Schedule of Investments (Unaudited) June 30, 2026

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 98.4% ‡
CHINA — 97.9%
Communication Services — 41.8%
Autohome ADR ^(A)		2,154,854	$	41,006,872
Baidu, Cl A *		14,507,984		202,762,676
Bilibili, Cl Z *		10,521,124		176,692,578
China Literature *^(A)		16,484,600		39,771,314
China Ruyi Holdings *^(A)		358,732,000		68,159,560
JOYY ADR		941,015		62,097,580
Kingsoft		35,790,800		101,228,626
Kuaishou Technology, Cl B		37,187,800		197,271,438
Meitu ^(A)		101,483,000		48,528,287
NetEase ^(A)		13,063,305		337,158,387
NetEase Cloud Music *		2,653,450		34,817,427
Tencent Holdings		9,218,075		505,215,936
Tencent Music Entertainment Group ADR		19,643,745		164,025,271
Weibo ADR ^(A)		3,066,093		22,259,835
XD		8,939,800		50,729,223
				2,051,725,010
Consumer Discretionary — 36.3%
Alibaba Group Holding		31,462,464		372,516,087
JD.com, Cl A		14,814,390		187,492,838
Meituan, Cl B *		37,811,947		330,285,878
PDD Holdings ADR *		5,020,861		382,991,277
TAL Education Group ADR *		15,047,480		144,004,384
Tongcheng Travel Holdings		44,517,800		68,064,909
Trip.com Group *		4,496,500		178,666,216
Vipshop Holdings ADR		8,977,994		119,048,201
				1,783,069,790
Consumer Staples — 6.7%
Alibaba Health Information Technology *^(A)		206,692,000		81,179,202
East Buy Holding *^(A)		17,102,500		49,244,069
JD Health International *		40,476,837		169,504,061
Ping An Healthcare and Technology *^(A)		34,116,700		30,366,367
				330,293,699
Financials — 1.9%
Qfin Holdings ADR		2,981,028		47,130,052
ZhongAn Online P&C Insurance, Cl H *^(A)		40,793,300		46,816,802
				93,946,854
Industrials — 7.3%
Full Truck Alliance ADR		24,746,064		200,938,040
Kanzhun ADR		12,049,336		155,074,954
				356,012,994

Schedule of Investments (Unaudited) June 30, 2026

KraneShares CSI China Internet ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 3.9%
KE Holdings, Cl A		39,313,800	$	188,295,959

TOTAL CHINA				4,803,344,306

HONG KONG — 0.5%
Communication Services — 0.5%
Damai Entertainment Holdings *^(A)		367,520,000		21,323,710
TOTAL HONG KONG				21,323,710

TOTAL COMMON STOCK (Cost $6,395,775,543)				4,824,668,016

SHORT-TERM INVESTMENT — 4.6%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.570% ^(B)(C)		227,358,928		227,358,928
TOTAL SHORT-TERM INVESTMENT (Cost $227,358,928)				227,358,928

TOTAL INVESTMENTS — 103.0% (Cost $6,623,134,471)				5,052,026,944
OTHER ASSETS LESS LIABILITIES – (3.0)%				(144,786,438	)
NET ASSETS - 100%			$	4,907,240,506

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at June 30, 2026.
(B)	The rate shown is the 7-day effective yield as of June 30, 2026.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2026 was $227,358,928.

See “Glossary” for abbreviations.

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

KRS-QH-002-2600

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
CHINA — 99.3%
Communication Services — 1.2%
China United Network Communications, Cl A		1,783,200	$	1,050,795
Zhejiang Century Huatong Group, Cl A		420,500		873,461
				1,924,256
Consumer Discretionary — 4.0%
BYD, Cl A		334,000		3,921,597
Midea Group, Cl A		213,700		2,377,838
				6,299,435
Consumer Staples — 5.8%
Kweichow Moutai, Cl A		38,789		6,774,303
Muyuan Foods Group, Cl A		173,025		891,889
Wuliangye Yibin, Cl A		122,879		1,339,577
				9,005,769
Energy — 2.4%
China Shenhua Energy, Cl A		225,347		1,296,044
PetroChina, Cl A		1,018,600		1,302,511
Shaanxi Coal Industry, Cl A		397,736		1,192,388
				3,790,943
Financials — 16.7%
Agricultural Bank of China, Cl A		3,070,707		2,745,903
Bank of China, Cl A		1,434,300		1,208,632
Bank of Communications, Cl A		1,924,499		1,823,001
Bank of Ningbo, Cl A		238,268		1,042,159
China Merchants Bank, Cl A		743,967		3,890,812
China Pacific Insurance Group, Cl A		246,914		1,037,417
CITIC Securities, Cl A		440,046		1,862,481
East Money Information, Cl A		570,092		1,711,620
Guotai Haitong Securities, Cl A		509,400		1,365,804
Industrial & Commercial Bank of China, Cl A		2,269,126		2,363,394
Industrial Bank, Cl A		763,322		1,862,200
Ping An Bank, Cl A		699,867		1,036,191
Ping An Insurance Group of China, Cl A		384,498		2,704,174
Shanghai Pudong Development Bank, Cl A		1,202,246		1,524,947
				26,178,735
Health Care — 4.0%
Jiangsu Hengrui Pharmaceuticals, Cl A		336,287		2,578,134
Shenzhen Mindray Bio-Medical Electronics, Cl A		63,953		1,279,720
WuXi AppTec, Cl A		130,400		2,391,883
				6,249,737
Industrials — 14.3%
Beijing-Shanghai High Speed Railway, Cl A		2,553,500		1,704,089

Schedule of Investments (Unaudited) June 30, 2026

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

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
China CSSC Holdings, Cl A		392,800	$	1,955,320
China State Construction Engineering, Cl A		2,156,618		1,378,863
Contemporary Amperex Technology, Cl A		230,011		13,317,122
NARI Technology, Cl A		419,215		1,411,176
Sungrow Power Supply, Cl A		108,126		2,533,028
				22,299,598
Information Technology — 37.2%
Advanced Micro-Fabrication Equipment China, Cl A		50,856		3,510,023
Cambricon Technologies, Cl A		34,152		8,027,528
Eoptolink Technology, Cl A		75,740		6,772,861
Foxconn Industrial Internet, Cl A		576,500		6,127,648
Hygon Information Technology, Cl A		126,575		6,904,938
Luxshare Precision Industry, Cl A		396,850		4,115,828
NAURA Technology Group, Cl A		39,484		5,145,225
Suzhou Dongshan Precision Manufacturing, Cl A *		99,800		3,857,179
Victory Giant Technology Huizhou, Cl A		47,600		2,429,297
Zhongji Innolight, Cl A		60,500		11,319,240
				58,209,767
Materials — 10.1%
CMOC Group, Cl A		1,795,300		4,641,649
Wanhua Chemical Group, Cl A		321,899		3,244,124
Zijin Mining Group, Cl A		2,118,242		7,845,110
				15,730,883
Real Estate — 0.4%
China Merchants Shekou Industrial Zone Holdings, Cl A		333,100		315,532
Poly Developments and Holdings Group, Cl A		442,277		301,671
				617,203
Utilities — 3.2%
China National Nuclear Power, Cl A		833,200		1,108,396
China Yangtze Power, Cl A		991,170		3,865,096
				4,973,492
TOTAL CHINA				155,279,818

TOTAL COMMON STOCK (Cost $128,739,289)				155,279,818

Schedule of Investments (Unaudited) June 30, 2026

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

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

TOTAL INVESTMENTS — 99.3% (Cost $128,739,289)			155,279,818
OTHER ASSETS LESS LIABILITIES – 0.7%			1,160,206
NET ASSETS - 100%		$	156,440,024

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

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

See “Glossary” for abbreviations.

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

KRS-QH-003-2500

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
CHINA — 45.2%
Energy — 1.8%
China Petroleum & Chemical, Cl H		138,000	$	70,390

Financials — 5.4%
Bank of Changsha, Cl A		7,300		9,367
Bank of Chengdu, Cl A		7,700		20,078
Bank of Hangzhou, Cl A		13,100		27,887
Bank of Jiangsu, Cl A		33,255		52,812
Bank of Nanjing, Cl A		22,391		32,623
Bank of Ningbo, Cl A		12,046		52,688
Bank of Suzhou, Cl A		8,100		8,305
Chongqing Rural Commercial Bank, Cl H		13,000		9,582
				213,342
Industrials — 16.2%
Beijing New Building Materials, Cl A		3,108		8,283
Beijing-Shanghai High Speed Railway, Cl A		88,800		59,261
China Energy Engineering, Cl A		61,700		24,269
China Merchants Expressway Network & Technology Holdings, Cl A		9,300		12,550
China Railway Group, Cl H		24,500		10,341
China State Construction Engineering, Cl A		75,000		47,952
China XD Electric, Cl A		9,300		20,441
CRRC, Cl H		26,000		14,886
Daqin Railway, Cl A		36,632		24,878
Dongfang Electric, Cl A		5,500		23,311
Hunan Yuneng New Energy Battery Material, Cl A		1,500		16,766
Jiangsu Hengli Hydraulic, Cl A		2,400		38,030
Jiangsu Zhongtian Technology, Cl A		6,300		56,318
JL Mag Rare-Earth, Cl A		2,100		9,544
Metallurgical Corp of China, Cl A		32,100		11,539
NARI Technology, Cl A		14,652		49,322
Ningbo Orient Wires & Cables, Cl A		1,560		9,540
Ningbo Sanxing Medical Electric, Cl A		2,600		5,722
Power Construction Corp of China, Cl A		31,300		21,672
Shanghai Electric Group, Cl A *		22,900		23,615
Shenzhen Envicool Technology, Cl A		2,340		27,426
Shenzhen Inovance Technology, Cl A		2,550		24,918
Sichuan Huafeng Technology, Cl A *		836		23,093
Sichuan Road & Bridge, Cl A		11,900		13,709
TBEA, Cl A		9,167		30,386
Zhejiang Chint Electrics, Cl A		3,900		14,404
Zhuzhou CRRC Times Electric, Cl H		2,600		13,282
				635,458

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 7.7%
Anhui Conch Cement, Cl H		7,500	$	16,039
Baiyin Nonferrous Group, Cl A		12,300		9,205
China National Building Material, Cl H		23,000		15,662
China Northern Rare Earth Group High-Tech, Cl A		6,624		46,889
China Rare Earth Resources And Technology, Cl A *		2,000		16,349
China Tungsten And Hightech Materials, Cl A		4,100		57,816
Guocheng Mining, Cl A		2,100		10,590
Henan Shenhuo Coal Industry & Electricity Power, Cl A		4,100		12,805
Inner Mongolia Xingye Silver&Tin Mining, Cl A		3,300		16,024
Jinduicheng Molybdenum, Cl A		5,400		22,362
Shanjin International Gold, Cl A		5,100		12,772
Western Mining, Cl A		4,400		17,592
Western Superconducting Technologies, Cl A		1,173		10,854
Xiamen Tungsten, Cl A		2,900		36,399
				301,358
Utilities — 14.1%
Beijing Enterprises Holdings		3,000		10,283
CGN Power, Cl H		61,000		20,846
China Gas Holdings		16,600		10,965
China Longyuan Power Group, Cl H		15,000		9,564
China National Nuclear Power, Cl A		37,400		49,753
China Power International Development		23,000		8,036
China Resources Gas Group		5,600		10,469
China Resources Power Holdings		12,635		27,261
China Three Gorges Renewables Group, Cl A		51,900		28,366
China Yangtze Power, Cl A		44,400		173,139
Datang International Power Generation, Cl A		18,800		19,609
ENN Energy Holdings		4,500		23,217
ENN Natural Gas, Cl A		4,400		10,242
GD Power Development, Cl A		32,400		22,290
Huadian Power International, Cl A		18,042		11,828
Huaneng Power International, Cl H		25,000		17,470
Kunlun Energy		24,000		19,678
SDIC Power Holdings, Cl A		13,406		26,287
Shenergy, Cl A		8,919		11,471
Sichuan Chuantou Energy, Cl A		8,884		18,545
Wintime Energy Group, Cl A *		39,600		9,392
Zhejiang Zheneng Electric Power, Cl A		17,500		13,561
				552,272
TOTAL CHINA				1,772,820

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
GREECE — 0.2%
Industrials — 0.2%
Aegean Airlines		520	$	7,550
TOTAL GREECE				7,550

HONG KONG — 0.1%
Industrials — 0.1%
Hutchison Port Holdings Trust, Cl U		24,900		4,258
TOTAL HONG KONG				4,258

INDIA — 7.6%
Consumer Discretionary — 2.8%
Tata Motors		24,712		110,417

Energy — 0.5%
Great Eastern Shipping		1,265		19,820

Industrials — 1.7%
AIA Engineering		533		28,612
Azad Engineering *		369		8,012
MTAR Technologies *		278		22,380
Shaily Engineering Plastics		266		8,137
				67,141
Materials — 2.6%
Navin Fluorine International		447		36,300
PI Industries		917		24,752
UPL		6,798		41,021
				102,073
TOTAL INDIA				299,451

INDONESIA — 1.0%
Energy — 0.3%
Adaro Andalan Indonesia		19,600		8,523
Medco Energi Internasional		69,300		3,973
				12,496
Materials — 0.7%
Barito Pacific *		259,000		18,614
Indah Kiat Pulp & Paper		18,100		7,162
				25,776
TOTAL INDONESIA				38,272

ISRAEL — 2.6%
Industrials — 1.0%
ZIM Integrated Shipping Services		1,531		39,806

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 1.6%
ICL Group		9,534	$	47,807
The Israel Corp		50		12,769
				60,576
TOTAL ISRAEL				100,382

KAZAKHSTAN — 1.5%
Energy — 1.5%
NAC Kazatomprom JSC GDR		856		58,807

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

TOTAL KAZAKHSTAN				58,807

KUWAIT — 9.5%
Financials — 9.5%
Kuwait Finance House		148,070		366,590
Kuwait Projects Holding *		29,610		7,379
TOTAL KUWAIT				373,969

MALAYSIA — 1.7%
Industrials — 0.9%
Kelington Group		7,400		14,519
Sime Darby		36,400		19,104
				33,623
Materials — 0.8%
Petronas Chemicals Group		32,100		31,883

TOTAL MALAYSIA				65,506

PHILIPPINES — 0.6%
Industrials — 0.3%
JG Summit Holdings		32,742		14,138

Utilities — 0.3%
Aboitiz Equity Ventures		20,500		10,990

TOTAL PHILIPPINES				25,128

POLAND — 4.2%
Materials — 4.2%
KGHM Polska Miedz		1,884		166,028
TOTAL POLAND				166,028

RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC *^(A)(B)		33,666		—

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Energy (continued)
Sovcomflot PJSC *^(A)(B)		9,110	$	—
Surgutneftegas PJSC *^(A)(B)		143,400		—
				—
Materials — 0.0%
GMK Norilskiy Nickel PAO *^(A)(B)		123,900		—
Segezha Group PJSC *^(A)(B)		78,500		—
				—
TOTAL RUSSIA				—

SINGAPORE — 10.9%
Financials — 8.1%
Oversea-Chinese Banking		16,512		316,466

Industrials — 2.8%
Singapore Airlines		7,800		46,313
Singapore Technologies Engineering		8,000		64,262
				110,575
TOTAL SINGAPORE				427,041

SOUTH AFRICA — 8.7%
Industrials — 0.3%
Grindrod		6,127		9,981

Materials — 8.4%
Impala Platinum Holdings		9,338		97,995
Northam Platinum Holdings		3,718		53,515
Valterra Platinum		2,653		179,090
				330,600
TOTAL SOUTH AFRICA				340,581

THAILAND — 3.9%
Energy — 3.6%
PTT NVDR		130,700		139,668

Materials — 0.3%
Indorama Ventures NVDR		18,500		12,252

TOTAL THAILAND				151,920

TÜRKIYE — 1.3%
Industrials — 1.3%
Turk Hava Yollari AO		7,399		51,700
TOTAL TÜRKIYE				51,700

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI One Belt One Road Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
UNITED ARAB EMIRATES — 0.9%
Energy — 0.9%
ADNOC Logistics & Services		21,821	$	35,767
TOTAL UNITED ARAB EMIRATES				35,767

TOTAL COMMON STOCK (Cost $3,809,258)				3,919,180

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 — 99.9% (Cost $3,884,104)				3,919,180
OTHER ASSETS LESS LIABILITIES – 0.1%				3,351
NET ASSETS - 100%			$	3,922,531

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

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

See “Glossary” for abbreviations.

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

KRS-QH-006-1800

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 82.4% ‡
BRAZIL — 3.0%
Consumer Discretionary — 3.0%
MercadoLibre *		677	$	1,149,133
TOTAL BRAZIL				1,149,133

CHINA — 31.2%
Communication Services — 10.3%
Baidu, Cl A *		51,264		716,462
Bilibili, Cl Z *		12,400		208,247
Kuaishou Technology, Cl B		131,200		695,981
NetEase		43,300		1,117,555
Tencent Holdings		18,175		996,119
Tencent Music Entertainment Group, Cl A		53,200		223,056
				3,957,420
Consumer Discretionary — 13.9%
Alibaba Group Holding		74,100		877,345
JD.com, Cl A		53,475		676,787
Meituan, Cl B *		105,697		923,259
New Oriental Education & Technology Group		166,800		763,166
PDD Holdings ADR *		13,069		996,903
TAL Education Group ADR *		26,361		252,275
Trip.com Group *		15,800		627,805
Vipshop Holdings ADR		17,762		235,524
				5,353,064
Consumer Staples — 2.3%
Alibaba Health Information Technology *		538,000		211,302
JD Health International *		157,500		659,560
				870,862
Information Technology — 4.7%
GDS Holdings, Cl A *		55,400		199,501
Hua Hong Grace Semiconductor, Cl H *		49,000		1,344,648
Mininglamp Technology Group, Cl A *		10,200		269,761
				1,813,910
TOTAL CHINA				11,995,256

INDIA — 8.1%
Communication Services — 0.6%
Info Edge India		23,274		240,464

Consumer Discretionary — 4.6%
Eternal *		309,356		864,744
Meesho *		446,910		908,373
				1,773,117

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 2.9%
One 97 Communications *		21,364	$	257,631
PB Fintech *		49,257		847,464
				1,105,095
TOTAL INDIA				3,118,676

JAPAN — 1.8%
Communication Services — 1.8%
Nexon		54,200		715,497
TOTAL JAPAN				715,497

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

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

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

TOTAL RUSSIA				—

SINGAPORE — 3.3%
Consumer Discretionary — 3.3%
Sea ADR *		13,128		1,258,056
TOTAL SINGAPORE				1,258,056

SOUTH AFRICA — 1.9%
Consumer Discretionary — 1.9%
Naspers, Cl N		14,864		744,216
TOTAL SOUTH AFRICA				744,216

SOUTH KOREA — 11.8%
Communication Services — 3.9%
Kakao		30,128		671,866
Krafton		1,470		223,921
NAVER		4,677		600,738
				1,496,525
Consumer Discretionary — 4.2%
Coupang, Cl A *		49,753		864,210
Delivery Hero, Cl A *		18,127		746,086
				1,610,296
Information Technology — 3.7%
DB HiTek		2,089		194,432

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
SK hynix		725	$	1,240,076
				1,434,508
TOTAL SOUTH KOREA				4,541,329

TAIWAN — 19.4%
Communication Services — 0.7%
International Games System		11,000		272,441

Information Technology — 18.7%
AP Memory Technology		9,000		281,952
Nanya Technology *		74,000		1,051,120
Powerchip Semiconductor Manufacturing *		345,000		863,136
Taiwan Semiconductor Manufacturing		13,000		983,473
United Microelectronics		276,000		1,425,204
Vanguard International Semiconductor		157,000		1,064,524
VisEra Technologies		13,000		209,345
Win Semiconductors		13,000		173,842
WNC		26,000		211,793
WPG Holdings		73,000		245,193
WT Microelectronics		100,000		671,762
				7,181,344
TOTAL TAIWAN				7,453,785

UNITED ARAB EMIRATES — 1.2%
Consumer Discretionary — 0.6%
Talabat Holding		693,223		232,160

Information Technology — 0.6%
Presight AI Holding *		239,581		228,312

TOTAL UNITED ARAB EMIRATES				460,472

UNITED STATES — 0.7%
Information Technology — 0.7%
InterDigital		932		263,877
TOTAL UNITED STATES				263,877

TOTAL COMMON STOCK (Cost $36,152,551)				31,700,297

TOTAL INVESTMENTS — 82.4% (Cost $36,152,551)				31,700,297
OTHER ASSETS LESS LIABILITIES – 17.6%				6,776,268
NET ASSETS - 100%			$	38,476,565

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.

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

See “Glossary” for abbreviations.

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

KRS-QH-007-1800

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 99.2% ‡
CHINA — 99.2%
Consumer Discretionary — 32.7%
BAIC BluePark New Energy Technology, Cl A *		275,100	$	197,368
BYD, Cl A		37,700		442,647
BYD, Cl H		425,800		3,933,820
Li Auto, Cl A *		471,100		2,768,191
NIO, Cl A *		677,570		3,347,219
Seres Group, Cl A		70,500		636,141
Tianneng Power International		486,000		292,515
XPeng, Cl A *		484,600		3,129,920
Yadea Group Holdings		838,694		952,910
Zhejiang Leapmotor Technology, Cl H *		366,400		1,610,991
				17,311,722
Industrials — 31.0%
Beijing-Shanghai High Speed Railway, Cl A		2,114,400		1,411,054
China Conch Venture Holdings		1,032,000		1,431,789
China Everbright Environment Group		2,542,216		1,478,249
Contemporary Amperex Technology, Cl A		48,250		2,793,567
Contemporary Amperex Technology, Cl H		31,900		2,855,605
Dynagreen Environmental Protection Group, Cl H		276,000		178,086
Goldwind Science & Technology, Cl A		149,035		524,740
Gotion High-tech, Cl A		78,400		317,735
NARI Technology, Cl A		347,100		1,168,420
Ningbo Deye Technology, Cl A		55,013		860,530
Ningbo Sanxing Medical Electric, Cl A		60,700		133,597
REPT BATTERO Energy, Cl H *		252,200		434,160
Sungrow Power Supply, Cl A		89,560		2,098,090
Xinte Energy, Cl H *		270,800		135,019
Zhejiang Chint Electrics, Cl A		92,800		342,737
Zhejiang Weiming Environment Protection, Cl A		88,679		200,925
				16,364,303
Information Technology — 14.3%
CSI Solar, Cl A		157,448		250,970
GDS Holdings, Cl A *		536,100		1,930,549
Hangzhou First Applied Material, Cl A		112,700		278,762
JA Solar Technology, Cl A *		142,968		170,601
Jinko Solar, Cl A *		443,822		310,571
JinkoSolar Holding ADR		20,938		351,758
Kingsoft Cloud Holdings *		1,876,000		1,109,996
LONGi Green Energy Technology, Cl A *		327,446		632,895
TCL Zhonghuan Renewable Energy Technology, Cl A *		174,700		309,354
Trina Solar, Cl A *		101,240		210,594
Tuya ADR		185,757		326,932
Vnet Group ADR, Cl A *		100,646		809,194

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI China Clean Technology Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Xinyi Solar Holdings		3,291,588	$	864,655
				7,556,831
Utilities — 21.2%
Beijing Enterprises Water Group		2,892,500		833,589
CGN Power, Cl H		6,454,000		2,205,638
China Datang Renewable Power, Cl H		1,710,000		270,389
China Longyuan Power Group, Cl H		1,790,800		1,141,793
China National Nuclear Power, Cl A		888,900		1,182,494
China Power International Development		2,671,000		933,243
China Three Gorges Renewables Group, Cl A		1,235,400		675,211
China Yangtze Power, Cl A		705,500		2,751,117
SDIC Power Holdings, Cl A		317,100		621,774
Sichuan Chuantou Energy, Cl A		210,600		439,629
Xinyi Energy Holdings		1,504,000		170,690
				11,225,567
TOTAL CHINA				52,458,423

TOTAL COMMON STOCK (Cost $54,919,343)				52,458,423

TOTAL INVESTMENTS — 99.2% (Cost $54,919,343)				52,458,423
OTHER ASSETS LESS LIABILITIES – 0.8%				447,653
NET ASSETS - 100%			$	52,906,076

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

See “Glossary” for abbreviations.

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

KRS-QH-008-1800

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 95.4% ‡
AUSTRALIA — 7.2%
Materials — 7.2%
Arafura Rare Earths *		780,261	$	132,438
IGO *		160,738		820,717
Lynas Rare Earths *		187,022		2,340,010
Mineral Resources *		19,891		855,354
PLS Group *		544,944		1,895,234
TOTAL AUSTRALIA				6,043,753

BELGIUM — 1.4%
Materials — 1.4%
Umicore		49,535		1,146,261
TOTAL BELGIUM				1,146,261

CANADA — 0.3%
Materials — 0.3%
Lithium Americas *		74,342		286,102
TOTAL CANADA				286,102

CHINA — 43.8%
Consumer Discretionary — 18.6%
BAIC BluePark New Energy Technology, Cl A *		376,500		270,117
BYD, Cl A		267,700		3,143,148
Chongqing Changan Automobile, Cl A		500,900		529,089
Geely Automobile Holdings		889,000		1,911,304
Guangzhou Automobile Group, Cl H *		492,000		130,496
Hesai Group ADR *^(A)		28,613		521,329
Huizhou Desay Sv Automotive, Cl A		35,900		431,033
Li Auto, Cl A *		265,600		1,560,670
NIO, Cl A *		408,830		2,019,634
SAIC Motor, Cl A		529,400		761,188
Seres Group, Cl A		99,300		896,011
Shenzhen Kedali Industry, Cl A		16,436		458,358
WeRide ADR *^(A)		50,760		295,423
XPeng, Cl A *		268,300		1,732,888
Yadea Group Holdings		246,000		279,501
Zhejiang Leapmotor Technology, Cl H *		148,500		652,926
				15,593,115
Industrials — 10.6%
Beijing Easpring Material Technology, Cl A		30,700		217,270
China Baoan Group, Cl A		150,507		138,135
CNGR Advanced Material, Cl A		53,670		345,914
Contemporary Amperex Technology, Cl A		60,020		3,475,024
Eve Energy, Cl A		121,960		1,168,394

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Farasis Energy Gan Zhou, Cl A *		70,690	$	109,347
GEM, Cl A		294,940		287,206
Gotion High-tech, Cl A		103,989		421,440
Guangzhou Great Power Energy & Technology, Cl A		29,100		355,176
Hunan Yuneng New Energy Battery Material, Cl A		49,100		548,794
Qingdao TGOOD Electric, Cl A		63,100		351,661
Wuxi Lead Intelligent Equipment, Cl A		90,400		542,293
Zhejiang Huayou Cobalt, Cl A		110,263		783,926
Zhongshan Broad Ocean Motor, Cl A		146,300		161,646
				8,906,226
Information Technology — 5.2%
Horizon Robotics, Cl B *		1,875,000		975,510
NavInfo, Cl A *		134,500		128,199
Pony AI ADR *^(A)		43,827		304,598
RoboSense Technology *^(A)		74,000		209,675
Xiaomi, Cl B *		972,200		2,682,769
				4,300,751
Materials — 9.4%
Chengxin Lithium Group, Cl A *		48,700		321,629
CMOC Group, Cl A		868,900		2,246,493
Ganfeng Lithium Group, Cl A		88,157		849,362
Guangzhou Tinci Materials Technology, Cl A		118,394		897,025
Ningbo Shanshan, Cl A *		130,000		259,502
Shanghai Putailai New Energy Technology Group, Cl A		122,399		521,656
Shenzhen Senior Technology Material, Cl A		72,300		199,390
Tianqi Lithium, Cl A *		81,600		737,141
Xiamen Tungsten, Cl A		87,051		1,092,626
Youngy, Cl A		14,400		189,652
Yunnan Energy New Material Group, Cl A *		56,600		557,912
				7,872,388
TOTAL CHINA				36,672,480

GERMANY — 3.4%
Consumer Discretionary — 3.4%
Bayerische Motoren Werke		43,311		2,835,374
TOTAL GERMANY				2,835,374

HONG KONG — 0.3%
Consumer Discretionary — 0.3%
CALB Group, Cl H *		83,500		249,583
TOTAL HONG KONG				249,583

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
INDONESIA — 0.4%
Materials — 0.4%
Aneka Tambang		1,514,242	$	219,345
Vale Indonesia		389,300		89,704
TOTAL INDONESIA				309,049

ISRAEL — 0.4%
Consumer Discretionary — 0.4%
Mobileye Global, Cl A *		36,368		352,042
TOTAL ISRAEL				352,042

JAPAN — 6.6%
Consumer Discretionary — 5.5%
Panasonic Holdings		165,700		4,589,949

Industrials — 1.1%
Nidec *		55,700		906,485

TOTAL JAPAN				5,496,434

SINGAPORE — 5.4%
Information Technology — 5.4%
STMicroelectronics		61,833		4,559,040
TOTAL SINGAPORE				4,559,040

SOUTH KOREA — 7.7%
Industrials — 4.3%
Ecopro		10,471		963,091
L&F *		5,362		385,892
LG Energy Solution *		6,424		1,500,993
POSCO Future M		6,512		738,080
				3,588,056
Information Technology — 3.4%
Samsung SDI *		9,236		2,903,203

TOTAL SOUTH KOREA				6,491,259

SWEDEN — 0.3%
Consumer Discretionary — 0.3%
Volvo Car, Cl B *		132,282		257,370
TOTAL SWEDEN				257,370

UNITED KINGDOM — 0.2%
Industrials — 0.2%
ITM Power *		101,275		177,296
TOTAL UNITED KINGDOM				177,296

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
UNITED STATES — 18.0%
Consumer Discretionary — 8.8%
Lucid Group, Cl A *^(A)		30,082	$	201,245
Rivian Automotive, Cl A *		182,296		3,162,835
Solid Power *		43,183		111,844
Tesla *		9,206		3,872,044
				7,347,968
Industrials — 1.1%
Plug Power *		326,741		885,468

Information Technology — 3.6%
Ambarella *		9,230		791,934
Aurora Innovation, Cl A *		331,797		2,262,856
				3,054,790
Materials — 4.5%
Albemarle		13,341		1,801,435
MP Materials *		35,927		2,012,271
				3,813,706
TOTAL UNITED STATES				15,101,932

TOTAL COMMON STOCK (Cost $79,348,354)				79,977,975

PREFERRED STOCK — 3.8%
CHILE — 2.4%
Materials — 2.4%
Sociedad Quimica y Minera de Chile ^(B)		27,481		2,040,001

GERMANY — 1.4%
Consumer Discretionary — 1.4%
Dr Ing hc F Porsche ^(B)		23,341		1,161,099

TOTAL PREFERRED STOCK (Cost $3,757,199)				3,201,100

SHORT-TERM INVESTMENT — 1.5%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.570% ^(C)(D)		1,242,219		1,242,219
TOTAL SHORT-TERM INVESTMENT (Cost $1,242,219)				1,242,219

TOTAL INVESTMENTS — 100.7% (Cost $84,347,772)				84,421,294
OTHER ASSETS LESS LIABILITIES – (0.7)%				(584,814	)
NET ASSETS - 100%			$	83,836,480

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at June 30, 2026.
(B)	Currently, no stated interest rate.
(C)	The rate shown is the 7-day effective yield as of June 30, 2026.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2026 was $1,242,219.

See “Glossary” for abbreviations.

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

KRS-QH-009-1700

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 96.4%
Health Care — 96.4%
3SBio		822,500	$	1,771,479
Aier Eye Hospital Group, Cl A		1,227,963		1,494,251
Akeso *^(A)		236,000		2,649,792
APT Medical, Cl A		18,599		497,471
Beijing Tong Ren Tang, Cl A		180,490		614,485
Beijing Wantai Biological Pharmacy Enterprise, Cl A *		120,442		478,539
BeOne Medicines, Cl H *		289,918		6,299,632
Changchun High-Tech Industry Group, Cl A		53,708		526,952
China Resources Sanjiu Medical & Pharmaceutical, Cl A		220,711		731,260
Chongqing Zhifei Biological Products, Cl A *		315,472		543,292
CSPC Innovation Pharmaceutical, Cl A *		131,757		528,542
CSPC Pharmaceutical Group		2,948,889		2,620,967
Genscript Biotech *		508,000		792,247
Haisco Pharmaceutical Group, Cl A		114,500		1,119,023
Hangzhou Tigermed Consulting, Cl A		45,850		324,219
Hansoh Pharmaceutical Group		538,000		2,032,066
Hebei Changshan Biochemical Pharmaceutical, Cl A *		116,500		401,949
Huadong Medicine, Cl A		233,941		969,125
Imeik Technology Development, Cl A		39,840		511,793
Innovent Biologics *		617,500		6,267,876
Jiangsu Hengrui Pharmaceuticals, Cl A		426,408		3,269,044
Legend Biotech ADR *		31,488		909,373
Pharmaron Beijing, Cl A		191,875		817,758
Remegen, Cl A *		46,717		896,487
Remegen, Cl H *		79,000		748,491
Shanghai Allist Pharmaceuticals, Cl A		59,328		954,422
Shanghai Fosun Pharmaceutical Group, Cl A		280,129		927,298
Shanghai Pharmaceuticals Holding, Cl A		367,012		832,644
Shanghai RAAS Blood Products, Cl A		876,134		560,168
Shanghai United Imaging Healthcare, Cl A		108,508		1,618,189
Shenzhen Mindray Bio-Medical Electronics, Cl A		152,155		3,044,669
Shenzhen New Industries Biomedical Engineering, Cl A		103,900		642,870
Shenzhen Salubris Pharmaceuticals, Cl A		147,665		693,729
Sichuan Biokin Pharmaceutical, Cl A *		32,322		1,400,064
Sichuan Kelun Pharmaceutical, Cl A		207,515		1,177,590
Sichuan Kelun-Biotech Biopharmaceutical, Cl H *		23,700		1,318,270
Sinopharm Group, Cl H		586,800		1,190,504
WuXi AppTec, Cl A		224,720		4,121,963
WuXi AppTec, Cl H		121,784		2,386,901
Wuxi Biologics Cayman *		1,212,635		5,350,281
WuXi XDC Cayman *		132,500		963,922
XtalPi Holdings *^(A)		727,000		709,196
Yunnan Baiyao Group, Cl A		235,223		1,641,502

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI All China Health Care Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Zhangzhou Pientzehuang Pharmaceutical, Cl A		80,134	$	1,290,078
TOTAL CHINA				68,640,373

HONG KONG — 3.4%
Health Care — 3.4%
Sino Biopharmaceutical		4,287,750		2,411,229
TOTAL HONG KONG				2,411,229

TOTAL COMMON STOCK (Cost $72,238,738)				71,051,602

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ^‡‡*^(B)	103,989	—
TOTAL CHINA		—
TOTAL RIGHTS (Cost $–)		—

	Shares
SHORT-TERM INVESTMENT — 3.5%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.570% ^(C)(D)		2,526,804		2,526,804
TOTAL SHORT-TERM INVESTMENT (Cost $2,526,804)				2,526,804

TOTAL INVESTMENTS — 103.3% (Cost $74,765,542)				73,578,406
OTHER ASSETS LESS LIABILITIES – (3.3)%				(2,350,563	)
NET ASSETS - 100%			$	71,227,843

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
‡‡	Expiration date not available.
(A)	Certain securities or partial positions of certain securities are on loan at June 30, 2026.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	The rate shown is the 7-day effective yield as of June 30, 2026.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2026 was $2,526,804.

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

See “Glossary” for abbreviations.

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

KRS-QH-010-1700

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Asia Pacific High Income USD Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 91.8%
AUSTRALIA — 2.6%
Financials — 2.6%
Australian Metcoal Financing Pty
6.750%, 04/22/2034 ^(A)	$	200,000	$	206,366
6.250%, 10/22/2031 ^(A)		200,000		203,697
TOTAL AUSTRALIA				410,063

CHINA — 17.3%
Consumer Discretionary — 5.1%
Fortune Star BVI
6.800%, 09/09/2029		200,000		197,789
5.050%, 01/27/2027		400,000		395,652
Health & Happiness H&H International Holdings
9.125%, 07/24/2028		200,000		208,999
				802,440
Real Estate — 10.9%
Central Plaza Development
6.800%, 04/07/2029		200,000		199,548
Franshion Brilliant
4.250%, 07/23/2029		200,000		184,223
GLP China Holdings, MTN
7.750%, 04/30/2029		200,000		170,480
Greentown China Holdings
8.450%, 02/24/2028		200,000		201,374
7.000%, 05/19/2029		200,000		194,290
Longfor Group Holdings
3.950%, 09/16/2029		200,000		167,574
3.375%, 04/13/2027		200,000		191,372
Pingan Real Estate Capital, MTN
3.450%, 07/29/2026		200,000		198,241
Shui On Development Holding
9.750%, 01/26/2029		200,000		202,516
				1,709,618
Utilities — 1.3%
China Oil & Gas Group
7.000%, 02/04/2029		200,000		194,993

TOTAL CHINA				2,707,051

HONG KONG — 11.2%
Communication Services — 1.3%
Cas Capital No. 2
6.250%, H15T5Y + 2.533% ^(B)(C)		200,000		201,000

Consumer Discretionary — 3.9%
Li & Fung
8.375%, 02/05/2029		200,000		203,821

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Consumer Discretionary (continued)
Melco Resorts Finance
7.625%, 04/17/2032	$	200,000	$	204,954
6.500%, 09/24/2033		200,000		196,147
				604,922
Financials — 2.5%
CS Treasury Management Services
9.000% ^(C)		384,140		395,483

Real Estate — 3.5%
NWD, MTN
8.625%, 02/08/2028		200,000		193,624
4.500%, 05/19/2030		200,000		166,949
NWD Finance BVI
12.179%, H15T5Y + 7.889% ^(C)		200,000		185,992
				546,565
TOTAL HONG KONG				1,747,970

INDIA — 22.5%
Energy — 1.2%
ReNew Wind Energy AP2
4.500%, 07/14/2028		200,000		193,475

Financials — 10.9%
Axis Bank, MTN
6.875%, H15T5Y + 2.596% ^(B)(C)		200,000		200,831
IIFL Finance
8.750%, 07/24/2028		200,000		205,901
IIFL Finance, MTN
7.600%, 09/10/2029 ^(A)		200,000		201,060
Manappuram Finance, MTN
7.375%, 05/12/2028		180,000		181,940
Muthoot Finance, MTN
6.375%, 04/23/2029		200,000		200,317
Piramal Finance, MTN
7.800%, 01/29/2028		250,000		254,604
Sammaan Capital
8.950%, 08/28/2028		250,000		259,627
7.500%, 10/16/2030		200,000		202,288
				1,706,568
Materials — 9.1%
Vedanta Resources Finance II PLC
10.875%, 09/17/2029		200,000		212,596
9.475%, 07/24/2030		200,000		202,386
9.125%, 10/15/2032		200,000		205,022
7.750%, 07/13/2037		200,000		198,876
7.750%, 07/13/2037 ^(A)		200,000		198,876

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Materials (continued)
7.000%, 07/13/2032	$	200,000	$	199,066
7.000%, 07/13/2032 ^(A)		200,000		199,066
				1,415,888
Utilities — 1.3%
Renew Treasury Ifsc Pvt
6.500%, 02/02/2031		200,000		197,941

TOTAL INDIA				3,513,872

INDONESIA — 5.8%
Energy — 4.5%
Indika Energy
8.750%, 05/07/2029		250,000		252,872
Medco Cypress Tree Pte
8.625%, 05/19/2030		250,000		260,618
Sorik Marapi Geothermal Power
7.750%, 08/05/2031		186,660		187,300
				700,790
Financials — 1.3%
Bank Negara Indonesia Persero
7.150%, H15T5Y + 3.260% ^(B)(C)		200,000		199,500

TOTAL INDONESIA				900,290

JAPAN — 1.3%
Information Technology — 1.3%
Rakuten Group
8.125%, H15T5Y + 4.250% ^(B)(C)		200,000		205,420

MACAU — 5.4%
Consumer Discretionary — 5.4%
Studio City Finance
6.500%, 01/15/2028		200,000		199,726
Wynn Macau
6.750%, 02/15/2034		200,000		199,082
5.625%, 08/26/2028		250,000		248,538
5.125%, 12/15/2029		200,000		195,966
TOTAL MACAU				843,312

MALAYSIA — 1.2%
Financials — 1.2%
Gohl Capital Holdings
7.625%, H15T5Y + 3.710% ^(B)(C)		200,000		193,109

MONGOLIA — 8.1%
Energy — 1.3%
Mongolian Mining
8.440%, 04/03/2030		200,000		203,784

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials — 6.8%
Golomt Bank
7.950%, 05/14/2029 ^(A)	$	400,000	$	402,420
State Bank JSC
8.900%, 09/25/2028		250,000		251,137
Trade & Development Bank of Mongolia
8.500%, 12/23/2027		400,000		402,834
				1,056,391
TOTAL MONGOLIA				1,260,175

PHILIPPINES — 5.1%
Energy — 1.3%
Petron
7.350%, H15T3Y + 6.325% ^(B)(C)		200,000		202,365

Utilities — 3.8%
San Miguel Global Power Holdings
8.875%, H15T5Y + 7.102% ^(B)(C)		200,000		200,471
8.750%, H15T5Y + 7.732% ^(B)(C)		200,000		202,340
8.125%, H15T5Y + 6.404% ^(B)(C)		200,000		198,494
				601,305
TOTAL PHILIPPINES				803,670

SINGAPORE — 1.1%
Real Estate — 1.1%
GLP Pte
9.750%, 05/20/2028		200,000		169,351

THAILAND — 5.4%
Energy — 1.3%
Thaioil Treasury Center, MTN
6.100%, H15T5Y + 2.375% ^(B)(C)		200,000		195,772

Financials — 1.6%
Muangthai Capital
7.550%, 07/21/2030		250,000		254,666

Materials — 2.5%
GC Treasury Center
7.125%, H15T5Y + 3.162% ^(B)(C)		200,000		198,239
6.500%, H15T5Y + 2.815% ^(B)(C)		200,000		197,989
				396,228
TOTAL THAILAND				846,666

UNITED KINGDOM — 4.8%
Financials — 4.8%
Standard Chartered PLC
7.625%, H15T5Y + 3.023% ^(B)(C)		200,000		210,387
7.000%, H15T5Y + 2.672% ^(A)(B)(C)		350,000		352,614
4.750%, H15T5Y + 3.805% ^(B)(C)		200,000		188,187

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Asia Pacific High Income USD Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
TOTAL UNITED KINGDOM			$	751,188

TOTAL CORPORATE OBLIGATIONS (Cost $14,127,806)				14,352,137

SOVEREIGN DEBT — 5.1%
PAKISTAN — 5.1%
Pakistan Government International Bond
7.875%, 03/31/2036	$	200,000		199,928
7.375%, 04/08/2031		200,000		201,289
6.975%, 04/24/2029 ^(A)		200,000		200,137
6.875%, 12/05/2027		200,000		201,537
				802,891
TOTAL SOVEREIGN DEBT (Cost $788,229)				802,891

CONVERTIBLE BONDS — 3.7%
CHINA — 1.1%
Consumer Discretionary — 1.1%
Alibaba Group Holding CV to 5.2248
0.000%, 09/15/2032 ^(D)		200,000		177,500

HONG KONG — 1.2%
Materials — 1.2%
Jinkai Investment Holdings CV to 12454.4294
0.000%, 02/05/2031 ^(D)		200,000		180,000

TAIWAN — 1.4%
Industrials — 1.4%
Hon Hai Precision Industry CV to 11139.3369
0.000%, 10/24/2029 ^(D)		200,000		211,060

TOTAL CONVERTIBLE BONDS (Cost $603,560)				568,560

TOTAL INVESTMENTS — 100.6% (Cost $15,519,595)				15,723,588
OTHER ASSETS LESS LIABILITIES – (0.6)%				(91,407	)
NET ASSETS - 100%			$	15,632,181

(A)	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 June 30, 2026 was $1,964,236 and represented 12.6% of the Net Assets of the Fund.
(B)	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.
(C)	Perpetual security with no stated maturity date.
(D)	Zero coupon security.

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Asia Pacific High Income USD Bond ETF (concluded)

See “Glossary” for abbreviations.

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

KRS-QH-012-1700

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 97.1% ‡
BRAZIL — 3.7%
Communication Services — 0.1%
Telefonica Brasil		20,961	$	137,484

Consumer Staples — 0.3%
Ambev		96,700		304,339
Raia Drogasil		26,551		86,231
				390,570
Energy — 0.6%
Petroleo Brasileiro - Petrobras		80,400		648,985
Ultrapar Participacoes		23,300		117,311
				766,296
Financials — 1.0%
B3 - Brasil Bolsa Balcao		106,600		299,249
Banco Bradesco		51,387		156,565
Banco do Brasil		46,800		180,022
BB Seguridade Participacoes		13,100		99,137
NU Holdings, Cl A *		43,927		586,865
				1,321,838
Industrials — 0.5%
Localiza Rent a Car		26,620		213,641
Motiva Infraestrutura de Mobilidade		20,600		58,187
Rumo		20,600		53,450
WEG		30,900		280,049
				605,327
Materials — 0.8%
Klabin		13,943		45,095
Suzano		15,500		119,036
Vale		64,800		975,014
				1,139,145
Utilities — 0.4%
Axia Energia		19,503		204,909
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		26,605		152,351
Equatorial		23,300		175,292
				532,552
TOTAL BRAZIL				4,893,212

CHILE — 0.6%
Consumer Discretionary — 0.1%
Empresas Copec		6,864		42,810
Falabella		13,243		82,667
				125,477

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 0.3%
Banco de Chile		1,170,227	$	229,072
Banco de Credito e Inversiones		1,141		74,948
Banco Santander Chile		1,166,953		95,548
				399,568
Industrials — 0.1%
Latam Airlines Group		4,070,763		118,358

Utilities — 0.1%
Enel Chile		1,259,705		110,657

TOTAL CHILE				754,060

COLOMBIA — 0.2%
Financials — 0.2%
Grupo Cibest		12,964		293,268
TOTAL COLOMBIA				293,268

CZECHIA — 0.2%
Financials — 0.1%
Komercni Banka		3,484		159,626

Utilities — 0.1%
CEZ		2,705		158,279

TOTAL CZECHIA				317,905

EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank - Egypt (CIB)		51,009		132,216
TOTAL EGYPT				132,216

GREECE — 0.3%
Communication Services — 0.0%
Hellenic Telecommunications Organization		4,061		90,213

Consumer Discretionary — 0.3%
Allwyn		11,035		175,619
JUMBO		7,429		190,596
				366,215
TOTAL GREECE				456,428

HUNGARY — 0.6%
Energy — 0.1%
MOL Hungarian Oil & Gas		6,327		75,197

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 0.4%
OTP Bank NYRT		3,874	$	571,804

Health Care — 0.1%
Richter Gedeon NYRT		3,121		120,804

TOTAL HUNGARY				767,805

INDIA — 14.4%
Communication Services — 0.7%
Bharti Airtel		48,365		946,262

Consumer Discretionary — 1.6%
Bajaj Auto		1,439		147,702
Eicher Motors		2,730		204,003
Eternal *		123,478		345,159
Mahindra & Mahindra		16,281		527,824
Maruti Suzuki India		2,631		392,320
Tata Motors		31,910		142,579
Tata Motors Passenger Vehicles Limited		31,910		118,729
Titan		6,181		287,571
				2,165,887
Consumer Staples — 0.8%
Dabur India		29,585		131,956
Godrej Consumer Products		16,068		171,444
Hindustan Unilever		15,916		356,156
ITC		76,569		232,112
Nestle India		14,162		210,234
				1,101,902
Energy — 1.4%
Bharat Petroleum		36,260		116,278
Indian Oil		106,495		156,808
Oil & Natural Gas Corp		77,821		193,116
Reliance Industries		97,487		1,332,560
Vedanta Oil and Gas *		23,181		7,895
				1,806,657
Financials — 3.6%
Axis Bank		48,507		689,592
Bajaj Finance		44,410		471,387
Bajaj Finserv		8,895		167,284
HDFC Bank		131,293		1,106,768
HDFC Life Insurance		17,658		107,421
ICICI Bank		81,788		1,188,214
IndusInd Bank		4,950		48,329
Jio Financial Services		38,507		96,183

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Kotak Mahindra Bank		116,960	$	484,663
State Bank of India		38,271		415,181
				4,775,022
Health Care — 0.6%
Aurobindo Pharma		9,023		150,484
Cipla		10,410		161,156
Dr Reddy’s Laboratories		10,007		143,468
Sun Pharmaceutical Industries		19,107		375,948
				831,056
Industrials — 2.6%
Adani Enterprises		8,052		258,253
Adani Ports & Special Economic Zone		23,800		455,138
Bharat Electronics		114,752		499,213
CG Power & Industrial Solutions		35,557		357,659
Cummins India		6,205		370,987
Hindustan Aeronautics		6,857		317,370
InterGlobe Aviation		7,512		426,030
Larsen & Toubro		12,668		554,503
Suzlon Energy *		308,213		191,781
				3,430,934
Information Technology — 1.2%
HCL Technologies		22,971		260,095
Infosys ADR		67,568		708,789
Tata Consultancy Services		16,698		358,361
Tech Mahindra		13,193		195,779
Wipro		63,786		114,818
				1,637,842
Materials — 1.4%
Asian Paints		8,551		238,096
Grasim Industries		5,763		188,734
Hindalco Industries		35,608		359,846
JSW Steel		15,105		195,701
Tata Steel		180,262		358,129
UltraTech Cement		2,051		243,822
UPL		9,498		57,314
Vedanta		23,181		68,753
Vedanta Aluminium Metal *^(A)		23,181		109,823
Vedanta Iron and Steel *^(A)		23,181		8,635
				1,828,853
Utilities — 0.5%
GAIL India		53,626		98,268
NTPC		85,572		322,414

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Power Grid Corp of India		83,745	$	253,291
Vedanta Power *^(A)		23,181		9,864
				683,837
TOTAL INDIA				19,208,252

INDONESIA — 0.9%
Communication Services — 0.1%
Telkom Indonesia Persero		1,172,600		154,117

Consumer Staples — 0.0%
Charoen Pokphand Indonesia		160,200		30,463

Energy — 0.1%
United Tractors		111,700		143,686

Financials — 0.6%
Bank Central Asia		1,108,800		344,175
Bank Mandiri Persero		916,400		197,323
Bank Negara Indonesia Persero		341,900		60,425
Bank Rakyat Indonesia Persero		1,273,900		194,505
				796,428
Industrials — 0.1%
Astra International		509,100		128,698

TOTAL INDONESIA				1,253,392

MALAYSIA — 1.5%
Communication Services — 0.1%
CelcomDigi Bhd		75,700		49,569
Maxis		148,900		123,429
				172,998
Consumer Staples — 0.1%
SD Guthrie		57,300		84,035

Financials — 0.9%
CIMB Group Holdings		209,555		380,822
Hong Leong Bank		13,200		69,278
Malayan Banking		142,716		377,309
Public Bank		329,800		388,238
				1,215,647
Health Care — 0.1%
IHH Healthcare		49,500		101,974

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 0.0%
Petronas Chemicals Group		75,700	$	75,190

Utilities — 0.3%
Petronas Gas		12,900		55,302
Tenaga Nasional		93,800		328,501
				383,803
TOTAL MALAYSIA				2,033,647

MEXICO — 3.1%
Communication Services — 0.4%
America Movil		399,600		517,974

Consumer Staples — 0.7%
Fomento Economico Mexicano		41,800		533,332
Grupo Bimbo, Ser A		28,300		92,559
Wal-Mart de Mexico		109,000		320,442
				946,333
Financials — 0.5%
Grupo Financiero Banorte, Cl O		57,300		605,243
Grupo Financiero Inbursa, Cl O		38,600		91,807
				697,050
Industrials — 0.4%
Grupo Aeroportuario del Pacifico, Cl B		10,490		265,501
Grupo Aeroportuario del Sureste, Cl B		6,700		204,872
				470,373
Materials — 1.0%
Cemex		317,700		381,813
Grupo Mexico		57,300		650,069
Southern Copper		1,957		341,027
				1,372,909
Real Estate — 0.1%
Fibra Uno Administracion †		71,300		122,290

TOTAL MEXICO				4,126,929

PERU — 0.6%
Financials — 0.4%
Credicorp		1,376		536,062

Materials — 0.2%
Cia de Minas Buenaventura SAA ADR		7,419		217,303

TOTAL PERU				753,365

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
PHILIPPINES — 0.4%
Financials — 0.1%
BDO Unibank		69,549	$	134,293

Industrials — 0.1%
Ayala		8,110		55,238
SM Investments		8,110		77,968
				133,206
Real Estate — 0.2%
Ayala Land		281,700		67,935
SM Prime Holdings		384,400		113,372
				181,307
Utilities — 0.0%
Manila Electric		3,490		32,415

TOTAL PHILIPPINES				481,221

POLAND — 1.6%
Communication Services — 0.1%
CD Projekt		1,533		91,519

Consumer Discretionary — 0.2%
LPP		70		340,423

Energy — 0.2%
ORLEN		7,139		240,445

Financials — 0.9%
Bank Polska Kasa Opieki		4,214		256,505
Erste Bank Polska		818		140,278
Powszechna Kasa Oszczednosci Bank Polski		21,061		577,898
Powszechny Zaklad Ubezpieczen		15,298		267,064
				1,241,745
Materials — 0.2%
KGHM Polska Miedz		2,936		258,736

TOTAL POLAND				2,172,868

QATAR — 0.7%
Financials — 0.6%
AlRayan Bank		99,748		56,271
Qatar Islamic Bank QPSC		29,248		175,520
Qatar National Bank		103,694		491,272
				723,063

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.1%
Industries Qatar		46,523	$	140,553

TOTAL QATAR				863,616

ROMANIA — 0.2%
Real Estate — 0.2%
NEPI Rockcastle		23,857		213,199
TOTAL ROMANIA				213,199

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

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

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

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

SOUTH AFRICA — 3.3%
Communication Services — 0.2%
MTN Group		14,411		200,347

Consumer Discretionary — 0.8%
Naspers, Cl N		19,801		991,403

Financials — 1.7%
Absa Group		15,306		212,846
Capitec Bank Holdings		1,440		417,339
Discovery		23,656		381,368
FirstRand		56,767		336,862

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Nedbank Group		16,059	$	264,498
Remgro		18,612		223,707
Sanlam		31,021		166,991
Standard Bank Group		15,248		300,560
				2,304,171
Industrials — 0.1%
Bidvest Group		12,477		182,298

Materials — 0.5%
Gold Fields		10,037		337,394
Harmony Gold Mining		9,437		143,945
Sasol *		11,859		116,969
Valterra Platinum		1,492		100,717
				699,025
TOTAL SOUTH AFRICA				4,377,244

SOUTH KOREA — 29.3%
Communication Services — 0.4%
NAVER		4,161		534,460

Consumer Discretionary — 1.8%
Hyundai Mobis		1,463		472,149
Hyundai Motor		2,633		841,241
Kia		7,567		674,011
LG Electronics		3,531		462,656
				2,450,057
Consumer Staples — 0.3%
Amorepacific		896		61,129
KT&G		3,586		392,787
				453,916
Energy — 0.3%
HD Hyundai		2,235		287,796
SK Innovation *		1,384		84,775
S-Oil		792		54,391
				426,962
Financials — 3.0%
DB Insurance		869		75,104
Hana Financial Group		11,181		827,046
Industrial Bank of Korea		4,446		57,107
KB Financial Group		7,937		814,550
Samsung Fire & Marine Insurance		1,156		461,117
Samsung Life Insurance		2,681		693,914
Shinhan Financial Group		9,766		603,875

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Woori Financial Group		26,257	$	491,482
				4,024,195
Health Care — 0.6%
Celltrion		4,829		540,114
Samsung Biologics *		240		215,478
				755,592
Industrials — 5.2%
Doosan Enerbility *		14,030		786,035
Hanwha Aerospace		1,065		683,970
HD Korea Shipbuilding & Offshore Engineering		659		148,874
Hyundai Glovis		3,011		355,847
Korea Aerospace Industries		3,874		366,071
LG		4,650		292,032
LG Energy Solution *		1,054		246,271
Samsung C&T		2,482		750,544
Samsung Heavy Industries *		24,021		361,253
SK		998		537,231
SK Square		2,149		2,353,871
				6,881,999
Information Technology — 16.8%
LG Display *		3,772		28,072
Samsung Electro-Mechanics		1,699		2,395,027
Samsung Electronics		47,956		10,338,413
Samsung SDI *		1,152		362,115
Samsung SDS		605		74,507
SK hynix		5,421		9,272,349
				22,470,483
Materials — 0.7%
LG Chem		1,755		317,176
POSCO Holdings		3,123		638,992
				956,168
Utilities — 0.2%
Korea Electric Power		10,831		258,663

TOTAL SOUTH KOREA				39,212,495

TAIWAN — 32.1%
Communication Services — 0.7%
Chunghwa Telecom		87,000		386,436
Far EasTone Telecommunications		78,000		257,090
Taiwan Mobile		76,000		277,934
				921,460

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 0.2%
Uni-President Enterprises		117,000	$	273,618

Financials — 4.3%
Cathay Financial Holding		156,000		481,371
Chailease Holding		53,379		196,884
Chang Hwa Commercial Bank		435,346		327,980
CTBC Financial Holding		233,000		519,297
E.Sun Financial Holding		202,185		218,645
First Financial Holding		345,306		354,991
Fubon Financial Holding		170,735		694,054
Hua Nan Financial Holdings		267,042		318,541
KGI Financial Holding		471,420		424,709
Mega Financial Holding		217,516		314,771
Shanghai Commercial & Savings Bank		159,000		213,121
SinoPac Financial Holdings		191,269		239,563
Taiwan Business Bank		578,000		322,054
Taiwan Cooperative Financial Holding		313,568		244,602
TS Financial Holding		369,312		385,467
Yuanta Financial Holding		228,589		471,437
				5,727,487
Information Technology — 25.5%
Accton Technology		23,000		1,801,359
ASE Technology Holding		46,000		981,903
Asustek Computer		7,000		153,815
Delta Electronics		28,000		1,713,936
Elite Material		2,000		338,393
Hon Hai Precision Industry		158,000		1,244,895
Innolux		235,400		507,651
King Slide Works		1,000		231,036
Lite-On Technology		69,000		480,844
MediaTek		26,000		3,464,599
Novatek Microelectronics		19,000		319,087
Pegatron		79,000		207,813
Quanta Computer		49,000		566,038
Taiwan Semiconductor Manufacturing		269,000		20,350,321
United Microelectronics		206,000		1,063,739
Wistron		71,000		353,256
Wiwynn		2,000		290,993
				34,069,678
Materials — 1.4%
China Steel		339,000		200,060
Formosa Chemicals & Fibre		78,000		133,687
Formosa Plastics		103,000		176,212
Nan Ya Plastics		253,000		1,322,320

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
TCC Group Holdings		153,404	$	115,812
				1,948,091
TOTAL TAIWAN				42,940,334

THAILAND — 1.1%
Communication Services — 0.2%
Advanced Info Service NVDR		25,300		279,499

Consumer Staples — 0.1%
CP ALL NVDR		126,200		177,597

Energy — 0.3%
PTT NVDR		268,300		286,710
PTT Exploration & Production NVDR		36,600		147,632
				434,342
Health Care — 0.1%
Bangkok Dusit Medical Services NVDR		229,900		133,564

Industrials — 0.2%
Airports of Thailand NVDR		110,000		212,745

Materials — 0.1%
Siam Cement NVDR		10,400		76,386

Real Estate — 0.1%
Central Pattana NVDR		101,900		205,515

TOTAL THAILAND				1,519,648

TÜRKIYE — 0.5%
Consumer Staples — 0.2%
BIM Birlesik Magazalar		35,680		279,326

Energy — 0.1%
Turkiye Petrol Rafinerileri		35,711		174,133

Financials — 0.2%
Akbank		127,615		210,615

TOTAL TÜRKIYE				664,074

UNITED ARAB EMIRATES — 1.2%
Communication Services — 0.2%
Emirates Telecommunications Group PJSC		55,822		291,820

Financials — 0.5%
Abu Dhabi Commercial Bank PJSC		56,643		223,009

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
First Abu Dhabi Bank PJSC		83,488	$	386,440
				609,449
Real Estate — 0.5%
Aldar Properties PJSC		107,374		242,068
Emaar Properties PJSC		136,308		442,391
				684,459
TOTAL UNITED ARAB EMIRATES				1,585,728

UNITED KINGDOM — 0.5%
Materials — 0.5%
Anglogold Ashanti PLC		8,413		681,576
TOTAL UNITED KINGDOM				681,576

TOTAL COMMON STOCK (Cost $85,208,436)				129,702,482

PREFERRED STOCK — 2.8%
BRAZIL — 1.6%
Energy — 0.5%
Petroleo Brasileiro - Petrobras ^(C)		86,000		628,059

Financials — 1.0%
Banco Bradesco ^(C)		106,571		372,673
Itau Unibanco Holding ^(C)		87,342		711,772
Itausa ^(C)		116,408		300,917
				1,385,362
Materials — 0.0%
Gerdau ^(C)		22,790		91,495

Utilities — 0.1%
Axia Energia *^(C)		3,650		37,382
Cia Energetica de Minas Gerais ^(C)		27,100		56,912
				94,294
TOTAL BRAZIL				2,199,210

CHILE — 0.2%
Materials — 0.2%
Sociedad Quimica y Minera de Chile ^(C)		3,231		239,847

COLOMBIA — 0.1%
Financials — 0.1%
Grupo Cibest ^(C)		7,842		153,747

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

Schedule of Investments (Unaudited) June 30, 2026

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

		Value
PREFERRED STOCK (continued)
SOUTH KOREA — 0.9%
Information Technology — 0.9%
Samsung Electronics ^(C)	8,615	$	1,178,842

TOTAL PREFERRED STOCK (Cost $2,592,085)			3,771,646

TOTAL INVESTMENTS — 99.9% (Cost $87,800,521)			133,474,128
OTHER ASSETS LESS LIABILITIES – 0.1%			199,225
NET ASSETS - 100%		$	133,673,353

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

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

See “Glossary” for abbreviations.

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

KRS-QH-014-1500

Consolidated Schedule of Investments (Unaudited) June 30, 2026

KraneShares Global Carbon Strategy ETF

		Value
EXCHANGE-TRADED FUND — 55.2%
Fixed Income — 55.2%
KraneShares Sustainable Ultra Short Duration Index ETF ^(A)(B)(C)	3,043,000	$	76,242,365
TOTAL EXCHANGE-TRADED FUND (Cost $76,371,070)			76,242,365

	Face Amount
INDEX-LINKED NOTE — 23.4%
UNITED STATES — 23.4%
Financials — 23.4%
GS Finance, 4.500%, 1/27/2027 ^(D)(E)	$	41,677,000	32,395,699
TOTAL UNITED STATES			32,395,699

TOTAL INDEX-LINKED NOTE (Cost $41,677,000)			32,395,699

	Shares
SHORT-TERM INVESTMENT — 4.1%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.580% ^(F)		5,684,673		5,684,672
TOTAL SHORT-TERM INVESTMENT (Cost $5,684,672)				5,684,672

TOTAL INVESTMENTS — 82.7% (Cost $123,732,742)				114,322,736
OTHER ASSETS LESS LIABILITIES – (40.3)%				23,880,181
NET ASSETS - 100%			$	138,202,917

A list of the open futures contracts held by the Fund at June 30, 2026, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
CA Carbon Allowance Vintage ^	1,122	Dec-2026	$	34,532,290	$	36,981,120	$	2,448,830
Euro FX ^	113	Sep-2026		16,346,185		16,182,306		(163,879	)
ICE ECX Emission ^	79	Dec-2026		7,556,295		7,240,116		(196,546	)
RGGI Vintage ^	157	Dec-2026		4,241,252		6,882,880		2,641,628
UK Emission Allowance ^	89	Dec-2026		6,964,320		6,692,955		(308,662	)
WA Carbon Allowance Vintage ^	106	Dec-2026		7,805,008		5,578,780		(2,226,228	)
			$	77,445,350	$	79,558,157	$	2,195,143

^	Security is held by the KFA Global Carbon Subsidiary, Ltd. as of June 30, 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.

Consolidated Schedule of Investments (Unaudited) June 30, 2026

KraneShares Global Carbon Strategy ETF (concluded)

(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 June 30, 2026 was $32,395,699 and represented 23.4% of the Net Assets of the Fund.
(F)	The rate shown is the 7-day effective yield as of June 30, 2026.

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 Sustainable Ultra Short Duration Index ETF
$	84,463,735			$	—			$	(8,307,534	)		$	96,623			$	(10,459	)		$	76,242,365			$	723,968			$	—

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-020-1100

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
AUSTRALIA — 1.0%
Materials — 1.0%
Anglogold Ashanti		4,947	$	400,163
TOTAL AUSTRALIA				400,163

MEXICO — 1.1%
Materials — 1.1%
Southern Copper		2,565		446,977
TOTAL MEXICO				446,977

UNITED STATES — 97.7%
Communication Services — 4.1%
Alphabet, Cl C		2,959		1,045,504
Verizon Communications		13,045		552,325
				1,597,829
Consumer Discretionary — 9.8%
American Eagle Outfitters		7,952		136,774
Genuine Parts		1,630		192,307
Harley-Davidson		16,565		405,180
Home Depot		1,479		521,614
NIKE, Cl B		12,444		510,826
Tapestry		3,029		443,385
Tesla *		1,395		586,737
Upbound Group		15,987		339,244
Wendy’s		87,409		724,621
				3,860,688
Consumer Staples — 8.1%
Altria Group		9,006		647,982
Conagra Brands		44,954		605,081
Energizer Holdings		26,448		567,045
Flowers Foods		77,350		611,065
Kimberly-Clark		946		103,843
PepsiCo		335		45,359
Philip Morris International		3,351		606,229
				3,186,604
Energy — 4.4%
Chevron		1,589		263,393
Exxon Mobil		2,403		328,538
Kinder Morgan		17,108		546,943
ONEOK		3,738		324,982
Phillips 66		504		85,201
Williams		2,253		167,488
				1,716,545

Schedule of Investments (Unaudited) June 30, 2026

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

	Shares		Value
COMMON STOCK (continued)
Financials — 12.5%
Blackrock		160	$	153,850
Cohen & Steers		2,661		202,609
FactSet Research Systems		510		117,341
Goldman Sachs Group		690		697,845
JPMorgan Chase		2,520		824,871
Main Street Capital		10,971		569,175
Morgan Stanley		1,744		364,566
Prudential Financial		1,054		113,758
Regions Financial		10,491		316,828
T Rowe Price Group		5,319		604,717
US Bancorp		6,005		362,702
Western Union		78,334		603,172
				4,931,434
Health Care — 9.2%
AbbVie		2,974		748,378
Bristol-Myers Squibb		10,571		609,101
Johnson & Johnson		3,532		897,022
Merck		3,362		432,017
Pfizer		20,501		493,664
UnitedHealth Group		1,105		459,271
				3,639,453
Industrials — 12.2%
Automatic Data Processing		2,725		610,264
Broadridge Financial Solutions		288		39,441
Caterpillar		580		617,642
Cummins		427		304,541
Fastenal		10,349		497,062
Illinois Tool Works		2,146		580,429
Lockheed Martin		95		48,399
Masco		822		66,886
MSC Industrial Direct, Cl A		2,614		310,935
Paychex		5,994		589,390
Snap-on		1,027		413,265
Union Pacific		437		118,864
United Parcel Service, Cl B		5,774		620,705
				4,817,823
Information Technology — 25.6%
Amphenol, Cl A		431		75,994
Apple		1,272		368,066
Applied Materials		242		174,966
AppLovin, Cl A *		73		37,612
Broadcom		3,475		1,312,681
Cisco Systems		6,450		757,617

Schedule of Investments (Unaudited) June 30, 2026

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

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Corning		738	$	188,507
International Business Machines		1,614		453,873
KLA		420		126,718
Lam Research		523		226,632
Micron Technology		426		491,727
Microsoft		5,192		1,936,720
NVIDIA		13,373		2,675,804
Oracle		1,140		167,067
Palantir Technologies, Cl A *		612		71,402
Seagate Technology Holdings		300		289,500
Texas Instruments		2,450		730,271
				10,085,157
Real Estate — 11.8%
American Homes 4 Rent, Cl A †		17,482		585,997
Equity Residential †		8,513		578,288
Gaming and Leisure Properties †		6,632		295,323
Invitation Homes †		17,458		527,406
Public Storage †		1,880		598,423
Regency Centers †		5,480		436,975
Simon Property Group †		2,871		642,099
VICI Properties, Cl A †		17,761		471,555
WP Carey †		7,421		530,601
				4,666,667
TOTAL UNITED STATES				38,502,200

TOTAL COMMON STOCK (Cost $34,778,202)				39,349,340

TOTAL INVESTMENTS — 99.8% (Cost $34,778,202)				39,349,340
OTHER ASSETS LESS LIABILITIES – 0.2%				80,255
NET ASSETS - 100%			$	39,429,595

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

See “Glossary” for abbreviations.

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

KRS-QH-026-1100

Consolidated Schedule of Investments (Unaudited) June 30, 2026

KraneShares Mount Lucas Managed Futures Index Strategy ETF

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 65.3%
U.S. Treasury Bills
3.645%, 08/25/2026 ^(A)(B)	$	45,000,000	$	44,748,719
3.607%, 07/30/2026 ^(A)(B)		40,000,000		39,884,322
3.587%, 08/18/2026 ^(A)(B)		10,000,000		9,951,533
3.585%, 07/02/2026 ^(A)(B)		50,000,000		49,995,007
3.577%, 07/21/2026 ^(A)(B)		50,000,000		49,899,966
TOTAL U.S. TREASURY OBLIGATIONS (Cost $194,484,099)				194,479,547

TOTAL INVESTMENTS — 65.3% (Cost $194,484,099)				194,479,547
OTHER ASSETS LESS LIABILITIES – 160.5%				103,423,612
NET ASSETS - 100%			$	297,903,159

A list of the open futures contracts held by the Fund at June 30, 2026, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
AUD Currency	686	Sep-2026	$	47,994,734		$	47,409,460		$	(585,274	)
Canadian 10-Year Bonds	211	Sep-2026		18,005,668			18,018,128			2,500
Copper ^	128	Sep-2026		21,013,193			20,012,800			(1,000,393	)
Gasoline ^	171	Sep-2026		22,031,650			19,614,760			(2,416,890	)
Live Cattle ^	216	Aug-2026		21,321,400			20,945,520			(375,880	)
NY Harbor ULSD ^	145	Sep-2026		21,713,768			19,245,009			(2,468,759	)
Wheat ^	585	Dec-2026		18,188,239			17,681,625			(506,614	)
WTI Crude Oil ^	248	Sep-2026		22,357,564			17,178,960			(5,178,604	)
				192,626,216			180,106,262			(12,529,914	)
Short Contracts
British Pound	(417)	Sep-2026		(34,773,153	)		(34,545,844	)		227,309
CAD Currency	(675)	Sep-2026		(48,479,720	)		(47,682,000	)		797,720
Corn ^	(869)	Dec-2026		(19,164,673	)		(18,944,200	)		220,473
Euro FX	(336)	Sep-2026		(48,691,007	)		(48,117,300	)		573,707
Euro-BUND 10-Year Bonds	(324)	Sep-2026		(47,288,088	)		(47,141,408	)		(618,706	)
Gold ^	(2)	Aug-2026		(807,694	)		(807,700	)		(6	)
Japanese 10-Year Bonds	(96)	Sep-2026		(76,597,285	)		(75,438,482	)		(169,529	)
Japanese Yen	(621)	Sep-2026		(48,734,418	)		(48,026,587	)		707,831
Long GILT 10-Year Bonds	(523)	Sep-2026		(61,969,545	)		(61,888,114	)		(772,005	)
Natural Gas ^	(629)	Sep-2026		(19,817,890	)		(20,090,260	)		(272,370	)
Soybean ^	(114)	Nov-2026		(6,524,693	)		(6,519,375	)		5,318
Sugar No. 11 ^	(1,266)	Oct-2026		(20,583,742	)		(21,013,574	)		(429,832	)
Swiss Franc	(304)	Sep-2026		(48,037,319	)		(47,406,900	)		630,419

Consolidated Schedule of Investments (Unaudited) June 30, 2026

KraneShares Mount Lucas Managed Futures Index Strategy ETF (concluded)

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Ultra 10-Year U.S. Treasury Notes	(688)	Sep-2026	$	(76,860,403	)	$	(77,378,500	)	$	(518,097	)
				(558,329,630	)		(555,000,244	)		382,232
			$	(365,703,414	)	$	(374,893,982	)	$	(12,147,682	)

^	Security is held by the KFA MLM Index Subsidiary, Ltd. as of June 30, 2026.
(A)	Interest rate represents the security’s effective yield at the time of purchase.
(B)	Security pledged as collateral on futures contracts.

See “Glossary” for abbreviations.

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

KRS-QH-025-1100

Schedule of Investments (Unaudited) June 30, 2026

KraneShares China Technology & Semiconductor STAR 50 Index ETF ^†

	Shares		Value
COMMON STOCK — 99.7% ‡
CHINA — 99.7%
Consumer Discretionary — 1.2%
Beijing Roborock Technology, Cl A		121,055	$	1,693,664
Ninebot, Cl A		341,437		1,918,949
				3,612,613
Health Care — 3.4%
APT Medical, Cl A		49,564		1,325,690
Shanghai Allist Pharmaceuticals, Cl A		157,586		2,535,119
Shanghai United Imaging Healthcare, Cl A		288,617		4,304,169
Sichuan Biokin Pharmaceutical, Cl A *		48,198		2,087,752
				10,252,730
Industrials — 0.9%
AVIC Chengdu UAS, Cl A		196,987		1,205,776
Zhuzhou CRRC Times Electric, Cl A		152,145		1,538,933
				2,744,709
Information Technology — 92.9%
ACM Research Shanghai, Cl A		84,503		5,377,916
Advanced Micro-Fabrication Equipment China, Cl A		380,701		26,275,532
Amlogic Shanghai, Cl A		247,073		3,745,405
ASR Microelectronics, Cl A *		146,487		2,682,861
Beijing Kingsoft Office Software, Cl A		135,228		4,244,302
Bestechnic Shanghai, Cl A		68,923		1,697,599
Biwin Storage Technology, Cl A		220,188		16,047,968
Cambricon Technologies, Cl A		127,461		29,960,236
China Railway Signal & Communication, Cl A		1,509,523		1,058,534
China Resources Microelectronics, Cl A		310,089		4,456,273
CSI Solar, Cl A		850,545		1,355,760
Everdisplay Optronics Shanghai, Cl A *		3,224,003		1,234,886
GalaxyCore, Cl A		607,140		1,881,884
Geovis Technology, Cl A		235,821		1,440,704
Guobo Electronics, Cl A		104,359		1,603,513
Hua Hong Grace Semiconductor, Cl A *		237,990		11,790,813
Hwatsing Technology, Cl A		231,005		10,964,229
Hygon Information Technology, Cl A		472,195		25,759,253
Jinko Solar, Cl A *		2,397,538		1,677,711
Loongson Technology, Cl A *		117,024		2,666,485
MetaX Integrated Circuits Shanghai, Cl A *		11,656		1,422,314
Montage Technology, Cl A		582,247		26,581,960
Moore Threads Technology, Cl A *		19,203		2,026,924
National Silicon Industry Group, Cl A *		964,503		5,667,947
Nexchip Semiconductor, Cl A		585,878		5,094,929
Piotech, Cl A ^(A)		115,498		14,473,731
QuantumCTek, Cl A		36,024		2,674,787
Shanghai BOCHU Electronic Technology, Cl A		94,684		1,488,329

Schedule of Investments (Unaudited) June 30, 2026

KraneShares China Technology & Semiconductor STAR 50 Index ETF ^† (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Shengyi Electronics, Cl A		194,200	$	3,787,873
Shenzhen Transsion Holdings, Cl A		335,949		2,917,530
Skyverse Technology, Cl A *		143,064		9,062,687
Smartsens Technology Shanghai, Cl A		164,367		2,592,630
SUPCON Technology, Cl A		369,426		6,394,749
Suzhou Centec Communications, Cl A *		71,791		4,124,598
Trina Solar, Cl A *		820,360		1,706,465
United Nova Technology, Cl A *		2,935,580		4,588,466
Verisilicon Microelectronics Shanghai, Cl A *		245,562		13,426,323
Xinjiang Daqo New Energy, Cl A *		375,621		964,507
Yuanjie Semiconductor Technology, Cl A		58,133		16,151,862
				281,070,475
Materials — 1.3%
Cathay Biotech, Cl A		210,495		1,483,823
Western Superconducting Technologies, Cl A		265,428		2,456,030
				3,939,853
TOTAL CHINA				301,620,380

TOTAL COMMON STOCK (Cost $209,757,975)				301,620,380

TOTAL INVESTMENTS — 99.7% (Cost $209,757,975)				301,620,380
OTHER ASSETS LESS LIABILITIES – 0.3%				946,146
NET ASSETS - 100%			$	302,566,526

†	Formerly KraneShares SSE STAR Market 50 Index ETF, effective July 20, 2026.
‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.

See “Glossary” for abbreviations.

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

KRS-QH-024-1100

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 98.9% ‡
CHINA — 98.9%
Communication Services — 30.1%
Baidu, Cl A *		163,200	$	2,280,873
Bilibili, Cl Z *		45,060		756,741
Kuaishou Technology, Cl B		394,800		2,094,309
NetEase		204,105		5,267,864
Tencent Holdings		83,600		4,581,874
Tencent Music Entertainment Group, Cl A		8,100		33,962
				15,015,623
Consumer Discretionary — 42.5%
Alibaba Group Holding		180,100		2,132,387
BYD, Cl H		416,500		3,847,900
Haier Smart Home, Cl A		380,226		968,741
JD.com, Cl A		167,859		2,124,445
Li Auto, Cl A *		283,300		1,664,675
Meituan, Cl B *		471,180		4,115,739
Midea Group, Cl H		139,800		1,472,508
NIO, Cl A *		80,240		396,388
Tongcheng Travel Holdings		182,800		279,490
Trip.com Group *		49,100		1,950,964
XPeng, Cl A *		287,700		1,858,188
Zhejiang Leapmotor Technology, Cl H *		95,100		418,137
				21,229,562
Consumer Staples — 1.9%
Alibaba Health Information Technology *		840,000		329,914
JD Health International *		145,650		609,935
				939,849
Information Technology — 24.4%
BYD Electronic International		103,500		276,104
Horizon Robotics, Cl B *		2,075,400		1,079,773
Hua Hong Grace Semiconductor, Cl H *		86,000		2,359,995
Knowledge Atlas Technology JSC, Cl H *		2,200		590,254
Lenovo Group		688,000		2,019,594
Minimax Group, Cl A *		2,400		127,620
SenseTime Group, Cl B *		5,854,000		1,000,295
Sunny Optical Technology Group		123,040		957,076

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Xiaomi, Cl B *		1,360,000	$	3,752,896
				12,163,607
TOTAL CHINA				49,348,641

TOTAL COMMON STOCK (Cost $61,212,752)				49,348,641

TOTAL INVESTMENTS — 98.9% (Cost $61,212,752)				49,348,641
OTHER ASSETS LESS LIABILITIES – 1.1%				547,617
NET ASSETS - 100%			$	49,896,258

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

See “Glossary” for abbreviations.

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

KRS-QH-028-1100

Consolidated Schedule of Investments (Unaudited) June 30, 2026

KraneShares California Carbon Allowance Strategy ETF

	Shares		Value
EXCHANGE-TRADED FUND — 79.0%
Fixed Income — 79.0%
KraneShares Sustainable Ultra Short Duration Index ETF ^(A)(B)(C)		3,678,400	$	92,162,312
TOTAL EXCHANGE-TRADED FUND (Cost $92,333,094)				92,162,312

SHORT-TERM INVESTMENT — 3.4%
State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.580% ^(D)		3,960,621		3,960,620
TOTAL SHORT-TERM INVESTMENT (Cost $3,960,620)				3,960,620

TOTAL INVESTMENTS — 82.4% (Cost $96,293,714)				96,122,932
OTHER ASSETS LESS LIABILITIES – 17.6%				20,463,005
NET ASSETS - 100%			$	116,585,937

A list of the open futures contracts held by the Fund at June 30, 2026, is as follows:

Type of Contract		Number of Contracts			Expiration Date		Notional Amount				Value				Unrealized Appreciation/ (Depreciation)
Long Contracts
CA Carbon Allowance Vintage ^		3,538			Dec-2026		$	108,727,373			$	116,612,480			$	7,885,107

^	Security is held by the KraneShares California Carbon Subsidiary, Ltd. as of June 30, 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)	The rate shown is the 7-day effective yield as of June 30, 2026.

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 Sustainable Ultra Short Duration Index ETF
$	86,776,507	$	8,314,335	$	(3,008,338	)	$	87,070	$	(7,262	)	$	92,162,312	$	806,930	$	—

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-030-1000

Schedule of Investments (Unaudited) June 30, 2026

KraneShares KWEB Covered Call Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUND — 101.6%
Domestic Equity — 101.6%
KraneShares CSI China Internet ETF ^(A)(B)		4,122,500	$	100,877,575
TOTAL EXCHANGE - TRADED FUND (Cost $124,635,008)				100,877,575

TOTAL INVESTMENTS — 101.6% (Cost $124,635,008)				100,877,575

WRITTEN OPTIONS ^(C) — (1.9)% (Premiums Received $(4,045,334))			$	(1,856,088	)
OTHER ASSETS LESS LIABILITIES – 0.3%				299,956
NET ASSETS - 100%			$	99,321,443

(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:

	Number of	Notional			Exercise		Expiration	Market
Description	Contracts	Amount			Price		Date	Value
WRITTEN OPTIONS — (1.9)%
Call Options
KWEB US *	(450)	$	(1,101,150	)	$	26.66	07/02/26	$	(607	)
KWEB US *	(7,900)		(19,331,300	)		26.73	07/02/26		(10,507	)
KWEB US *	(5,550)		(13,580,850	)		26.38	07/10/26		(44,456	)
KWEB US *	(8,156)		(19,957,732	)		26.49	07/17/26		(136,368	)
KWEB US *	(11,632)		(28,463,504	)		25.24	07/24/26		(667,909	)
KWEB US *	(7,537)		(18,443,039	)		23.94	07/31/26		(996,241	)
Total Written Options		$	(100,877,575	)				$	(1,856,088	)

*	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
$	113,248,062	$	94,599,753	$	(91,561,714	)	$	(2,205,712	)	$	(13,202,814	)	$	100,877,575	$	—	$	—

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

See “Glossary” for abbreviations.

Schedule of Investments (Unaudited) June 30, 2026

KraneShares KWEB Covered Call Strategy ETF

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

KRS-QH-037-0700

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Hedgeye Hedged Equity

	Shares		Value
EXCHANGE - TRADED FUND — 100.0%
Domestic Equity — 100.0%
State Street SPDR S&P 500 ETF Trust ^(A)		139,100	$	103,875,707
TOTAL EXCHANGE - TRADED FUND (Cost $95,048,204)				103,875,707

PURCHASED OPTION ^(B) — 0.6%
TOTAL PURCHASED OPTION (Cost $1,520,709)				597,700

TOTAL INVESTMENTS — 100.6% (Cost $96,568,913)				104,473,407

WRITTEN OPTIONS^(B) — (1.0)% (Premiums Received $(1,584,422))			$	(1,010,850	)
OTHER ASSETS LESS LIABILITIES – 0.4%				357,382
NET ASSETS - 100%			$	103,819,939

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

A list of open option contracts held by the Fund at June 30, 2026 was as follows:

	Number of	Notional			Exercise		Expiration	Market
Description	Contracts	Amount			Price		Date	Value
PURCHASED OPTION — 0.6%
Put Options
S&P 500 Index	139	$	104,241,104		$	7,380.00	07/17/26	$	597,700

WRITTEN OPTIONS — (1.0)%
Put Options
S&P 500 Index	(139)	$	(104,241,104	)	$	7,305.00	07/17/26	$	(411,440	)
Call Options
SPDR S&P 500 ETF Trust	(1,391)	$	(103,875,707	)	$	755.72	07/17/26	$	(599,410	)
Total Written Options		$	(208,116,811	)				$	(1,010,850	)

See “Glossary” for abbreviations.

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

KRS-QH-042-0500

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Public-Private AI & Technology ETF ^†

	Shares		Value
COMMON STOCK — 97.6% ‡
CANADA — 1.2%
Information Technology — 1.2%
Shopify, Cl A *		86,174	$	9,855,572
TOTAL CANADA				9,855,572

GERMANY — 0.9%
Information Technology — 0.9%
SAP		45,131		6,914,177
TOTAL GERMANY				6,914,177

ISRAEL — 1.2%
Information Technology — 1.2%
Tower Semiconductor *		39,398		10,107,849
TOTAL ISRAEL				10,107,849

JAPAN — 1.6%
Industrials — 0.7%
Nitto Boseki *		200,500		5,323,227

Information Technology — 0.9%
Renesas Electronics		246,900		7,302,559

TOTAL JAPAN				12,625,786

NETHERLANDS — 4.0%
Information Technology — 4.0%
ASML Holding		7,147		14,065,861
Nebius Group, Cl A *		64,725		17,875,103
TOTAL NETHERLANDS				31,940,964

SOUTH KOREA — 4.1%
Information Technology — 4.1%
Samsung Electronics		64,983		14,009,115
SK hynix		11,312		19,348,609
TOTAL SOUTH KOREA				33,357,724

SWITZERLAND — 0.7%
Information Technology — 0.7%
TE Connectivity		27,054		5,454,357
TOTAL SWITZERLAND				5,454,357

TAIWAN — 4.3%
Information Technology — 4.3%
MediaTek		98,000		13,058,874

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Public-Private AI & Technology ETF ^† (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Taiwan Semiconductor Manufacturing		288,000	$	21,787,704
TOTAL TAIWAN				34,846,578

UNITED STATES — 79.6%
Communication Services — 12.4%
Alphabet, Cl A		77,334		27,636,851
Meta Platforms, Cl A		45,093		25,400,436
Netflix *		125,900		8,989,260
ROBLOX, Cl A *		174,834		9,507,473
Space Exploration Technologies ^(A)		111,285		19,014,162
Space Exploration Technologies, Cl A *^(A)		57,885		9,890,231
				100,438,413
Consumer Discretionary — 5.0%
Amazon.com *		95,190		22,687,584
Tesla *		42,396		17,831,758
				40,519,342
Health Care — 1.0%
Tempus AI, Cl A *		142,935		8,280,225

Industrials — 2.4%
Eaton		26,716		11,384,222
Vertiv Holdings, Cl A		23,666		7,923,850
				19,308,072
Information Technology — 57.5%
Advanced Micro Devices *		37,198		21,608,690
Apple		81,376		23,546,960
Applied Digital *		268,980		10,032,954
Arista Networks *		63,070		10,714,332
ARM Holdings ADR *		47,884		16,978,230
Astera Labs *		52,820		25,513,116
Ayar Labs ^(A)		75,000		4,875,000
Broadcom		53,985		20,392,834
Cadence Design Systems *		22,240		8,347,117
Ciena *		14,473		7,099,875
Circle Internet Group, Cl A *		78,215		4,898,605
Cloudflare, Cl A *		45,520		11,165,146
CoreWeave, Cl A *		90,484		9,006,777
Datadog, Cl A *		61,886		16,112,639
Flex *		78,502		12,722,819
GlobalFoundries		144,032		11,869,677
Hut 8 *		102,817		11,869,708
Micron Technology		13,815		15,946,516
Microsoft		68,066		25,389,979

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Public-Private AI & Technology ETF ^† (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Nuro ^(A)		367,834	$	4,000,000
Nutanix, Cl A *		195,876		9,981,841
NVIDIA		163,951		32,804,956
Oracle		77,880		11,413,314
Palantir Technologies, Cl A *		117,600		13,720,392
Palo Alto Networks *		33,345		11,371,312
Riot Platforms *		435,108		11,913,257
Salesforce		49,065		7,686,523
Samsara, Cl A *		205,988		6,680,191
Sanmina *		38,445		9,729,661
ServiceNow *		116,640		11,580,019
Snowflake, Cl A *		77,521		19,729,094
Teradyne		21,462		10,384,174
Terawulf *		433,791		10,714,638
Texas Instruments		36,134		10,770,461
Twilio, Cl A *		35,205		7,263,848
Zscaler *		44,520		6,283,998
				464,118,653
Utilities — 1.3%
NextEra Energy		114,662		10,063,884

TOTAL UNITED STATES				642,728,589

TOTAL COMMON STOCK (Cost $750,461,758)				787,831,596

PREFERRED STOCK — 1.8%
UNITED STATES — 1.8%
Financials — 0.2%
Polymarket ^(A)(B)		14,286		2,000,040

Information Technology — 1.6%
Anthropic *^(A)(B)		17,829		12,926,025

TOTAL UNITED STATES				14,926,065

TOTAL PREFERRED STOCK (Cost $3,000,006)				14,926,065

TOTAL INVESTMENTS — 99.4% (Cost $753,461,764)				802,757,661
OTHER ASSETS LESS LIABILITIES – 0.6%				4,636,092
NET ASSETS - 100%			$	807,393,753

†	Formerly KraneShares Artificial Intelligence and Technology ETF, effective June 1, 2026.
‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Currently, no stated interest rate.

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Public-Private AI & Technology ETF ^† (concluded)

See “Glossary” for abbreviations.

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

KRS-QH-043-0500

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Sustainable Ultra Short Duration Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 97.3%
AUSTRALIA — 0.4%
Financials — 0.4%
Westpac Banking
2.700%, 08/19/2026	$	750,000	$	748,622

CANADA — 9.4%
Financials — 9.4%
Bank of Montreal, MTN
2.650%, 03/08/2027		5,000,000		4,945,581
Bank of Nova Scotia
1.300%, 09/15/2026		3,000,000		2,982,421
Royal Bank of Canada, MTN
5.200%, 07/20/2026		1,000,000		1,000,565
3.625%, 05/04/2027		868,000		863,359
1.400%, 11/02/2026		1,500,000		1,486,703
1.150%, 07/14/2026		1,000,000		998,927
Toronto-Dominion Bank, MTN
5.532%, 07/17/2026		1,900,000		1,901,244
1.250%, 09/10/2026		1,750,000		1,740,838
TOTAL CANADA				15,919,638

FRANCE — 3.5%
Financials — 3.5%
Credit Agricole, MTN
4.125%, 01/10/2027		6,010,000		6,002,222

IRELAND — 1.6%
Industrials — 1.6%
AerCap Ireland Capital DAC
6.450%, 04/15/2027		2,665,000		2,701,638

JAPAN — 5.5%
Financials — 5.5%
Mitsubishi UFJ Financial Group
2.757%, 09/13/2026		500,000		498,457
Mizuho Financial Group
3.663%, 02/28/2027		3,000,000		2,986,918
Sumitomo Mitsui Financial Group
2.632%, 07/14/2026		4,000,000		3,997,644
1.402%, 09/17/2026		1,850,000		1,839,479
TOTAL JAPAN				9,322,498

SWITZERLAND — 0.6%
Financials — 0.6%
UBS
1.250%, 08/07/2026		1,083,000		1,080,105

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
UNITED STATES — 76.3%
Communication Services — 5.1%
Comcast
3.300%, 02/01/2027	$	2,454,000	$	2,440,384
Netflix
4.375%, 11/15/2026		3,000,000		3,002,280
T-Mobile USA
3.750%, 04/15/2027		3,188,000		3,171,851
				8,614,515
Consumer Discretionary — 8.0%
American Honda Finance, MTN
5.250%, 07/07/2026		1,111,000		1,111,157
4.900%, 03/12/2027		5,000,000		5,015,984
DR Horton
1.300%, 10/15/2026		1,500,000		1,487,446
Starbucks
4.850%, 02/08/2027		2,000,000		2,005,907
Toyota Motor Credit, MTN
5.000%, 08/14/2026		750,000		750,713
4.550%, 08/07/2026		1,250,000		1,250,757
3.200%, 01/11/2027		2,000,000		1,989,655
				13,611,619
Consumer Staples — 8.0%
Archer-Daniels-Midland
2.500%, 08/11/2026		750,000		748,658
Coca-Cola
1.450%, 06/01/2027		2,600,000		2,537,687
Estee Lauder
3.150%, 03/15/2027		3,000,000		2,976,881
Procter & Gamble
2.450%, 11/03/2026		3,500,000		3,480,034
1.900%, 02/01/2027		4,000,000		3,951,205
				13,694,465
Financials — 36.5%
Allstate
3.280%, 12/15/2026		500,000		497,941
American Express
2.550%, 03/04/2027		2,827,000		2,795,904
1.650%, 11/04/2026		4,500,000		4,461,348
Bank of America, MTN
4.250%, 10/22/2026		4,405,000		4,405,337
Bank of America
5.526%, 08/18/2026		1,010,000		1,010,799
Bank of New York Mellon, MTN
3.250%, 05/16/2027		1,086,000		1,077,361

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
2.450%, 08/17/2026	$	750,000	$	748,530
Capital One Financial
4.100%, 02/09/2027		2,000,000		1,997,156
3.650%, 05/11/2027		3,000,000		2,981,882
Charles Schwab
5.875%, 08/24/2026		750,000		750,888
Citibank
4.576%, 05/29/2027		1,584,000		1,588,719
Citigroup
4.300%, 11/20/2026		3,500,000		3,501,022
3.200%, 10/21/2026		1,526,000		1,521,085
Corebridge Financial
3.650%, 04/05/2027		1,221,000		1,213,150
Fifth Third Bank, MTN
2.250%, 02/01/2027		4,424,000		4,374,746
Goldman Sachs Group
5.950%, 01/15/2027		3,000,000		3,024,543
3.500%, 11/16/2026		1,000,000		996,985
JPMorgan Chase
4.125%, 12/15/2026		4,500,000		4,499,357
2.950%, 10/01/2026		1,550,000		1,545,863
Mastercard
2.950%, 11/21/2026		500,000		497,794
Morgan Stanley, MTN
6.250%, 08/09/2026		500,000		500,730
3.950%, 04/23/2027		1,500,000		1,495,222
3.125%, 07/27/2026		2,618,500		2,617,552
Morgan Stanley
3.625%, 01/20/2027		2,000,000		1,992,124
Northern Trust
4.000%, 05/10/2027		1,202,000		1,199,852
PNC Financial Services Group
2.600%, 07/23/2026		2,194,000		2,191,981
State Street
5.272%, 08/03/2026		750,000		750,078
US Bancorp, MTN
2.375%, 07/22/2026		2,744,000		2,740,992
Wells Fargo
3.000%, 10/23/2026		2,330,000		2,321,156
Wells Fargo Bank
5.450%, 08/07/2026		2,881,000		2,884,001
				62,184,098
Health Care — 5.2%
CVS Health
3.625%, 04/01/2027		2,700,000		2,684,468

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Health Care (continued)
Thermo Fisher Scientific
4.953%, 08/10/2026	$	1,150,000	$	1,150,173
UnitedHealth Group
4.750%, 07/15/2026		2,000,000		2,000,434
3.450%, 01/15/2027		3,000,000		2,988,746
				8,823,821
Industrials — 3.2%
John Deere Capital, MTN
2.250%, 09/14/2026		1,000,000		996,129
John Deere Capital
4.500%, 01/08/2027		1,409,000		1,411,303
Sumisho Air Lease
1.875%, 08/15/2026		1,000,000		996,801
United Parcel Service
2.400%, 11/15/2026		1,000,000		993,871
Westinghouse Air Brake Technologies
3.450%, 11/15/2026		1,000,000		996,163
				5,394,267
Information Technology — 10.0%
Advanced Micro Devices
4.212%, 09/24/2026		2,140,000		2,140,644
Apple
2.450%, 08/04/2026		750,000		748,832
2.050%, 09/11/2026		2,000,000		1,992,456
Broadcom
3.459%, 09/15/2026		750,000		748,847
Cisco Systems
4.800%, 02/26/2027		2,791,000		2,801,065
Keysight Technologies
4.600%, 04/06/2027		2,182,000		2,183,408
Microsoft
3.400%, 09/15/2026		750,000		749,195
3.300%, 02/06/2027		3,000,000		2,985,531
2.400%, 08/08/2026		2,750,000		2,744,584
				17,094,562
Real Estate — 0.3%
Crown Castle
1.050%, 07/15/2026		500,000		499,366

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Sustainable Ultra Short Duration Index ETF (concluded)

	Face Amount	Value
CORPORATE OBLIGATIONS (continued)
Real Estate (continued)
TOTAL UNITED STATES		$	129,916,713

TOTAL CORPORATE OBLIGATIONS (Cost $165,893,320)			165,691,436

TOTAL INVESTMENTS — 97.3% (Cost $165,893,320)			165,691,436
OTHER ASSETS LESS LIABILITIES – 2.7%			4,606,918
NET ASSETS - 100%		$	170,298,354

See “Glossary” for abbreviations.

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

KRS-QH-041-0500

Schedule of Investments (Unaudited) June 30, 2026

KraneShares China Alpha Index ETF

	Shares		Value
COMMON STOCK — 100.8% ‡
CHINA — 100.8%
Consumer Discretionary — 9.5%
BYD, Cl A		5,700	$	66,925
Chongqing Changan Automobile, Cl A		10,600		11,197
Fuyao Glass Industry Group, Cl A		12,201		90,663
Haier Smart Home, Cl A		19,300		58,031
Seres Group, Cl A		8,300		74,893
				301,709
Financials — 41.6%
Agricultural Bank of China, Cl A		109,500		97,918
Bank of Beijing, Cl A		136,700		98,679
Bank of China, Cl A		118,300		99,687
Bank of Communications, Cl A		103,100		97,662
Bank of Jiangsu, Cl A		61,200		97,192
Bank of Nanjing, Cl A		62,700		91,353
Bank of Shanghai, Cl A		76,100		97,311
China Construction Bank, Cl A		69,600		98,740
China Galaxy Securities, Cl A		57,200		105,923
Chongqing Rural Commercial Bank, Cl A		104,200		93,792
Guotai Haitong Securities, Cl A		28,200		75,610
Huaxia Bank, Cl A		102,000		96,019
Industrial & Commercial Bank of China, Cl A		96,400		100,405
Shanghai Pudong Development Bank, Cl A		55,000		69,763
				1,320,054
Industrials — 20.6%
Beijing-Shanghai High Speed Railway, Cl A		11,500		7,674
China CSSC Holdings, Cl A		19,100		95,078
COSCO SHIPPING Holdings, Cl A		47,400		92,593
CRRC, Cl A		124,300		95,221
Daqin Railway, Cl A		136,400		92,635
NARI Technology, Cl A		27,700		93,245
Shanghai International Port Group, Cl A		137,500		95,610
Yutong Bus, Cl A		20,800		82,152
				654,208
Information Technology — 18.0%
Eoptolink Technology, Cl A		980		87,634
NAURA Technology Group, Cl A		400		52,125
Shenzhen Transsion Holdings, Cl A		8,252		71,664
Suzhou TFC Optical Communication, Cl A		2,700		120,394
WUS Printed Circuit Kunshan, Cl A		5,600		126,058
Zhongji Innolight, Cl A		600		112,257
				570,132

Schedule of Investments (Unaudited) June 30, 2026

KraneShares China Alpha Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Materials — 11.1%
Aluminum Corp of China, Cl A		18,000	$	21,797
Baoshan Iron & Steel, Cl A		27,600		22,078
Satellite Chemical, Cl A		29,700		102,778
Zangge Mining, Cl A		5,700		58,209
Zhejiang Juhua, Cl A		18,900		147,597
				352,459
TOTAL CHINA				3,198,562

TOTAL COMMON STOCK (Cost $3,015,467)				3,198,562

TOTAL INVESTMENTS — 100.8% (Cost $3,015,467)				3,198,562
OTHER ASSETS LESS LIABILITIES – (0.8)%				(24,416	)
NET ASSETS - 100%			$	3,174,146

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

See “Glossary” for abbreviations.

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

KRS-QH-046-0400

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
BRAZIL — 0.3%
Financials — 0.3%
StoneCo, Cl A		4,256	$	46,135
TOTAL BRAZIL				46,135

CANADA — 0.1%
Materials — 0.1%
SSR Mining *		960		27,149
TOTAL CANADA				27,149

GUATEMALA — 1.1%
Communication Services — 1.1%
Millicom International Cellular		1,976		179,342
TOTAL GUATEMALA				179,342

PUERTO RICO — 0.3%
Communication Services — 0.3%
Liberty Latin America, Cl C *		6,679		52,029
TOTAL PUERTO RICO				52,029

SINGAPORE — 0.7%
Communication Services — 0.5%
Grindr *		6,228		89,496

Information Technology — 0.2%
Kulicke & Soffa Industries		202		27,020

TOTAL SINGAPORE				116,516

SOUTH AFRICA — 0.2%
Materials — 0.2%
Caledonia Mining		1,736		33,158
TOTAL SOUTH AFRICA				33,158

SWITZERLAND — 0.3%
Consumer Discretionary — 0.3%
Garrett Motion		1,486		53,838
TOTAL SWITZERLAND				53,838

UNITED KINGDOM — 0.5%
Financials — 0.5%
Marex Group		1,369		83,440
TOTAL UNITED KINGDOM				83,440

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
UNITED STATES — 96.4%
Communication Services — 5.4%
Bandwidth, Cl A *		2,129	$	134,766
Cargurus, Cl A *		1,780		60,680
Cars.com *		859		9,397
IMAX *		373		14,868
Iridium Communications		887		48,652
Madison Square Garden Entertainment, Cl A *		216		17,472
Magnite *		5,337		101,296
Marcus		588		13,795
Match Group		2,721		103,534
MediaAlpha, Cl A *		3,614		45,428
News, Cl A		9,826		243,980
Nexstar Media Group, Cl A		132		23,574
NIQ Global Intelligence *		6,684		62,495
USA TODAY *		1,916		16,382
ZoomInfo Technologies, Cl A *		3,636		10,653
				906,972
Consumer Discretionary — 12.3%
Adient *		1,927		35,418
ADT		797		5,180
American Public Education *		165		8,860
Aramark		2,154		122,563
Asbury Automotive Group *		51		10,255
AutoNation *		322		59,824
Biglari Holdings, Cl B *		150		63,905
BJ’s Restaurants *		914		55,512
BorgWarner		1,571		104,314
Brunswick		440		37,066
Callaway Golf *		120		2,255
Churchill Downs		429		38,456
Citi Trends *		267		15,443
Etsy *		1,444		108,777
Frontdoor *		1,921		149,050
Gentherm *		673		22,956
Group 1 Automotive		20		5,823
Hasbro		383		31,632
Lear		824		110,465
Lindblad Expeditions Holdings *		1,365		38,548
Mattel *		6,283		87,208
Murphy USA		146		78,675
Peloton Interactive, Cl A *		13,400		79,194
Phinia		783		64,496
Planet Fitness, Cl A *		742		38,710
Ralph Lauren, Cl A		378		151,733

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
RealReal *		7,019	$	82,754
Rocky Brands		245		10,104
Savers Value Village *		2,986		30,129
Sonic Automotive, Cl A		116		9,836
Tapestry		1,190		174,192
Taylor Morrison Home, Cl A *		126		9,039
Travel + Leisure		594		45,399
VF		1,155		19,265
Victoria’s Secret *		233		19,451
Wayfair, Cl A *		730		67,467
Wyndham Hotels & Resorts		989		83,284
				2,077,238
Consumer Staples — 3.4%
BJ’s Wholesale Club Holdings *		392		34,190
Central Garden & Pet, Cl A *		778		30,163
Chefs’ Warehouse *		169		16,241
Coca-Cola Consolidated		389		74,268
Darling Ingredients *		354		19,335
Dole		1,290		17,699
Ingles Markets, Cl A		271		24,005
Ingredion		99		9,376
Natural Grocers by Vitamin Cottage		2,239		69,454
Pilgrim’s Pride		231		6,494
Reynolds Consumer Products		298		8,001
Seneca Foods, Cl A *		135		23,482
Smithfield Foods		852		20,670
Turning Point Brands		737		62,505
United Natural Foods *		615		28,087
Universal		208		10,851
US Foods Holding *		1,187		121,371
				576,192
Energy — 0.5%
Kodiak Gas Services		463		34,785
Navigator Holdings		394		7,340
Patterson-UTI Energy		3,684		33,819
				75,944
Financials — 9.6%
Acadian Asset Management		553		39,551
Affiliated Managers Group		502		169,877
Ally Financial		277		12,728
Assurant		315		84,587
Axis Capital Holdings		1,431		153,747
Bancorp *		361		22,613

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Central BanCo, Cl A		1,305	$	39,646
Community Trust Bancorp		184		13,314
Donnelley Financial Solutions *		803		33,686
East West Bancorp		434		56,025
Enova International *		390		93,885
Enterprise Financial Services		468		30,832
FB Financial		120		6,642
First Busey		921		27,169
First Financial		129		9,990
First Horizon		3,134		80,356
First Merchants		270		11,796
Firstsun Capital Bancorp *		383		14,853
Globe Life		235		41,990
Hanover Insurance Group		115		24,624
Home Bancorp		222		15,211
Independent Bank		132		4,761
International Bancshares		133		10,101
Jefferson Capital		400		7,788
Mercury General		642		68,450
Metropolitan Bank Holding		205		20,246
Morningstar		642		100,165
NBT Bancorp		231		11,404
OneMain Holdings, Cl A		1,017		62,006
Origin Bancorp		276		14,117
Palomar Holdings *		172		21,739
Primerica		124		35,241
QCR Holdings		118		11,487
Regional Management		79		3,255
Reinsurance Group of America, Cl A		192		40,829
Republic Bancorp, Cl A		192		17,363
Selective Insurance Group		397		38,513
Southern First Bancshares *		124		7,576
SouthState Bank		345		34,465
Texas Capital Bancshares		654		67,532
United Fire Group		250		13,110
Universal Insurance Holdings		339		14,021
Univest Financial		238		10,413
Webster Financial		325		24,837
				1,622,541
Health Care — 12.1%
Addus HomeCare *		195		19,592
Alphatec Holdings *		1,711		14,800
Amneal Pharmaceuticals *		7,778		134,637
Ardent Health *		632		6,219

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Artivion *		1,102	$	24,762
AtriCure *		1,482		41,466
Aveanna Healthcare Holdings *		3,439		29,472
BrightSpring Health Services *		2,126		148,267
Certara *		9,680		63,404
Chemed		24		11,178
CONMED		498		16,300
Elanco Animal Health *		3,643		89,654
Encompass Health		1,875		189,525
Envista Holdings *		708		18,656
HealthEquity *		788		71,172
ICU Medical *		518		75,939
Innovage Holding *		614		7,276
LifeMD *		10,374		42,845
LifeStance Health Group *		11,972		128,220
LivaNova *		958		78,776
Merit Medical Systems *		419		29,054
Mesa Laboratories		440		43,802
NeoGenomics *		5,478		79,924
Novocure *		2,489		37,708
Option Care Health *		3,355		70,354
QIAGEN		2,220		86,802
Sotera Health *		4,281		75,988
Tactile Systems Technology *		1,308		38,952
Teladoc Health *		23,901		202,681
Tenet Healthcare *		102		19,082
Waystar Holding *		2,666		54,733
Xeris Biopharma Holdings *		10,672		84,522
				2,035,762
Industrials — 23.5%
AECOM		507		35,389
Alaska Air Group *		1,032		53,870
Allegiant Travel *		626		73,618
Alliance Laundry Holdings *		363		9,627
Allient		504		51,877
Allison Transmission Holdings		454		51,184
Amentum Holdings *		3,075		63,560
Ameresco, Cl A *		326		8,998
American Airlines Group *		1,861		33,628
API Group *		2,404		101,809
Applied Industrial Technologies		51		17,246
ATI *		835		164,578
Atmus Filtration Technologies		739		37,682
AZZ		450		69,772

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Brink’s		437	$	41,292
BWX Technologies		739		143,846
Centuri Holdings *		405		12,247
Clean Harbors *		168		50,190
Core & Main, Cl A *		575		27,744
CoreCivic *		1,506		45,752
Curtiss-Wright		154		116,695
Douglas Dynamics		391		21,094
Ducommun *		71		13,150
EnerSys		612		143,098
Everus Construction Group *		455		75,507
ExlService Holdings *		924		23,895
Flowserve		845		62,665
Fluor *		2,205		115,520
FTI Consulting *		312		46,491
Gates Industrial *		1,574		44,025
Generac Holdings *		605		177,150
Genpact		1,831		50,353
GXO Logistics *		1,313		66,569
Hillman Solutions *		1,513		12,770
Huntington Ingalls Industries		70		19,592
Huron Consulting Group *		382		34,441
IBEX Holdings *		436		13,241
ICF International		151		11,002
Interface, Cl A		825		29,568
KBR		2,707		93,473
Leonardo DRS		566		24,151
Lincoln Electric Holdings		40		10,620
MasTec *		434		180,570
Maximus		377		20,268
Moog, Cl A		294		124,609
MSA Safety		277		48,359
Mueller Water Products, Cl A		3,458		89,320
nVent Electric		792		134,331
OPENLANE *		314		12,949
Orion Group Holdings *		673		11,320
Parsons *		1,088		57,000
Pentair		1,198		91,839
Pitney Bowes		3,293		57,693
Preformed Line Products		26		10,675
Primoris Services		694		68,789
RBC Bearings *		4		2,576
SkyWest *		852		84,629
StandardAero *		5,037		150,657
Sterling Infrastructure *		19		15,948

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Tetra Tech		1,522	$	43,971
Textron		832		76,319
Tutor Perini		315		26,136
U-Haul Holding, Cl B		455		26,253
Valmont Industries		115		66,424
Verra Mobility, Cl A *		4,408		18,734
Werner Enterprises		960		41,866
WESCO International		213		73,577
Willdan Group *		627		49,596
WillScot Holdings		578		16,681
Woodward		146		62,114
				3,962,182
Information Technology — 20.1%
ACI Worldwide *		1,910		96,054
ADTRAN Holdings *		1,573		21,865
Ambarella *		593		50,879
Appian, Cl A *		1,285		29,427
Arlo Technologies *		2,873		38,728
Asana, Cl A *		18,472		129,304
Benchmark Electronics		27		2,664
Box, Cl A *		283		7,511
CCC Intelligent Solutions Holdings *		10,087		52,049
CEVA *		222		10,470
Ciena *		114		55,924
Coherent *		506		199,602
Commerce.com *		7,807		23,109
Digital Turbine *		3,956		51,032
DigitalOcean Holdings *		1,483		232,876
Elastic *		1,454		82,907
Everpure, Cl A *		1,230		96,912
Five9 *		2,101		44,793
Flex *		1,567		253,964
FormFactor *		138		22,070
Gen Digital		3,137		78,080
Gitlab, Cl A *		379		11,571
Guidewire Software *		632		77,768
Harmonic *		1,445		23,597
Inseego *		1,240		12,809
Jabil		601		231,673
Knowles *		534		22,150
Littelfuse		77		35,060
MACOM Technology Solutions Holdings *		57		21,681
MKS		460		204,608
Nutanix, Cl A *		917		46,730

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
NVE		171	$	17,878
Onto Innovation *		558		211,175
Photronics *		358		11,646
Plexus *		103		30,969
Porch Group *		9,313		140,068
Q2 Holdings *		1,155		55,556
Rambus *		591		78,449
RingCentral, Cl A		1,189		46,347
Sanmina *		89		22,524
Tenable Holdings *		2,811		103,670
TTM Technologies *		714		133,532
UiPath, Cl A *		1,637		17,794
Unity Software *		2,442		69,792
Varonis Systems, Cl B *		689		28,910
Viant Technology, Cl A *		347		4,393
Weave Communications *		8,870		53,131
Workiva, Cl A *		1,210		58,697
Xperi *		4,743		39,035
				3,391,433
Materials — 7.4%
Albemarle		314		42,399
Alcoa		1,623		84,623
Aspen Aerogels *		4,205		26,660
Avient		1,336		49,379
Axalta Coating Systems *		1,590		54,410
Chemours		1,480		30,370
Commercial Metals		578		36,270
Compass Minerals International *		2,739		85,265
Constellium, Cl A *		1,527		48,665
Contango Silver & Gold *		4,124		65,118
Eagle Materials		130		29,250
Element Solutions		840		40,110
Ferroglobe		3,400		10,812
Hecla Mining		6,238		96,252
Kaiser Aluminum		558		109,162
Materion		740		220,069
Minerals Technologies		791		58,510
Reliance		124		46,326
Scotts Miracle-Gro		502		34,191
Sensient Technologies		565		69,659
				1,237,500
Utilities — 2.1%
Avista		443		18,123
Black Hills		491		36,530

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Man Buyout Beta Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Chesapeake Utilities		95	$	11,636
Clearway Energy, Cl C		381		13,022
NiSource		1,274		60,579
NRG Energy		99		14,460
OGE Energy		1,724		83,890
Southwest Gas Holdings		606		53,740
Spire		400		31,236
Talen Energy *		76		29,204
Unitil		73		3,846
				356,266
TOTAL UNITED STATES				16,242,030

TOTAL COMMON STOCK (Cost $13,310,278)				16,833,637

TOTAL INVESTMENTS — 99.9% (Cost $13,310,278)				16,833,637
OTHER ASSETS LESS LIABILITIES – 0.1%				14,876
NET ASSETS - 100%			$	16,848,513

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

See “Glossary” for abbreviations.

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

KRS-QH-047-0400

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Global Humanoid Robotics and Physical AI Index ETF ^†

		Value
COMMON STOCK — 99.0% ‡
AUSTRALIA — 2.0%
Materials — 2.0%
Lynas Rare Earths *	431,821	$	5,402,923
TOTAL AUSTRALIA			5,402,923

BELGIUM — 2.0%
Information Technology — 2.0%
Melexis	59,737		5,334,027
TOTAL BELGIUM			5,334,027

CANADA — 2.1%
Consumer Discretionary — 2.1%
Magna International	85,533		5,622,420
TOTAL CANADA			5,622,420

CHINA — 29.9%
Consumer Discretionary — 7.7%
Ningbo Tuopu Group, Cl A	653,700		5,433,376
Shuanglin, Cl A	1,277,189		5,226,917
XPeng, Cl A *	847,700		5,475,099
Zhejiang Shuanghuan Driveline, Cl A	787,400		4,815,111
			20,950,503
Industrials — 14.4%
China Leadshine Technology, Cl A *	693,100		5,695,509
Jiangsu Hengli Hydraulic, Cl A	338,700		5,366,908
Keli Sensing Technology Ningbo, Cl A	517,800		5,428,967
Leader Harmonious Drive Systems, Cl A *	101,604		6,254,603
Shenzhen Inovance Technology, Cl A	546,500		5,340,210
UBTech Robotics, Cl H *	418,050		5,480,141
Zhejiang Sanhua Intelligent Controls, Cl A	876,400		5,658,900
			39,225,238
Information Technology — 5.8%
Horizon Robotics, Cl B *	9,582,000		4,985,248
Lingyi iTech Guangdong, Cl A	2,205,278		5,633,400
RoboSense Technology *	1,850,600		5,243,569
			15,862,217
Materials — 2.0%
China Northern Rare Earth Group High-Tech, Cl A	747,900		5,294,136

TOTAL CHINA			81,332,094

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Global Humanoid Robotics and Physical AI Index ETF ^† (continued)

		Value
COMMON STOCK (continued)
GERMANY — 3.9%
Consumer Discretionary — 1.9%
Schaeffler	532,081	$	5,158,629

Information Technology — 2.0%
Infineon Technologies	59,599		5,564,963

TOTAL GERMANY			10,723,592

ISRAEL — 2.3%
Consumer Discretionary — 2.3%
Mobileye Global, Cl A *	657,745		6,366,972
TOTAL ISRAEL			6,366,972

JAPAN — 12.1%
Industrials — 7.9%
Harmonic Drive Systems	116,300		5,574,386
Nabtesco	176,500		5,583,058
Nidec *	313,700		5,105,285
THK	116,900		5,266,524
			21,529,253
Information Technology — 4.2%
Keyence	11,600		5,785,547
Renesas Electronics	188,500		5,575,262
			11,360,809
TOTAL JAPAN			32,890,062

NETHERLANDS — 1.9%
Information Technology — 1.9%
NXP Semiconductors	18,415		5,175,168
TOTAL NETHERLANDS			5,175,168

SINGAPORE — 2.0%
Information Technology — 2.0%
STMicroelectronics	75,393		5,561,425
TOTAL SINGAPORE			5,561,425

SOUTH KOREA — 3.8%
Industrials — 3.8%
Doosan	5,442		5,223,168
Rainbow Robotics *	15,565		5,214,119
TOTAL SOUTH KOREA			10,437,287

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Global Humanoid Robotics and Physical AI Index ETF ^† (continued)

		Value
COMMON STOCK (continued)
SWEDEN — 2.1%
Information Technology — 2.1%
Hexagon, Cl B	672,056	$	5,563,576
TOTAL SWEDEN			5,563,576

SWITZERLAND — 2.0%
Information Technology — 2.0%
TE Connectivity	27,256		5,495,082
TOTAL SWITZERLAND			5,495,082

TAIWAN — 1.9%
Industrials — 1.9%
Hiwin Technologies	499,000		5,090,798
TOTAL TAIWAN			5,090,798

UNITED STATES — 31.0%
Consumer Discretionary — 4.2%
Aptiv *	92,026		5,648,556
Tesla *	13,409		5,639,825
			11,288,381
Industrials — 8.4%
Moog, Cl A	13,783		5,841,787
RBC Bearings *	8,700		5,603,322
Regal Rexnord	25,423		6,055,504
Sensata Technologies Holding	113,613		5,423,885
			22,924,498
Information Technology — 16.5%
Amphenol, Cl A	34,405		6,066,289
Analog Devices	13,458		5,345,114
Credo Technology Group Holding *	19,767		5,375,636
Jabil	14,284		5,506,196
Novanta *	36,628		5,942,527
NVIDIA	27,398		5,482,066
Teledyne Technologies *	8,816		5,879,390
Texas Instruments	18,232		5,434,412
			45,031,630

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Global Humanoid Robotics and Physical AI Index ETF ^† (concluded)

		Value
COMMON STOCK (continued)
Materials — 1.9%
MP Materials *	92,783	$	5,196,776

TOTAL UNITED STATES			84,441,285

TOTAL COMMON STOCK (Cost $230,451,322)			269,436,711

TOTAL INVESTMENTS — 99.0% (Cost $230,451,322)			269,436,711
OTHER ASSETS LESS LIABILITIES – 1.0%			2,707,463
NET ASSETS - 100%		$	272,144,174

†	Formerly KraneShares Global Humanoid and AI Index ETF, effective May 1, 2026.
‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.

See “Glossary” for abbreviations.

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

KRS-QH-048-0300

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF

		Value
COMMON STOCK — 128.8% ‡
UNITED STATES — 128.8%
Communication Services — 1.9%
Trade Desk, Cl A *	57,300	$	1,035,984

Consumer Discretionary — 21.6%
Amazon.com *	9,300		2,216,562
AutoZone *	700		2,237,158
DoorDash, Cl A *	11,400		2,103,642
Lululemon Athletica *	10,300		1,176,054
O’Reilly Automotive *	24,600		2,265,414
Tesla *	5,200		2,187,120
			12,185,950
Health Care — 6.1%
Boston Scientific *	27,000		1,152,360
Intuitive Surgical *	4,300		1,710,024
Vertex Pharmaceuticals *	1,200		596,076
			3,458,460
Industrials — 3.5%
Uber Technologies *	27,600		1,991,616

Information Technology — 95.7%
Adobe *	8,000		1,640,160
Advanced Micro Devices *	10,200		5,925,282
Arista Networks *	17,100		2,904,948
Autodesk *	1,200		233,304
Cadence Design Systems *	7,300		2,739,836
Ciena *	600		294,336
Coherent *	800		315,576
Crowdstrike Holdings, Cl A *	5,400		4,120,956
Fair Isaac *	1,300		1,553,214
First Solar *	8,400		1,982,064
Fortinet *	30,500		4,685,410
ON Semiconductor *	36,800		3,479,072
Palo Alto Networks *	11,900		4,058,138
Sandisk *	5,500		12,505,515
ServiceNow *	18,800		1,866,464
Super Micro Computer *	69,000		2,023,770
Synopsys *	4,400		1,962,708
Workday, Cl A *	13,200		1,615,944
			53,906,697
TOTAL UNITED STATES			72,578,707

TOTAL COMMON STOCK (Cost $63,644,205)			72,578,707

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (continued)

	Value
PURCHASED OPTIONS ^(A) — 5.5%
TOTAL PURCHASED OPTIONS (Cost $2,520,056)	$	3,103,232

TOTAL INVESTMENTS — 134.3% (Cost $66,164,261)		75,681,939

WRITTEN OPTIONS^(A) — (35.5)% (Premiums Received $(2,216,009))	$	(20,013,079	)
OTHER ASSETS LESS LIABILITIES – 1.2%		687,066
NET ASSETS - 100%	$	56,355,926

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Refer to option table below.

A list of open option contracts held by the Fund at June 30, 2026 was as follows:

	Number of	Notional		Exercise		Expiration	Market
Description	Contracts	Amount		Price		Date	Value
PURCHASED OPTIONS — 5.5%
Put Options
Adobe Inc.	6	$	123,012	$	250.00	07/17/26	$	26,780
Adobe Inc.	2		41,004		244.00	07/17/26		7,756
Adobe Inc.	2		41,004		242.00	07/17/26		7,370
Adobe Inc.	2		41,004		241.00	07/17/26		7,178
Adobe Inc.	67		1,373,634		240.00	07/17/26		234,023
Adobe Inc.	1		20,502		257.00	07/17/26		5,153
Advanced Micro Devices Inc.	2		116,182		519.00	07/17/26		2,544
Advanced Micro Devices Inc.	5		290,455		450.00	07/17/26		1,598
Advanced Micro Devices Inc.	2		116,182		405.00	07/17/26		267
Advanced Micro Devices Inc.	2		116,182		347.00	07/17/26		98
Advanced Micro Devices Inc.	84		4,879,644		250.00	07/17/26		871
Advanced Micro Devices Inc.	3		174,273		232.00	07/17/26		23
Advanced Micro Devices Inc.	4		232,364		520.00	10/16/26		23,502
Amazon.com Inc.	4		95,336		272.00	07/17/26		13,366
Amazon.com Inc.	2		47,668		221.00	07/17/26		320
Amazon.com Inc.	2		47,668		263.00	07/17/26		4,995
Amazon.com Inc.	85		2,025,890		250.00	07/17/26		119,490
Arista Networks Inc.	3		50,964		140.00	07/17/26		185

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (continued)

	Number of	Notional		Exercise		Expiration	Market
Description	Contracts	Amount		Price		Date	Value
PURCHASED OPTIONS (continued)
Arista Networks Inc.	153	$	2,599,164	$	155.00	07/17/26	$	37,337
Arista Networks Inc.	8		135,904		150.00	07/17/26		1,256
Arista Networks Inc.	4		67,952		144.00	07/17/26		360
Arista Networks Inc.	3		50,964		179.00	07/17/26		3,900
AutoDesk Inc.	2		38,884		242.00	07/17/26		9,463
AutoDesk Inc.	3		58,326		237.00	07/17/26		12,710
AutoDesk Inc.	5		97,210		230.00	07/17/26		17,743
AutoDesk Inc.	2		38,884		254.00	07/17/26		11,846
AutoZone Inc.	6		1,917,564		3,500.00	07/17/26		184,649
AutoZone Inc.	1		319,594		3,150.00	10/16/26		17,903
Boston Scientific Corp.	7		29,876		57.00	07/17/26		9,950
Boston Scientific Corp.	7		29,876		49.00	07/17/26		4,433
Boston Scientific Corp.	222		947,496		65.00	07/17/26		492,412
Boston Scientific Corp.	15		64,020		63.00	07/17/26		30,282
Boston Scientific Corp.	19		81,092		50.00	07/17/26		13,870
Cadence Design Systems Inc.	2		75,064		289.00	07/17/26		127
Cadence Design Systems Inc.	62		2,326,984		290.00	07/17/26		4,093
Cadence Design Systems Inc.	2		75,064		331.00	07/17/26		639
Cadence Design Systems Inc.	2		75,064		356.00	07/17/26		1,628
Cadence Design Systems Inc.	4		150,128		370.00	07/17/26		5,276
Cadence Design Systems Inc.	1		37,532		373.00	07/17/26		1,454
Ciena Corp.	3		147,168		500.00	07/17/26		11,980
Ciena Corp.	1		49,056		521.00	07/17/26		5,260
Ciena Corp.	1		49,056		571.00	07/17/26		8,980
Ciena Corp.	1		49,056		524.00	07/17/26		5,457
Coherent Corp.	2		78,894		311.00	07/17/26		1,172
Coherent Corp.	1		39,447		334.00	07/17/26		1,016
Coherent Corp.	4		157,788		370.00	07/17/26		8,558
Coherent Corp.	1		39,447		380.00	07/17/26		2,565
Crowdstrike Holdings Inc.	44		839,454		100.00	07/17/26		412
Crowdstrike Holdings Inc.	1		19,078		106.50	07/17/26		17
Crowdstrike Holdings Inc.	1		19,078		112.25	07/17/26		25
Crowdstrike Holdings Inc.	1		19,079		169.25	07/17/26		851
Crowdstrike Holdings Inc.	3		57,236		170.00	07/17/26		2,702
Crowdstrike Holdings Inc.	4		76,314		175.00	10/16/26		24,984
Doordash Inc.	7		129,171		150.00	07/17/26		315
Doordash Inc.	2		36,906		157.00	07/17/26		161
Doordash Inc.	4		73,812		161.00	07/17/26		466
Doordash Inc.	3		55,359		173.00	07/17/26		1,037
Doordash Inc.	3		55,359		177.00	07/17/26		1,418

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (continued)

	Number of	Notional		Exercise		Expiration	Market
Description	Contracts	Amount		Price		Date	Value
PURCHASED OPTIONS (continued)
Doordash Inc.	95	$	1,753,035	$	165.00	07/17/26	$	16,144
Fair Isaac Corp.	1		119,478		1,095.00	07/17/26		1,715
Fair Isaac Corp.	12		1,433,736		1,020.00	07/17/26		7,689
First Solar Inc.	84		1,982,064		200.00	07/17/26		17,186
Fortinet Inc.	16		245,792		140.00	07/17/26		2,513
Fortinet Inc.	5		76,810		129.00	07/17/26		242
Fortinet Inc.	5		76,810		107.00	07/17/26		28
Fortinet Inc.	6		92,172		84.00	07/17/26		5
Fortinet Inc.	8		122,896		83.00	07/17/26		7
Fortinet Inc.	265		4,070,930		80.00	07/17/26		180
Intuitive Surgical Inc.	1		39,768		479.00	07/17/26		8,058
Intuitive Surgical Inc.	1		39,768		423.00	07/17/26		3,152
Intuitive Surgical Inc.	3		119,304		420.00	07/17/26		8,808
Intuitive Surgical Inc.	1		39,768		454.00	07/17/26		5,721
Intuitive Surgical Inc.	1		39,768		463.00	07/17/26		6,545
Intuitive Surgical Inc.	36		1,431,648		470.00	07/17/26		259,235
Lululemon Athletica Inc.	3		34,254		159.00	07/17/26		13,344
Lululemon Athletica Inc.	100		1,141,800		160.00	07/17/26		454,757
ON Semiconductor Corp.	9		85,086		68.00	07/17/26		262
ON Semiconductor Corp.	325		3,072,550		70.00	07/17/26		12,691
ON Semiconductor Corp.	6		56,724		99.00	07/17/26		5,274
ON Semiconductor Corp.	6		56,724		101.00	07/17/26		6,044
ON Semiconductor Corp.	5		47,270		125.00	07/17/26		15,259
ON Semiconductor Corp.	17		160,718		120.00	07/17/26		43,828
O’Reilly Automotive Inc.	6		55,254		89.00	07/17/26		562
O’Reilly Automotive Inc.	216		1,989,144		95.00	07/17/26		78,855
O’Reilly Automotive Inc.	6		55,254		92.00	07/17/26		1,138
O’Reilly Automotive Inc.	5		46,045		93.00	07/17/26		1,193
O’Reilly Automotive Inc.	13		119,717		90.00	07/17/26		1,539
Palo Alto Networks Inc.	3		102,306		259.00	07/17/26		109
Palo Alto Networks Inc.	3		102,306		194.00	07/17/26		26
Palo Alto Networks Inc.	3		102,306		178.00	07/17/26		20
Palo Alto Networks Inc.	3		102,306		174.00	07/17/26		19
Palo Alto Networks Inc.	107		3,648,914		160.00	07/17/26		538
Sandisk Corp.	1		227,373		1,302.00	07/17/26		1,027
Sandisk Corp.	2		454,746		1,500.00	07/17/26		3,661
Sandisk Corp.	1		227,373		994.00	07/17/26		212
Sandisk Corp.	1		227,373		786.00	07/17/26		24
Sandisk Corp.	49		11,141,277		930.00	07/17/26		5,811
Sandisk Corp.	1		227,373		2,160.00	10/16/26		46,350
ServiceNow Inc.	14		138,992		110.00	07/17/26		16,888
ServiceNow Inc.	5		49,640		94.00	07/17/26		1,208
ServiceNow Inc.	5		49,640		99.00	07/17/26		2,279
ServiceNow Inc.	4		39,712		109.00	07/17/26		4,500
ServiceNow Inc.	155		1,538,840		90.00	07/17/26		20,827
ServiceNow Inc.	5		49,640		89.00	07/17/26		577

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (continued)

	Number of	Notional		Exercise		Expiration	Market
Description	Contracts	Amount		Price		Date	Value
PURCHASED OPTIONS (continued)
Super Micro Computer Inc.	575	$	1,686,475	$	27.00	07/17/26	$	65,602
Super Micro Computer Inc.	14		41,062		42.00	07/17/26		17,731
Super Micro Computer Inc.	17		49,861		23.00	07/17/26		554
Super Micro Computer Inc.	17		49,861		29.00	07/17/26		3,336
Super Micro Computer Inc.	17		49,861		34.00	07/17/26		9,007
Super Micro Computer Inc.	50		146,650		40.00	07/17/26		53,600
Synopsys Inc.	1		44,607		477.00	07/17/26		3,735
Synopsys Inc.	1		44,607		500.00	07/17/26		5,636
Synopsys Inc.	1		44,607		409.00	07/17/26		525
Synopsys Inc.	1		44,607		507.00	07/17/26		6,268
Synopsys Inc.	37		1,650,459		420.00	07/17/26		28,921
Synopsys Inc.	3		133,821		450.00	07/17/26		5,968
Tesla Inc.	2		84,120		442.00	07/17/26		5,689
Tesla Inc.	1		42,060		405.00	07/17/26		871
Tesla Inc.	3		126,180		380.00	07/17/26		933
Tesla Inc.	1		42,060		342.00	07/17/26		73
Tesla Inc.	44		1,850,640		370.00	07/17/26		8,957
Tesla Inc.	1		42,060		376.00	07/17/26		262
The Trade Desk Inc.	556		1,005,248		22.50	07/17/26		248,526
The Trade Desk Inc.	17		30,736		21.00	07/17/26		5,225
Uber Technologies Inc.	17		122,672		70.00	07/17/26		2,192
Uber Technologies Inc.	6		43,296		71.00	07/17/26		996
Uber Technologies Inc.	7		50,512		73.00	07/17/26		1,827
Uber Technologies Inc.	7		50,512		74.00	07/17/26		2,237
Uber Technologies Inc.	6		43,296		78.00	07/17/26		3,721
Uber Technologies Inc.	233		1,681,328		72.50	07/17/26		54,652
Vertex Pharmaceuticals Inc.	3		149,019		450.00	07/17/26		498
Vertex Pharmaceuticals Inc.	1		49,673		427.00	07/17/26		80
Vertex Pharmaceuticals Inc.	1		49,673		432.00	07/17/26		93
Vertex Pharmaceuticals Inc.	2		99,346		447.00	07/17/26		300
Vertex Pharmaceuticals Inc.	5		248,365		500.00	10/16/26		15,400
Workday Inc.	3		36,726		122.00	07/17/26		1,667
Workday Inc.	4		48,968		118.00	07/17/26		1,513
Workday Inc.	3		36,726		130.00	07/17/26		3,129
Workday Inc.	108		1,322,136		120.00	07/17/26		49,797

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (continued)

	Number of	Notional			Exercise		Expiration	Market
Description	Contracts	Amount			Price		Date	Value
PURCHASED OPTIONS (continued)
Workday Inc.	10	$	122,420		$	140.00	07/17/26	$	18,381
Workday Inc.	4		48,968			133.00	07/17/26		5,054
Total Purchased Options		$	69,487,990					$	3,103,232

WRITTEN OPTIONS — (35.5)%
Call Options
Adobe Inc.	(67)	$	(1,373,634	)	$	240.00	07/17/26	$	(3,767	)
Adobe Inc.	(2)		(41,004	)		241.00	07/17/26		(105	)
Adobe Inc.	(2)		(41,004	)		242.00	07/17/26		(98	)
Adobe Inc.	(2)		(41,004	)		244.00	07/17/26		(85	)
Adobe Inc.	(6)		(123,012	)		250.00	07/17/26		(174	)
Adobe Inc.	(1)		(20,502	)		257.00	07/17/26		(20	)
Advanced Micro Devices Inc.	(4)		(232,364	)		520.00	10/16/26		(50,609	)
Advanced Micro Devices Inc.	(2)		(116,182	)		519.00	07/17/26		(15,132	)
Advanced Micro Devices Inc.	(5)		(290,455	)		450.00	07/17/26		(67,489	)
Advanced Micro Devices Inc.	(2)		(116,182	)		405.00	07/17/26		(35,603	)
Advanced Micro Devices Inc.	(2)		(116,182	)		347.00	07/17/26		(47,008	)
Advanced Micro Devices Inc.	(84)		(4,879,644	)		250.00	07/17/26		(2,784,027	)
Advanced Micro Devices Inc.	(3)		(174,273	)		232.00	07/17/26		(104,809	)
Amazon.com Inc.	(2)		(47,668	)		221.00	07/17/26		(3,900	)
Amazon.com Inc.	(85)		(2,025,890	)		250.00	07/17/26		(25,661	)
Amazon.com Inc.	(2)		(47,668	)		263.00	07/17/26		(193	)
Amazon.com Inc.	(4)		(95,336	)		272.00	07/17/26		(170	)
Arista Networks Inc.	(3)		(50,964	)		179.00	07/17/26		(1,322	)
Arista Networks Inc.	(153)		(2,599,164	)		155.00	07/17/26		(272,241	)
Arista Networks Inc.	(3)		(50,964	)		140.00	07/17/26		(9,280	)
Arista Networks Inc.	(4)		(67,952	)		144.00	07/17/26		(10,892	)
Arista Networks Inc.	(8)		(135,904	)		150.00	07/17/26		(17,530	)
AutoDesk Inc.	(5)		(97,210	)		230.00	07/17/26		(229	)
AutoDesk Inc.	(3)		(58,326	)		237.00	07/17/26		(106	)
AutoDesk Inc.	(2)		(38,884	)		242.00	07/17/26		(63	)
AutoDesk Inc.	(2)		(38,884	)		254.00	07/17/26		(51	)
AutoZone Inc.	(6)		(1,917,564	)		3,500.00	07/17/26		(6,103	)
AutoZone Inc.	(1)		(319,594	)		3,150.00	10/16/26		(26,438	)
Boston Scientific Corp.	(7)		(29,876	)		49.00	07/17/26		(103	)
Boston Scientific Corp.	(19)		(81,092	)		50.00	07/17/26		(220	)
Boston Scientific Corp.	(7)		(29,876	)		57.00	07/17/26		(33	)
Boston Scientific Corp.	(15)		(64,020	)		63.00	07/17/26		(50	)
Boston Scientific Corp.	(222)		(947,496	)		65.00	07/17/26		(681	)

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (continued)

	Number of	Notional			Exercise		Expiration	Market
Description	Contracts	Amount			Price		Date	Value
WRITTEN OPTIONS (continued)
Cadence Design Systems Inc.	(4)	$	(150,128	)	$	370.00	07/17/26	$	(7,703	)
Cadence Design Systems Inc.	(1)		(37,532	)		373.00	07/17/26		(1,762	)
Cadence Design Systems Inc.	(2)		(75,064	)		356.00	07/17/26		(5,635	)
Cadence Design Systems Inc.	(2)		(75,064	)		331.00	07/17/26		(9,635	)
Cadence Design Systems Inc.	(62)		(2,326,984	)		290.00	07/17/26		(536,586	)
Cadence Design Systems Inc.	(2)		(75,064	)		289.00	07/17/26		(17,504	)
Ciena Corp.	(3)		(147,168	)		500.00	07/17/26		(9,308	)
Ciena Corp.	(1)		(49,056	)		521.00	07/17/26		(2,274	)
Ciena Corp.	(1)		(49,056	)		524.00	07/17/26		(2,172	)
Ciena Corp.	(1)		(49,056	)		571.00	07/17/26		(1,005	)
Coherent Corp.	(4)		(157,788	)		370.00	07/17/26		(18,410	)
Coherent Corp.	(1)		(39,447	)		380.00	07/17/26		(4,031	)
Coherent Corp.	(2)		(78,894	)		311.00	07/17/26		(17,871	)
Coherent Corp.	(1)		(39,447	)		334.00	07/17/26		(7,071	)
Crowdstrike Holdings Inc.	(44)		(839,454	)		100.00	07/17/26		(1,600,988	)
Crowdstrike Holdings Inc.	(1)		(19,078	)		106.50	07/17/26		(33,799	)
Crowdstrike Holdings Inc.	(1)		(19,078	)		112.25	07/17/26		(31,513	)
Crowdstrike Holdings Inc.	(1)		(19,079	)		169.25	07/17/26		(9,591	)
Crowdstrike Holdings Inc.	(3)		(57,236	)		170.00	07/17/26		(28,022	)
Crowdstrike Holdings Inc.	(4)		(76,314	)		175.00	10/16/26		(53,951	)
Doordash Inc.	(3)		(55,359	)		173.00	07/17/26		(4,639	)
Doordash Inc.	(3)		(55,359	)		177.00	07/17/26		(3,824	)
Doordash Inc.	(95)		(1,753,035	)		165.00	07/17/26		(206,058	)
Doordash Inc.	(7)		(129,171	)		150.00	07/17/26		(24,785	)
Doordash Inc.	(2)		(36,906	)		157.00	07/17/26		(5,755	)
Doordash Inc.	(4)		(73,812	)		161.00	07/17/26		(10,058	)
Fair Isaac Corp.	(12)		(1,433,736	)		1,020.00	07/17/26		(220,764	)
Fair Isaac Corp.	(1)		(119,478	)		1,095.00	07/17/26		(11,988	)
First Solar Inc.	(84)		(1,982,064	)		200.00	07/17/26		(322,489	)
Fortinet Inc.	(265)		(4,070,930	)		80.00	07/17/26		(1,956,068	)
Fortinet Inc.	(8)		(122,896	)		83.00	07/17/26		(56,658	)
Fortinet Inc.	(6)		(92,172	)		84.00	07/17/26		(41,895	)
Fortinet Inc.	(5)		(76,810	)		107.00	07/17/26		(23,462	)
Fortinet Inc.	(5)		(76,810	)		129.00	07/17/26		(12,701	)
Fortinet Inc.	(16)		(245,792	)		140.00	07/17/26		(24,822	)
Intuitive Surgical Inc.	(36)		(1,431,648	)		470.00	07/17/26		(5,250	)
Intuitive Surgical Inc.	(1)		(39,768	)		479.00	07/17/26		(105	)
Intuitive Surgical Inc.	(1)		(39,768	)		463.00	07/17/26		(188	)
Intuitive Surgical Inc.	(1)		(39,768	)		454.00	07/17/26		(262	)
Intuitive Surgical Inc.	(1)		(39,768	)		423.00	07/17/26		(786	)

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (continued)

	Number of	Notional			Exercise		Expiration	Market
Description	Contracts	Amount			Price		Date	Value
WRITTEN OPTIONS (continued)
Intuitive Surgical Inc.	(3)	$	(119,304	)	$	420.00	07/17/26	$	(2,608	)
Lululemon Athletica Inc.	(3)		(34,254	)		159.00	07/17/26		(20	)
Lululemon Athletica Inc.	(100)		(1,141,800	)		160.00	07/17/26		(639	)
ON Semiconductor Corp.	(5)		(47,270	)		125.00	07/17/26		(213	)
ON Semiconductor Corp.	(6)		(56,724	)		101.00	07/17/26		(2,356	)
ON Semiconductor Corp.	(17)		(160,718	)		120.00	07/17/26		(1,150	)
ON Semiconductor Corp.	(325)		(3,072,550	)		70.00	07/17/26		(818,126	)
ON Semiconductor Corp.	(9)		(85,086	)		68.00	07/17/26		(24,362	)
ON Semiconductor Corp.	(6)		(56,724	)		99.00	07/17/26		(2,783	)
O’Reilly Automotive Inc.	(6)		(55,254	)		89.00	07/17/26		(2,497	)
O’Reilly Automotive Inc.	(13)		(119,717	)		90.00	07/17/26		(4,434	)
O’Reilly Automotive Inc.	(6)		(55,254	)		92.00	07/17/26		(1,277	)
O’Reilly Automotive Inc.	(5)		(46,045	)		93.00	07/17/26		(810	)
O’Reilly Automotive Inc.	(216)		(1,989,144	)		95.00	07/17/26		(19,187	)
Palo Alto Networks Inc.	(3)		(102,306	)		259.00	07/17/26		(24,773	)
Palo Alto Networks Inc.	(3)		(102,306	)		194.00	07/17/26		(44,146	)
Palo Alto Networks Inc.	(3)		(102,306	)		178.00	07/17/26		(48,929	)
Palo Alto Networks Inc.	(3)		(102,306	)		174.00	07/17/26		(50,125	)
Palo Alto Networks Inc.	(107)		(3,648,914	)		160.00	07/17/26		(1,937,127	)
Sandisk Corp.	(1)		(227,373	)		786.00	07/17/26		(148,918	)
Sandisk Corp.	(49)		(11,141,277	)		930.00	07/17/26		(6,597,652	)
Sandisk Corp.	(1)		(227,373	)		994.00	07/17/26		(128,354	)
Sandisk Corp.	(1)		(227,373	)		1,302.00	07/17/26		(98,439	)
Sandisk Corp.	(2)		(454,746	)		1,500.00	07/17/26		(158,974	)
Sandisk Corp.	(1)		(227,373	)		2,160.00	10/16/26		(60,479	)
ServiceNow Inc.	(14)		(138,992	)		110.00	07/17/26		(2,288	)
ServiceNow Inc.	(4)		(39,712	)		109.00	07/17/26		(728	)
ServiceNow Inc.	(5)		(49,640	)		99.00	07/17/26		(2,552	)
ServiceNow Inc.	(5)		(49,640	)		89.00	07/17/26		(5,839	)
ServiceNow Inc.	(155)		(1,538,840	)		90.00	07/17/26		(168,487	)
ServiceNow Inc.	(5)		(49,640	)		94.00	07/17/26		(3,976	)
Super Micro Computer Inc.	(50)		(146,650	)		40.00	07/17/26		(816	)
Super Micro Computer Inc.	(14)		(41,062	)		42.00	07/17/26		(157	)
Super Micro Computer Inc.	(17)		(49,861	)		34.00	07/17/26		(1,238	)
Super Micro Computer Inc.	(17)		(49,861	)		29.00	07/17/26		(4,047	)
Super Micro Computer Inc.	(575)		(1,686,475	)		27.00	07/17/26		(204,389	)
Super Micro Computer Inc.	(17)		(49,861	)		23.00	07/17/26		(11,442	)
Synopsys Inc.	(1)		(44,607	)		409.00	07/17/26		(4,307	)
Synopsys Inc.	(37)		(1,650,459	)		420.00	07/17/26		(128,253	)
Synopsys Inc.	(3)		(133,821	)		450.00	07/17/26		(5,042	)

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Wahed Alternative Income Index ETF (concluded)

	Number of	Notional			Exercise		Expiration	Market
Description	Contracts	Amount			Price		Date	Value
WRITTEN OPTIONS (continued)
Synopsys Inc.	(1)	$	(44,607	)	$	477.00	07/17/26	$	(732	)
Synopsys Inc.	(1)		(44,607	)		500.00	07/17/26		(339	)
Synopsys Inc.	(1)		(44,607	)		507.00	07/17/26		(272	)
Tesla Inc.	(2)		(84,120	)		442.00	07/17/26		(1,584	)
Tesla Inc.	(1)		(42,060	)		405.00	07/17/26		(2,510	)
Tesla Inc.	(3)		(126,180	)		380.00	07/17/26		(13,333	)
Tesla Inc.	(44)		(1,850,640	)		370.00	07/17/26		(234,724	)
Tesla Inc.	(1)		(42,060	)		342.00	07/17/26		(7,997	)
Tesla Inc.	(1)		(42,060	)		376.00	07/17/26		(4,795	)
The Trade Desk Inc.	(17)		(30,736	)		21.00	07/17/26		(314	)
The Trade Desk Inc.	(556)		(1,005,248	)		22.50	07/17/26		(4,709	)
Uber Technologies Inc.	(7)		(50,512	)		74.00	07/17/26		(1,058	)
Uber Technologies Inc.	(6)		(43,296	)		78.00	07/17/26		(317	)
Uber Technologies Inc.	(7)		(50,512	)		73.00	07/17/26		(1,347	)
Uber Technologies Inc.	(17)		(122,672	)		70.00	07/17/26		(6,115	)
Uber Technologies Inc.	(6)		(43,296	)		71.00	07/17/26		(1,782	)
Uber Technologies Inc.	(233)		(1,681,328	)		72.50	07/17/26		(50,298	)
Vertex Pharmaceuticals Inc.	(1)		(49,673	)		427.00	07/17/26		(7,153	)
Vertex Pharmaceuticals Inc.	(1)		(49,673	)		432.00	07/17/26		(6,667	)
Vertex Pharmaceuticals Inc.	(2)		(99,346	)		447.00	07/17/26		(10,455	)
Vertex Pharmaceuticals Inc.	(3)		(149,019	)		450.00	07/17/26		(14,833	)
Vertex Pharmaceuticals Inc.	(5)		(248,365	)		500.00	10/16/26		(17,162	)
Workday Inc.	(4)		(48,968	)		133.00	07/17/26		(940	)
Workday Inc.	(4)		(48,968	)		118.00	07/17/26		(3,386	)
Workday Inc.	(108)		(1,322,136	)		120.00	07/17/26		(78,810	)
Workday Inc.	(3)		(36,726	)		122.00	07/17/26		(1,874	)
Workday Inc.	(3)		(36,726	)		130.00	07/17/26		(942	)
Workday Inc.	(10)		(122,420	)		140.00	07/17/26		(1,112	)
Total Written Options		$	(69,487,990	)				$	(20,013,079	)

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-056-0200

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Dragon Capital Growth of Vietnam Index ETF ^†

		Value
COMMON STOCK — 75.0% ‡
VIETNAM — 75.0%
Communication Services — 0.3%
Yeah1 Group *	112,007	$	40,526

Consumer Discretionary — 0.2%
Hoang Huy Investment Services JSC *	72,100		31,102

Consumer Staples — 4.9%
DABACO Vietnam Group JSC	227,280		160,236
HAGL JSC *	766,500		445,716
Lix Detergent JSC	17,200		17,650
Nam Viet	32,500		26,248
			649,850
Energy — 1.5%
Petrovietnam Transportation *	264,620		199,636

Financials — 51.6%
Bank for Foreign Trade of Vietnam JSC	438,500		1,036,607
Bank for Investment and Development of Vietnam JSC	262,700		423,331
DSC Securities *	38,000		18,631
Ho Chi Minh City Development Joint Stock Commercial Bank *	1,065,364		1,046,678
Nam A Commercial JSB *	1,012,080		507,742
Saigon - Hanoi Commercial Joint Stock Bank *	998,220		514,067
Saigon Treasure Commercial JSB *	50,900		142,767
Tien Phong Commercial Joint Stock Bank *	865,900		546,299
Vietcap Securities JSC	551,130		510,044
Vietnam Prosperity JSC Bank	1,009,300		1,035,711
VIX Securities JSC *	782,600		502,668
VNDirect Securities	765,800		515,161
			6,799,706
Health Care — 0.5%
Binh Dinh Pharmaceutical & Medical Equipment JSC	15,200		30,040
Imexpharm	26,000		40,712
			70,752
Industrials — 7.8%
Becamex Infrastructure Development JSC	241,400		84,407
Gemadept Group	189,600		530,360
Ha Do Group JSC	195,230		154,335
Hai An Transport & Stevedoring JSC	74,500		147,802
Noibai Cargo Terminal Services JSC, Ser JS	3,600		12,944
Sai Gon Cargo Service	25,200		46,786
Thien Long Group	27,690		51,725
			1,028,359

Schedule of Investments (Unaudited) June 30, 2026

KraneShares Dragon Capital Growth of Vietnam Index ETF ^† (concluded)

		Value
COMMON STOCK (continued)
Information Technology — 0.6%
Elcom Technology Telecommunication JSC *	111,200	$	72,270

Materials — 6.2%
Dong Hai JSC of Bentre	83,710		108,171
Duc Giang Chemicals JSC	96,700		175,674
Hoa Phat Group JSC	573,840		508,161
South Basic Chemicals JSC *	20,500		18,115
			810,121
Real Estate — 1.4%
An Gia Real Estate Investment & Development *	113,800		50,820
Vinhomes JSC	22,100		127,502
			178,322
TOTAL VIETNAM			9,880,644

TOTAL COMMON STOCK (Cost $10,037,484)			9,880,644

EXCHANGE-TRADED FUND — 24.0%
Foreign Equity — 24.0%
DCVFMVN Diamond ETF *	2,295,900		3,163,990
TOTAL EXCHANGE-TRADED FUND (Cost $3,391,424)			3,163,990

TOTAL INVESTMENTS — 99.0% (Cost $13,428,908)			13,044,634
OTHER ASSETS LESS LIABILITIES – 1.0%			130,971
NET ASSETS - 100%		$	13,175,605

†	Formerly KraneShares Dragon Capital Vietnam Growth Index ETF, effective June 1, 2026.
‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.

See “Glossary” for abbreviations.

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

KRS-QH-055-0200

Schedule of Investments (Unaudited) June 30, 2026

KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF

		Value
COMMON STOCK — 107.7% ‡
BRAZIL — 0.5%
Consumer Discretionary — 0.5%
MercadoLibre *	7	$	11,882
TOTAL BRAZIL			11,882

CANADA — 0.8%
Industrials — 0.1%
Thomson Reuters	47		3,838

Information Technology — 0.7%
Shopify, Cl A *	149		17,013

TOTAL CANADA			20,851

CHINA — 0.2%
Consumer Discretionary — 0.2%
PDD Holdings ADR *	82		6,255
TOTAL CHINA			6,255

NETHERLANDS — 1.4%
Information Technology — 1.4%
ASML Holding, Cl G	11		21,884
Nebius Group, Cl A *	26		7,180
NXP Semiconductors	31		8,712
TOTAL NETHERLANDS			37,776

UNITED KINGDOM — 0.2%
Consumer Staples — 0.2%
Coca-Cola Europacific Partners	55		5,504
TOTAL UNITED KINGDOM			5,504

UNITED STATES — 104.6%
Communication Services — 12.9%
Alphabet, Cl A	251		89,700
Alphabet, Cl C	237		83,739
Comcast, Cl A	437		10,728
Electronic Arts	31		6,356
Meta Platforms, Cl A	131		73,791
Netflix *	515		36,771
Take-Two Interactive Software *	23		5,750
T-Mobile US	133		22,308
Warner Bros Discovery *	307		8,185
			337,328
Consumer Discretionary — 10.8%
Airbnb, Cl A *	52		7,441
Amazon.com *	473		112,735
Booking Holdings	95		16,933

Schedule of Investments (Unaudited) June 30, 2026

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

		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
DoorDash, Cl A *	51	$	9,411
Marriott International, Cl A	33		12,229
O’Reilly Automotive *	102		9,393
Ross Stores	40		8,514
Starbucks	140		14,307
Tesla *	215		90,429
			281,392
Consumer Staples — 6.6%
Costco Wholesale	55		51,451
Keurig Dr Pepper	167		5,466
Kraft Heinz	143		3,378
Mondelez International, Cl A	158		9,139
Monster Beverage *	120		11,534
PepsiCo	168		22,747
Walmart	598		67,729
			171,444
Energy — 0.5%
Baker Hughes, Cl A	123		6,827
Diamondback Energy	35		6,152
			12,979
Financials — 0.2%
PayPal Holdings	108		4,663

Health Care — 3.9%
Alnylam Pharmaceuticals *	17		5,118
Amgen	67		24,262
Dexcom *	47		3,165
GE HealthCare Technologies	56		3,585
Gilead Sciences	152		19,204
IDEXX Laboratories *	10		5,264
Intuitive Surgical *	44		17,498
Regeneron Pharmaceuticals	13		8,106
Vertex Pharmaceuticals *	32		15,895
			102,097
Industrials — 3.6%
Automatic Data Processing	50		11,197
Axon Enterprise *	10		5,606
Cintas	50		8,504
Copart *	114		3,214
CSX	227		10,789
Fastenal	141		6,772
Ferrovial	89		6,106
Honeywell Aerospace *	39		8,622
Honeywell International	39		8,732

Schedule of Investments (Unaudited) June 30, 2026

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

		Value
COMMON STOCK (continued)
Industrials (continued)
Old Dominion Freight Line	26	$	5,632
PACCAR	65		7,808
Paychex	44		4,327
Rocket Lab *	71		7,217
			94,526
Information Technology — 63.8%
Adobe *	50		10,251
Advanced Micro Devices *	199		115,601
Analog Devices	60		23,830
Apple	652		188,663
Applied Materials	94		67,962
AppLovin, Cl A *	38		19,579
ARM Holdings ADR *	52		18,438
Astera Labs *	20		9,660
Autodesk *	26		5,055
Broadcom	210		79,328
Cadence Design Systems *	34		12,761
Cisco Systems	482		56,616
CoreWeave, Cl A *	54		5,375
Crowdstrike Holdings, Cl A *	31		23,657
Datadog, Cl A *	41		10,675
Fortinet *	90		13,826
Intel *	616		86,012
Intuit	34		8,874
KLA	155		46,765
Lam Research	145		62,833
Lumentum Holdings *	9		7,723
Marvell Technology	107		31,874
Microchip Technology	67		6,110
Micron Technology	139		160,446
Microsoft	330		123,097
Monolithic Power Systems	6		8,294
NVIDIA	1,072		214,496
Palantir Technologies, Cl A *	282		32,901
Palo Alto Networks *	95		32,397
QUALCOMM	130		24,023
Roper Technologies	13		4,399
Sandisk *	18		40,927
Seagate Technology Holdings	27		26,055
Strategy, Cl A *	40		3,477
Synopsys *	24		10,706
Teradyne	19		9,193
Texas Instruments	112		33,384
Western Digital	42		26,826

Schedule of Investments (Unaudited) June 30, 2026

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

		Value
COMMON STOCK (continued)
Information Technology (continued)
Workday, Cl A *	25	$	3,060
			1,665,149
Materials — 1.1%
Linde	57		29,580

Utilities — 1.2%
American Electric Power	67		9,166
Constellation Energy	45		11,177
Exelon	126		5,874
Xcel Energy	77		6,183
			32,400
TOTAL UNITED STATES			2,731,558

TOTAL COMMON STOCK (Cost $2,450,658)			2,813,826

TOTAL INVESTMENTS — 107.7% (Cost $2,450,658)			2,813,826
OTHER ASSETS LESS LIABILITIES – (0.7)%			(201,703	)
NET ASSETS - 100%		$	2,612,123

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

A list of the open OTC Swap agreement held by the Fund at June 30, 2026 is as follows:

		Reference Entity/		Fund		Payment		Termination				Notional						Upfront Payments/				Net Unrealized Appreciation
Counterparty		Obligation		Receives		Frequency		Date		Currency		Amount		Value				Receipts				(Depreciation)
Goldman Sachs		Nasdaq InspereX Dynamic Buffered High Income Option Only Index		Total Return		At Termination		01/08/2029		USD		2,719,108		$	(184,057	)		$	—			$	(2,903,165	)

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-054-0200

Schedules of Investments/Consolidated Schedule of Investments (Unaudited) June 30, 2026

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

Fund Abbreviations

ADR — American Depositary Receipt

AUD — Australian Dollar

BVI — Business Volume Indicator

CAD — Canadian Dollar

Cl — Class

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

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

H15T3Y — United States Treasury Yield Curve Rate Treasury Note Constant Maturity 3 Year

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

PTY — Proprietary

Ser — Series

SPDR — Standard & Poor’s Depositary Receipts

USD — United States Dollar

WTI — West Texas Intermediate