	$12,095	$10,584
Mar/26	$11,197	$12,737	$11,271

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.
Footnote†	Custom Blended KHYB Index consist of: Solactive USD China Corporate High Yield Bond Index (Inception to July 31, 2021) and JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (August 1, 2021 to present.)

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares Asia Pacific High Income USD Bond ETF	6.30%	-0.42%	1.47%
JP Morgan Asia Credit Index (JACI) (USD) (TR)^{Footnote Reference*}	5.31%	1.37%	3.16%
Custom Blended KHYB Index^{Footnote Reference†}	6.49%	-1.03%	1.55%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$15,375,176	66	$148,775	198%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}^{Footnote Reference^}

Table Summary
Value	Value
Other Countries	1.1%
Philippines	1.3%
Japan	1.3%
Sri Lanka	2.2%
Thailand	3.8%
Pakistan	4.3%
United Kingdom	4.8%
Mongolia	5.1%
Indonesia	6.1%
Macau	9.6%
Hong Kong	14.7%
India	17.5%
China	20.0%

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

Credit Quality Weightings^{Footnote Reference*}

Table Summary
Value	Value
CC-	0.5%
B-	1.2%
A-	1.2%
BBB-	2.6%
CCC+	4.4%
BB	5.1%
B	6.6%
BB+	7.5%
B+	12.9%
BB-	14.5%
Not Rated / Rating Unavailable	36.9%

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

Material Fund Changes

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

Effective September 1, 2025, the Fund’s sub-adviser, Nikko Asset Management Americas Inc., changed its name to Amova Asset Management Americas, Inc.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Asia Pacific High Income USD Bond ETF: KHYB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KHYB-AR-2026

KraneShares Trust

KraneShares MSCI Emerging Markets ex China Index ETF

Ticker: KEMX

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares MSCI Emerging Markets ex China Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kemx/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI Emerging Markets ex China Index ETF	$29	0.24%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KEMX	43.97	50.31	41.30^{Footnote Reference(a)}

(a) MSCI Emerging Markets ex China Index

The KraneShares MSCI Emerging Markets ex China Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the MSCI Emerging Markets ex China Index (the “Underlying Index”).

Emerging markets ex-China equities outperformed broad emerging market equities (including China), as measured by the MSCI Emerging Markets Index, during the period. Emerging markets ex-China benefited from improving regional economies in Latin America and a weaker U.S. dollar.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares MSCI Emerging Markets ex China Index ETF	MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	MSCI Emerging Markets ex China Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}
Apr/19	$10,000	$10,000	$10,000
Mar/20	$7,569	$8,005	$7,371
Mar/21	$12,957	$12,679	$12,440
Mar/22	$13,031	$11,238	$12,697
Mar/23	$11,451	$10,036	$11,006
Mar/24	$13,589	$10,854	$13,263
Mar/25	$13,383	$11,732	$12,979
Mar/26	$19,268	$15,199	$18,339

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote†	The Fund's inception date predates the MSCI Emerging Markets ex China Index's inception date of March 9, 2017. Accordingly, the MSCI Emerging Markets ex China Index does not have 10 calendar years of performance and the table instead reflects the MSCI Emerging Markets ex China Index's performance for 1 year, five years, and from its inception on March 9, 2017.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares MSCI Emerging Markets ex China Index ETF	43.97%	8.26%	9.86%
MSCI Emerging Markets Index (USD) (NR)^{Footnote Reference*}	29.55%	3.69%	6.19%
MSCI Emerging Markets ex China Index (USD) (NR)^{Footnote Reference*}^{Footnote Reference†}	41.30%	8.07%	9.08%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$100,768,776	286	$165,961	27%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Table Summary
Value	Value
Other Countries	5.5%
Chile	1.0%
Thailand	1.5%
United Arab Emirates	1.5%
Indonesia	1.6%
Poland	2.1%
Malaysia	2.1%
Mexico	4.0%
South Africa	4.3%
Brazil	7.5%
India	17.5%
South Korea	22.9%
Taiwan	27.9%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing			14.7%
Samsung Electronics			6.5%
SK hynix			3.8%
Reliance Industries			1.2%
MediaTek			1.2%
Delta Electronics			1.2%
Accton Technology			1.1%
ICICI Bank			1.0%
Vale			1.0%
HDFC Bank			1.0%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares MSCI Emerging Markets ex China Index ETF: KEMX

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KEMX-AR-2026

KraneShares Trust

KraneShares Global Carbon Strategy ETF

Ticker: KRBN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Global Carbon Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/krbn/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KRBN	6.82	7.22	8.23^{Footnote Reference(a)}

(a) S&P Global Carbon Credit Index

The KraneShares Global Carbon Strategy ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the performance of the S&P Global Carbon Credit Index Excess Return (the “Index”), plus any returns from any available collateral. The Index is comprised of futures contracts on emission allowances issued by various “cap and trade” regulatory regimes that seek to reduce greenhouse gas emissions over time.

Futures on allowances issued by the Regional Greenhouse Initiative (RGGI), which covers the Northeastern United States, contributed the most to the Fund’s positive performance during the period. Futures on allowances issued by the European Union (EU) also contributed to the Fund’s positive performance during the period. Meanwhile, futures on allowances issued by authorities in Washington State, the United Kingdom (UK), and California, whose system also covers Quebec, Canada, detracted from the Fund’s performance.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Global Carbon Strategy ETF	S&P 500 Index (USD) (TR)^{Footnote Reference*}	S&P Global Carbon Credit Index (USD) (TR)^{Footnote Reference*}
Jul/20	$10,000	$10,000	$10,000
Mar/21	$14,195	$12,329	$14,161
Mar/22	$23,380	$14,258	$23,392
Mar/23	$24,415	$13,156	$24,772
Mar/24	$20,469	$17,088	$20,960
Mar/25	$20,171	$18,498	$21,120
Mar/26	$21,546	$21,791	$22,860

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares Global Carbon Strategy ETF	6.82%	8.70%	14.49%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	17.80%	12.06%	14.71%
S&P Global Carbon Credit Index (USD) (TR)^{Footnote Reference*}	8.23%	10.05%	15.69%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$131,672,361	9	$1,268,620	50%

What did the Fund invest in?

Market Exposure^{Footnote Reference*}

Table Summary
Allowance Exposure:
Futures	48.4%
Index Linked Note	51.7%
Collateral and Currency Management:
Short-Term Investment, GVMXX	5.1%
Exchange-Traded Fund	64.1%
Index Linked Note	19.6%

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

Allowance Breakdown^{Footnote Reference^}

Data as of 3/31/2026

Table Summary
Value	Value
EUA 2026 Note	51.7%
CCA 2026 Future	26.6%
EUA 2026 Future	6.3%
REG 2026 Future	5.7%
UKA 2026 Future	3.9%
WSH 2025 Future	5.9%

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

Material Fund Changes

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

Effective November 3, 2025, the Fund changed from tracking the “Total Return” version of its underlying index to the “Excess Return” version of its underlying index.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Global Carbon Strategy ETF: KRBN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KRBN-AR-2026

KraneShares Trust

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

Ticker: KVLE

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Value Line^® Dynamic Dividend Equity Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kvle/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KVLE	9.31	9.31	9.07^{Footnote Reference(a)}

(a) Value Line^® Dynamic Dividend Equity Index

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

The Fund underperformed the broad U.S. equity market, as measured by the S&P 500 Index, during the period, largely due to its value tilt relative to broader indexes. The information technology stocks held by the Fund contributed the most to its positive performance for the period. Meanwhile, the Consumer Staples stocks held by the Fund detracted the most from performance.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Value Line^® Dynamic Dividend Equity Index ETF	S&P 500 Index (USD) (TR)^{Footnote Reference*}	Value Line^® Dynamic Dividend Equity Index (USD) (NR)^{Footnote Reference†}
Nov/20	$10,000	$10,000	$10,000
Mar/21	$11,546	$11,165	$11,529
Mar/22	$13,003	$12,912	$12,966
Mar/23	$13,027	$11,914	$12,950
Mar/24	$14,650	$15,474	$14,522
Mar/25	$16,307	$16,751	$16,083
Mar/26	$17,825	$19,733	$17,542

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.
Footnote†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares Value Line^® Dynamic Dividend Equity Index ETF	9.31%	9.07%	11.40%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	17.80%	12.06%	13.54%
Value Line^® Dynamic Dividend Equity Index (USD) (NR)^{Footnote Reference†}	9.07%	8.76%	11.07%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$34,829,581	75	$144,818	112%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Materials	1.5%
Utilities	2.3%
Energy	3.6%
Communication Services	4.1%
Health Care	8.8%
Consumer Staples	9.0%
Real Estate	10.4%
Consumer Discretionary	10.9%
Industrials	11.6%
Financials	11.7%
Information Technology	26.0%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
NVIDIA			6.8%
Microsoft			5.7%
Broadcom			3.2%
Alphabet, Cl C			2.6%
Johnson & Johnson			2.5%
JPMorgan Chase			2.4%
AbbVie			2.2%
Goldman Sachs Group			2.1%
Cisco Systems			2.0%
Texas Instruments			1.8%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

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

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KVLE-AR-2026

KraneShares Trust

KraneShares Mount Lucas Managed Futures Index Strategy ETF

Ticker: KMLM

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Mount Lucas Managed Futures Index Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kmlm/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Mount Lucas Managed Futures Index Strategy ETF	$94	0.90%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KMLM	8.02	8.56	9.26^{Footnote Reference(a)}

(a) KFA MLM Index

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

The Fund’s performance over the period was mixed, Commodities contributed to performance while Currencies and Global Bonds detracted. The Fund’s positioning was short global bonds for much of the period though it did move to long positions in the US and UK bonds. The Fund entered the period long the USD, short its basket of global currencies, but as the USD weakened mid-2025, the Fund’s positioning shifted to long global currencies, short the USD. With the one exception being short Yen for much of the period trending lower. The Fund was predominantly short grain markets, long metals, long Live Cattle and short Sugar. Energy markets held mixed exposures during the period but got long Crude, Heating Oil and Unleaded Gas in 2026 as global energy markets surged on as Middle East tensions rose and the Iran War started.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Mount Lucas Managed Futures Index Strategy ETF	Bloomberg Global Aggregate Index (USD) (TR)^{Footnote Reference*}	KFA MLM Index (USD) (PR)^{Footnote Reference†}
Dec/20	$10,000	$10,000	$10,000
Mar/21	$11,020	$9,693	$11,045
Mar/22	$13,468	$9,073	$13,929
Mar/23	$14,305	$8,341	$15,274
Mar/24	$14,450	$8,382	$15,558
Mar/25	$13,311	$8,637	$14,501
Mar/26	$14,378	$9,005	$15,843

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.
Footnote†	Price Return (PR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares Mount Lucas Managed Futures Index Strategy ETF	8.02%	5.46%	7.05%
Bloomberg Global Aggregate Index (USD) (TR)^{Footnote Reference*}	4.26%	-1.46%	-1.95%
KFA MLM Index (USD) (PR)^{Footnote Reference†}	9.26%	7.48%	9.01%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$272,545,215	27	$1,685,059	0%

What did the Fund invest in?

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

Table Summary
Value	Value
Commodities	37.0%
Global Fixed Income	36.2%
Currencies	26.8%

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

Top Positions

Table Summary
Instrument	Asset Class	Exposure (%)	Top Position
JPN 10Y BOND(OSE) JUN26	Bond	33%	Top Short
NATURAL GAS FUTR JUN26	Commodity	52%	Top Short
NY HARB ULSD FUT JUN26	Commodity	16%	Top Long
JPN YEN CURR FUT JUN26	Currency	47%	Top Short
AUDUSD CRNCY FUT JUN26	Currency	72%	Top Long

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Mount Lucas Managed Futures Index Strategy ETF: KMLM

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KMLM-AR-2026

KraneShares Trust

KraneShares SSE STAR Market 50 Index ETF

Ticker: KSTR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares SSE STAR Market 50 Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kstr/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares SSE STAR Market 50 Index ETF	$102	0.89%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KSTR	28.85	31.42	29.50^{Footnote Reference(a)}

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

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

STAR Market-listed equities outperformed China’s market more broadly, as measured by the MSCI China All Shares Index, during the period. STAR-market listed equities benefited from strong performance in chipmakers and other technology hardware producers amid expectations of robust domestic and overseas demand for AI and cloud computing.

The Underlying Index includes a name indicated in U.S. Executive Order 13959/14032(1) that was not held in the portfolio during the period.

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

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares SSE STAR Market 50 Index ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	SSE Science and Technology Innovation Board 50 Index (USD, TR)^{Footnote Reference†}
Jan/21	$10,000	$10,000	$10,000
Mar/21	$8,424	$8,896	$8,334
Mar/22	$7,504	$6,743	$7,555
Mar/23	$6,756	$6,309	$6,946
Mar/24	$4,360	$5,260	$4,688
Mar/25	$5,532	$6,757	$6,309
Mar/26	$7,128	$7,457	$8,170

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote†	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
KraneShares SSE STAR Market 50 Index ETF	28.85%	-3.29%	-6.33%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	-3.47%	-5.51%
SSE Science and Technology Innovation Board 50 Index (USD, TR)^{Footnote Reference†}	29.50%	-0.40%	-3.83%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$81,081,466	51	$464,461	188%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Industrials	1.8%
Materials	2.7%
Consumer Discretionary	2.8%
Health Care	8.2%
Information Technology	84.1%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Cambricon Technologies, Cl A			10.2%
Hygon Information Technology, Cl A			9.6%
Montage Technology, Cl A			7.1%
Advanced Micro-Fabrication Equipment China, Cl A			5.2%
Verisilicon Microelectronics Shanghai, Cl A			4.1%
Biwin Storage Technology, Cl A			3.8%
Piotech, Cl A			3.4%
Shanghai United Imaging Healthcare, Cl A			3.0%
Beijing Kingsoft Office Software, Cl A			3.0%
Hwatsing Technology, Cl A			2.4%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares SSE STAR Market 50 Index ETF: KSTR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KSTR-AR-2026

KraneShares Trust

KraneShares Hang Seng TECH Index ETF

Ticker: KTEC

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Hang Seng TECH Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/ktec/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Hang Seng TECH Index ETF	$64	0.69%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KTEC	-14.71	-12.68	-13.61^{Footnote Reference(a)}

(a) Hang Seng TECH Index

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

Hong Kong-listed technology equities underperformed the broader Chinese equity market, as measured by the MSCI China All Shares Index, due to intense competition in China's E-Commerce industry, which weighed on the margins of large-cap e-commerce firms. Also, geopolitical headwinds, including tariffs, weighed on foreign investor sentiment towards China, further detracting from their performance. However, growth in artificial intelligence and cloud computing services remained strong for many Hong Kong-listed technology companies during the period.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Hang Seng TECH Index ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	Hang Seng TECH Index (USD) (NR)^{Footnote Reference*}
Jun/21	$10,000	$10,000	$10,000
Mar/22	$5,572	$7,332	$5,674
Mar/23	$5,328	$6,859	$5,381
Mar/24	$4,354	$5,719	$4,392
Mar/25	$6,548	$7,346	$6,921
Mar/26	$5,585	$8,107	$5,979

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares Hang Seng TECH Index ETF	-14.71%	-11.40%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	-4.27%
Hang Seng TECH Index (USD) (NR)^{Footnote Reference*}	-13.61%	-10.13%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$50,732,389	29	$356,460	71%

What did the Fund invest in?

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

Table Summary
Value	Value
Consumer Staples	2.7%
Information Technology	20.4%
Communication Services	27.8%
Consumer Discretionary	44.2%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
BYD, Cl H			9.9%
Meituan, Cl B			9.8%
Xiaomi, Cl B			9.0%
Tencent Holdings			8.5%
NetEase			7.9%
JD.com, Cl A			4.5%
Alibaba Group Holding			4.5%
Kuaishou Technology, Cl B			4.4%
Baidu, Cl A			4.3%
XPeng, Cl A			3.5%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Hang Seng TECH Index ETF: KTEC

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KTEC-AR-2026

KraneShares Trust

KraneShares California Carbon Allowance Strategy ETF

Ticker: KCCA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares California Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kcca/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares California Carbon Allowance Strategy ETF	$76	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KCCA	-8.84	-8.33	-8.64^{Footnote Reference(a)}

(a) S&P Carbon Credit CCA Index.

The KraneShares European Carbon Allowance Strategy ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the performance of the S&P Carbon Credit EUA Index Excess Return (the “Index”), plus any returns from any available collateral. The Index is comprised of futures contracts on emission allowances issued by a “cap and trade” regulatory regime that seeks to reduce greenhouse gas emissions over time.

Futures on allowances issued by the California Air Resources Board (CARB), which may be used in either California or Quebec, Canada, were lower, which led to the Fund’s negative performance during the period. Proposed reforms to CARB were not implemented during the period, which led to the decline in the value of the allowances.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares California Carbon Allowance Strategy ETF	S&P 500 Index (USD) (TR)^{Footnote Reference*}	S&P Carbon Credit CCA Index (USD) (TR)^{Footnote Reference*}
Oct/21	$10,000	$10,000	$10,000
Mar/22	$10,308	$10,609	$10,233
Mar/23	$9,603	$9,789	$9,677
Mar/24	$11,857	$12,714	$12,198
Mar/25	$8,903	$13,763	$9,354
Mar/26	$8,116	$16,214	$8,545

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares California Carbon Allowance Strategy ETF	-8.84%	-4.54%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	17.80%	11.36%
S&P Carbon Credit CCA Index (USD) (TR)^{Footnote Reference*}	-8.64%	-3.44%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$105,547,125	3	$885,540	42%

What did the Fund invest in?

Collateral Management^{Footnote Reference*}

Table Summary
Short-Term Investment, GVMXX	7.2%
Exchange-Traded Fund^{Footnote Reference**}	82.2%

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

Futures Breakdown^{Footnote Reference^}^{Footnote Reference*}

Data as of 3/31/2026

Table Summary
Value	Value
California	100.0%

Footnote	Description
Footnote^{^}	Percentages are calculated based on total notional value. Future contracts are presented at the notional value.
Footnote^*	At the latest auction, which occurred on February 18, 2026, 12.50% of allowances were purchased for Quebec-based polluters.

Material Fund Changes

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

Effective November 3, 2025, the Fund changed from tracking the “Total Return” version of its underlying index to the “Excess Return” version of its underlying index.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares California Carbon Allowance Strategy ETF: KCCA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KCCA-AR-2026

KraneShares Trust

KraneShares KWEB Covered Call Strategy ETF

Ticker: KLIP

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares KWEB Covered Call Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/klip/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares KWEB Covered Call Strategy ETF	$26	0.26%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KLIP^	-0.27	-0.31	N/A

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

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

A decline in the volatility of China’s internet equities led to a decrease in the options premiums earned by the Fund during the period. China’s internet equities underperformed the broader Chinese equity market, as measured by the MSCI China All Shares Index, due to intense competition in China's E-Commerce industry, which weighed on the margins of large-cap e-commerce firms.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares KWEB Covered Call Strategy ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	CSI Overseas China Internet Index (USD) (PR)^{Footnote Reference†}
Jan/23	$10,000	$10,000	$10,000
Mar/23	$9,644	$9,652	$9,052
Mar/24	$11,021	$8,047	$7,744
Mar/25	$12,179	$10,337	$10,541
Mar/26	$12,146	$11,408	$8,892

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).
Footnote†	Price Return (PR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares KWEB Covered Call Strategy ETF	-0.27%	6.22%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	4.18%
CSI Overseas China Internet Index (USD) (PR)^{Footnote Reference†}	-15.65%	-3.58%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$111,303,120	8	$275,962	397%

What did the Fund invest in?

(KWEB) Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Financials	2.1%
Real Estate	4.3%
Industrials	6.4%
Consumer Staples	8.3%
Communication Services	37.3%
Consumer Discretionary	41.4%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets of KWEB (KraneShares CSI China Internet ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself.

Top Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
KraneShares CSI China Internet ETF^{Footnote Reference**}			101.8%
Written Options^{Footnote Reference(1)}			-2.0%

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

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares KWEB Covered Call Strategy ETF: KLIP

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KLIP-AR-2026

KraneShares Trust

KraneShares Hedgeye Hedged Equity Index ETF

Ticker: KSPY

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Hedgeye Hedged Equity Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kspy/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Hedgeye Hedged Equity Index ETF	$77	0.72%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KSPY	14.92	15.13	16.83^{Footnote Reference(a)}

(a) Hedgeye Hedged Equity Index

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

The put options on the S&P 500 Index and the State Street SPDR S&P 500 Trust ETF held by the Fund detracted from its performance relative to the S&P 500 Index, which was up during the period.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Hedgeye Hedged Equity Index ETF	S&P 500 Index (USD) (TR)^{Footnote Reference*}	Hedgeye Hedged Equity Index (USD) (PR)^{Footnote Reference†}
Jul/24	$10,000	$10,000	$10,000
Sep/24	$10,064	$10,262	$10,102
Dec/24	$10,368	$10,509	$10,446
Mar/25	$10,291	$10,060	$10,390
Jun/25	$10,782	$11,161	$10,941
Sep/25	$11,475	$12,068	$11,679
Dec/25	$11,849	$12,388	$12,102
Mar/26	$11,827	$11,851	$12,139

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.
Footnote†	Price Return (PR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares Hedgeye Hedged Equity Index ETF	14.92%	10.31%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	17.80%	10.45%
Hedgeye Hedged Equity Index (USD) (PR)^{Footnote Reference†}	16.83%	12.01%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$76,784,891	4	$279,350	30%

What did the Fund invest in?

KSPY Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Not Classified	0.3%
Real Estate	2.0%
Materials	2.1%
Utilities	2.5%
Energy	4.0%
Consumer Staples	5.2%
Industrials	9.0%
Health Care	9.4%
Consumer Discretionary	9.8%
Communication Services	10.3%
Financials	12.6%
Information Technology	32.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets of SPY (SPDR S&P 500 ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself.

Top Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
State Street SPDR S&P 500 ETF Trust			98.9%
Purchased Option^{Footnote Reference(1)}			2.5%
Written Options^{Footnote Reference(1)}			-1.8%

Footnote	Description
Footnote⁽¹⁾	At market value.

Material Fund Changes

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

The Board of the Trust approved the appointment of Hedgeye Asset Management, LLC (“HAM”) as sub-adviser to the Fund. In connection with this change, John McNamara was appointed as a portfolio manager of the Fund and the Adviser’s voluntary fee waiver was terminated.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Hedgeye Hedged Equity Index ETF: KSPY

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KSPY-AR-2026

KraneShares Trust

KraneShares Artificial Intelligence and Technology ETF

Ticker: AGIX

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Artificial Intelligence and Technology ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/agix/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Artificial Intelligence and Technology ETF	$117	1.00%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
AGIX^	33.06	35.18	N/A

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

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

U.S. AI equities outperformed the broader U.S. equity market, as defined by the S&P 500 Index, as expectations for the potential capabilities of AI-enabled agents rose and chipmakers’ revenues remained stable at current levels. The Fund’s allocation to the privately-held company Anthropic contributed to its positive performance during the period. The Fund acquired a position in the privately held company xAI, now known as SpaceX, following a merger, during the period.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Artificial Intelligence and Technology ETF	S&P 500 Index (USD) (TR)^{Footnote Reference*}	Solactive Etna Artificial General Intelligence Index (USD) (NR)^{Footnote Reference†}
Jul/24	$10,000	$10,000	$10,000
Sep/24	$10,164	$10,341	$10,090
Dec/24	$11,389	$10,590	$11,328
Mar/25	$9,876	$10,138	$9,724
Jun/25	$12,642	$11,247	$12,610
Sep/25	$14,702	$12,161	$14,286
Dec/25	$14,758	$12,483	$14,016
Mar/26	$13,141	$11,942	$12,320

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.
Footnote†	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares Artificial Intelligence and Technology ETF	33.06%	17.39%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	17.80%	10.98%
Solactive Etna Artificial General Intelligence Index (USD) (NR)^{Footnote Reference†}	26.69%	13.02%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$171,473,296	57	$848,639	70%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Health Care	1.0%
Utilities	3.3%
Industrials	5.3%
Consumer Discretionary	6.0%
Communication Services	11.2%
Information Technology	72.8%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
NVIDIA			5.3%
Microsoft			4.0%
Meta Platforms, Cl A			3.7%
SpaceX, Cl A			3.6%
Alphabet, Cl A			3.4%
Apple			3.3%
Broadcom			3.1%
Taiwan Semiconductor Manufacturing			2.9%
Amazon.com			2.8%
Anthropic			2.7%

Material Fund Changes

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

Effective June 1, 2026, the Fund’s name changed from “KraneShares Artificial Intelligence and Technology ETF” to “KraneShares Public-Private AI and Technology ETF”. In addition, the Fund’s principal investment strategy has been updated to provide that, under normal circumstances, it will invest at least 80% of its net assets (plus borrowings for investment purposes) in the publicly traded or privately offered securities of “Artificial Intelligence (“AI”) and Technology” companies and other instruments that have economic characteristics similar to such securities.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Artificial Intelligence and Technology ETF: AGIX

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2026

AGIX-AR-2026

KraneShares Trust

KraneShares Sustainable Ultra Short Duration Index ETF

Ticker: KCSH

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Sustainable Ultra Short Duration Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kcsh/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Sustainable Ultra Short Duration Index ETF	$20	0.20%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KCSH	4.16	4.12	4.21^{Footnote Reference(a)}

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

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

The Fund underperformed the Bloomberg U.S. Aggregate Bond Index, which benefited from interest rate cuts during the period, as the Index has a longer duration, thereby exposing it to greater interest rate risk. However, volatility in global markets toward the end of the period led to a shift to the relative safety of cash-like investments, contributing to the Fund’s positive performance for the period.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Sustainable Ultra Short Duration Index ETF	Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (USD) (TR)^{Footnote Reference*}
Jul/24	$10,000	$10,000	$10,000
Sep/24	$10,112	$10,404	$10,116
Dec/24	$10,226	$10,085	$10,235
Mar/25	$10,343	$10,366	$10,351
Jun/25	$10,458	$10,491	$10,463
Sep/25	$10,576	$10,704	$10,585
Dec/25	$10,688	$10,822	$10,699
Mar/26	$10,773	$10,817	$10,787

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares Sustainable Ultra Short Duration Index ETF	4.16%	4.52%
Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	4.35%	4.78%
Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (USD) (TR)^{Footnote Reference*}	4.21%	4.60%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$174,016,994	95	$371,285	0%

What did the Fund invest in?

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

Table Summary
Value	Value
9-12 Months	13.2%
6-9 Months	16.8%
3-6 Months	27.2%
0-3 Months	37.5%

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

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
American Express	1.650%	11/04/26	2.5%
Sumitomo Mitsui Financial Group	2.632%	07/14/26	2.3%
Procter & Gamble	1.900%	02/01/27	2.3%
ASB Bank	5.346%	06/15/26	2.0%
Citigroup	4.300%	11/20/26	2.0%
JPMorgan Chase	4.125%	12/15/26	2.0%
Procter & Gamble	2.450%	11/03/26	2.0%
Toronto-Dominion Bank	1.200%	06/03/26	1.9%
Toyota Motor Credit	1.125%	06/18/26	1.8%
Goldman Sachs Group	5.950%	01/15/27	1.7%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Sustainable Ultra Short Duration Index ETF: KCSH

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KCSH-AR-2026

KraneShares Trust

KraneShares China Alpha Index ETF

Ticker: KCAI

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares China Alpha Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kcai/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares China Alpha Index ETF	$102	0.79%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KCAI	57.43	59.08	60.09^{Footnote Reference(a)}

(a) Qi China Alpha Index

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

The Fund outperformed China’s equity market more broadly, as measured by the MSCI China All Shares Index, during the period. The Fund also outperformed its benchmark index, the CSI 300 Index. The Fund benefited from relative strength in China’s A-share market during the period, as well as the alpha generated by its AI Process.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares China Alpha Index ETF	MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	Qi China Alpha Index (USD) (NR)^{Footnote Reference*}
Aug/24	$10,000	$10,000	$10,000
Sep/24	$11,756	$12,426	$11,808
Dec/24	$11,057	$11,561	$11,128
Mar/25	$11,102	$12,627	$11,178
Jun/25	$12,341	$12,922	$12,468
Sep/25	$15,326	$15,565	$15,562
Dec/25	$16,905	$14,907	$17,260
Mar/26	$17,477	$13,935	$17,896

Footnote	Description
Footnote*	Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes).

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares China Alpha Index ETF	57.43%	42.01%
MSCI China All Shares Index (USD) (NR)^{Footnote Reference*}	10.36%	23.18%
Qi China Alpha Index (USD) (NR)^{Footnote Reference*}	60.09%	44.14%

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

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$11,014,037	40	$78,132	174%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Consumer Discretionary	9.4%
Information Technology	13.4%
Materials	14.3%
Industrials	21.3%
Financials	41.4%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Eoptolink Technology, Cl A			3.4%
Satellite Chemical, Cl A			3.4%
China Construction Bank, Cl A			3.3%
Bank of China, Cl A			3.3%
Industrial & Commercial Bank of China, Cl A			3.3%
Ningxia Baofeng Energy Group, Cl A			3.3%
Huaxia Bank, Cl A			3.3%
Bank of Communications, Cl A			3.2%
Shanghai Pudong Development Bank, Cl A			3.2%
Bank of Jiangsu, Cl A			3.2%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares China Alpha Index ETF: KCAI

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KCAI-AR-2026

KraneShares Trust

KraneShares Man Buyout Beta Index ETF

Ticker: BUYO

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Man Buyout Beta Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/buyo/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Man Buyout Beta Index ETF	$99	0.89%

How did the Fund perform in the last year?

For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
BUYO	21.78	21.83	22.95^{Footnote Reference(a)}

(a) Man Buyout Beta Index

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

The Fund outperformed the all-capitalization U.S. equity market, as measured by the Russell 3,000 Index, during the period, due to its overweight to the Industrials sector. The Fund’s stock selection methodology, which focuses on fundamental ratios that make companies attractive potential targets for take-private deals, helped produce this overweight.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	KraneShares Man Buyout Beta Index ETF	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Man Buyout Beta Index (USD) (TR)^{Footnote Reference*}
Oct/24	$10,000	$10,000	$10,000
Dec/24	$10,040	$10,378	$10,059
Mar/25	$9,084	$9,888	$9,127
Jun/25	$10,024	$10,975	$10,092
Sep/25	$10,720	$11,872	$10,823
Dec/25	$11,126	$12,157	$11,256
Mar/26	$11,062	$11,676	$11,222

Footnote	Description
Footnote*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of March 31, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
KraneShares Man Buyout Beta Index ETF	21.78%	7.06%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	18.09%	11.04%
Man Buyout Beta Index (USD) (TR)^{Footnote Reference*}	22.95%	8.10%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 7, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-857-2638 or visit https://kraneshares.com/buyo/ for current month-end performance.

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$12,436,718	291	$103,737	76%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Energy	0.1%
Utilities	2.0%
Consumer Staples	4.5%
Communication Services	6.9%
Materials	8.4%
Financials	8.9%
Health Care	11.9%
Consumer Discretionary	13.7%
Information Technology	21.5%
Industrials	22.0%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
DigitalOcean Holdings			1.5%
News, Cl A			1.4%
Encompass Health			1.3%
Jabil			1.2%
Millicom International Cellular			1.2%
Coherent			1.2%
Onto Innovation			1.2%
Teladoc Health			1.2%
Tapestry			1.2%
Axis Capital Holdings			1.1%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Man Buyout Beta Index ETF: BUYO

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

BUYO-AR-2026

KraneShares Trust

KraneShares Global Humanoid and Embodied Intelligence Index ETF

Ticker: KOID

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Global Humanoid and Embodied Intelligence Index ETF (the "Fund") for the period from June 4, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/koid/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Global Humanoid and Embodied Intelligence Index ETF	$64	0.69%

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

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KOID*	23.27%	25.88%	22.46%^{Footnote Reference(a)}

*Return since Fund inception on June 4, 2025 (less than one year)

(a) MerQube Global Humanoid and Embodied Intelligence Index

The KraneShares Global Humanoid and Embodied Intelligence Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the MerQube Global Humanoid and Embodied Intelligence Index (the “Underlying Index”). The Underlying Index is an equal-weighted index designed to track companies involved in humanoid and embodied intelligence technologies, including robotics, autonomous systems, and related supply chain solutions.

Global humanoid robotics-related equities outperformed global equities, as measured by the MSCI All Country World Index (ACWI), during the period. Humanoid robotics-related equities benefited from the strong performance of producers of refined rare earth elements (REEs) used in the construction of humanoid robots. Humanoid robotics-related equities also benefited from speculation about the potential IPOs of privately held robotics manufacturers, including Unitree.

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$119,163,401	50	$410,006	44%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Materials	6.0%
Consumer Discretionary	18.2%
Industrials	35.2%
Information Technology	40.8%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Jabil			2.1%
Credo Technology Group Holding			2.1%
Amphenol, Cl A			2.1%
MP Materials			2.1%
NVIDIA			2.1%
Sensata Technologies Holding			2.1%
TE Connectivity			2.1%
Regal Rexnord			2.1%
NXP Semiconductors			2.1%
Analog Devices			2.1%

Material Fund Changes

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

The Fund changed its ticker from KBOT to KOID, changed its listing exchange to The Nasdaq Stock Market, and effected two name changes: (i) on May 1, 2025, from “KraneShares Asia Robotics and Artificial Intelligence Index ETF” to “KraneShares Global Humanoid and Embodied Intelligence Index ETF”, and (ii) on May 1, 2026, from “KraneShares Global Humanoid and Embodied Intelligence Index ETF” to KraneShares Global Humanoid Robotics and Physical AI Index ETF”.

Concurrent with the May 1, 2025 name change, the Fund’s underlying index changed from the “Solactive Asia Robotics & Artificial Intelligence Index” to the “MerQube Global Humanoid and Embodied Intelligence Index.” Additionally, in connection with the May 1, 2026 name change, the name of the Fund’s underlying index will change on June 16, 2026, from “MerQube Global Humanoid and Embodied Intelligence Index” to “MerQube Global Humanoid Robotics and Physical AI Index”.

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Global Humanoid and Embodied Intelligence Index ETF: KOID

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2026

KOID-AR-2026

KraneShares Trust

KraneShares Dragon Capital Vietnam Growth Index ETF

Ticker: KPHO

Principal Listing Exchange: NYSE

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Dragon Capital Vietnam Growth Index ETF (the "Fund") for the period from December 3, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kpho/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Dragon Capital Vietnam Growth Index ETF	$25	0.79%

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

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KPHO*	-5.25%	-4.97%	-4.81%^{Footnote Reference(a)}

*Return since Fund inception on December 3, 2025 (less than one year)

(a) Dragon Capital MerQube Vietnam Growth Index

The KraneShares Dragon Capital Vietnam Growth Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index, which is the Dragon Capital MerQube Vietnam Growth Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of growth stocks listed on the Ho Chi Minh City Stock Exchange (“HOSE”) and includes both equity securities and foreign exchange-traded funds.

Vietnam’s equity market underperformed frontier markets more broadly, as measured by the MSCI Frontier Markets Index, during the period. Vietnam’s economy was heavily exposed to oil imports traversing the Strait of Hormuz, which were cut off during the strait's closure in March, leading to a decline in sentiment.

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$13,010,616	37	$22,993	29%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Communication Services	0.2%
Health Care	0.8%
Energy	1.3%
Real Estate	3.0%
Consumer Discretionary	3.5%
Information Technology	5.8%
Consumer Staples	6.7%
Materials	7.1%
Industrials	11.8%
Financials	59.4%

Footnote	Description
Footnote^*	Sector weightings reflect both direct equity holdings and a look-through to the underlying constituents of the DCVFMVN DIAMOND ETF held by the Fund.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
DCVFMVN Diamond ETF			23.5%
Vietnam Prosperity JSC Bank			8.0%
Ho Chi Minh City Development Joint Stock Commercial Bank			7.8%
Bank for Foreign Trade of Vietnam JSC			7.7%
Gemadept			4.2%
Saigon - Hanoi Commercial Joint Stock Bank			4.2%
Hoa Phat Group JSC			4.0%
Tien Phong Commercial Joint Stock Bank			3.8%
Bank for Investment and Development of Vietnam JSC			3.5%
VIX Securities JSC			3.5%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Dragon Capital Vietnam Growth Index ETF: KPHO

Principal Listing Exchange: NYSE

Annual Shareholder Report: March 31, 2026

KPHO-AR-2026

KraneShares Trust

KraneShares Wahed Alternative Income Index ETF

Ticker: KWIN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares Wahed Alternative Income Index ETF (the "Fund") for the period from November 4, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/etf/kwin/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Wahed Alternative Income Index ETF	$21	0.51%

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

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KWIN*	1.72%	1.76%	1.53%^{Footnote Reference(a)}

*Return since Fund inception on November 4, 2025 (less than one year)

(a) Wahed Alternative Income Index

The KraneShares Wahed Alternative Income Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the Wahed Shariah Alternative Income Index (the “Underlying Index”). The Underlying Index is designed to generate income consistent with Shariah and Islamic principles as interpreted by Wahed Invest LLC, the Sub-Adviser. The Index consists of equal-weighted long positions in U.S. equity securities that pass both business activity and financial ratio screens used to identify Shariah-compliant companies.

The Fund outperformed the Bloomberg U.S. Aggregate Bond Index during the period because the option income received by the fund and reinvested in securities exceeded the return of the Bloomberg U.S. Aggregate Bond Index.

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$45,775,423	305	$74,562	1%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Financials	1.9%
Communication Services	2.0%
Industrials	3.4%
Health Care	7.5%
Consumer Discretionary	21.8%
Information Technology	46.9%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets
Net Options Contracts			16.1%
Intuitive Surgical			4.7%
Fortinet			4.3%
Amazon.com			4.1%
Lululemon Athletica			4.1%
Cadence Design Systems			3.9%
Arista Networks			3.9%
O'Reilly Automotive			3.9%
AutoZone			3.7%
Crowdstrike Holdings, Cl A			3.7%

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares Wahed Alternative Income Index ETF: KWIN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

KWIN-AR-2026

KraneShares Trust

KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF

Ticker: KIQQ

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2026

This annual shareholder report contains important information about the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (the "Fund") for the period from January 6, 2026 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/etf/kiqq/. You can also request this information by contacting us at 1-855-857-2638.This annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF	$18	0.79%

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

How did the Fund perform in the period?

For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

Table Summary
Fund	NAV Return (%)	Market Price Return (%)	Underlying Index Return (%)
KIQQ*	-6.13%	-5.96%	-5.85%^{Footnote Reference(a)}

*Return since Fund inception on January 6, 2026 (less than one year)

(a) Nasdaq InspereX Dynamic Buffered High Income™ Index

The KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity and derivative securities index, which is the Nasdaq InspereX Dynamic Buffered High Income™ Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a systematic enhanced collar strategy that seeks to limit losses while providing option income.

The short futures on the Nasdaq 100 Index, to which the Fund was synthetically exposed, led to its outperformance over the Nasdaq Composite Index, which was down during the period.

Key Fund Statistics as of March 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,290,170	102	$4,285	3%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Real Estate	0.1%
Financials	0.2%
Energy	0.6%
Materials	1.3%
Utilities	1.5%
Industrials	4.0%
Health Care	5.0%
Consumer Staples	8.3%
Consumer Discretionary	12.4%
Communication Services	15.0%
Information Technology	49.7%

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

Top Ten Holdings

Table Summary
Asset Type	% of Net Assets
Common Stock	98.1%
Total Return Swaps^{Footnote Reference(1)}	1.4%

Footnote	Description
Footnote⁽¹⁾	At market value.

Material Fund Changes

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

Changes in and Disagreements with Accountants

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

Additional Information

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

Householding

KraneShares Trust

KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF: KIQQ

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2026

KIQQ-AR-2026

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

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

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

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

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

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

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

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

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

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

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

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

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

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

As of March 31, 2026, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

The following summarizes the market value of the Fund’s investments used as of March 31, 2026, based on the inputs used to value them:

As of March 31, 2026, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

The following summarizes the market value of the Fund’s investments used as of March 31, 2026, based on the inputs used to value them:

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2026, based on the inputs used to value them:

Transactions with affiliated companies during the year ended March 31, 2026, are as follows:

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2026, based on the inputs used to value them:

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2026, based on the inputs used to value them:

Transactions with affiliated companies during the year ended March 31, 2026, are as follows:

The following summarizes the market value of the Fund’s investments used as of March 31, 2026, based on the inputs used to value them:

Transactions with affiliated companies during the year ended March 31, 2026, are as follows:

A list of open option contracts held by the Fund at March 31, 2026 was as follows:

The following summarizes the market value of the Fund’s investments used as of March 31, 2026, based on the inputs used to value them:

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

The following summarizes the market value of the Fund’s investments used as of March 31, 2026, based on the inputs used to value them:

KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (continued)

A list of the open OTC Swap agreement held by the Fund at March 31, 2026, is as follows:

KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of March 31, 2026, based on the inputs used to value them:

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

Statement of Assets and Liabilities/Consolidated Statements of Assets and Liabilities (continued)

Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities (continued)

KraneShares Trust (the “Trust”) is a Delaware Statutory Trust formed on February 3, 2012. The Trust is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an open-end management investment company. As of March 31, 2026, the Trust had 34 operational series. The financial statements herein and the related notes pertain to the following 25 series: KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Income USD Bond ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares Global Carbon Strategy ETF, KraneShares Value Line^® Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares SSE STAR Market 50 Index ETF, KraneShares Hang Seng TECH Index ETF, KraneShares California Carbon Allowance Strategy ETF, KraneShares KWEB Covered Call Strategy ETF, KraneShares Hedgeye Hedged Equity Index ETF, KraneShares Artificial Intelligence and Technology ETF, KraneShares Sustainable Ultra Short Duration Index ETF, KraneShares China Alpha Index ETF, KraneShares Man Buyout Beta Index ETF, KraneShares Global Humanoid and Embodied Intelligence Index ETF, KraneShares Dragon Capital Vietnam Growth Index ETF, KraneShares Wahed Alternative Income Index ETF and KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (each, a “Fund” and collectively, the “Funds”).

KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF and KraneShares Value Line^® Dynamic Dividend Equity Index ETF are diversified Funds. All other Funds are non-diversified Funds, as defined under Section 5(b)(1) of the Investment Company Act. Krane Funds Advisors, LLC (“Krane” or the “Adviser”), a Delaware limited liability company, serves as the investment adviser for the Funds and is subject to the supervision of the Board of Trustees (the “Board”). The Adviser is responsible for managing the investment activities of the Funds, the Funds’ business affairs and other administrative matters. The Adviser may use sub-advisers (each, a “Sub-Adviser” or collectively, the “Sub-Advisers”) to perform the day-to-day management of the Funds.

China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited owns a majority stake in Krane. As of March 31, 2026, KFA One Holdings, LLC (“KFA1”), located at 280 Park Avenue, 32nd Floor, New York, New York 10017, held the remaining equity interests in Krane. As of the same date, officers and certain employees of Krane, among others, had agreed to acquire, through KFA Two Holdings, LLC (“KFA2”), at 280 Park Avenue, 32nd Floor, New York, New York 10017, the entire interest of China International Capital Corporation Limited in Krane. Such transaction is expected to close no later than June 30. Jonathan Krane, through his equity interests in KFA1 and KFA2, may be deemed to control Krane. Jonathan Krane, being a Trustee, the Principal Executive Officer and Principal Financial Officer of the Trust, is also an affiliated person of the Trust.

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

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

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

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

At March 31, 2026, all shares issued by the Funds were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Funds). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Funds’ Distributor.

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

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

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

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

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

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

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

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

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

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

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

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

Equity-Linked Notes are derivative instruments which provide exposure to a reference entity, typically a security, basket of securities, or index. The terms of an Equity-Linked Note are negotiated with the counterparty and are tailored to provide the exposure sought by the Advisor. Generally, the value of an Equity-Linked Note is based on the value of the reference entity, less a fee charged by the counterparty for providing the requested exposure.

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

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

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

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

For swaps held by the series within the Trust that seek 2 times (200%) the daily investment results of underlying equities, the value of the equity leg of the swap is provided by an Independent Pricing Agent based on the value of the financial instrument underlying the swap. The value of the financing leg of the swap is systematically calculated by the Fund’s accounting agent based on the details of the swap.

Exchange-traded options contracts (other than FLEX Option contracts noted below) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Over-the-counter (“OTC”) options are valued based upon prices determined by the applicable independent, third party pricing agent. FLEX (short for flexible) Option contracts are normally valued using a fair value determined model-based price provided by a third-party pricing vendor. However, any day when the Administrator has not received price from third-party pricing vendor by 6:00 p.m. EST, an ad hoc meeting of the Fair Value Pricing Committee will convene to determine the fair valuation. If the committee cannot meet for the ad hoc meeting, the Administrator will fair value the FLEX Option to the price received from third-party vendor on the last business day and the ad hoc committee will be convened the next business day unless the price from third-party vendor becomes available.

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

As of and during the period ended March 31, 2026, the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF held swaps.

Securities issued by a wholly owned subsidiary of a Fund will be valued at the subsidiary’s net asset value, which will be determined using the same pricing policies and procedures applicable to the Fund.

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

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

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

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

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

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

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

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

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

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

With respect to the securities of private companies, the Administrator will obtain the price of private company securities from the Valuation Designee, who will determine their fair value using various inputs, including observable data such as cost basis, primary financing rounds, tender offers, and secondary market activity. The Valuation Designee will also consider pricing from independent pricing experts¹, comparables of public and private companies, and relevant market news. While primary financing rounds, tender offers, and cost basis are expected to be the main drivers of fair value, all factors will be considered. A daily dashboard will be stored to record data being considered. In addition to conducting a pricing and trend analysis on the data received from the independent pricing experts, the Valuation Designee will take business cycle, market depth, transaction size and other relevant factors into consideration when reviewing observable data and will periodically assess the pricing methodology used by the independent pricing experts.

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

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

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

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

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

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

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2026. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

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

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

As of March 31, 2026, management of the Funds has reviewed all open tax years since inception and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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

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

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

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

FORWARD FOREIGN CURRENCY CONTRACTS — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized appreciation (depreciation) during the year are presented on the Statements of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default.

FUTURES — The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance Strategy ETF will each utilize its respective Subsidiary for purposes of investing in commodity futures that are the same as or similar to those included in the Index. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

As of March 31, 2026, the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance Strategy ETF had open futures contracts. Refer to each Fund’s Consolidated Schedule of Investments for details regarding open futures contracts as of March 31, 2026.

For the year ended March 31, 2026, the average monthly notional amount of futures contracts were as follows:

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

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

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

The KraneShares Wahed Alternative Income Index ETF Underlying Index will create synthetic short positions in those same long positions in approximately a 1:1 to ratio through the use of options, including FLexible EXchange^® Options (“FLEX options”). This will be done by selling a call option and buying a put option on the long positions to create the synthetic short position while also generating option income, which will be the difference in the amount received for the call option and the price paid for the put option. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date.

As of March 31, 2026, the KraneShares KWEB Covered Call Strategy ETF, KraneShares Hedgeye Hedged Equity Index ETF and KraneShares Wahed Alternative Income Index ETF had open written option positions. As of March 31, 2026, the KraneShares Hedgeye Hedged Equity Index ETF and KraneShares Wahed Alternative Income Index ETF had open purchased option positions. Refer to the Schedule of Investments for details regarding open options as of March 31, 2026. All options held during the year were equity options.

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

For the year ended March 31, 2026, the average monthly notional amount of written option contracts were as follows:

For the year ended March 31, 2026, the average monthly notional amount of purchased option contracts were as follows:

SWAPS — The KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF may invest directly in any component of the Nasdaq-100 Index^® or may invest in an exchange-traded fund (“ETF”) that seeks to track the Nasdaq-100 Index^®. The Fund utilizes total return swaps to gain exposure to the short call options and the short futures positions in the Underlying Index. However, the Fund may invest directly in any component of the Underlying Index or obtain some or all of the exposures through investments in equity securities or derivative instruments, including swaps, futures, forwards, notes or options. In addition, the Fund may obtain exposures or invest in positions with different terms than the Underlying Index and may weight positions differently than the Underlying Index.

For swaps held by the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF, a preliminary indicative price is provided by Nasdaq each day for the index underlying the swap. This price is used to value the equity leg of the swap.

The following is a summary by counterparty of the market value of swap agreements and collateral (received)/pledged for the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF as of March 31, 2026:

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

For the year ended March 31, 2026, the average monthly notional balance for total return swap contract held during the period by the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF was $2,386,365

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

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

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

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

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

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

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

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

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

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

SEGMENT REPORTING — An operating segment is defined in Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ Principal Executive Officer and Principal Financial Officer act as the Funds’ CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds’ long-term strategic asset allocation is predetermined in accordance with the Funds’ single investment objective which is executed by the Funds’ portfolio manager. The financial information in the form of the Funds’ schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Funds’ comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the accompanying Statements of Operations.

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

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

The effect of derivative instruments on the Statements of Operations/Consolidated Statements of Operations for the year ended March 31, 2026:

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

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

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

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

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

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

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

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

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

Pursuant to the terms of Fee Waiver Agreements, Krane has contractually agreed to waive its management fee for the below listed Funds by the following amounts of the Fund’s average daily net assets until August 1, 2026. The Fee Waiver Agreements may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreements will terminate if the Agreement for a Fund is terminated.

SUB-ADVISORY AGREEMENT — Bosera Asset Management (International) Co., Ltd. (“Bosera”), operating out of Hong Kong, serves as the Sub-Adviser to the KraneShares Bosera MSCI China A 50 Connect Index ETF and KraneShares SSE STAR Market 50 Index ETF and is responsible for the day-to-day management of the Funds, subject to the supervision by the Adviser and the Board. As of January 1, 2024, Krane pays Bosera fifteen (15%) percent of the net revenue received by Krane from KraneShares Bosera MSCI China A 50 Connect Index ETF under the Investment Advisory Agreement. Prior to that date, Krane paid Bosera fifty (50%) percent of the net revenue received by Krane from the Fund. For the services Bosera provides to KraneShares SSE STAR Market 50 Index ETF, the Adviser pays Bosera a twelve basis points (0.12%) sub-advisory fee based upon the monthly average assets under management of KraneShares SSE STAR Market 50 Index ETF.

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

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

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

Mount Lucas Index Advisers LLC (“MLIA”) serves as the Sub-Adviser of the KraneShares Mount Lucas Managed Futures Index Strategy ETF. For the services MLIA provides to the Fund, the Adviser pays MLIA a fee equal to 32% of the total gross advisory paid to Krane by the Fund under the terms of the Advisory Agreement minus any applicable fee waivers entered into between the Fund and Krane.

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

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

Hedgeye Asset Management, LLC (“HAM”), serves as the index provider and investment sub-adviser of the KraneShares Hedgeye Hedged Equity Index ETF and selects investments for the Underlying Index using a process that is set forth in the index methodology of the Underlying Index. Information about the Underlying Index is available on HAM’s website, www.hedgeyeam.com. Krane retains sole responsibility for submitting investment orders and executing trades on behalf of the Fund. Krane pays HAM a ten basis points (0.10%) of the Fund’s average daily net assets.

Dragon Capital Management (HK) Limited (“Dragon Capital”), serves as the investment sub-adviser of the KraneShares Dragon Capital Vietnam Growth Index ETF. Dragon Capital is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board of Trustees. The Adviser will pay the Sub-Adviser thirty (30%) percent of the advisory fee due to the Adviser from the Fund pursuant to the Investment Advisory Agreement with respect to the first $250 million in assets and thirty-five (35%) percent on any amounts thereafter. To the extent that the Fund invests any assets in an underlying fund managed by the Sub-Adviser or an affiliate of the Sub-Adviser (which, for the avoidance of doubt, includes but is not limited to foreign underlying ETFs managed by the Sub-Adviser or an affiliate of the Sub-Adviser), the assets on which the sub-advisory fee is calculated will not include any assets invested in such underlying fund.

Wahed Invest LLC (“Wahed”), serves as the investment sub-adviser of the KraneShares Wahed Alternative Income Index ETF. Krane retains sole responsibility for submitting investment orders and executing trades on behalf of the Fund. Krane will pay Wahed a sub-advisory fee of fifty (50%) percent of the Net Revenue received by the Adviser from the Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Sub-Advisory Agreement – (minus) gross fund-related expenses (including any waiver by Krane of its compensation under the Investment Advisory Agreement and any reimbursements by Krane of the Fund’s expenses).

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

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

The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the Investment Company Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the year ended March 31, 2026, no fees were charged under the Plan. Fees would only be charged under the Plan upon approval by the Board.

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

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

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

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

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

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

For the year ended March 31, 2026, the following Funds had purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities transactions:

For the year ended March 31, 2026, there were no purchases or sales of long-term U.S. government securities for the Funds.

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

For the year ended March 31, 2026, in-kind transactions associated with creations and redemptions were:

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

The permanent differences primarily consist of foreign currency translations, investments in passive foreign investment companies (“PFICs”), foreign capital gain reclass, net operating loss, Partnership adjustments, perpetual bond adjustments and distribution reclassification. The permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings for the fiscal year ended March 31, 2026 are primarily related to redemptions in-kind, distributions in excess and net operating loss.

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

The tax character of dividends and distributions paid during the years or periods ended March 31, 2026 and March 31, 2025 were as follows:

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

As of March 31, 2026, the components of tax basis distributable earnings (distributable losses) were as follows:

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

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2026 through March 31, 2026 and November 1, 2025 through March 31, 2026, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

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

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

During the year ended March 31, 2026, the following Funds utilized capital loss carryforwards, to offset capital gains:

The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at September March 31, 2026 were as follows:

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

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

The Funds did not pay any federal or state and local income taxes. Certain Funds paid income taxes in foreign jurisdictions for the year ended March 31, 2026. Cash paid for income taxes, net of refunds received, were as follows:

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

Uncertainties in the Chinese tax rules governing the taxation of income distributions and capital gains from investments in A Shares could result in unexpected tax liabilities for the Funds. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by non-Chinese resident investors (including, for example, Qualified Foreign Institutional Investors (“QFII”)) from Chinese companies and those companies which are not Chinese tax residents, but which are deemed to be Chinese tax residents (e.g., under Notice 7). China also imposes withholding tax at a rate of 10% on capital gains derived by non-residents from investment in actual and constructive Chinese resident companies. The Chinese withholding taxes applied to dividends, interest and capital gains may, in principle, be subject to a reduced rate under an applicable Chinese tax treaty, but the application of such treaties in the case of a non-resident (e.g., in the case of a QFII acting on behalf of non-resident investors, such as the Funds) is also uncertain. The imposition of such taxes could have a material adverse effect on the Funds’ returns. The People’s Republic of China (the “PRC”) rules regarding the taxation of non-resident investors are quickly evolving and certain

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

of the tax regulations to be issued by the PRC State Administration of Taxation and/or the PRC Ministry of Finance to clarify matters may apply retrospectively. Such retroactively applied rules may be adverse to the Funds and their shareholders. It is also unclear how China’s value added tax (“VAT”) may be affected by tax treaty provisions. If such a tax is collected, the expenses will be passed on and borne by the Funds. The imposition of such taxes, as well as future changes in applicable PRC tax law, may adversely affect the Funds. If the Funds expect VAT to be imposed, they reserve the right to establish a reserve for such tax. If the Funds establish such a reserve but are not ultimately subject to the tax, shareholders who redeemed or sold their shares while the reserve was in place will effectively bear the tax and may not benefit from the later release, if any, of the reserve. Conversely, if the Funds do not establish such a reserve but ultimately are subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from investments in a Fund. Effective November 17, 2014, QFIIs, RQFIIs (i.e., QFIIs investing in Yuan, rather than foreign currency) and non-Chinese resident investors investing through the Hong Kong-Shanghai Stock Connect are exempted temporarily from the 10% capital gains tax that normally applies to sales of A Shares on a public Chinese exchange (such as the Shanghai Stock Exchange). However, such investors are still required to pay capital gains tax for gains realized on trades executed before November 17, 2014.

On November 7, 2018, China’s Ministry of Finance and the State Administration of Taxation jointly issued Circular 108. This circular announced a three year exemption from corporate income tax withholding (“WHT”) and Value Added Tax (“VAT”) for China-sourced bond interest derived by overseas institutional investors. The WHT and VAT exemptions were extended to December 31, 2027.

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

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

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

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

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

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

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

The RMB Bond market is volatile with a risk of trading suspensions in particular securities and government interventions. Trading in RMB Bonds may be suspended without warning and for lengthy periods. Information on such trading suspensions, including as to their expected length, may be unavailable. Securities affected by trading suspensions may be or become illiquid. In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make certain Chinese securities illiquid.

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

CONCENTRATION RISK — Because the assets of certain Funds are expected to be concentrated in an industry or group of industries to the extent that the Underlying Index concentrates in a particular industry or group of industries, the Fund is subject to loss due to adverse occurrences that may affect that industry or group of industries or sector. Market conditions, interest rates, and

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

economic, regulatory, or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. Depending on the composition of each Fund’s Underlying Index, the Fund may be subject to principal risks, as outlined in each Fund’s prospectus. Each Fund may have significant exposure to other industries or sectors over time.

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

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

DERIVATIVES RISK — The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets. Because many derivatives are an obligation of the counterparty rather than a direct investment in the reference asset, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations under the derivative agreement as a result of bankruptcy or otherwise. Any loss would result in a reduction in the NAV of the Fund and will likely impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.

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

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

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

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

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

MARKET RISK — The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be

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

temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements. Such market developments may also cause the Fund to encounter difficulties in timely honoring redemptions, especially if market events cause an increased incidence of shareholder redemptions.

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

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

OPERATIONAL AND CYBERSECURITY RISK — The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

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

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

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

PRIVATELY-ISSUED SECURITIES RISK — The Fund may invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Privately-issued securities are securities that have not been registered under the Securities Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be less liquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. In addition, transaction costs may be higher for privately-issued securities than for more liquid securities. The Fund may have to bear the expense of registering privately-issued securities for resale and the risk of substantial delays in effecting the registration.

VALUATION RISK — Independent market quotations for the non-U.S. securities held by the Funds may not be readily available and such securities may be fair valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that a Fund may not be able to sell an investment at the price assigned to the investment by the Fund. In addition, the securities in which the Funds invest may trade on days that the Funds do not price their shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their holdings.

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

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

In this reporting period, the Funds adopted FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect any Funds’ financial position or the results of its operations.

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

KraneShares Global Carbon Strategy ETF identified an error in certain elements of its 2025 financial statements related to improper recording of foreign exchange rates on futures transactions, interest, and fees. The prior year comparative financial statements herein were adjusted to correct this error. KraneShares Global Carbon Strategy ETF evaluated the error and concluded that it is immaterial to the previously issued financial statements.

The table below reflects the impacted line items as a result of the revisions to the 2025 Statements of Changes in Net Assets as presented in this report:

Please note that the following Funds are changing their respective names, effective on or around June 1, 2026:

Please also note that the name of the Underlying Index for KraneShares Global Humanoid Robotics and Physical AI Index ETF (formerly, KraneShares Global Humanoid and Embodied Intelligence Index ETF) is changing from MerQube Global Humanoid and Embodied Intelligence Index to MerQube Global Humanoid Robotics and Physical AI Index on or about June 16, 2026.

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

We have audited the accompanying statements of assets and liabilities and consolidated statements of assets and liabilities of the funds listed in the Appendix, twenty-five of the funds comprising KraneShares Trust (collectively, the Funds), including the schedules of investments and consolidated schedules of investments, as of March 31, 2026, the related statements of operations and consolidated statement of operations for the year or period listed in the Appendix, the statements of changes in net assets and consolidated statements of changes in net assets for each of the years or periods in the two-year period listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights and consolidated financial highlights for each of the years or periods in the five-year period listed in the Appendix. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of their operations for the year or period listed in the Appendix, the changes in their net assets for each of the years or periods in the two-year period listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with custodian, transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Statement of operations or consolidated statement of operations for the year ended March 31, 2026

Statements of changes in net assets or consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Financial highlights or consolidated financial highlights for each of the years in the five-year period ended March 31, 2026

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Financial highlights for each of the years in the four-year period ended March 31, 2026 and the period from June 8, 2021 (inception) through March 31, 2022

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Consolidated financial highlights for each of the years in the four-year period ended March 31, 2026 and the period from October 4, 2021 (inception) through March 31, 2022

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Financial highlights each of the years in the three-year period ended March 31, 2026 and the period from January 11, 2023 (inception) through March 31, 2023

Statements of changes in net assets for the year ended March 31, 2026 and the period from July 15, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from July 15, 2024 (inception) through March 31, 2025

Statements of changes in net assets for the year ended March 31, 2026 and the period from July 17, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from July 17, 2024 (inception) through March 31, 2025

Statements of changes in net assets for the year ended March 31, 2026 and the period from July 25, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from July 25, 2024 (inception) through March 31, 2025

Statements of changes in net assets for the year ended March 31, 2026 and the period from August 27, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from August 27, 2024 (inception) through March 31, 2025

Statements of changes in net assets for the year ended March 31, 2026 and the period from October 7, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from October 7, 2024 (inception) through March 31, 2025

Statements of operations and changes in net assets and the financial highlights for the period from June 4, 2025 (inception) through March 31, 2026

Statements of operations and changes in net assets and the financial highlights for the period from December 3, 2025 (inception) through March 31, 2026

Statements of operations and changes in net assets and the financial highlights for the period from November 4, 2025 (inception) through March 31, 2026

Statements of operations and changes in net assets and the financial highlights for the period from January 6, 2026 (inception) through March 31, 2026

For shareholders that do not have a March 31, 2026 tax year end, this notice is for informational purposes only. For shareholders with a March 31, 2026 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended March 31, 2026, the Funds are designating the following items with regard to distributions paid during the year.

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

On May 7, 2026, at a joint special meeting (the “Special Meeting”) of the respective shareholders of each series of the Trust (such series, the “Funds”), the approval of a new investment advisory agreement between the Adviser and the Trust on behalf of each Fund, to be voted on separately by the shareholders of each Fund, was submitted to the shareholders of each Fund. At the Special Meeting, with respect to the KraneShares Bosera MSCI China A 50 Connect Index ETF (“KBA”), authorization for KBA to rely on a manager of managers exemptive order, to be voted on solely by the shareholders of KBA, was also submitted to shareholders of KBA. The Special Meeting has been adjourned to June 4, 2026, as the requisite number of votes had not been cast, and may be further adjourned at the June 4 adjournment.

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

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

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

Effective March 31, 2026, Krane Fund Advisors, LLC (“Krane”) entered into an agreement with China International Capital Corporation Limited (“CICC”) whereby Krane’s officers and certain of its employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in Krane from CICC, resulting in a change of control of Krane (the “Transaction”). Under the Investment Company Act of 1940, as amended (the “1940 Act”), the closing of the Transaction (“Closing”) will result in an “assignment” and termination of the current investment advisory agreement between Krane and the Trust, on behalf of each Fund (the “Current Advisory Agreement”). The Transaction is expected to close no later than June 30, 2026.

To ensure that the management of each Fund (as defined below) will continue without any interruption following the Closing, at a meeting held on February 20, 2026, the Board of Trustees (the “Board”) of the Trust, including all of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, (the “Independent Trustees”), considered and approved a new Investment Advisory Agreement (the “New KFA Agreement”) between Krane and the Trust on behalf of each of the following separate series of the Trust (each, a “Fund” and collectively, the “Funds”):

Bosera, CFP, Etna, MLIA, Numeric, HAM, Wahed, Dragon Capital and Amova are referred to collectively herein as the “Sub-Advisers.” The Bosera Agreements, the CFP Agreements, the Etna Agreements, the MLIA Agreements, the Numeric Agreements, the HAM Agreements, the Wahed Agreements, the Dragon Capital Agreements and the Amova Agreements are referred to collectively herein as the “Sub-Advisory Agreements.” The New KFA Agreement and Interim Advisory Agreement are collectively referred to herein as the “Advisory Agreements.” The Sub-Advisory Agreements and the Advisory Agreements are collectively referred to herein as the “Agreements.”

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on February 20, 2026, the Board received and considered information provided by Krane in response to the Independent Trustees’ written requests relating to the Board’s consideration of the Advisory Agreements with respect to each of the Funds. The Board also considered information provided by each Sub-Adviser in response to separate written requests directed to each Sub-Adviser.

The Board considered that its evaluation process with respect to Krane and each Sub-Adviser is an ongoing one, and the Board considers information at each of its regularly scheduled meetings related to, among other matters, the services to be provided to each Fund by Krane and (as applicable) the relevant Sub-Adviser. The Board also receives additional information from Krane outside of the regularly scheduled Board meetings, including at executive sessions held by the Independent Trustees.

In evaluating the Agreements, the Board considered, among other matters: (1) the nature, extent, and quality of the services to be provided to each Fund by Krane and, if applicable, by its respective Sub-Adviser; (2) the compensation proposed to be paid by each Fund under the Advisory Agreements; (3) the costs of the services to be provided by Krane and the profitability of Krane with respect to its relationship with the Funds; (4) the extent to which economies of scale could be realized as the Funds grow and whether the unitary fee charged to the Funds under the Advisory Agreements will enable investors in the Funds to share in any such economies of scale; and (5) other benefits Krane and the Sub-Advisers will receive from their respective relationship with the Funds.

Based on written and oral reports received by the Board prior to and at the February 20, 2026 executive session of the Independent Trustees and the February 20, 2026 meeting of the Board, the Board considered the nature, quality, and extent of the overall services that will be provided by Krane and (as applicable) the relevant Sub-Adviser under the Agreements. The Board considered that the services currently provided by Krane will continue under the Advisory Agreements, and that there will be no change to the Krane personnel providing such services to the Funds. The Board

considered the responsibilities of Krane with respect to each Fund under the Advisory Agreements, including its obligation to oversee the services provided by the Sub-Advisers (as applicable). The Board also discussed the nature, quality and extent of services to be provided by the Sub-Advisers under the Sub-Advisory Agreements.

for investors by capturing option premium spreads through short call and long put positions.

The Board noted that it considers the performance of each operational Fund versus an identified Morningstar peer group at each regular meeting of the Board. At the Meeting, the Board considered each Fund’s performance versus its broad Morningstar peer group, as well as a select group of competitors identified by Krane and, in certain cases, a second peer group curated to better reflect the strategy of a particular Fund. The Board recognized that many of the Funds are in the same Morningstar peer group because they have significant exposure to China, notwithstanding the meaningful differences in the Funds’ underlying indexes and investment strategies. The Board noted the limitations of comparisons versus such a large and undifferentiated peer group and considered that the Funds offer shareholders access to unique investment opportunities, particularly in China.

The Board noted that three of the Funds are actively managed, and it considered that the performance of each actively managed Fund relative to its respective peer group is an appropriate measurement of performance.

by the Fund, as well as strong regional growth trends and corporate balance sheets.

With respect to those Funds that are passively managed and track the performance of an underlying index, the Board considered that the tracking error of each Fund against its underlying index was a more meaningful representation of the Fund’s performance. The Board received and reviewed a report from Krane summarizing each passively managed Fund’s tracking error versus its benchmark over a one-year period. The Board also considered a tracking error attribution report, noting that tracking error of the passively managed Funds resulted from a variety of factors, including but not limited to a Fund’s inability to hold all securities in its benchmark index due to the requirements of the Presidential Executive Order 13959, as amended by Executive Order 14032 (Addressing the Threat From Securities Investments That Finance Certain Companies of the People’s Republic of China), the need for a Fund to comply with diversification requirements imposed by the Internal Revenue Code, or whether a Fund follows a sampling approach to tracking its index, rather than a full replication of the index.

The Board also considered other factors, including the use of fair value pricing by the Funds and the Funds’ asset inflows and outflows, which affect the performance of the Funds but not their underlying indexes. The Board considered that these factors can be expected to primarily affect the Funds’ tracking error.

The Board considered that the unitary fee proposed to be paid by each Fund would be unchanged after the Transaction. The Board considered that under the unitary fee arrangement, Krane is responsible for paying most of each Fund’s expenses, including those of its principal service providers and Sub-Adviser (if applicable). The Board reviewed and considered the fees to be paid by each Fund in light of the nature, quality and extent of the services provided or obtained by Krane. The Board also considered that Krane has imposed fee waivers on certain Funds and considered the net expense ratios of the currently operational Funds compared to those of their peer groups.

The Board noted that the management fees to be paid by the Funds under the New KFA Agreement will be the same as those paid under the Current Advisory Agreement. The Board also noted that the management fees to be paid by many of the Funds are higher than the median management fee within their respective Morningstar peer groups and that the total expense ratios of many Funds are managed through the use of expense waivers. The Board considered that the Morningstar peer groups for the Funds do not reflect the unique exposure and thematic approach of the Funds and considered that the Funds’ total expense ratios are generally consistent with those of their direct peers. The Board considered that the Funds offer unique investment exposure for investors in U.S. registered funds and considered the operational costs and entrepreneurial risks that will continue to be incurred by Krane under the New KFA Agreement.

Although the Board received information regarding the fees to be paid to the Sub-Advisers under the Sub-Advisory Agreements, the Board noted the arm’s-length nature of the relationship between Krane and the Sub-Advisers with respect to the negotiation of sub-advisory fee rates. The Board also considered that Krane (and not the Funds) will pay each Sub-Adviser’s fees.

The Board considered that, under the Interim Advisory Agreement, fees to be paid to Krane by a particular Fund would be escrowed, but that Krane would have to continue to pay the Sub-Adviser to such Fund. The Board noted that the total expense ratio of each Fund will not change as a result of the Transaction.

The Board reviewed a report of Fund-by-Fund profitability prepared by Krane. The Board considered Krane’s commitment to the success of each Fund and the use of a unitary fee structure under which Krane bears the risk if certain expenses increase or if a Fund’s assets fail to increase to a level sufficient to cover such expenses. The Board recognized that the volatility in asset flows experienced by the Trust overall can directly and materially affect Krane’s profitability. The Board also considered that Krane has established a securities lending program for the benefit of the Funds, and that fees earned by Krane from such Funds can affect the profitability of such Funds to Krane.

The Board considered the effect of each Fund’s assets under management on the potential profitability of such Fund under the unitary fee structure in light of the costs associated with the personnel, systems and equipment necessary to manage the Fund and to meet the regulatory and compliance requirements of the SEC and other regulatory bodies, as well as other expenses Krane will pay in accordance with the Agreements.

The Board considered the extent to which Krane will continue to derive ancillary benefits from the Funds’ operations, including benefits to Krane as a result of its ability to use the assets of certain Funds to engage in soft dollar transactions and the existence of a securities lending program for the Funds. The Board did not observe any other potential benefits to be realized by Krane from its relationship with the Funds.

The Board noted that certain members of management will participate in ownership of Krane subsequent to the Transaction. The Board did not observe any other specific benefits to be realized by Krane or its management as a result of the Transaction.

The Board considered whether fees under the Advisory Agreements reflect the potential for economies of scale for the benefit of Fund shareholders. The Board determined that, at present, economies of scale are not a material factor for the Board to consider in connection with the Advisory Agreements.

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors in their review of the Agreements. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Agreements. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Agreements, were reasonable in light of the factors considered by the Board.

At a meeting held on May 20, 2025, the Board, including all of the Independent Trustees, approved the following agreements:

Wahed and Dragon Capital are referred to herein each as a “Sub-Adviser” and collectively as the “Sub-Advisers.” The Wahed Agreement and the Dragon Capital Agreement are referred to collectively herein as the “Sub-Advisory Agreements.” The Advisory Agreement and the Sub-Advisory Agreements are collectively referred to herein as the “Agreements.”

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on May 20, 2025, the Board received and considered information provided by Krane in response to the Independent Trustees’ written requests for information regarding the Funds and the Advisory Agreement. The Board also considered information provided by each Sub-Adviser in response to separate written requests directed to each Sub-Adviser.

The Board considered that its evaluation process with respect to Krane and each Sub-Adviser is an ongoing one, and the Board will consider information at each of its regularly scheduled meetings related to, among other matters, the services provided to each Fund by Krane and the relevant Sub-Adviser. The Board considered that the Independent Trustees also receive additional information outside of regularly scheduled Board meetings and at executive sessions held by the Independent Trustees.

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

Based on written and oral reports received by the Board prior to and at the May 20, 2025 executive session of the Independent Trustees and the May 20, 2025 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane and the relevant Sub-Adviser to each Fund under the Agreements. The Board took note of the qualifications, background and responsibilities of Krane’s senior personnel who provide services to the Funds managed directly by Krane and also considered the expertise of Krane personnel charged with oversight of the Sub-Advisers.

The Board recognized that Krane has invested and continues to invest significant time and effort in structuring the Trust and the Funds. The Board noted that Krane, together with the Sub-Advisers, is responsible for assessing the market appeal and the investment strategy of each Fund, and that Krane continually seeks to create new series of the Trust that present unique investment strategies and meet unique investor needs. The Board considered the related entrepreneurial risk assumed by Krane with respect to the Trust and the Funds

With respect to the Wahed Agreement, the Board considered that KWIN is designed to generate Sharia-compliant option income for investors by capturing option premium spreads through short call and long put positions. The Board took note of the experience of Wahed personnel, noting that Wahed is a global financial technology company that operates a Sharia-compliant robo-advisor and manages other Sharia-compliant ETFs. The Board noted Wahed’s involvement in ensuring that the Wahed Shariah Alternative Income Index, the underlying index for KWIN, provides Sharia-compliant income, as well as Krane’s responsibility for submitting investment orders and executing trades on behalf of KWIN.

With respect to the Dragon Capital Agreement, the Board noted that Dragon Capital provides investors in KPHO with exposure to Vietnamese companies selected based on fundamental and proprietary growth criteria. The Board considered that Dragon Capital is the largest fund manager in Vietnam with over 30 years of experience.

Based on the foregoing, the Board concluded that each Fund is likely to benefit from the nature, extent and quality of the services to be provided by Krane and the Sub-Advisers under the Agreements.

The Board noted that, because the Funds have not yet commenced investment operations, they have no investment performance. The Board considered that once the Funds commence operations, the Board will receive regular reports regarding each Fund’s performance relative to a broad Morningstar peer group, and potentially a select group of peers identified by Krane. The Board also considered that at its regular meetings it will receive information regarding the performance of each Fund against the performance of its respective underlying index. The Board recognized that there may be limited peers available for the Funds.

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

The Board considered the proposed fee for the Funds compared to their respective Morningstar universe, noting that the proposed fees and expenses for the Funds are higher than the median of the peer group. The Board noted that the management fees to be paid by the Funds are higher than the median management fee within their respective Morningstar peer groups. The Board considered Krane’s representation that the Funds present highly differentiated strategies and took

note of the specialized expertise and structuring required to provide such strategies in a U.S. registered fund wrapper. The Board noted the operational costs and entrepreneurial risks that will be incurred by Krane under the Advisory Agreement.

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

The Board considered the extent to which Krane could derive ancillary benefits from the operations of the Funds. The Board considered that Krane could benefit if the Funds participate in the Trust’s securities lending program or if Krane could use each Fund’s assets to engage in soft dollar transactions. The Board determined that, at present, it did not observe any specific benefits to be realized by Krane as a result of launching the Funds.

The Board considered whether fees under the Advisory Agreement reflect the potential for economies of scale for the benefit of Fund shareholders. The Board determined that, at present, economies of scale are not a material factor for the Board to consider in connection with Advisory Agreement.

At a meeting held on September 10, 2025, the Board, including all of the Independent Trustees, approved the Advisory Agreement between Krane and the Trust, on behalf of KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (“KIQQ” or the “Fund”).

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on September 10, 2025, the Board received and considered information provided by Krane in response to the Independent Trustees’ written requests for information regarding the Fund and the Advisory Agreement.

The Board considered that its evaluation process with respect to Krane is an ongoing one, and the Board will consider information at each of its regularly scheduled meetings related to, among other matters, the services provided to KIQQ by Krane. The Board considered that the Independent Trustees also receive additional information outside of regularly scheduled Board meetings and at executive sessions held by the Independent Trustees.

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

Based on written and oral reports received by the Board prior to and at the September 10, 2025 executive session of the Independent Trustees and the September 10, 2025 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane to the Fund under the Advisory Agreement. The Board took note of the qualifications, background and responsibilities of Krane’s senior personnel who provide services to the Fund, in particular that the Fund’s primary portfolio manager has more than 20 years of experience working with equity derivatives in trading, capital markets, and fund management capacities.

The Board recognized that Krane has invested and continues to invest significant time and effort in structuring the Trust and each new series of the Trust. The Board noted that Krane was responsible for assessing the market appeal and the investment strategy of the Fund, and that Krane continually seeks to create new series of the Trust that present unique investment strategies and meet unique investor needs. The Board considered the related entrepreneurial risk assumed by Krane with respect to the Trust and the Fund.

Based on the foregoing, the Board concluded that the Fund is likely to benefit from the nature, extent and quality of the services to be provided by Krane under the Advisory Agreement.

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

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

The Board considered the proposed fee for the Fund compared to its Morningstar universe, noting that the proposed fees and expenses for the Fund are higher than the median of the peer group. The Board considered Krane’s representation that the Fund presents a highly differentiated strategy and took note of the specialized expertise and structuring required to provide such strategy in a U.S. registered fund wrapper. The Board noted the operational costs and entrepreneurial risks that will be incurred by Krane under the Advisory Agreement.

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

The Board considered the extent to which Krane could derive ancillary benefits from the operations of the Fund. The Board considered that Krane could benefit if the Fund participates in the Trust’s securities lending program or if Krane could use the Fund’s assets to engage in soft dollar transactions. The Board determined that, at present, it did not observe any specific benefits to be realized by Krane as a result of launching the Fund.

review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Advisory Agreement, were reasonable in light of the factors considered by the Board.

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

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

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

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

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

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

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

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

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

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

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

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

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

		2026			2025
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$730,750	$0	N/A	$662,000	$0	N/A
(b)	Audit-Related Fees	$0	$0	N/A	$7,500	$0	N/A
(c)	Tax Fees⁽¹⁾	$202,880	$0	N/A	$172,195	$0	N/A
(d)	All Other Fees	$18,675	$0	N/A	$4,076	$0	N/A

Financial Statements (Form N-CSR Item 7)
Schedules of Investments/Consolidated Schedules of Investments
KraneShares CSI China Internet ETF		1
KraneShares Bosera MSCI China A 50 Connect Index ETF		3
KraneShares MSCI One Belt One Road Index ETF		6
KraneShares Emerging Markets Consumer Technology Index ETF		13
KraneShares MSCI China Clean Technology Index ETF		18
KraneShares Electric Vehicles and Future Mobility Index ETF		20
KraneShares MSCI All China Health Care Index ETF		25
KraneShares Asia Pacific High Income USD Bond ETF		28
KraneShares MSCI Emerging Markets ex China Index ETF		33
KraneShares Global Carbon Strategy ETF		48
KraneShares Value Line^® Dynamic Dividend Equity Index ETF		50
KraneShares Mount Lucas Managed Futures Index Strategy ETF		53
KraneShares SSE STAR Market 50 Index ETF		55
KraneShares Hang Seng TECH Index ETF		57
KraneShares California Carbon Allowance Strategy ETF		59
KraneShares KWEB Covered Call Strategy ETF		61
KraneShares Hedgeye Hedged Equity Index ETF		63
KraneShares Artificial Intelligence and Technology ETF		65
KraneShares Sustainable Ultra Short Duration Index ETF		69
KraneShares China Alpha Index ETF		74
KraneShares Man Buyout Beta Index ETF		76
KraneShares Global Humanoid and Embodied Intelligence Index ETF		85
KraneShares Dragon Capital Vietnam Growth Index ETF		89
KraneShares Wahed Alternative Income Index ETF		92
KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF		101
Glossary		106
Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities		107
Statements of Operations/Consolidated Statements of Operations		116
Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets		125
Financial Highlights/Consolidated Financial Highlights		150
Notes to Financial Statements/Notes to Consolidated Financial Statements		160
Report of Independent Registered Public Accounting Firm		201
Notice To Shareholders (Unaudited)		204
Other Information (Form N-CSR Items 8-11) (Unaudited)		207

	Shares		Value
COMMON STOCK — 99.9%^‡
CHINA — 99.3%
Communication Services — 36.7%
Autohome ADR		2,510,674	$	43,610,407
Baidu, Cl A*		19,147,884		258,147,922
Bilibili, Cl Z*		8,790,084		191,381,258
China Literature*^(A)		18,185,800		58,963,169
JOYY ADR		1,070,824		62,525,413
Kingsoft		38,356,400		109,978,301
Kuaishou Technology, Cl B		34,890,800		200,794,992
NetEase		16,405,505		356,768,782
NetEase Cloud Music*		3,878,700		63,818,818
Tencent Holdings		9,859,275		608,643,797
Tencent Music Entertainment Group ADR		16,256,953		150,864,524
Weibo ADR^(A)		3,474,174		30,399,023
XD		10,473,400		80,752,663
				2,216,649,069
Consumer Discretionary — 41.4%
Alibaba Group Holding		35,514,364		539,043,560
JD.com, Cl A		20,532,590		296,457,895
Meituan, Cl B*		41,946,247		443,794,953
PDD Holdings ADR*		5,187,253		530,033,512
TAL Education Group ADR*		17,168,768		195,208,892
Tongcheng Travel Holdings		49,922,600		114,615,290
Trip.com Group		4,427,100		215,025,086
Vipshop Holdings ADR		10,354,728		162,776,324
				2,496,955,512
Consumer Staples — 8.3%
Alibaba Health Information Technology*		226,752,000		134,775,174
East Buy Holding*^(A)		19,456,500		67,401,155
JD Health International*		40,339,337		242,132,752
Ping An Healthcare and Technology*^(A)		39,850,800		58,554,784
				502,863,865
Financials — 2.1%
Qfin Holdings ADR		4,601,819		59,409,483
ZhongAn Online P&C Insurance, Cl H*^(A)		40,998,300		66,672,831
				126,082,314
Industrials — 6.5%
Full Truck Alliance ADR		26,107,217		216,689,901
Kanzhun ADR		12,868,534		172,309,670
				388,999,571

	Shares		Value
COMMON STOCK (continued)
Real Estate — 4.3%
KE Holdings, Cl A		54,158,700	$	261,806,425

TOTAL CHINA				5,993,356,756

HONG KONG — 0.6%
Communication Services — 0.6%
Damai Entertainment Holdings*^(A)		413,200,000		33,202,724
TOTAL HONG KONG				33,202,724

TOTAL COMMON STOCK (Cost $6,991,177,863)				6,026,559,480

SHORT-TERM INVESTMENT — 2.7%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.580%^(B)(C)		164,050,747		164,050,747
TOTAL SHORT-TERM INVESTMENT (Cost $164,050,747)				164,050,747

TOTAL INVESTMENTS — 102.6% (Cost $7,155,228,610)				6,190,610,227
OTHER ASSETS LESS LIABILITIES – (2.6)%				(157,043,105	)
NET ASSETS - 100%			$	6,033,567,122

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at March 31, 2026.
(B)	The rate shown is the 7-day effective yield as of March 31, 2026.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2026 was $164,050,747.

	Shares		Value
COMMON STOCK — 99.5%^‡
CHINA — 99.5%
Communication Services — 1.7%
China United Network Communications, Cl A		2,451,100	$	1,579,248
Zhejiang Century Huatong Group, Cl A*		577,900		1,335,411
				2,914,659
Consumer Discretionary — 6.2%
BYD, Cl A		476,700		7,264,348
Midea Group, Cl A		304,800		3,369,407
				10,633,755
Consumer Staples — 7.7%
Kweichow Moutai, Cl A		42,289		8,878,198
Muyuan Foods, Cl A		198,925		1,201,320
Shanxi Xinghuacun Fen Wine Factory, Cl A		44,236		916,270
Wuliangye Yibin, Cl A		141,379		2,113,920
				13,109,708
Energy — 3.4%
China Shenhua Energy, Cl A		329,147		2,227,927
PetroChina, Cl A		1,071,800		1,891,677
Shaanxi Coal Industry, Cl A		483,736		1,792,289
				5,911,893
Financials — 20.2%
Agricultural Bank of China, Cl A		3,826,607		3,712,086
Bank of China, Cl A		1,787,300		1,519,025
Bank of Communications, Cl A		2,398,099		2,430,494
Bank of Ningbo, Cl A		296,768		1,308,380
China Merchants Bank, Cl A		927,267		5,278,952
China Pacific Insurance Group, Cl A		307,714		1,652,470
CITIC Securities, Cl A		548,446		1,908,964
East Money Information, Cl A		710,292		1,942,667
Guotai Haitong Securities, Cl A		634,900		1,525,040
Industrial & Commercial Bank of China, Cl A		2,827,626		3,127,841
Industrial Bank, Cl A		951,322		2,592,248
Ping An Bank, Cl A		872,267		1,399,325
Ping An Insurance Group of China, Cl A		479,198		3,939,488
Shanghai Pudong Development Bank, Cl A		1,430,646		2,108,674
				34,445,654
Health Care — 4.4%
Jiangsu Hengrui Pharmaceuticals, Cl A		413,187		3,303,486
Shenzhen Mindray Bio-Medical Electronics, Cl A		78,553		1,872,752
WuXi AppTec, Cl A		160,200		2,275,417
				7,451,655

	Number of Rights		Value
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma^‡‡*^(A)		58,208	$	—
TOTAL CHINA				—
TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS — 99.5% (Cost $150,884,893)				169,573,751
OTHER ASSETS LESS LIABILITIES – 0.5%				827,550
NET ASSETS - 100%			$	170,401,301

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	169,573,751	$	—	$	—		$	169,573,751
Total Common Stock		169,573,751		—		—			169,573,751
Rights
China
Health Care		—		—		—	^‡‡		—
Total Rights		—		—		—			—
Total Investments in Securities	$	169,573,751	$	—	$	—		$	169,573,751

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

	Shares		Value
COMMON STOCK — 99.6%^‡
CHINA — 43.8%
Energy — 2.0%
China Petroleum & Chemical, Cl H		142,000	$	81,322

Financials — 5.6%
Bank of Changsha, Cl A		7,300		10,178
Bank of Chengdu, Cl A		8,000		19,830
Bank of Hangzhou, Cl A		13,100		31,770
Bank of Jiangsu, Cl A		33,055		52,262
Bank of Nanjing, Cl A		22,391		36,926
Bank of Ningbo, Cl A		12,246		53,990
Bank of Suzhou, Cl A		8,100		9,804
Chongqing Rural Commercial Bank, Cl H		14,000		12,125
				226,885
Industrials — 15.4%
Beijing New Building Materials, Cl A		3,208		12,114
Beijing-Shanghai High Speed Railway, Cl A		91,900		67,328
China Energy Engineering, Cl A		61,700		25,907
China Merchants Expressway Network & Technology Holdings, Cl A		10,400		14,847
China Railway Group, Cl H		26,500		13,655
China State Construction Engineering, Cl A		76,200		55,274
China XD Electric, Cl A		10,000		22,022
CRRC, Cl H		28,000		18,107
Daqin Railway, Cl A		37,232		28,894
Dongfang Electric, Cl A		5,200		26,389
Goneo Group, Cl A		1,810		10,967
Jiangsu Expressway, Cl H		8,000		10,296
Jiangsu Zhongtian Technology, Cl A		6,300		27,447
JL Mag Rare-Earth, Cl A		2,100		9,331
Metallurgical Corp of China, Cl A		32,100		13,943
NARI Technology, Cl A		14,752		55,512
Ningbo Orient Wires & Cables, Cl A		1,300		11,395
Ningbo Sanxing Medical Electric, Cl A		2,700		10,250
Power Construction Corp of China, Cl A		32,800		27,259
Shanghai Electric Group, Cl A*		23,600		27,199
Shenzhen Envicool Technology, Cl A		1,900		23,204
Shenzhen Inovance Technology, Cl A		2,650		25,707
Sichuan Road & Bridge, Cl A		13,800		20,121
TBEA, Cl A		9,567		36,707
Zhejiang Chint Electrics, Cl A		4,100		19,382
Zhuzhou CRRC Times Electric, Cl H		2,800		13,014
				626,271

	Shares		Value
PREFERRED STOCK — 0.0%
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PAO*^(A)(B)(C)		136,600	$	—
TOTAL PREFERRED STOCK (Cost $74,846)				—

TOTAL INVESTMENTS — 99.6% (Cost $4,016,122)				4,048,897
OTHER ASSETS LESS LIABILITIES – 0.4%				16,065
NET ASSETS - 100%			$	4,064,962

	Shares		Value
COMMON STOCK — 100.0%^‡
CHINA — 100.0%
Consumer Discretionary — 39.4%
BAIC BluePark New Energy Technology, Cl A*		239,400	$	247,833
BYD, Cl A		35,600		542,502
BYD, Cl H		411,400		5,551,660
Li Auto, Cl A*		613,500		5,297,563
NIO, Cl A*		532,880		2,981,061
Seres Group, Cl A		61,500		808,786
Tianneng Power International		424,000		399,112
XPeng, Cl A*		623,100		5,201,640
Yadea Group Holdings		774,694		1,309,239
Zhejiang Leapmotor Technology, Cl H*		323,500		1,940,125
				24,279,521
Industrials — 26.3%
Beijing-Shanghai High Speed Railway, Cl A		1,805,600		1,322,822
China Conch Venture Holdings		899,000		1,309,479
China Everbright Environment Group		2,282,216		1,563,162
Contemporary Amperex Technology, Cl A		71,550		4,161,414
Contemporary Amperex Technology, Cl H		28,000		2,191,015
Dynagreen Environmental Protection Group, Cl H		233,000		162,858
Goldwind Science & Technology, Cl A		121,435		462,412
Gotion High-tech, Cl A		67,000		346,316
NARI Technology, Cl A		289,100		1,087,887
Ningbo Deye Technology, Cl A		33,225		632,391
Ningbo Sanxing Medical Electric, Cl A		50,500		191,714
REPT BATTERO Energy, Cl H*		213,400		433,866
Sungrow Power Supply, Cl A		80,260		1,751,922
Zhejiang Chint Electrics, Cl A		77,400		365,892
Zhejiang Weiming Environment Protection, Cl A		62,999		228,857
				16,212,007
Information Technology — 14.6%
China Railway Signal & Communication, Cl A		263,431		216,643
CSI Solar, Cl A		136,954		253,813
GDS Holdings, Cl A*		482,600		2,378,468
Hangzhou First Applied Material, Cl A		98,100		249,273
JA Solar Technology, Cl A*		123,568		195,012
Jinko Solar, Cl A*		375,625		354,050
JinkoSolar Holding ADR		19,440		493,970
Kingsoft Cloud Holdings*		1,698,000		1,494,375
LONGi Green Energy Technology, Cl A*		281,846		715,766
TCL Zhonghuan Renewable Energy Technology, Cl A*		150,500		191,320
Trina Solar, Cl A*		88,683		211,606
Tuya ADR		176,229		407,089
Vnet Group ADR, Cl A*		91,829		770,445

	Shares		Value
COMMON STOCK — 95.6%^‡
AUSTRALIA — 7.5%
Materials — 7.5%
Arafura Rare Earths*		564,204	$	108,198
IGO*		131,968		709,520
Lynas Rare Earths*		162,523		2,110,472
Mineral Resources*		19,211		705,378
PLS Group*		538,178		1,887,219
TOTAL AUSTRALIA				5,520,787

BELGIUM — 1.0%
Materials — 1.0%
Umicore		39,610		738,437
TOTAL BELGIUM				738,437

CHINA — 49.4%
Consumer Discretionary — 23.8%
BAIC BluePark New Energy Technology, Cl A*		281,000		290,899
BYD, Cl A		239,900		3,655,794
Chongqing Changan Automobile, Cl A		420,700		609,119
Geely Automobile Holdings		880,000		2,348,103
Guangzhou Automobile Group, Cl H		426,000		165,180
Hesai Group ADR*		20,553		392,973
Huizhou Desay Sv Automotive, Cl A		30,000		451,214
Li Auto, Cl A*		211,200		1,823,709
NIO, Cl A*		386,980		2,164,861
SAIC Motor, Cl A		443,500		936,868
Seres Group, Cl A		87,300		1,148,082
Shenzhen Kedali Industry, Cl A		13,536		350,811
WeRide ADR*		41,303		334,141
XPeng, Cl A*		212,400		1,773,115
Yadea Group Holdings		206,000		348,142
Zhejiang Leapmotor Technology, Cl H*		126,800		760,457
				17,553,468
Industrials — 11.0%
Beijing Easpring Material Technology, Cl A		27,500		204,497
China Baoan Group, Cl A		130,107		165,961
CNGR Advanced Material, Cl A		47,570		340,243
Contemporary Amperex Technology, Cl A		55,720		3,240,726
Eve Energy, Cl A		104,660		942,996
Farasis Energy Gan Zhou, Cl A*		62,102		117,250
GEM, Cl A		259,440		296,376
Gotion High-tech, Cl A		91,789		474,448
Guangzhou Great Power Energy & Technology, Cl A*		25,800		210,832
Hunan Yuneng New Energy Battery Material, Cl A		39,000		426,777
Qingdao TGOOD Electric, Cl A		54,000		212,663

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Wuxi Lead Intelligent Equipment, Cl A		78,000	$	538,694
Zhejiang Huayou Cobalt, Cl A		95,163		809,203
Zhongshan Broad Ocean Motor, Cl A		121,600		161,272
				8,141,938
Information Technology — 6.4%
Horizon Robotics, Cl B*^(A)		1,484,400		1,253,377
NavInfo, Cl A*		119,200		159,815
Pony AI ADR*^(A)		34,950		329,928
RoboSense Technology*^(A)		61,200		271,802
Xiaomi, Cl B*		667,200		2,702,772
				4,717,694
Materials — 8.2%
Chengxin Lithium Group, Cl A*		45,900		266,493
CMOC Group, Cl A		596,000		1,479,925
Ganfeng Lithium Group, Cl A		80,857		917,598
Guangzhou Tinci Materials Technology, Cl A		99,594		663,316
Ningbo Shanshan, Cl A*		113,600		218,262
Shanghai Putailai New Energy Technology Group, Cl A		106,099		491,269
Shenzhen Senior Technology Material, Cl A		68,500		146,884
Tianqi Lithium, Cl A*		74,300		596,836
Xiamen Tungsten, Cl A		80,451		647,876
Youngy, Cl A		12,900		142,472
Yunnan Energy New Material Group, Cl A*		49,500		485,776
				6,056,707
TOTAL CHINA				36,469,807

GERMANY — 3.4%
Consumer Discretionary — 3.4%
Bayerische Motoren Werke		28,296		2,543,021
TOTAL GERMANY				2,543,021

HONG KONG — 0.4%
Consumer Discretionary — 0.4%
CALB Group, Cl H*		69,900		282,268
TOTAL HONG KONG				282,268

INDONESIA — 0.6%
Materials — 0.6%
Aneka Tambang		1,455,300		299,717
Vale Indonesia		370,800		116,731
TOTAL INDONESIA				416,448

	Shares
SHORT-TERM INVESTMENT — 1.6%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.580%^(C)(D)		1,249,300		1,249,300
TOTAL SHORT-TERM INVESTMENT (Cost $1,249,300)				1,249,300

TOTAL INVESTMENTS — 101.5% (Cost $74,837,826)				81,598,673
OTHER ASSETS LESS LIABILITIES – (1.5)%				(1,180,231	)
NET ASSETS - 100%			$	80,418,442

	Face Amount		Value
CORPORATE OBLIGATIONS — 81.7%
CHINA — 17.6%
Consumer Discretionary — 5.1%
Fortune Star BVI
6.800%, 09/09/2029	$	200,000	$	189,530
5.050%, 01/27/2027		400,000		388,316
Health & Happiness H&H International Holdings
9.125%, 07/24/2028		200,000		205,720
				783,566
Industrials — 1.2%
West China Cement
9.900%, 12/04/2028		200,000		180,380

Real Estate — 10.1%
Central Plaza Development
6.800%, 04/07/2029		200,000		197,957
Franshion Brilliant
4.250%, 07/23/2029		200,000		183,125
GLP China Holdings, MTN
7.750%, 04/30/2029		200,000		159,849
Greentown China Holdings
8.450%, 02/24/2028		200,000		200,947
Longfor Group Holdings
3.950%, 09/16/2029		200,000		158,048
3.375%, 04/13/2027		200,000		185,337
Pingan Real Estate Capital, MTN
3.450%, 07/29/2026		200,000		195,286
Shui On Development Holding
9.750%, 01/26/2029		200,000		201,269
Vanke Real Estate Hong Kong, MTN
3.975%, 11/09/2027		200,000		75,646
				1,557,464
Utilities — 1.2%
China Oil & Gas Group
7.000%, 02/04/2029		200,000		192,523

TOTAL CHINA				2,713,933

HONG KONG — 13.5%
Communication Services — 1.3%
Cas Capital No. 2
6.250%, H15T5Y + 2.533%^(A)(B)		200,000		196,497

Consumer Discretionary — 3.9%
Li & Fung
8.375%, 02/05/2029		200,000		200,489
Melco Resorts Finance
7.625%, 04/17/2032		200,000		202,961

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Consumer Discretionary (continued)
6.500%, 09/24/2033	$	200,000	$	192,276
				595,726
Financials — 5.1%
CS Treasury Management Services
9.000%, 06/05/2174^(B)		384,140		384,226
FWD Group Holdings, MTN
5.836%, 09/22/2035		200,000		198,462
FWD Group Holdings
6.675%, H15T5Y + 3.075%^(A)(B)		200,000		199,500
				782,188
Real Estate — 3.2%
NWD
8.625%, 02/08/2028		200,000		187,012
NWD, MTN
4.500%, 05/19/2030		200,000		155,837
NWD Finance BVI
5.250%, 12/22/2174^(B)		200,000		158,517
				501,366
TOTAL HONG KONG				2,075,777

INDIA — 17.5%
Energy — 1.2%
ReNew Wind Energy AP2
4.500%, 07/14/2028		200,000		188,561

Financials — 8.5%
IIFL Finance
8.750%, 07/24/2028		200,000		201,581
Manappuram Finance, MTN
7.375%, 05/12/2028		200,000		201,063
Muthoot Finance, MTN
6.375%, 04/23/2029		200,000		198,634
Piramal Finance, MTN
7.800%, 01/29/2028		250,000		251,848
Sammaan Capital
8.950%, 08/28/2028		250,000		251,939
7.500%, 10/16/2030		200,000		193,711
				1,298,776
Industrials — 1.3%
IRB Infrastructure Developers
7.110%, 03/11/2032		200,000		200,648

Materials — 6.5%
UPL
4.625%, 06/16/2030		200,000		176,854

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Materials (continued)
Vedanta Resources Finance II
10.875%, 09/17/2029	$	400,000	$	417,786
9.475%, 07/24/2030		200,000		202,509
9.125%, 10/15/2032		200,000		201,102
				998,251
TOTAL INDIA				2,686,236

INDONESIA — 6.1%
Energy — 3.6%
Medco Cypress Tree Pte
8.625%, 05/19/2030		360,000		369,624
Sorik Marapi Geothermal Power
7.750%, 08/05/2031		186,660		185,186
				554,810
Materials — 1.3%
Nickel Industries
9.000%, 09/30/2030		200,000		199,734

Real Estate — 1.2%
Kawasan Industri Jababeka, MTN
8.500%, 12/15/2026		180,000		177,750

TOTAL INDONESIA				932,294

JAPAN — 1.3%
Information Technology — 1.3%
Rakuten Group
8.125%, H15T5Y + 4.250%^(A)(B)		200,000		198,104

MACAU — 9.6%
Consumer Discretionary — 9.6%
MGM China Holdings
7.125%, 06/26/2031		200,000		204,027
Studio City Finance
6.500%, 01/15/2028		400,000		395,415
5.000%, 01/15/2029		200,000		187,545
Wynn Macau
6.750%, 02/15/2034		200,000		195,449
5.625%, 08/26/2028		250,000		245,541
4.500%, 03/07/2029^(C)		250,000		248,875
TOTAL MACAU				1,476,852

MONGOLIA — 5.1%
Energy — 1.3%
Mongolian Mining
8.440%, 04/03/2030		200,000		198,922

	Face Amount		Value
SOVEREIGN DEBT (continued)
SRI LANKA — 2.2%
Sri Lanka Government International Bond
3.600%, 08/15/2027	$	200,000	$	176,498
3.350%, 09/15/2027		200,000		166,925
				343,423
TOTAL SOVEREIGN DEBT (Cost $1,058,198)				995,034

CONVERTIBLE BONDS — 3.6%
CHINA — 2.4%
Communication Services — 1.2%
Baidu CV to 1107.0457
0.000%, 03/12/2032^(D)		200,000	$	182,300

Consumer Discretionary — 1.2%
Alibaba Group Holding CV to 5.1773
0.000%, 09/15/2032^(D)		200,000		192,500

TOTAL CHINA				374,800

HONG KONG — 1.2%
Materials — 1.2%
Jinkai Investment Holdings CV to 12326.5403
0.000%, 02/05/2031^(D)		200,000		184,800

TOTAL CONVERTIBLE BONDS (Cost $603,336)				559,600

TOTAL INVESTMENTS — 91.8% (Cost $14,164,209)				14,120,816
OTHER ASSETS LESS LIABILITIES – 8.2%				1,254,360
NET ASSETS - 100%			$	15,375,176

	(A)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
	(B)	Perpetual security with no stated maturity date.
	(C)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total market value of such securities as of March 31, 2026 was $248,875 and represented 1.6% of the Net Assets of the Fund.
	(D)	Zero coupon security.

KraneShares Trust

KraneShares CSI China Internet ETF

Ticker: KWEB

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2026

Key Fund Statistics as of March 31, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares Bosera MSCI China A 50 Connect Index ETF

Ticker: KBA

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2026

Key Fund Statistics as of March 31, 2026

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares MSCI One Belt One Road Index ETF

Ticker: OBOR

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2026

Key Fund Statistics as of March 31, 2026

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares Emerging Markets Consumer Technology Index ETF

Ticker: KEMQ

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2026

Key Fund Statistics as of March 31, 2026

What did the Fund invest in?

Country/Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

KraneShares Trust

KraneShares MSCI China Clean Technology Index ETF

Ticker: KGRN

Principal Listing Exchange: NYSE Arca

Annual Shareholder Report: March 31, 2026

What were the Fund costs for the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of March 31, 2026

Key Fund Statistics as of March 31, 2026

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Asset/Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Country/Asset Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Country/Asset Weightings^{Footnote Reference*}

Sector/Asset Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}^{Footnote Reference^}

Credit Quality Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

	Shares		Value
COMMON STOCK — 96.0%^‡
BRAZIL — 5.1%
Communication Services — 0.2%
Telefonica Brasil		20,961	$	165,494

Consumer Staples — 0.4%
Ambev		96,700		282,399
Raia Drogasil		26,551		119,640
				402,039
Energy — 0.9%
Petroleo Brasileiro - Petrobras		80,400		830,028
Ultrapar Participacoes		23,300		128,147
				958,175
Financials — 1.1%
B3 - Brasil Bolsa Balcao		106,600		375,614
Banco Bradesco		51,387		164,436
Banco do Brasil		46,800		206,130
BB Seguridade Participacoes		13,100		87,326
NU Holdings, Cl A*		23,008		330,625
				1,164,131
Industrials — 0.7%
Localiza Rent a Car		26,620		239,491
Motiva Infraestrutura de Mobilidade		20,600		62,369
Rumo		20,600		64,104
WEG		30,900		301,843
				667,807
Materials — 1.2%
Klabin		13,943		52,093
Suzano		15,500		154,052
Vale		64,800		1,023,507
				1,229,652
Utilities — 0.6%
Axia Energia		19,500		218,677
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		5,321		161,248
Equatorial		23,300		181,913
				561,838
TOTAL BRAZIL				5,149,136

CHILE — 0.7%
Consumer Discretionary — 0.1%
Empresas Copec		6,864		47,048
Falabella		13,243		80,419
				127,467

	Shares		Value
PREFERRED STOCK (continued)
SOUTH KOREA — 0.6%
Information Technology — 0.6%
Samsung Electronics^(C)		8,615	$	641,211
TOTAL PREFERRED STOCK (Cost $2,592,106)				3,464,900

TOTAL INVESTMENTS — 99.4% (Cost $83,069,183)				100,141,818
OTHER ASSETS LESS LIABILITIES – 0.6%				626,958
NET ASSETS - 100%			$	100,768,776

	‡	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.

South Korea	$	22,429,412	$	—	$	—		$	22,429,412
Taiwan		28,140,607		—		—			28,140,607
Thailand		1,486,313		—		—			1,486,313
Türkiye		670,631		—		—			670,631
United Arab Emirates		1,522,112		—		—			1,522,112
United Kingdom		807,215		—		—			807,215
Total Common Stock		96,676,918		—		—			96,676,918
Preferred Stock
Brazil		2,419,647		—		—			2,419,647
Chile		259,356		—		—			259,356
Colombia		144,686		—		—			144,686
Russia
Energy		—		—		—	^‡‡		—
South Korea		641,211		—		—			641,211
Total Preferred Stock		3,464,900		—		—			3,464,900
Total Investments in Securities	$	100,141,818	$	—	$	—		$	100,141,818

	Shares		Value
EXCHANGE-TRADED FUND — 64.2%
Fixed Income — 64.2%
KraneShares Sustainable Ultra Short Duration Index ETF^(A)(B)(C)		3,374,500	$	84,463,735
TOTAL EXCHANGE-TRADED FUND (Cost $84,689,064)				84,463,735

	Face Amount
INDEX-LINKED NOTE — 19.6%
UNITED STATES — 19.6%
Financials — 19.6%
GS Finance, 4.500%, 1/27/2027^(D)(E)		41,677,000	25,868,956
TOTAL UNITED STATES			25,868,956
TOTAL INDEX-LINKED NOTE (Cost $41,677,000)			25,868,956

	Shares
SHORT-TERM INVESTMENT — 5.1%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.600%^(F)		6,723,142		6,723,141
TOTAL SHORT-TERM INVESTMENT (Cost $6,723,141)				6,723,141

TOTAL INVESTMENTS — 88.9% (Cost $133,089,205)				117,055,832
OTHER ASSETS LESS LIABILITIES – 11.1%				14,616,529
NET ASSETS - 100%			$	131,672,361

Type of Contract	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
CA Carbon Allowance Vintage^	1,214	Dec-2026	$	37,294,330	$	35,048,180	$	(2,246,151	)
Euro FX^	130	Jun-2026		18,946,534		18,826,438		(120,097	)
ICE ECX Emission^	100	Dec-2026		9,788,382		8,354,649		(1,410,973	)
RGGI Vintage^	259	Dec-2026		7,220,737		7,456,610		235,873
UK Emission Allowance^	94	Dec-2026		7,354,026		5,150,464		(2,258,753	)
WA Carbon Allowance Vintage^	110	Dec-2026		8,114,812		7,767,100		(347,712	)
			$	88,718,821	$	82,603,441	$	(6,147,813	)

	^	Security is held by the KFA Global Carbon Subsidiary, Ltd. as of March 31, 2026.
	(A)	For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund’s website at https://kraneshares.com/kcsh/.
	(B)	Security pledged as collateral on futures contracts.
	(C)	Affiliated Investment.
	(D)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

	(E)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total market value of such securities as of March 31, 2026 was $25,868,956 and represented 19.6% of the Net Assets of the Fund.
	(F)	The rate shown is the 7-day effective yield as of March 31, 2026.