Schedule of Investments (Unaudited) June 30, 2026

 

KraneShares 90% KWEB Defined Outcome January 2027 ETF

 

    Shares     Value  
EXCHANGE - TRADED FUND — 85.7%                
Domestic Equity — 85.7%                
KraneShares CSI China Internet ETF (A)(B)     318,100     $ 7,783,907  
TOTAL EXCHANGE - TRADED FUND
(Cost $8,268,006)		             7,783,907  
                 
PURCHASED OPTION (C) — 14.8%                
TOTAL PURCHASED OPTION
(Cost $999,652)		             1,343,623  
                 
TOTAL INVESTMENTS — 100.5%
(Cost $9,267,658)		             9,127,530  
                 
WRITTEN OPTIONS (C) — (0.7)%
(Premiums Received $(286,336))		           $ (63,016 )
OTHER ASSETS LESS LIABILITIES – 0.2%             16,246  
NET ASSETS - 100%           $ 9,080,760  

 

(A) For financial information on the KraneShares CSI China Internet ETF, please go to the Fund’s website at https://kraneshares.com/kweb/.
(B) Affiliated Investment.
(C) Refer to option table below.

 

Written options contracts outstanding as of June 30, 2026 were as follows:

 

Description   Number of
Contracts		     Notional
Amount		     Exercise
Price		     Expiration
Date		     Market
Value		  
PURCHASED OPTION — 14.8%                                    
Put Options                                    
KWEB US*   3,181     $ 7,783,907     $ 27.49     01/15/27     $ 1,343,623  
                                     
WRITTEN OPTION — (0.7)%                                    
Call Options                                    
KWEB US*   (3,181)     $ (7,783,907 )   $ 42.76     01/15/27     $ (63,016 )

 

* KraneShares CSI China Internet ETF.

 

Transactions with affiliated companies during the period ended June 30, 2026, are as follows:

 

Value
as of
3/31/2026		     Purchases at
Cost		     Proceeds
from Sale		     Change in
Unrealized
Appreciation/
(Depreciation)		     Realized
Gain/(Loss)		     Value
as of
6/30/2026		     Dividend
Income		     Capital Gain
Distributions		  
KraneShares CSI China Internet ETF    
$ 2,598,502     $ 6,086,970     $ (213,506 )   $ (616,543 )   $ (71,516 )   $ 7,783,907     $ —     $ —  

 

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

 

See “Glossary” for abbreviations.

 

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

 

KRS-QH-044-0500

 

1

 

 

Schedule of Investments (Unaudited) June 30, 2026

 

KraneShares 100% KWEB Defined Outcome January 2027 ETF

 

    Shares     Value  
EXCHANGE - TRADED FUND — 79.8%                
Domestic Equity — 79.8%                
KraneShares CSI China Internet ETF (A)(B)     108,100     $ 2,645,207  
TOTAL EXCHANGE - TRADED FUND
(Cost $3,066,130)		             2,645,207  
                 
PURCHASED OPTION (C) — 21.3%                
TOTAL PURCHASED OPTION
(Cost $441,843)		             705,634  
                 
TOTAL INVESTMENTS — 101.1%
(Cost $3,507,973)		             3,350,841  
                 
WRITTEN OPTIONS (C) — (1.3)%
(Premiums Received $(317,111))		           $ (42,613 )
OTHER ASSETS LESS LIABILITIES – 0.2%             6,007  
NET ASSETS - 100%           $ 3,314,235  

 

(A) For financial information on the KraneShares CSI China Internet ETF, please go to the Fund’s website at https://kraneshares.com/kweb/.
(B) Affiliated Investment.
(C) Refer to option table below.

 

Written options contracts outstanding as of June 30, 2026 were as follows:

 

Description   Number of
Contracts		     Notional
Amount		     Exercise
Price		     Expiration
Date		     Market
Value		  
PURCHASED OPTION — 21.3%                                    
Put Options                                    
KWEB US*   1,081     $ 2,645,207     $ 30.54     01/15/27     $ 705,634  
                                     
WRITTEN OPTION — (1.3)%                                    
Call Options                                    
KWEB US*   (1,081)     $ (2,645,207 )   $ 36.65     01/15/27     $ (42,613 )

 

* KraneShares CSI China Internet ETF.

 

Transactions with affiliated companies during the period ended June 30, 2026, are as follows:

 

Value
as of
3/31/2026		     Purchases at
Cost		     Proceeds
from Sale		     Change in
Unrealized
Appreciation/
(Depreciation)		     Realized
Gain/(Loss)		     Value
as of
6/30/2026		     Dividend
Income		     Capital Gain
Distributions		  
KraneShares CSI China Internet ETF  
$ 2,456,352     $ 3,340,108     $ (2,511,084 )   $ (767,387 )   $ 127,218     $ 2,645,207     $ —     $ —  

 

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

 

See “Glossary” for abbreviations.

 

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

 

KRS-QH-045-0500

 

2

 

 

Schedule of Investments (Unaudited) June 30, 2026

 

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

 

Portfolio Abbreviations

ETF — Exchange-Traded Fund

 

3