Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — 99.7%‡
CHINA — 99.7%
Communication Services — 4.8%
Focus Media Information Technology, Cl A		464,600	$	676,673
Consumer Discretionary — 35.1%
Anhui Xinhua Media, Cl A		26,900		19,652
Anhui Zhongding Sealing Parts, Cl A		33,100		61,888
Changchun Faway Automobile Components, Cl A		24,300		38,326
Chongqing Department Store, Cl A		9,200		39,088
Dashang, Cl A		9,300		29,883
FAWER Automotive Parts, Cl A		31,900		31,451
Fuyao Glass Industry Group, Cl A		63,400		548,053
Great Wall Motor, Cl A		55,100		371,748
Gree Electric Appliances of Zhuhai, Cl A		81,935		660,720
Guangzhou Automobile Group, Cl A		98,400		197,231
Guangzhou Shangpin Home Collection, Cl A		4,460		61,100
Haier Smart Home, Cl A		157,500		631,624
Hisense Home Appliances Group, Cl A		20,400		45,373
Huayu Automotive Systems, Cl A		71,200		289,501
KingClean Electric, Cl A		3,700		35,638
Lao Feng Xiang, Cl A		5,700		46,732
Loncin Motor, Cl A		46,400		26,070
Luolai Lifestyle Technology, Cl A		18,700		38,755
Markor International Home Furnishings, Cl A *		51,500		33,558
Rainbow Digital Commercial, Cl A		21,700		22,033
SAIC Motor, Cl A		158,500		538,976
TCL Technology Group, Cl A		522,500		618,669
Vatti, Cl A		31,500		35,201
Wanxiang Qianchao, Cl A		59,800		49,148
Weifu High-Technology Group, Cl A		22,700		73,186
Wuchan Zhongda Group, Cl A		137,300		167,246
Wuhan Department Store Group, Cl A		20,900		37,848
Xiamen Comfort Science & Technology Group, Cl A		19,800		69,352
Zhejiang Meida Industrial, Cl A		11,700		33,103
Zhejiang Semir Garment, Cl A		36,600		67,695
Zhejiang Wanfeng Auto Wheel, Cl A		69,200		59,980
				4,978,828
Consumer Staples — 8.2%
Anhui Kouzi Distillery, Cl A		16,300		170,774
Anhui Yingjia Distillery, Cl A		10,800		74,052
Inner Mongolia Yili Industrial Group, Cl A		126,400		720,542
Opple Lighting, Cl A		6,800		27,018
Sichuan Swellfun, Cl A		8,800		172,095
				1,164,481

1

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — continued
Energy — 0.7%
Yanzhou Coal Mining, Cl A		40,400	$	96,047
Financials — 11.5%
China Life Insurance, Cl A		75,300		394,982
Guotai Junan Securities, Cl A		200,200		531,111
Haitong Securities, Cl A		396,797		706,279
				1,632,372
Health Care — 2.4%
China Animal Healthcare *(A)(B)(C)		4,000		—
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		31,800		166,608
Shanghai Pharmaceuticals Holding, Cl A		52,200		170,719
				337,327
Industrials — 22.0%
Anhui Construction Engineering Group, Cl A		54,400		32,669
Camel Group, Cl A		30,400		54,440
China Railway Group, Cl A		460,400		373,402
China State Construction Engineering, Cl A		948,500		682,654
CNHTC Jinan Truck, Cl A		11,400		47,747
Daqin Railway, Cl A		239,100		243,509
Dare Power Dekor Home, Cl A		14,800		27,214
Fujian Longking, Cl A		33,900		44,704
Jiangsu Expressway, Cl A		22,400		33,838
Ningbo Construction, Cl A		30,800		17,543
Ningbo Zhoushan Port, Cl A		107,100		65,478
Shandong Hi-speed, Cl A		28,200		26,843
Shanghai International Port Group, Cl A		157,100		115,986
Shanghai Mechanical and Electrical Industry, Cl A		14,600		36,721
Shanghai Waigaoqiao Free Trade Zone Group, Cl A		16,900		38,661
Sinoma International Engineering, Cl A		47,100		66,850
Sinosteel Engineering & Technology, Cl A		28,400		41,803
Sinotrans, Cl A		71,300		55,730
Tian Di Science & Technology, Cl A		74,900		45,212
Titan Wind Energy Suzhou, Cl A		40,700		54,491
Tongling Jingda Special Magnet Wire, Cl A		60,800		60,039
Weichai Power, Cl A		214,700		593,837
Yutong Bus, Cl A		61,294		118,493
ZBOM Home Collection, Cl A		7,080		35,023
Zhuzhou Kibing Group, Cl A		72,800		209,132
				3,122,019
Information Technology — 0.9%
Accelink Technologies, Cl A		19,000		72,343
Hanergy Thin Film Power Group *(A)(B)(C)		65,064		—
Shenzhen SDG Information, Cl A *		26,200		32,928
Skyworth Digital, Cl A		19,200		25,290
				130,561

2

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — continued
Materials — 12.7%
Anhui Truchum Advanced Materials & Technology, Cl A		36,200	$	48,914
China Jushi, Cl A		108,628		260,774
China Lumena New Materials *(A)(B)(C)		718		—
DeHua TB New Decoration Materials, Cl A		24,600		37,542
Fangda Special Steel Technology, Cl A		48,800		51,210
Hoshine Silicon Industry, Cl A		8,500		101,184
ORG Technology, Cl A		76,400		60,781
Sansteel Minguang Fujian, Cl A		55,400		57,794
Shandong Chenming Paper Holdings, Cl A		55,300		69,672
Shanying International Holding, Cl A		146,200		78,069
Tianhe Chemicals Group *(A)(B)(C)		40,000		—
Wanhua Chemical Group, Cl A		43,800		737,723
Xinfengming Group, Cl A		25,400		79,807
Xinyangfeng Agricultural Technology, Cl A		29,500		71,366
Xinyu Iron & Steel, Cl A		72,000		62,184
Zibo Qixiang Tengda Chemical, Cl A		43,600		83,814
				1,800,834
Real Estate — 0.7%
Financial Street Holdings, Cl A		54,000		56,417
Shenzhen Huaqiang Industry, Cl A		14,200		37,165
				93,582
Utilities — 0.7%
Shenergy, Cl A		111,000		105,488
TOTAL CHINA				14,138,212
TOTAL COMMON STOCK
(Cost $13,992,557)				14,138,212
TOTAL INVESTMENTS — 99.7%
(Cost $13,992,557)				14,138,212
OTHER ASSETS LESS LIABILITIES  — 0.3%				40,980
NET ASSETS — 100%			$	14,179,192

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2021 was $0 and represents 0.0% of Net Assets.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid.  The total value of such securities as of June 30, 2021 was $0 and represents 0.0% of Net Assets.

Cl — Class

3

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China Leaders 100 Index ETF

The following summarizes the market value of the Fund’s investments used as of June 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	676,673	$	—	$	—	$	676,673
Consumer Discretionary		4,978,828		—		—		4,978,828
Consumer Staples		1,164,481		—		—		1,164,481
Energy		96,047		—		—		96,047
Financials		1,632,372		—		—		1,632,372
Health Care		337,327		—		—		337,327
Industrials		3,122,019		—		—		3,122,019
Information Technology		130,561		—		—		130,561
Materials		1,800,834		—		—		1,800,834
Real Estate		93,582		—		—		93,582
Utilities		105,488		—		—		105,488
Total Common Stock		14,138,212		—		—		14,138,212
Total Investments in Securities	$	14,138,212	$	—	$	—	$	14,138,212

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-001-1600

4

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 98.6%‡
CHINA — 98.2%
Communication Services — 35.3%
Archosaur Games (A)		2,576,000	$	4,922,557
Autohome ADR		647,229		41,396,767
Baidu ADR *		999,122		203,720,976
Bilibili ADR *		1,757,370		214,117,961
China Literature * (A)		4,923,000		54,739,797
DouYu International Holdings ADR *		1,612,859		11,031,955
HUYA ADR * (A)		730,295		12,889,707
iQIYI ADR *		3,709,243		57,790,006
JOYY ADR		576,585		38,037,312
Kuaishou Technology, Cl B *		7,066,000		177,244,835
Momo ADR *		1,420,752		21,751,713
NetEase ADR		1,616,723		186,327,326
Tencent Holdings		6,064,575		456,062,350
Tencent Music Entertainment Group ADR *		6,403,507		99,126,288
Weibo ADR *		692,821		36,456,241
XD *		2,554,200		22,529,755
Zhihu ADR * (A)		4,228,210		57,334,528
				1,695,480,074
Consumer Discretionary — 44.6%
17 Education & Technology Group ADR * (A)		1,866,721		6,813,532
Alibaba Group Holding *		800		22,663
Alibaba Group Holding ADR *		1,909,904		433,128,029
Baozun ADR *		593,155		21,021,413
Dada Nexus ADR *		918,538		26,646,787
Gaotu Techedu ADR * (A)		1,458,200		21,537,614
JD Health International * (A)		12,325,100		176,643,076
JD.com ADR *		3,622,226		289,089,857
Koolearn Technology Holding *		4,147,500		5,196,492
Meituan, Cl B *		9,734,100		401,605,187
Pinduoduo ADR *		2,517,160		319,729,663
TAL Education Group ADR *		4,886,397		123,283,796
Tongcheng-Elong Holdings *		11,473,400		28,720,990
Trip.com Group ADR *		4,964,528		176,042,163
Vipshop Holdings ADR *		4,554,065		91,445,625
Youdao ADR * (A)		826,096		19,074,557
				2,140,001,444
Financials — 3.5%
360 DigiTech ADR *		1,151,809		48,191,689
Lufax Holding ADR * (A)		6,932,770		78,340,301
ZhongAn Online P&C Insurance, Cl H * (A)		6,932,900		39,236,008
				165,767,998

5

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 3.8%
Alibaba Health Information Technology *		39,158,000	$	86,828,970
Ping An Healthcare and Technology * (A)		5,544,400		69,038,609
Yidu Tech * (A)		5,414,300		28,445,494
				184,313,073
Industrials — 0.6%
51job ADR *		339,899		26,433,945
Information Technology — 6.3%
21Vianet Group ADR *		1,354,311		31,081,437
Agora ADR * (A)		877,811		36,832,950
Chindata Group Holdings ADR *		1,463,295		22,081,122
Kingsoft		9,389,000		56,279,474
Kingsoft Cloud Holdings ADR *		996,878		33,824,070
Ming Yuan Cloud Group Holdings		11,226,000		55,726,327
Weimob *		23,536,000		51,885,669
Yeahka * (A)		2,408,000		15,147,189
				302,858,238
Real Estate — 4.1%
KE Holdings ADR *		4,133,247		197,073,217
TOTAL CHINA				4,711,927,989
HONG KONG — 0.4%
Communication Services — 0.4%
Alibaba Pictures Group *		143,954,000		20,019,743
TOTAL HONG KONG				20,019,743
TOTAL COMMON STOCK
(Cost $5,003,444,684)				4,731,947,732
SHORT-TERM INVESTMENT(B)(C) — 3.7%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%		178,147,417		178,147,417
TOTAL SHORT-TERM INVESTMENT
(Cost $178,147,417)				178,147,417
TOTAL INVESTMENTS — 102.3%
(Cost $5,181,592,101)				4,910,095,149
OTHER ASSETS LESS LIABILITIES — (2.3)%				(109,675,527	)
NET ASSETS — 100%			$	4,800,419,622

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at June 30, 2021.  The total market value of securities on loan at June 30, 2021 was $171,149,340.
(B)	The rate shown is the 7-day effective yield as of June 30, 2021.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2021 was $178,147,417.

ADR — American Depositary Receipt

Cl — Class

6

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CSI China Internet ETF

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-002-1600

7

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — 99.8%‡
CHINA — 99.8%
Communication Services — 1.3%
Beijing Enlight Media, Cl A		381,359	$	638,073
China South Publishing & Media Group, Cl A		231,311		315,773
Focus Media Information Technology, Cl A		1,883,532		2,743,298
G-bits Network Technology Xiamen, Cl A		9,308		763,559
Giant Network Group, Cl A		217,187		447,091
Kunlun Tech, Cl A		150,914		382,608
Leo Group, Cl A		869,706		314,991
Mango Excellent Media, Cl A		228,420		2,425,317
NanJi E-Commerce, Cl A		315,993		477,840
Perfect World, Cl A		252,201		933,333
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A		274,531		1,020,645
Zhejiang Century Huatong Group, Cl A *		968,765		962,640
				11,425,168
Consumer Discretionary — 7.9%
BYD, Cl A		232,609		9,036,715
Changzhou Xingyu Automotive Lighting Systems, Cl A		35,401		1,236,790
China Tourism Group Duty Free, Cl A		250,503		11,635,613
Chongqing Changan Automobile, Cl A		572,534		2,328,826
Ecovacs Robotics, Cl A		60,355		2,130,644
FAW Jiefang Group, Cl A		403,003		674,910
Fuyao Glass Industry Group, Cl A		256,989		2,221,509
Great Wall Motor, Cl A		285,843		1,928,523
Guangdong Xinbao Electrical Appliances Holdings, Cl A		106,400		432,296
Haier Smart Home, Cl A		809,475		3,246,244
Hang Zhou Great Star Industrial, Cl A *		148,600		783,842
Hangzhou Robam Appliances, Cl A		123,326		887,601
Huayu Automotive Systems, Cl A		404,579		1,645,029
Huizhou Desay Sv Automotive, Cl A		59,600		1,015,465
Jason Furniture Hangzhou, Cl A		82,177		982,942
Joyoung, Cl A		99,687		501,301
Kuang-Chi Technologies, Cl A *		279,990		901,831
Liaoning Cheng Da, Cl A		198,809		640,352
Midea Group, Cl A		451,839		4,991,255
NavInfo, Cl A *		296,579		674,789
Ningbo Joyson Electronic, Cl A		176,175		695,882
Ningbo Tuopu Group, Cl A		143,220		829,725
Offcn Education Technology, Cl A *		293,995		950,580
Oppein Home Group, Cl A		64,305		1,412,932
SAIC Motor, Cl A		999,513		3,398,826
Sailun Group, Cl A		398,835		616,693
Shandong Linglong Tyre, Cl A		176,288		1,193,471
Shanghai Jinjiang International Hotels, Cl A		118,800		1,047,178
Shanghai Yuyuan Tourist Mart Group, Cl A		420,669		754,630
Shenzhen MTC, Cl A *		582,900		547,637

8

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Shenzhen Overseas Chinese Town, Cl A		1,052,482	$	1,211,987
Songcheng Performance Development, Cl A		339,881		883,785
Suning.com, Cl A *(A)(B)(C)		1,230,359		1,056,903
Suofeiya Home Collection, Cl A		58,684		219,809
TCL Technology Group, Cl A		1,800,500		2,131,891
Wangfujing Group, Cl A		99,937		446,718
Weifu High-Technology Group, Cl A		107,674		347,144
Wuchan Zhongda Group, Cl A		651,830		793,998
Xiamen Intretech, Cl A		83,858		505,028
Zhejiang Semir Garment, Cl A		289,488		535,437
Zhejiang Supor, Cl A		71,165		702,634
				68,179,365
Consumer Staples — 18.2%
Angel Yeast, Cl A		107,110		901,529
Anhui Gujing Distillery, Cl A		49,250		1,825,669
Anhui Kouzi Distillery, Cl A		77,958		816,762
Beijing Dabeinong Technology Group, Cl A		545,300		573,925
Beijing Shunxin Agriculture, Cl A		96,390		629,287
Beijing Yanjing Brewery, Cl A		362,942		406,711
By-health, Cl A		220,998		1,125,368
C&S Paper, Cl A		170,458		726,857
Chacha Food, Cl A		65,215		435,046
Chongqing Brewery, Cl A *		62,088		1,902,276
Chongqing Fuling Zhacai Group, Cl A *		115,383		672,562
DaShenLin Pharmaceutical Group, Cl A		102,753		812,850
Foshan Haitian Flavouring & Food, Cl A		450,469		8,990,768
Fu Jian Anjoy Foods, Cl A		30,751		1,209,031
Fujian Sunner Development, Cl A		161,933		598,522
Guangdong Haid Group, Cl A		213,229		2,693,065
Heilongjiang Agriculture, Cl A		228,900		530,014
Henan Shuanghui Investment & Development, Cl A		370,497		1,823,569
Inner Mongolia Yili Industrial Group, Cl A		780,475		4,449,088
Jiangsu King’s Luck Brewery JSC, Cl A		160,907		1,348,851
Jiangsu Yanghe Brewery Joint-Stock, Cl A		193,418		6,202,931
Jiangxi Zhengbang Technology, Cl A		402,913		745,229
JiuGui Liquor, Cl A		41,700		1,649,708
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A		103,614		673,883
Juewei Food, Cl A		79,100		1,031,960
Kweichow Moutai, Cl A		161,189		51,311,735
Laobaixing Pharmacy Chain JSC, Cl A		52,560		428,560
Luzhou Laojiao, Cl A		187,946		6,863,490
Muyuan Foods, Cl A		675,345		6,357,442
New Hope Liuhe, Cl A *		578,251		1,312,976
Proya Cosmetics, Cl A		25,959		790,359
Qianhe Condiment and Food, Cl A		102,800		418,307
Shanghai Bailian Group, Cl A		208,500		650,267
Shanghai Bairun Investment Holding Group, Cl A		96,234		1,411,892

9

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Shanghai Jahwa United, Cl A		88,100	$	820,067
Shanxi Xinghuacun Fen Wine Factory, Cl A		111,826		7,754,096
Sichuan Swellfun, Cl A		63,421		1,240,278
Toly Bread, Cl A		123,836		598,014
Tongwei, Cl A		577,680		3,868,874
Tsingtao Brewery, Cl A		91,024		1,629,341
Wens Foodstuffs Group		817,841		1,819,014
Wuliangye Yibin, Cl A		498,179		22,969,507
Yifeng Pharmacy Chain, Cl A		89,806		779,652
Yihai Kerry Arawana Holdings, Cl A		162,315		2,134,438
Yixintang Pharmaceutical Group, Cl A		76,700		393,066
Yonghui Superstores, Cl A		1,237,054		905,650
Yuan Longping High-tech Agriculture, Cl A *		169,557		420,950
				157,653,436
Energy — 1.8%
China Merchants Energy Shipping, Cl A		1,051,410		751,839
China Petroleum & Chemical, Cl A		4,087,384		2,758,305
China Shenhua Energy, Cl A		846,378		2,557,140
COSCO SHIPPING Energy Transportation, Cl A		446,404		425,617
Guanghui Energy, Cl A *		869,529		448,166
Offshore Oil Engineering, Cl A		569,240		396,478
PetroChina, Cl A		2,770,395		2,268,337
Shaanxi Coal Industry, Cl A		1,283,198		2,353,545
Shanxi Coking Coal Energy Group, Cl A		532,492		684,896
Shanxi Lu’an Environmental Energy Development, Cl A		388,862		710,813
Shanxi Meijin Energy, Cl A *		550,300		643,919
Yantai Jereh Oilfield Services Group, Cl A		124,459		861,081
Yanzhou Coal Mining, Cl A		322,003		765,528
				15,625,664
Financials — 19.4%
Agricultural Bank of China, Cl A		9,558,607		4,482,781
AVIC Industry-Finance Holdings, Cl A		1,159,552		694,563
Bank of Beijing, Cl A		2,713,098		2,045,054
Bank of Chengdu, Cl A		469,600		918,725
Bank of China, Cl A		4,507,600		2,148,852
Bank of Communications, Cl A		5,036,699		3,819,904
Bank of Hangzhou, Cl A		760,980		1,737,303
Bank of Jiangsu, Cl A		1,895,253		2,082,744
Bank of Nanjing, Cl A		1,284,126		2,090,902
Bank of Ningbo, Cl A		770,944		4,650,114
Bank of Shanghai, Cl A		1,823,001		2,313,721
BOC International China, Cl A		241,000		768,040
Caitong Securities, Cl A		466,508		757,434
Changjiang Securities, Cl A		718,872		814,466
China Construction Bank, Cl A		1,231,326		1,267,375

10

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Everbright Bank, Cl A		5,306,484	$	3,104,624
China Galaxy Securities, Cl A		558,649		932,112
China Great Wall Securities, Cl A		333,068		573,771
China Life Insurance, Cl A		356,339		1,869,154
China Merchants Bank, Cl A		2,644,401		22,179,759
China Merchants Securities, Cl A		952,447		2,803,894
China Minsheng Banking, Cl A		4,550,540		3,106,075
China Pacific Insurance Group, Cl A		878,340		3,938,415
China Zheshang Bank, Cl A		2,145,200		1,318,162
Chongqing Rural Commercial Bank, Cl A		1,149,600		709,954
CITIC Securities, Cl A		1,366,410		5,274,579
CSC Financial, Cl A		555,700		2,703,306
Dongxing Securities, Cl A		358,910		607,178
East Money Information, Cl A		1,326,319		6,731,312
Everbright Securities, Cl A		501,433		1,388,461
First Capital Securities, Cl A		546,917		604,408
Founder Securities, Cl A		1,056,311		1,530,305
GF Securities, Cl A		759,596		1,779,996
Guangzhou Yuexiu Financial Holdings Group, Cl A		236,296		463,020
Guolian Securities, Cl A		207,600		494,832
Guosen Securities, Cl A		822,516		1,368,558
Guotai Junan Securities, Cl A		964,614		2,559,026
Guoyuan Securities, Cl A		567,263		699,767
Haitong Securities, Cl A		1,238,887		2,205,159
Hithink RoyalFlush Information Network, Cl A		69,800		1,218,422
Huaan Securities, Cl A		614,340		529,632
Huatai Securities, Cl A		944,095		2,308,783
Huaxi Securities, Cl A		338,031		503,841
Huaxia Bank, Cl A		1,645,515		1,576,533
Hubei Biocause Pharmaceutical, Cl A		636,145		356,431
Industrial & Commercial Bank of China, Cl A		8,072,626		6,459,750
Industrial Bank, Cl A		2,665,722		8,478,852
Industrial Securities, Cl A		859,258		1,284,728
Jiangsu Changshu Rural Commercial Bank, Cl A		352,849		338,603
Nanjing Securities, Cl A		479,140		780,168
New China Life Insurance, Cl A		267,666		1,902,001
Northeast Securities, Cl A		301,364		394,147
Orient Securities, Cl A		775,635		1,199,314
Pacific Securities, Cl A *		877,600		460,476
People’s Insurance Group of China, Cl A		769,094		705,902
Ping An Bank, Cl A		2,490,141		8,718,201
Ping An Insurance Group of China, Cl A		1,390,034		13,829,664
Postal Savings Bank of China, Cl A		3,412,500		2,651,470
Qingdao Rural Commercial Bank, Cl A		715,249		473,818
SDIC Capital, Cl A		835,293		1,097,633
Sealand Securities, Cl A		700,947		460,004
Shanghai Pudong Development Bank, Cl A		3,766,487		5,829,708
Shanxi Securities, Cl A		462,195		480,019

11

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Shenwan Hongyuan Group, Cl A		2,891,781	$	2,094,699
Sinolink Securities, Cl A		393,200		772,298
SooChow Securities, Cl A		504,393		651,096
Southwest Securities, Cl A		863,800		651,107
Tianfeng Securities, Cl A *		1,126,500		847,379
Western Securities, Cl A		580,933		741,806
Zheshang Securities, Cl A *		504,082		1,020,515
				168,354,805
Health Care — 12.0%
Aier Eye Hospital Group, Cl A		685,853		7,534,898
Apeloa Pharmaceutical, Cl A		153,297		697,575
Asymchem Laboratories Tianjin, Cl A		31,124		1,794,934
Autobio Diagnostics, Cl A		76,182		893,429
Beijing Tiantan Biological Products, Cl A		178,433		945,902
Betta Pharmaceuticals, Cl A		53,700		899,648
BGI Genomics, Cl A		53,820		987,958
CanSino Biologics, Cl A *		12,274		1,477,569
Changchun High & New Technology Industry Group, Cl A		51,862		3,106,495
China National Medicines, Cl A		97,200		497,370
China Resources Sanjiu Medical & Pharmaceutical, Cl A		126,047		521,875
Chongqing Zhifei Biological Products, Cl A		205,313		5,933,909
Daan Gene, Cl A		180,741		594,185
Dong-E-E-Jiao, Cl A		500		2,779
Dong-E-E-Jiao, Cl E		83,709		465,262
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		182,839		957,939
Guangzhou Kingmed Diagnostics Group, Cl A		58,939		1,457,500
Guangzhou Wondfo Biotech, Cl A		57,882		579,550
Hangzhou Tigermed Consulting, Cl A		48,110		1,439,387
Huadong Medicine, Cl A		224,539		1,599,022
Hualan Biological Engineering, Cl A		234,157		1,329,373
Humanwell Healthcare Group, Cl A		212,300		928,937
Intco Medical Technology, Cl A		45,754		883,800
Jafron Biomedical, Cl A		102,547		1,370,711
Jiangsu Hengrui Medicine, Cl A		821,076		8,637,955
Jiangsu Yuyue Medical Equipment & Supply, Cl A		130,236		768,614
Jilin Aodong Pharmaceutical Group, Cl A		149,695		358,897
Joincare Pharmaceutical Group Industry, Cl A		251,734		534,962
Joinn Laboratories China, Cl A		29,600		841,840
Jointown Pharmaceutical Group, Cl A		241,277		573,984
Lepu Medical Technology Beijing, Cl A		231,611		1,151,450
Livzon Pharmaceutical Group, Cl A		80,493		623,178
Maccura Biotechnology, Cl A		71,716		467,203
Meinian Onehealth Healthcare Holdings, Cl A *		508,808		717,435
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		101,180		653,825
Ovctek China, Cl A		109,240		1,750,822
Pharmaron Beijing, Cl A		84,700		2,844,680

12

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Shandong Buchang Pharmaceuticals, Cl A		147,055	$	511,894
Shandong Pharmaceutical Glass		76,609		402,559
Shanghai Fosun Pharmaceutical Group, Cl A		258,024		2,880,622
Shanghai Pharmaceuticals Holding, Cl A		249,959		817,483
Shanghai RAAS Blood Products, Cl A		876,245		1,015,822
Shenzhen Hepalink Pharmaceutical Group, Cl A		133,800		329,899
Shenzhen Kangtai Biological Products, Cl A		87,918		2,027,563
Shenzhen Mindray Bio-Medical Electronics, Cl A		156,051		11,594,803
Shenzhen Salubris Pharmaceuticals, Cl A *		138,266		704,080
Shijiazhuang Yiling Pharmaceutical, Cl A		156,469		706,197
Sichuan Kelun Pharmaceutical, Cl A		187,070		577,641
Tonghua Dongbao Pharmaceutical, Cl A		261,806		483,831
Topchoice Medical, Cl A *		41,106		2,614,914
Walvax Biotechnology, Cl A		198,044		1,891,286
Winning Health Technology Group, Cl A		277,363		698,468
WuXi AppTec, Cl A		328,642		7,965,214
Yifan Pharmaceutical, Cl A		159,021		424,575
Yunnan Baiyao Group, Cl A		163,981		2,937,056
Zhangzhou Pientzehuang Pharmaceutical, Cl A		77,450		5,374,035
Zhejiang Huahai Pharmaceutical, Cl A		187,322		605,382
Zhejiang Jiuzhou Pharmaceutical, Cl A		108,092		812,758
Zhejiang NHU, Cl A		330,861		1,468,707
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		68,091		675,762
				104,345,403
Industrials — 13.3%
AECC Aero-Engine Control, Cl A		147,100		474,255
AECC Aviation Power, Cl A		342,045		2,815,941
Air China, Cl A *		851,310		1,025,127
AVIC Electromechanical Systems, Cl A		504,993		787,091
AVICOPTER, Cl A		76,600		625,287
Beijing New Building Materials, Cl A		216,828		1,317,242
Beijing Originwater Technology, Cl A		407,478		461,032
Beijing United Information Technology, Cl A		44,700		691,652
Beijing-Shanghai High Speed Railway, Cl A		5,251,100		4,299,484
China Eastern Airlines, Cl A *		1,456,300		1,145,051
China National Chemical Engineering, Cl A		633,000		858,259
China Railway Group, Cl A		2,613,100		2,119,326
China Southern Airlines, Cl A *		1,311,702		1,222,199
China State Construction Engineering, Cl A		4,000,000		2,878,878
Contemporary Amperex Technology, Cl A		298,933		24,744,324
COSCO SHIPPING Holdings, Cl A *		1,242,064		5,871,153
Dongfang Electric, Cl A		361,786		614,284
Eve Energy, Cl A		242,445		3,899,999
Fangda Carbon New Material, Cl A		494,762		569,743
Gotion High-tech, Cl A *		166,468		1,122,352
Guangdong Kinlong Hardware Products, Cl A		41,718		1,252,990
Hangzhou Oxygen Plant Group, Cl A		125,500		671,900

13

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Hefei Meiya Optoelectronic Technology, Cl A		87,924	$	758,823
Hongfa Technology, Cl A		96,872		940,105
Jiangsu Hengli Hydraulic, Cl A		167,510		2,227,642
Jiangsu Zhongtian Technology, Cl A		398,577		616,911
Metallurgical Corp of China, Cl A		2,320,721		1,070,409
Ming Yang Smart Energy Group, Cl A		253,900		636,238
NARI Technology, Cl A		711,701		2,560,024
Power Construction Corp of China, Cl A		1,988,691		1,191,211
Riyue Heavy Industry, Cl A		124,600		522,248
Sany Heavy Industry, Cl A		1,088,629		4,898,186
SF Holding, Cl A		584,659		6,126,348
Shanghai Construction Group, Cl A		1,146,430		489,741
Shanghai Electric Group, Cl A		1,384,644		908,687
Shanghai International Airport, Cl A *		123,659		921,196
Shanghai International Port Group, Cl A		1,205,008		889,649
Shanghai M&G Stationery, Cl A		118,955		1,556,891
Shenzhen Inovance Technology, Cl A		331,011		3,804,589
Sichuan Road & Bridge, Cl A		621,800		603,432
Sinotrans, Cl A		563,922		440,778
Spring Airlines, Cl A *		119,161		1,049,438
Sungrow Power Supply, Cl A		186,978		3,329,855
Sunwoda Electronic, Cl A		204,700		1,031,603
Suzhou Gold Mantis Construction Decoration, Cl A		345,541		423,580
Suzhou Maxwell Technologies, Cl A		13,420		944,469
TBEA, Cl A		482,889		960,419
Topsec Technologies Group, Cl A		151,570		463,800
Weichai Power, Cl A		870,471		2,407,627
Wuxi Shangji Automation, Cl A		35,800		991,574
XCMG Construction Machinery, Cl A		1,018,387		1,004,066
Xiamen C & D, Cl A		368,718		462,264
Xinjiang Goldwind Science & Technology, Cl A		448,600		844,312
Yantai Eddie Precision Machinery, Cl A		108,985		723,154
YTO Express Group, Cl A		410,800		636,465
Yunda Holding, Cl A		376,862		789,206
Yutong Bus, Cl A		285,136		551,219
Zhefu Holding Group, Cl A		691,400		533,999
Zhejiang Chint Electrics, Cl A		275,958		1,425,737
Zhejiang Dingli Machinery, Cl A		62,540		568,110
Zhejiang HangKe Technology, Cl A		52,130		685,831
Zhejiang Sanhua Intelligent Controls, Cl A		460,800		1,710,299
Zhejiang Weixing New Building Materials, Cl A		207,043		662,386
Zhuzhou Kibing Group, Cl A		349,200		1,003,142
Zoomlion Heavy Industry Science and Technology, Cl H		907,760		1,298,235
				115,131,467

14

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 12.9%
360 Security Technology, Cl A *		619,253	$	1,170,291
Addsino, Cl A		208,671		609,459
Avary Holding Shenzhen, Cl A		200,300		1,112,356
Beijing BDStar Navigation, Cl A *		65,399		435,969
Beijing E-Hualu Information Technology, Cl A *		83,644		348,385
Beijing Shiji Information Technology, Cl A		128,779		468,606
Beijing Sinnet Technology, Cl A		198,716		442,593
Beijing Yuanliu Hongyuan Electronic Technology, Cl A		29,800		590,018
BOE Technology Group, Cl A		4,345,245		4,196,713
Chaozhou Three-Circle Group, Cl A		233,131		1,530,668
China Greatwall Technology Group, Cl A		380,681		860,249
China National Software & Service, Cl A		64,242		566,071
China Railway Signal & Communication, Cl A		933,897		822,473
China TransInfo Technology, Cl A		203,525		526,071
DHC Software, Cl A		401,119		492,330
Fiberhome Telecommunication Technologies, Cl A		145,738		420,238
Flat Glass Group, Cl A		147,000		899,403
Foxconn Industrial Internet, Cl A		935,019		1,795,984
GCL System Integration Technology, Cl A *		753,940		406,094
Gigadevice Semiconductor Beijing, Cl A		85,262		2,479,662
GoerTek, Cl A		438,349		2,899,779
GRG Banking Equipment, Cl A		310,167		625,533
Guangzhou Haige Communications Group, Cl A		296,765		434,524
Guangzhou Shiyuan Electronic Technology, Cl A		85,779		1,650,166
Hangzhou First Applied Material, Cl A		118,494		1,928,117
Hangzhou Silan Microelectronics, Cl A (A)(B)(C)		168,400		1,468,745
Huagong Tech, Cl A		129,403		471,077
Hundsun Technologies, Cl A		133,969		1,933,586
Iflytek, Cl A		285,520		2,986,518
Ingenic Semiconductor, Cl A		60,980		952,522
JA Solar Technology, Cl A		138,207		1,048,181
JCET Group, Cl A		228,300		1,331,457
Lakala Payment, Cl A		102,985		449,982
Lens Technology, Cl A		638,166		2,904,952
Leyard Optoelectronic, Cl A		327,464		396,352
Lingyi iTech Guangdong, Cl A		905,600		1,288,138
LONGi Green Energy Technology, Cl A		677,579		9,317,059
Luxshare Precision Industry, Cl A		897,877		6,392,710
Maxscend Microelectronics, Cl A		42,776		3,558,681
Montage Technology, Cl A		98,015		946,342
NAURA Technology Group, Cl A		63,617		2,731,232
Ninestar, Cl A		139,900		697,243
OFILM Group, Cl A		346,905		476,797
Raytron Technology, Cl A		57,690		891,399
Sanan Optoelectronics, Cl A		574,731		2,851,038
Sangfor Technologies, Cl A		53,110		2,132,999
SG Micro, Cl A		30,542		1,194,716
Shanghai Baosight Software, Cl A		145,013		1,142,444
Shengyi Technology, Cl A		297,716		1,078,733

15

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Shennan Circuits, Cl A		63,543	$	1,092,973
Shenzhen Goodix Technology, Cl A		59,529		1,194,385
Shenzhen Kaifa Technology, Cl A		202,862		600,971
Shenzhen SC New Energy Technology, Cl A		45,127		810,293
Shenzhen Sunlord Electronics, Cl A		105,000		630,080
Shenzhen Sunway Communication, Cl A		124,545		595,270
Suzhou Dongshan Precision Manufacturing, Cl A		222,292		717,021
Thunder Software Technology, Cl A		55,017		1,337,436
Tianjin 712 Communication & Broadcasting, Cl A		99,340		555,062
Tianjin Zhonghuan Semiconductor, Cl A		389,174		2,325,099
Tianma Microelectronics, Cl A		319,478		701,177
Tianshui Huatian Technology, Cl A		356,239		848,575
TongFu Microelectronics, Cl A		172,785		642,911
Unigroup Guoxin Microelectronics, Cl A		77,875		1,858,509
Unisplendour, Cl A		366,994		1,242,844
Universal Scientific Industrial Shanghai, Cl A		189,600		493,306
Will Semiconductor Shanghai, Cl A		111,328		5,548,436
Wingtech Technology, Cl A		159,700		2,395,185
Wuhan Guide Infrared, Cl A		301,190		1,285,717
Wuhu Token Science, Cl A		316,000		403,996
WUS Printed Circuit Kunshan, Cl A		222,050		531,682
Wuxi Lead Intelligent Equipment, Cl A		94,348		878,226
Yealink Network Technology, Cl A		115,821		1,502,248
Yonyou Network Technology, Cl A		419,690		2,160,534
Zhejiang Dahua Technology, Cl A		384,423		1,255,458
Zhejiang Jingsheng Mechanical & Electrical, Cl A		167,091		1,306,035
Zhongji Innolight, Cl A		92,710		552,743
ZTE, Cl A		495,094		2,546,410
				112,367,237
Materials — 9.3%
Aluminum Corp of China, Cl A *		1,678,300		1,376,752
Anhui Conch Cement, Cl A		513,309		3,261,387
Anhui Honglu Steel Construction Group, Cl A		67,484		609,470
Baoshan Iron & Steel, Cl A		2,857,604		3,379,137
BBMG, Cl A		1,073,712		447,044
Chifeng Jilong Gold Mining, Cl A *		214,200		496,971
China Jushi, Cl A		520,392		1,249,259
China Molybdenum, Cl A		2,266,818		1,810,409
China Northern Rare Earth Group High-Tech, Cl A		466,221		1,493,732
Ganfeng Lithium, Cl A		143,165		2,683,215
GEM, Cl A		621,900		900,000
Guangdong Hongda Blasting, Cl A		96,498		414,767
Guangzhou Tinci Materials Technology, Cl A		119,076		1,964,311
Hengli Petrochemical, Cl A		752,702		3,057,013
Hengyi Petrochemical, Cl A		478,507		885,047
Hesteel, Cl A		1,367,259		520,591

16

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Huafon Chemical, Cl A		594,700	$	1,307,063
Huaxin Cement, Cl A		177,060		481,507
Hunan Valin Steel, Cl A		796,782		813,943
Inner Mongolia BaoTou Steel Union, Cl A *		5,850,600		1,403,597
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A		1,096,945		864,197
Jiangsu Eastern Shenghong, Cl A		413,700		1,338,265
Jiangsu Shagang, Cl A		284,134		479,798
Jiangsu Yangnong Chemical, Cl A		40,299		697,156
Jiangsu Yoke Technology, Cl A		60,200		754,730
Jiangxi Copper, Cl A		269,771		934,471
Kingfa Sci & Tech, Cl A		334,526		1,080,076
Lomon Billions Group, Cl A		287,388		1,538,169
Luxi Chemical Group, Cl A		247,600		717,792
Ningxia Baofeng Energy Group, Cl A		784,200		1,660,440
Pangang Group Vanadium Titanium & Resources, Cl A *		1,105,931		391,989
Rongsheng Petrochemical, Cl A		1,299,313		3,473,093
Shandong Gold Mining, Cl A		463,942		1,380,154
Shandong Hualu Hengsheng Chemical, Cl A		271,399		1,300,107
Shandong Nanshan Aluminum, Cl A		1,553,490		865,608
Shandong Sinocera Functional Material, Cl A		130,500		984,681
Shandong Sun Paper Industry JSC, Cl A		341,138		704,891
Shanghai Putailai New Energy Technology, Cl A		89,072		1,883,225
Shanxi Taigang Stainless Steel, Cl A		740,532		858,491
Shenghe Resources Holding, Cl A		225,900		606,983
Shenzhen Capchem Technology, Cl A		53,378		827,002
Sinoma Science & Technology, Cl A		218,199		883,826
Sinopec Shanghai Petrochemical, Cl A		786,340		457,624
Skshu Paint, Cl A		48,258		1,314,596
Tangshan Jidong Cement, Cl A		173,520		331,686
Tongkun Group, Cl A		297,422		1,108,971
Tongling Nonferrous Metals Group, Cl A		1,355,404		570,622
Transfar Zhilian, Cl A		425,779		508,100
Wanhua Chemical Group, Cl A		402,873		6,785,584
Weihai Guangwei Composites, Cl A		67,377		792,045
Xiamen Tungsten, Cl A		182,680		588,966
Yintai Gold, Cl A		357,543		526,283
Yunnan Aluminium, Cl A *		406,600		748,901
Yunnan Energy New Material, Cl A		113,931		4,128,133
Zhejiang Huayou Cobalt, Cl A		155,659		2,751,381
Zhejiang Juhua, Cl A		351,004		480,258
Zhejiang Longsheng Group, Cl A		422,971		899,513
Zhejiang Satellite Petrochemical, Cl A		220,779		1,339,194
Zhongjin Gold, Cl A		630,079		840,645
Zijin Mining Group, Cl A		2,532,563		3,798,345
				80,751,206

17

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — 2.2%
China Fortune Land Development, Cl A *		503,930	$	408,707
China Merchants Property Operation & Service, Cl A		136,475		362,899
China Merchants Shekou Industrial Zone Holdings, Cl A		1,016,608		1,722,971
China Vanke, Cl A		1,247,899		4,598,850
Financial Street Holdings, Cl A		384,887		402,113
Gemdale, Cl A		586,807		930,049
Greenland Holdings, Cl A		1,054,508		889,522
Jiangsu Zhongnan Construction Group, Cl A		486,641		445,904
Jinke Properties Group, Cl A		694,866		622,716
Poly Developments and Holdings Group, Cl A		1,535,958		2,862,306
RiseSun Real Estate Development, Cl A		559,850		488,721
Seazen Holdings, Cl A		290,160		1,868,277
Shanghai Lingang Holdings, Cl A		207,622		575,224
Shanghai Zhangjiang High-Tech Park Development, Cl A		201,345		569,363
Yango Group, Cl A		530,542		427,005
Youngor Group, Cl A		601,775		613,804
Zhejiang China Commodities City Group, Cl A		714,400		569,455
Zhongtian Financial Group, Cl A *		901,950		381,114
				18,739,000
Utilities — 1.5%
China Yangtze Power, Cl A		2,399,936		7,666,898
ENN Natural Gas, Cl A		246,600		630,160
Huadian Power International, Cl A		873,985		465,343
Huaneng Power International, Cl A		954,110		623,191
SDIC Power Holdings, Cl A		894,052		1,329,831
Shenergy, Cl A		639,304		607,556
Shenzhen Energy Group, Cl A		515,352		731,448
Sichuan Chuantou Energy, Cl A		476,936		910,193
				12,964,620
TOTAL CHINA				865,537,371
TOTAL COMMON STOCK
(Cost $636,763,931)				865,537,371
TOTAL INVESTMENTS — 99.8%
(Cost $636,763,931)				865,537,371
OTHER ASSETS LESS LIABILITIES — 0.2%				1,917,905
NET ASSETS — 100%			$	867,455,276

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2021 was $2,519,721 and represents 0.3% of Net Assets.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid.  The total value of such securities as of June 30, 2021 was $2,519,721 and represents 0.3% of Net Assets.

Cl — Class

JSC — Joint-Stock Company

18

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bosera MSCI China A Share ETF

The following summarizes the market value of the Fund’s investments used as of June 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	11,425,168	$	—	$	—	$	11,425,168
Consumer Discretionary		67,128,389		—		1,050,976		68,179,365
Consumer Staples		157,653,436		—		—		157,653,436
Energy		15,625,664		—		—		15,625,664
Financials		168,354,805		—		—		168,354,805
Health Care		104,345,403		—		—		104,345,403
Industrials		115,131,467		—		—		115,131,467
Information Technology		110,898,492		—		1,468,745		112,367,237
Materials		80,751,206		—		—		80,751,206
Real Estate		18,739,000		—		—		18,739,000
Utilities		12,964,620		—		—		12,964,620
Total Common Stock		863,017,650		—		2,519,721		865,537,371
Total Investments in Securities	$	863,017,650	$	—	$	2,519,721	$	865,537,371

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-003-1500

19

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bloomberg Barclays China Bond Inclusion Index ETF † 

	Face  Amount(A)		Value
GLOBAL BONDS — 81.7%
China — 81.7%
Agricultural Development Bank of China
4.180%, 05/04/2022		3,790,000	$	594,502
China Development Bank
3.650%, 05/21/2029		3,120,000		487,467
3.300%, 03/03/2026		2,360,000		366,481
3.090%, 06/18/2030		820,000		122,607
China Everbright Bank
3.450%, 03/24/2024		10,000,000		1,556,343
China Government Bond
4.080%, 10/22/2048		1,190,000		197,160
4.050%, 07/24/2047		930,000		152,319
3.390%, 03/16/2050		1,560,000		228,276
3.290%, 05/23/2029		1,600,000		250,722
3.280%, 12/03/2027		1,750,000		274,652
3.220%, 12/06/2025		3,260,000		510,434
2.750%, 08/08/2022		2,240,000		347,548
2.360%, 07/02/2023		2,950,000		453,453
1.990%, 04/09/2025		1,710,000		255,984
China National Petroleum, MTN
3.580%, 10/17/2024		10,000,000		1,557,707
China Southern Power Grid, MTN
4.870%, 04/12/2023		10,000,000		1,590,393
Export-Import Bank of China
3.860%, 05/20/2029		1,030,000		162,761
3.230%, 03/23/2030		1,160,000		175,455
2.930%, 03/02/2025		1,240,000		190,296
2.050%, 04/07/2022		3,040,000		468,811
TOTAL GLOBAL BONDS
(Cost $10,134,745)				9,943,371
TOTAL INVESTMENTS — 81.7%
(Cost $10,134,745)				9,943,371
OTHER ASSETS LESS LIABILITIES — 18.3%				2,232,067
NET ASSETS — 100%			$	12,175,438

(A)	In CNY unless otherwise indicated.
†	Effective June 4, 2021, the name of the Fund changed from KraneShares E Fund China Commercial Paper ETF to KraneShares Bloomberg Barclays China Bond Inclusion Index ETF.

MTN — Medium Term Note

20

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Bloomberg Barclays China Bond Inclusion Index ETF †

As of June 30, 2021, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-004-1400

21

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 99.2%‡
CHINA — 95.2%
Communication Services — 13.4%
Autohome ADR		380	$	24,305
Baidu ADR *		1,562		318,492
Focus Media Information Technology, Cl A		24,800		36,120
iQIYI ADR *		2,161		33,668
JOYY ADR		367		24,211
Momo ADR *		821		12,570
NetEase ADR		2,810		323,852
Oriental Pearl Group, Cl A		14,440		18,305
Tencent Holdings		29,958		2,252,873
Tencent Music Entertainment Group ADR *		2,182		33,777
Weibo ADR *		378		19,890
				3,098,063
Consumer Discretionary — 29.5%
Alibaba Group Holding *		80,808		2,289,223
ANTA Sports Products		13,000		306,006
BYD, Cl A		4,000		155,398
BYD, Cl H		6,500		194,351
China Grand Automotive Services Group, Cl A *		5,100		2,273
China Tourism Group Duty Free, Cl A		3,900		181,151
Chongqing Changan Automobile, Cl A		27,400		111,452
Dongfeng Motor Group, Cl H		26,000		23,369
Fuyao Glass Industry Group, Cl A		14,300		123,615
Geely Automobile Holdings		38,000		119,639
Great Wall Motor, Cl H		39,500		127,668
Guangzhou Automobile Group, Cl H		28,000		25,131
Haier Smart Home, Cl A		14,400		57,748
Haier Smart Home, Cl H		19,000		66,303
Huayu Automotive Systems, Cl A		7,900		32,122
Huazhu Group ADR *		887		46,842
JD.com ADR *		6,800		542,708
Meituan, Cl B *		16,900		697,253
NavInfo, Cl A *		11,700		26,620
New Oriental Education & Technology Group ADR *		11,700		95,823
NIO ADR *		12,570		668,724
Pinduoduo ADR *		2,028		257,597
SAIC Motor, Cl A		12,857		43,720
Shenzhen Overseas Chinese Town, Cl A		31,200		35,928
Shenzhou International Group Holdings		6,500		164,135
Suning.com, Cl A *(A)(B)(C)		22,200		19,070
Suofeiya Home Collection, Cl A		5,300		19,852
TAL Education Group ADR *		2,287		57,701
Trip.com Group ADR *		3,394		120,351
Vipshop Holdings ADR *		3,341		67,087
Yum China Holdings		2,094		138,728
				6,817,588

22

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 8.3%
Anhui Gujing Distillery, Cl A		2,400	$	88,967
China Mengniu Dairy		17,000		102,777
China Resources Beer Holdings		24,000		215,559
Foshan Haitian Flavouring & Food, Cl A		6,708		133,883
Guangdong Haid Group, Cl A		8,900		112,406
Henan Shuanghui Investment & Development, Cl A		8,900		43,805
Inner Mongolia Yili Industrial Group, Cl A		13,100		74,676
Jiangsu Yanghe Brewery Joint-Stock, Cl A		2,700		86,589
Kweichow Moutai, Cl A		1,400		445,666
Luzhou Laojiao, Cl A		3,900		142,422
Muyuan Foods, Cl A		14,602		137,458
New Hope Liuhe, Cl A *		23,400		53,132
Shanxi Xinghuacun Fen Wine Factory, Cl A		2,400		166,418
Sun Art Retail Group		19,500		14,514
Tingyi Cayman Islands Holding		24,000		47,902
Want Want China Holdings		39,000		27,621
Yonghui Superstores, Cl A		27,300		19,986
				1,913,781
Energy — 1.5%
China Oilfield Services, Cl H		26,000		23,302
China Petroleum & Chemical, Cl A		48,100		32,459
China Petroleum & Chemical, Cl H		160,500		81,223
China Shenhua Energy, Cl H		19,500		38,217
Offshore Oil Engineering, Cl A		32,600		22,706
PetroChina, Cl A		29,800		24,400
PetroChina, Cl H		127,984		62,296
Shaanxi Coal Industry, Cl A		20,800		38,150
Shanxi Lu’an Environmental Energy Development, Cl A		13,000		23,763
				346,516
Financials — 15.5%
Agricultural Bank of China, Cl A		118,400		55,527
Agricultural Bank of China, Cl H		182,397		63,415
AVIC Industry-Finance Holdings, Cl A		39,100		23,421
Bank of Beijing, Cl A		50,700		38,216
Bank of China, Cl A		62,900		29,985
Bank of China, Cl H		417,396		149,956
Bank of Communications, Cl A		78,000		59,156
Bank of Communications, Cl H		53,000		35,625
Bank of Hangzhou, Cl A		24,800		56,618
Bank of Jiangsu, Cl A		40,400		44,397
Bank of Nanjing, Cl A		26,100		42,498
Bank of Ningbo, Cl A		12,800		77,206
Bank of Shanghai, Cl A		33,904		43,030

23

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Changjiang Securities, Cl A		37,800	$	42,826
China CITIC Bank, Cl H		53,000		25,115
China Construction Bank, Cl A		22,200		22,850
China Construction Bank, Cl H		558,000		439,022
China Everbright Bank, Cl A		97,500		57,044
China Life Insurance, Cl H		39,483		78,296
China Merchants Bank, Cl A		31,300		262,527
China Merchants Bank, Cl H		25,000		213,274
China Merchants Securities, Cl A		16,900		49,752
China Minsheng Banking, Cl A		57,200		39,043
China Minsheng Banking, Cl H		59,000		28,262
China Pacific Insurance Group, Cl A		9,200		41,252
CITIC Securities, Cl A		20,700		79,906
Everbright Securities, Cl A		18,200		50,395
Founder Securities, Cl A		31,200		45,200
GF Securities, Cl A		9,200		21,559
Guosen Securities, Cl A		20,800		34,608
Guotai Junan Securities, Cl A		14,300		37,936
Haitong Securities, Cl A		22,100		39,337
Huatai Securities, Cl A		11,800		28,857
Huaxia Bank, Cl A		33,900		32,479
Hubei Biocause Pharmaceutical, Cl A		22,200		12,439
Industrial & Commercial Bank of China, Cl A		91,000		72,819
Industrial Bank, Cl A		35,200		111,960
Industrial Securities, Cl A		48,069		71,871
New China Life Insurance, Cl A		3,900		27,713
New China Life Insurance, Cl H		7,900		26,958
Noah Holdings ADR *		807		38,090
Orient Securities, Cl A		24,700		38,192
PICC Property & Casualty, Cl H		49,510		43,352
Ping An Bank, Cl A		36,391		127,408
Ping An Insurance Group of China, Cl A		18,000		179,085
Ping An Insurance Group of China, Cl H		32,500		318,269
Shanghai Pudong Development Bank, Cl A		52,000		80,485
Shenwan Hongyuan Group, Cl A		58,600		42,448
				3,579,679
Health Care — 7.2%
3SBio *		13,000		16,070
Alibaba Health Information Technology *		28,000		62,087
Beijing Tongrentang, Cl A		1,544		9,762
Changchun High & New Technology Industry Group, Cl A		2,400		143,758
China Medical System Holdings		14,000		36,867
China Traditional Chinese Medicine Holdings *		28,000		19,181
CSPC Pharmaceutical Group		61,520		89,042
Dong-E-E-Jiao, Cl E		5,200		28,902
Genscript Biotech *		24,000		104,766

24

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		4,000	$	20,957
Huadong Medicine, Cl A		5,080		36,177
Hualan Biological Engineering, Cl A		10,480		59,498
Hutchmed China ADR *		1,772		69,587
Jiangsu Hengrui Medicine, Cl A		11,016		115,892
Meinian Onehealth Healthcare Holdings, Cl A *		12,860		18,133
Shanghai Fosun Pharmaceutical Group, Cl A		6,600		73,684
Shanghai Fosun Pharmaceutical Group, Cl H		6,000		48,443
Shanghai Pharmaceuticals Holding, Cl A		13,000		42,516
Sichuan Kelun Pharmaceutical, Cl A		4,000		12,351
Sinopharm Group, Cl H		10,400		30,935
Tasly Pharmaceutical Group, Cl A		1,500		3,438
Tonghua Dongbao Pharmaceutical, Cl A		9,100		16,817
Wuxi Biologics Cayman *		16,000		293,181
Yunnan Baiyao Group, Cl A		2,600		46,569
Zai Lab ADR *		380		67,256
Zhangzhou Pientzehuang Pharmaceutical, Cl A		2,400		166,529
Zhejiang NHU, Cl A		9,360		41,550
				1,673,948
Industrials — 5.7%
51job ADR *		237		18,431
AECC Aviation Power, Cl A		6,600		54,336
AVIC Electromechanical Systems, Cl A		13,000		20,262
Beijing Capital International Airport, Cl H *		24,000		15,916
China Conch Venture Holdings		13,000		54,740
China Eastern Airlines, Cl A *		44,300		34,832
China Everbright Environment Group		26,323		14,914
China Gezhouba Group, Cl A		18,300		21,215
China Merchants Port Holdings		24,741		36,128
China Railway Group, Cl H		39,000		20,339
China Southern Airlines, Cl A *		17,000		15,840
CITIC		30,780		33,175
COSCO SHIPPING Holdings, Cl A *		49,400		233,510
Daqin Railway, Cl A		30,000		30,553
Fosun International		19,500		28,073
Guangzhou Baiyun International Airport, Cl A		13,000		22,495
Jiangsu Expressway, Cl H		26,000		29,429
Metallurgical Corp of China, Cl A		74,100		34,178
Power Construction Corp of China, Cl A		33,900		20,306
Sany Heavy Industry, Cl A		23,400		105,286
Shanghai International Airport, Cl A *		2,600		19,369
Shanghai International Port Group, Cl A		23,400		17,276
Shenzhen International Holdings		23,290		32,210
Suzhou Gold Mantis Construction Decoration, Cl A		14,400		17,652
Weichai Power, Cl A		29,788		82,390
Xinjiang Goldwind Science & Technology, Cl A		18,249		34,347
Yutong Bus, Cl A		11,744		22,703
Zhejiang Chint Electrics, Cl A		6,500		33,582

25

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Zhejiang Sanhua Intelligent Controls, Cl A		18,112	$	67,224
Zhuzhou CRRC Times Electric, Cl H *		5,200		30,735
Zoomlion Heavy Industry Science and Technology, Cl A		29,800		42,618
ZTO Express Cayman ADR *		2,458		74,600
				1,318,664
Information Technology — 6.1%
AAC Technologies Holdings		6,500		48,630
Aisino, Cl A		1,600		3,227
BOE Technology Group, Cl A		84,600		81,708
DHC Software, Cl A		17,000		20,866
GDS Holdings ADR *		508		39,873
Hanergy Thin Film Power Group *(A)(B)(C)		4,364		—
Hengtong Optic-electric, Cl A		6,600		11,645
Iflytek, Cl A		5,300		55,438
Kingdee International Software Group *		26,000		88,220
Kingsoft		24,000		143,861
Lenovo Group		52,000		59,795
LONGi Green Energy Technology, Cl A		14,392		197,897
Luxshare Precision Industry, Cl A		20,674		147,195
OFILM Group, Cl A		11,682		16,056
Sanan Optoelectronics, Cl A		14,300		70,937
Sunny Optical Technology Group		5,100		161,159
Tianma Microelectronics, Cl A		13,000		28,532
TravelSky Technology, Cl H		12,000		25,898
Unigroup Guoxin Microelectronics, Cl A		3,700		88,301
Yonyou Network Technology, Cl A		9,225		47,490
Zhejiang Dahua Technology, Cl A		9,100		29,719
ZTE, Cl H		13,000		40,594
				1,407,041
Materials — 3.2%
Anhui Conch Cement, Cl A		6,500		41,299
Anhui Conch Cement, Cl H		10,000		53,053
Baoshan Iron & Steel, Cl A		32,600		38,550
BBMG, Cl A		50,700		21,109
China Molybdenum, Cl H		105,000		62,331
China National Building Material, Cl H		28,000		32,882
China Northern Rare Earth Group High-Tech, Cl A		18,300		58,632
China Resources Cement Holdings		26,000		24,708
Ganfeng Lithium, Cl A		3,900		73,094
Hesteel, Cl A		57,200		21,779
Inner Mongolia BaoTou Steel Union, Cl A *		114,500		27,469
Rongsheng Petrochemical, Cl A		21,150		56,534
Shandong Hualu Hengsheng Chemical, Cl A		10,140		48,575
Sinopec Shanghai Petrochemical, Cl A		58,600		34,103
Tianqi Lithium, Cl A *		1,140		10,943

26

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Zhejiang Huayou Cobalt, Cl A		2,480	$	43,836
Zhejiang Longsheng Group, Cl A		19,500		41,470
Zijin Mining Group, Cl A		32,600		48,894
				739,261
Real Estate — 2.8%
China Evergrande Group		13,000		16,941
China Fortune Land Development, Cl A *		2,420		1,963
China Jinmao Holdings Group		52,000		17,409
China Merchants Shekou Industrial Zone Holdings, Cl A		15,600		26,439
China Overseas Land & Investment		31,839		72,322
China Resources Land		24,214		98,061
China Vanke, Cl A		15,543		57,280
China Vanke, Cl H		9,000		28,162
CIFI Holdings Group		53,195		41,510
Gemdale, Cl A		18,200		28,846
Greenland Holdings, Cl A		31,200		26,318
Guangzhou R&F Properties		10,800		12,322
KWG Group Holdings		18,773		25,141
Longfor Group Holdings		13,000		72,819
Poly Developments and Holdings Group, Cl A		22,200		41,370
Seazen Holdings, Cl A		5,200		33,482
Shimao Group Holdings		7,000		17,162
Xinhu Zhongbao, Cl A		54,700		25,738
				643,285
Utilities — 2.0%
Beijing Enterprises Water Group		52,000		19,686
China Gas Holdings		18,600		56,764
China Longyuan Power Group, Cl H		26,000		44,796
China Resources Gas Group		6,000		36,004
China Resources Power Holdings		24,000		32,759
ENN Energy Holdings		3,982		75,785
Guangdong Investment		40,000		57,482
Huadian Power International, Cl A		44,200		23,534
Huaneng Power International, Cl H		89,077		34,870
SDIC Power Holdings, Cl A		23,400		34,806
Sichuan Chuantou Energy, Cl A		23,500		44,848
				461,334
TOTAL CHINA				21,999,160

27

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

	Shares		Value
HONG KONG — 4.0%
Communication Services — 0.2%
Alibaba Pictures Group *		260,000	$	36,158
Consumer Discretionary — 0.1%
Brilliance China Automotive Holdings (A)(B)(C)		28,000		26,320
Energy — 0.2%
Yanzhou Coal Mining, Cl H		26,000		34,953
Financials — 2.3%
China Cinda Asset Management, Cl H		180,504		34,400
China Galaxy Securities, Cl H		65,500		39,051
China Huarong Asset Management, Cl H *(A)(B)(C)		298,000		37,222
China Pacific Insurance Group, Cl H		18,400		57,931
China Taiping Insurance Holdings		10,600		17,635
CITIC Securities, Cl H		13,000		32,609
Far East Horizon		14,000		14,639
GF Securities, Cl H		26,000		33,681
Huatai Securities, Cl H		15,800		23,194
Industrial & Commercial Bank of China, Cl H		375,441		220,454
People’s Insurance Group of China, Cl H		52,452		17,493
				528,309
Health Care — 0.3%
Sino Biopharmaceutical		63,500		62,307
Information Technology — 0.2%
Kingboard Holdings		7,000		38,850
Materials — 0.2%
Nine Dragons Paper Holdings		40,000		51,302
Real Estate — 0.5%
Country Garden Holdings		63,612		71,264
Sunac China Holdings		13,000		44,612
				115,876
TOTAL HONG KONG				894,075
TOTAL COMMON STOCK
(Cost $22,190,273)				22,893,235
TOTAL INVESTMENTS — 99.2%
(Cost $22,190,273)				22,893,235
OTHER ASSETS LESS LIABILITIES — 0.8%				194,419
NET ASSETS — 100%			$	23,087,654

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

28

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Index ETF

(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2021 was $82,612 and represents 0.4% of Net Assets.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid.  The total value of such securities as of June 30, 2021 was $82,612 and represents 0.4% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following summarizes the market value of the Fund’s investments used as of June 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	3,098,063	$	—	$	—	$	3,098,063
Consumer Discretionary		6,798,518		—		19,070		6,817,588
Consumer Staples		1,913,781		—		—		1,913,781
Energy		346,516		—		—		346,516
Financials		3,579,679		—		—		3,579,679
Health Care		1,673,948		—		—		1,673,948
Industrials		1,318,664		—		—		1,318,664
Information Technology		1,407,041		—		—		1,407,041
Materials		739,261		—		—		739,261
Real Estate		643,285		—		—		643,285
Utilities		461,334		—		—		461,334
Hong Kong
Communication Services		36,158		—		—		36,158
Consumer Discretionary		—		—		26,320		26,320
Energy		34,953		—		—		34,953
Financials		491,087		—		37,222		528,309
Health Care		62,307		—		—		62,307
Information Technology		38,850		—		—		38,850
Materials		51,302		—		—		51,302
Real Estate		115,876		—		—		115,876
Total Common Stock		22,810,623		—		82,612		22,893,235
Total Investments in Securities	$	22,810,623	$	—	$	82,612	$	22,893,235

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-011-0700

29

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 98.4%‡
CHINA — 45.0%
Energy — 1.7%
China Petroleum & Chemical, Cl H		332,000	$	168,012
Guanghui Energy, Cl A *		30,100		15,514
				183,526
Financials — 4.1%
Bank of Chengdu, Cl A		15,700		30,716
Bank of Guiyang, Cl A		16,227		17,983
Bank of Hangzhou, Cl A		26,700		60,956
Bank of Jiangsu, Cl A		63,455		69,732
Bank of Nanjing, Cl A		43,991		71,629
Bank of Ningbo, Cl A		25,046		151,070
Chongqing Rural Commercial Bank, Cl H		33,425		13,213
Qingdao Rural Commercial Bank, Cl A		24,800		16,429
				431,728
Industrials — 25.3%
Beijing New Building Materials, Cl A		7,408		45,004
Beijing-Shanghai High Speed Railway, Cl A		172,800		141,485
China Communications Services, Cl H		36,000		17,987
China Conch Venture Holdings		24,500		103,163
China Gezhouba Group, Cl A		14,550		16,868
China Lesso Group Holdings		16,000		39,475
China Railway Group, Cl H		56,500		29,466
China Railway Hi-tech Industry, Cl A		7,976		10,000
China State Construction Engineering, Cl A		165,800		119,329
Contemporary Amperex Technology, Cl A		9,800		811,200
Daqin Railway, Cl A		58,432		59,509
Dongfang Electric, Cl A		12,400		21,054
Gotion High-tech, Cl A *		5,800		39,104
Guangdong Kinlong Hardware Products, Cl A		1,300		39,045
Hangzhou Oxygen Plant Group, Cl A		4,100		21,950
Jiangsu Expressway, Cl H		18,000		20,374
Jiangsu Hengli Hydraulic, Cl A		5,800		77,132
Metallurgical Corp of China, Cl A		79,200		36,530
Ming Yang Smart Energy Group, Cl A		8,800		22,052
NARI Technology, Cl A		24,000		86,329
Riyue Heavy Industry, Cl A		4,400		18,442
Sany Heavy Equipment International Holdings		15,000		15,201
Sany Heavy Industry, Cl A		37,200		167,378
Shanghai Construction Group, Cl A		39,700		16,959
Shanghai Electric Group, Cl A		47,600		31,238
Shanghai International Port Group, Cl A		42,010		31,016
Shenzhen Inovance Technology, Cl A		11,250		129,306
Shenzhen International Holdings		18,572		25,685

30

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Sichuan Road & Bridge, Cl A		21,300	$	20,671
Sinotruk Hong Kong		10,500		22,498
Suzhou Gold Mantis Construction Decoration, Cl A		11,800		14,465
Suzhou Maxwell Technologies, Cl A		400		28,151
TBEA, Cl A		16,875		33,563
Topsec Technologies Group, Cl A		5,100		15,606
Wuxi Shangji Automation, Cl A		1,200		33,237
XCMG Construction Machinery, Cl A		34,648		34,161
Xinjiang Goldwind Science & Technology, Cl H		11,600		18,134
Yangzijiang Shipbuilding Holdings		54,100		56,748
Yantai Eddie Precision Machinery, Cl A		3,780		25,082
Yutong Bus, Cl A		9,597		18,552
Zhefu Holding Group, Cl A		23,900		18,459
Zhejiang Expressway, Cl H		22,000		19,576
Zhejiang Weixing New Building Materials, Cl A		7,200		23,035
Zhuzhou CRRC Times Electric, Cl H *		8,100		47,875
Zhuzhou Kibing Group, Cl A		12,000		34,472
Zoomlion Heavy Industry Science and Technology		19,000		19,891
				2,676,457
Materials — 3.2%
Anhui Conch Cement, Cl H		17,000		90,190
China National Building Material, Cl H		57,000		66,939
China Northern Rare Earth Group High-Tech, Cl A		15,524		49,737
China Resources Cement Holdings		36,000		34,211
Guangdong Hongda Blasting, Cl A		3,400		14,614
Huaxin Cement, Cl A		6,000		16,317
Shenghe Resources Holding, Cl A		7,100		19,077
Tangshan Jidong Cement, Cl A		5,400		10,322
Xiamen Tungsten, Cl A		6,100		19,667
Yintai Gold, Cl A		12,100		17,811
				338,885
Utilities — 10.7%
Beijing Enterprises Holdings		8,000		28,381
China Gas Holdings		44,200		134,891
China Longyuan Power Group, Cl H		49,000		84,423
China Power International Development		59,000		12,915
China Resources Gas Group		13,500		81,009
China Resources Power Holdings		28,635		39,085
China Yangtze Power, Cl A		94,400		301,573
ENN Energy Holdings		11,100		211,256
GD Power Development, Cl A		73,800		27,757
Huadian Power International, Cl A		30,042		15,996
Huaneng Power International, Cl H		53,000		20,747
Kunlun Energy		58,000		53,475
SDIC Power Holdings, Cl A		31,006		46,119

31

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Shenergy, Cl A		21,919	$	20,831
Shenzhen Energy Group, Cl A		13,900		19,728
Sichuan Chuantou Energy, Cl A		16,384		31,267
				1,129,453
TOTAL CHINA				4,760,049
HONG KONG — 0.3%
Industrials — 0.3%
Hutchison Port Holdings Trust, Cl U		118,700		26,708
TOTAL HONG KONG				26,708
INDIA — 1.7%
Industrials — 0.4%
AIA Engineering		1,575		45,348
Materials — 1.3%
PI Industries		3,028		118,562
Vinati Organics		941		23,167
				141,729
TOTAL INDIA				187,077
INDONESIA — 1.7%
Energy — 0.4%
Adaro Energy		520,800		43,280
Materials — 1.3%
Barito Pacific		1,013,700		59,773
Indah Kiat Pulp & Paper		99,000		50,866
Pabrik Kertas Tjiwi Kimia		50,700		27,273
				137,912
TOTAL INDONESIA				181,192
ISRAEL — 2.0%
Materials — 2.0%
ICL Group		25,470		172,822
Israel *		137		41,523
TOTAL ISRAEL				214,345
JORDAN — 0.3%
Financials — 0.3%
Arab Bank		4,626		34,646
TOTAL JORDAN				34,646

32

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
KAZAKHSTAN — 0.7%
Energy — 0.7%
NAC Kazatomprom JSC GDR		2,400	$	74,655
TOTAL KAZAKHSTAN				74,655
KUWAIT — 5.0%
Financials — 3.8%
Kuwait Finance House KSCP		158,773		399,962
Industrials — 1.2%
Agility Public Warehousing KSC		42,053		128,127
TOTAL KUWAIT				528,089
MALAYSIA — 2.2%
Industrials — 0.7%
Pentamaster		18,100		20,186
Sime Darby		98,900		51,934
				72,120
Materials — 1.5%
Petronas Chemicals Group		82,500		160,171
TOTAL MALAYSIA				232,291
PHILIPPINES — 3.0%
Industrials — 3.0%
Aboitiz Equity Ventures		69,600		60,097
International Container Terminal Services		35,160		117,909
JG Summit Holdings		105,062		133,762
TOTAL PHILIPPINES				311,768
POLAND — 2.2%
Materials — 2.2%
KGHM Polska Miedz		4,807		236,941
TOTAL POLAND				236,941
RUSSIA — 10.4%
Energy — 4.2%
Rosneft Oil		44,830		350,399
Sovcomflot OAO		10,680		13,595
Surgutneftegas *		159,900		80,230
				444,224

33

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
Materials — 6.2%
MMC Norilsk Nickel PJSC		1,420	$	481,239
Polymetal International		7,924		171,651
				652,890
TOTAL RUSSIA				1,097,114
SINGAPORE — 9.3%
Financials — 6.1%
Oversea-Chinese Banking		72,112		641,079
Industrials — 3.2%
Keppel		32,300		131,439
Singapore Airlines *		30,400		109,686
Singapore Technologies Engineering		35,400		101,918
				343,043
TOTAL SINGAPORE				984,122
SOUTH AFRICA — 7.3%
Financials — 0.2%
Ninety One		5,543		16,596
Materials — 7.1%
Anglo American Platinum		1,767		204,115
Impala Platinum Holdings		27,180		448,262
Kumba Iron Ore		2,211		99,192
				751,569
TOTAL SOUTH AFRICA				768,165
THAILAND — 6.4%
Energy — 4.2%
PTT		361,500		442,710
Industrials — 0.2%
Thoresen Thai Agencies		49,400		26,049
Materials — 2.0%
Indorama Ventures		57,500		73,109
PTT Global Chemical		76,912		141,585
				214,694
TOTAL THAILAND				683,453
TURKEY — 0.3%
Industrials — 0.3%
Turk Hava Yollari AO *		19,771		30,427
TOTAL TURKEY				30,427

34

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI One Belt One Road Index ETF

	Shares/ Number of Rights		Value
COMMON STOCK — continued
UNITED ARAB EMIRATES — 0.6%
Industrials — 0.6%
Air Arabia PJSC *		83,020	$	30,061
Aramex PJSC		26,490		28,126
TOTAL UNITED ARAB EMIRATES				58,187
TOTAL COMMON STOCK
(Cost $8,806,383)				10,409,229
PREFERRED STOCK — 0.9%
RUSSIA — 0.9%
Energy — 0.9%
Surgutneftegas PJSC (A)		158,200		100,318
TOTAL PREFERRED STOCK
(Cost $87,712)				100,318
RIGHTS — 0.0%
SINGAPORE — 0.0%
Industrials — 0.0%
Singapore Airlines, Expires 06/23/2021*		58,938		44
TOTAL RIGHTS
(Cost $ —)				44
TOTAL INVESTMENTS — 99.3%
(Cost $8,894,095)				10,509,591
OTHER ASSETS LESS LIABILITIES — 0.7%				70,793
NET ASSETS — 100%			$	10,580,384

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Currently, no stated interest rate.

CL — Class

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

PJSC — Public Joint-Stock Company

35

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI One Belt One Road Index ETF

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-006-0800

36

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
ARGENTINA — 4.0%
Consumer Discretionary — 4.0%
MercadoLibre *		2,722	$	4,240,304
TOTAL ARGENTINA				4,240,304
BRAZIL — 11.6%
Consumer Discretionary — 2.4%
B2W Cia Digital *		196,970		2,600,961
Financials — 2.6%
XP, Cl A *		62,495		2,721,657
Information Technology — 6.6%
Cielo		936,080		679,042
Pagseguro Digital, Cl A *		50,243		2,809,589
StoneCo, Cl A *		41,298		2,769,444
TOTVS		109,500		821,602
				7,079,677
TOTAL BRAZIL				12,402,295
CHINA — 38.7%
Communication Services — 13.2%
Baidu, Cl A *		152,964		3,927,583
Bilibili, Cl Z *		24,596		3,027,843
NetEase		161,000		3,646,723
Tencent Holdings		46,875		3,525,048
				14,127,197
Consumer Discretionary — 23.2%
Alibaba Group Holding *		134,100		3,798,940
JD.com, Cl A *		97,900		3,850,018
Meituan, Cl B *		94,900		3,915,342
New Oriental Education & Technology Group *		305,200		2,515,217
Pinduoduo ADR *		28,617		3,634,932
TAL Education Group ADR *		92,549		2,335,011
Trip.com Group *		66,800		2,374,087
Vipshop Holdings ADR *		115,840		2,326,067
				24,749,614
Health Care — 2.3%
Alibaba Health Information Technology *		1,086,000		2,408,097
TOTAL CHINA				41,284,908
EGYPT — 0.7%
Information Technology — 0.7%
Fawry for Banking & Payment Technology Services SAE *		639,157		774,156
TOTAL EGYPT				774,156

37

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued
GERMANY — 2.4%
Consumer Discretionary — 2.4%
Delivery Hero *		18,999	$	2,509,948
TOTAL GERMANY				2,509,948
GREECE — 0.7%
Consumer Discretionary — 0.7%
OPAP		46,802		705,438
TOTAL GREECE				705,438
INDIA — 4.0%
Communication Services — 2.5%
Info Edge India		40,661		2,689,080
Consumer Discretionary — 0.8%
MakeMyTrip *		27,374		822,589
Industrials — 0.7%
IndiaMart InterMesh		7,848		738,253
TOTAL INDIA				4,249,922
JAPAN — 2.4%
Communication Services — 2.4%
Nexon		113,900		2,540,917
TOTAL JAPAN				2,540,917
MALAYSIA — 0.7%
Information Technology — 0.7%
My EG Services		1,646,400		705,912
TOTAL MALAYSIA				705,912
RUSSIA — 5.7%
Communication Services — 4.9%
Mail.Ru Group GDR *		113,066		2,562,075
Yandex, Cl A *		38,397		2,716,588
				5,278,663
Industrials — 0.8%
HeadHunter Group ADR		21,256		900,617
TOTAL RUSSIA				6,179,280
SOUTH AFRICA — 3.3%
Consumer Discretionary — 3.3%
Naspers, Cl N		16,552		3,475,517
TOTAL SOUTH AFRICA				3,475,517

38

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA — 17.3%
Communication Services — 15.2%
AfreecaTV		8,661	$	915,206
Com2uSCorp		6,656		731,117
Kakao		22,434		3,247,118
NAVER		7,953		2,948,433
NCSoft		3,442		2,506,273
Netmarble		20,814		2,476,647
NHN *		11,500		851,663
Pearl Abyss *		14,780		993,514
Studio Dragon *		9,154		778,718
Webzen * (A)		27,373		752,292
				16,200,981
Consumer Discretionary — 0.6%
Lotte Tour Development *		38,517		689,178
Information Technology — 1.5%
Douzone Bizon		10,881		801,956
NHN KCP *		16,486		850,541
				1,652,497
TOTAL SOUTH KOREA				18,542,656
TAIWAN — 7.7%
Communication Services — 4.2%
International Games System		24,000		723,553
Sea ADR *		13,762		3,779,046
				4,502,599
Consumer Discretionary — 3.5%
momo.com		55,000		3,720,951
TOTAL TAIWAN				8,223,550
UNITED ARAB EMIRATES — 0.7%
Information Technology — 0.7%
Network International Holdings *		143,625		725,585
TOTAL UNITED ARAB EMIRATES				725,585
TOTAL COMMON STOCK
(Cost $100,172,742)				106,560,388

39

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
SHORT-TERM INVESTMENT(B)(C) — 0.7%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%		724,205	$	724,205
TOTAL SHORT-TERM INVESTMENT
(Cost $724,205)				724,205
TOTAL INVESTMENTS — 100.6%
(Cost $100,896,947)				107,284,593
OTHER ASSETS LESS LIABILITIES — (0.6)%				(632,671	)
NET ASSETS — 100%			$	106,651,922

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at June 30, 2021.  The total market value of securities on loan at June 30, 2021 was $689,618.
(B)	The rate shown is the 7-day effective yield as of June 30, 2021.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2021 was $724,205.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-007-0800

40

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 99.5%‡
CHINA — 97.3%
Consumer Discretionary — 43.1%
BYD, Cl A		81,700	$	3,173,994
BYD, Cl H		569,000		17,013,180
Li Auto ADR *		473,485		16,543,566
NIO ADR *		378,165		20,118,378
Niu Technologies ADR *		55,128		1,799,929
Tianneng Power International		1,261,885		2,206,635
XPeng ADR *		328,475		14,590,860
Yadea Group Holdings		2,210,694		4,753,966
				80,200,508
Industrials — 21.4%
Beijing-Shanghai High Speed Railway, Cl A		4,693,200		3,842,688
China Conch Venture Holdings		1,367,500		5,758,191
China Everbright Environment Group		7,023,216		3,979,236
Contemporary Amperex Technology, Cl A		144,650		11,973,474
CT Environmental Group *(A)(B)(C)		329,000		1,059
Dynagreen Environmental Protection Group, Cl H		808,000		371,442
Gotion High-tech, Cl A *		151,600		1,022,110
Riyue Heavy Industry, Cl A		117,400		492,070
Sungrow Power Supply, Cl A		173,600		3,091,608
Xinjiang Goldwind Science & Technology, Cl A		405,935		764,012
Xinjiang Goldwind Science & Technology, Cl H		1,501,604		2,347,389
Zhuzhou CRRC Times Electric, Cl H *		1,036,900		6,128,590
				39,771,869
Information Technology — 18.5%
China Railway Signal & Communication, Cl A		843,775		743,103
GCL System Integration Technology, Cl A *		710,400		382,642
GCL-Poly Energy Holdings *(A)(B)(C)		18,411,000		4,338,499
JA Solar Technology, Cl A		126,000		955,602
JinkoSolar Holding ADR *		65,210		3,653,064
Kingsoft Cloud Holdings ADR *		101,912		3,457,874
LONGi Green Energy Technology, Cl A		595,173		8,183,934
Sanan Optoelectronics, Cl A		520,530		2,582,166
Wuxi Lead Intelligent Equipment, Cl A		84,320		784,882
Xinyi Solar Holdings		4,339,588		9,365,555
				34,447,321
Real Estate — 6.8%
China Evergrande Group		3,718,000		4,845,079
Shimao Group Holdings		2,363,000		5,793,509
SOHO China *		3,952,500		2,122,359
				12,760,947

41

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 7.5%
Beijing Enterprises Water Group		8,748,500	$	3,312,012
China Datang Renewable Power, Cl H		4,293,000		1,232,755
China Everbright Greentech		1,215,000		463,105
China Everbright Water		1,727,357		327,686
China Longyuan Power Group, Cl H		4,979,800		8,579,837
				13,915,395
TOTAL CHINA				181,096,040
HONG KONG — 2.2%
Industrials — 0.3%
China High Speed Transmission Equipment Group *		806,000		511,674
Real Estate — 0.9%
Yuexiu Real Estate Investment Trust †		3,170,000		1,632,790
Utilities — 1.0%
Beijing Energy International Holding *		13,150,000		482,594
Canvest Environmental Protection Group		963,000		560,500
Concord New Energy Group		10,720,000		814,437
				1,857,531
TOTAL HONG KONG				4,001,995
TOTAL COMMON STOCK
(Cost $157,447,058)				185,098,035
TOTAL INVESTMENTS — 99.5%
(Cost $157,447,058)				185,098,035
OTHER ASSETS LESS LIABILITIES — 0.5%				938,241
NET ASSETS — 100%			$	186,036,276

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
†	Real Estate Investment Trust
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2021 was $4,339,558 and represents 2.3% of Net Assets.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid.  The total value of such securities as of June 30, 2021 was $4,339,558 and represents 2.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

42

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China Clean Technology Index ETF

The following summarizes the market value of the Fund’s investments used as of June 30, 2021, based on the inputs used to value them:
Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock
China
Consumer Discretionary	$	80,200,508	$	—	$	—	$	80,200,508
Industrials		39,770,810		—		1,059		39,771,869
Information Technology		30,108,822		—		4,338,499		34,447,321
Real Estate		12,760,947		—		—		12,760,947
Utilities		13,915,395		—		—		13,915,395
Hong Kong		4,001,995		—		—		4,001,995
Total Common Stock		180,758,477		—		4,339,558		185,098,035
Total Investments in Securities	$	180,758,477	$	—	$	4,339,558	$	185,098,035

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

	Common Stock
Beginning balance as of March 31, 2021	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales
Transfer into Level 3		4,339,558
Transfer out of Level 3		—
Ending balance as of June 30, 2021	$	4,339,558

For the period ended June 30, 2021, the transfers in and out of Level 3 occurred due to a halt in trading of these securities.

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

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

KRS-QH-008-0800

43

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 100.4%‡
AUSTRALIA — 2.6%
Materials — 2.6%
Lynas Rare Earths *		367,243	$	1,574,292
Mineral Resources		67,603		2,726,959
Orocobre *		121,866		591,947
Pilbara Minerals *		883,403		961,662
TOTAL AUSTRALIA				5,854,860
BELGIUM — 2.1%
Materials — 2.1%
Umicore		76,294		4,659,576
TOTAL BELGIUM				4,659,576
CANADA — 2.5%
Industrials — 2.5%
Ballard Power Systems *		56,105		1,018,526
Magna International		48,618		4,506,087
TOTAL CANADA				5,524,613
CHINA — 42.3%
Consumer Discretionary — 20.1%
BAIC Motor, Cl H		726,500		270,361
BYD, Cl A		187,400		7,280,373
Dongfeng Motor Group, Cl H		1,178,000		1,058,794
Geely Automobile Holdings		1,974,000		6,214,941
Guangzhou Automobile Group, Cl H		1,158,000		1,039,327
Li Auto ADR *		195,334		6,824,970
NIO ADR *		278,160		14,798,112
Niu Technologies ADR *		13,913		454,260
Shenzhen Kedali Industry, Cl A		38,600		522,167
Tianneng Power International (A)		289,868		506,887
XPeng ADR *		102,909		4,571,218
Yadea Group Holdings		434,000		933,291
				44,474,701
Industrials — 10.4%
China Baoan Group, Cl A		676,500		1,913,008
Contemporary Amperex Technology, Cl A		160,447		13,281,078
Eve Energy, Cl A		293,870		4,727,228
Gotion High-tech, Cl A *		337,289		2,274,052
Qingdao TGOOD Electric, Cl A		190,900		889,666
				23,085,032

44

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 1.3%
Wuxi Lead Intelligent Equipment, Cl A		312,476	$	2,908,643
Materials — 10.5%
Beijing Easpring Material Technology, Cl A		125,900		1,094,952
Ganfeng Lithium, Cl A		271,427		5,087,116
GEM, Cl A		1,330,900		1,926,049
Guangzhou Tinci Materials Technology, Cl A		188,747		3,113,624
Jinduicheng Molybdenum, Cl A		259,101		259,869
Shanghai Putailai New Energy Technology, Cl A		82,220		1,738,355
Xiamen Tungsten, Cl A		239,685		772,753
Yunnan Energy New Material, Cl A		114,900		4,163,243
Zhejiang Huayou Cobalt, Cl A		287,004		5,072,995
				23,228,956
TOTAL CHINA				93,697,332
GERMANY — 8.4%
Consumer Discretionary — 3.9%
Bayerische Motoren Werke		45,520		4,821,156
Volkswagen		11,823		3,880,990
				8,702,146
Information Technology — 4.5%
Infineon Technologies		246,914		9,903,031
TOTAL GERMANY				18,605,177
HONG KONG — 0.9%
Consumer Discretionary — 0.9%
Brilliance China Automotive Holdings (B)(C)(D)		2,170,000		2,039,828
TOTAL HONG KONG				2,039,828
JAPAN — 6.6%
Consumer Discretionary — 2.2%
Panasonic		424,700		4,918,928
Industrials — 4.4%
Nidec		83,100		9,639,720
TOTAL JAPAN				14,558,648
NETHERLANDS — 4.4%
Information Technology — 4.4%
NXP Semiconductors		47,748		9,822,718
TOTAL NETHERLANDS				9,822,718

45

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA — 4.9%
Industrials — 0.3%
Ecopro		4,037	$	760,332
Information Technology — 2.6%
L&F		7,028		572,275
Samsung SDI		8,275		5,128,935
				5,701,210
Materials — 2.0%
LG Chem		5,944		4,486,436
TOTAL SOUTH KOREA				10,947,978
SWEDEN — 0.2%
Industrials — 0.2%
PowerCell Sweden * (A)		16,746		442,336
TOTAL SWEDEN				442,336
UNITED KINGDOM — 0.5%
Industrials — 0.5%
ITM Power *		187,860		1,181,846
TOTAL UNITED KINGDOM				1,181,846
UNITED STATES — 25.0%
Consumer Discretionary — 10.3%
Aptiv *		67,980		10,695,293
Gentherm *		13,528		961,164
Tesla *		16,518		11,227,285
				22,883,742
Industrials — 4.7%
Ballard Power Systems *		41,454		751,146
ChargePoint Holdings *		61,270		2,128,520
Nikola *		91,065		1,644,634
Plug Power *		169,446		5,793,359
				10,317,659
Information Technology — 7.2%
Analog Devices		60,787		10,465,090
SolarEdge Technologies *		19,933		5,508,883
				15,973,973

46

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
Materials — 2.8%
Albemarle		29,648	$	4,994,502
Livent *		60,018		1,161,949
				6,156,451
TOTAL UNITED STATES				55,331,825
TOTAL COMMON STOCK
(Cost $206,228,010)				222,666,737
SHORT-TERM INVESTMENT(E)(F) — 0.3%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%		703,014		703,014
TOTAL SHORT-TERM INVESTMENT
(Cost $703,014)				703,014
TOTAL INVESTMENTS — 100.7%
(Cost $206,931,024)				223,369,751
OTHER ASSETS LESS LIABILITIES — (0.7)%				(1,548,336	)
NET ASSETS — 100%			$	221,821,415

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at June 30, 2021.  The total market value of securities on loan at June 30, 2021 was $668,778.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2021 was $2,039,828 and represents 0.9% of Net Assets.
(C)	Level 3 security in accordance with fair value hierarchy.
(D)	Security considered illiquid.  The total value of such securities as of June 30, 2021 was $2,039,828 and represents 0.9% of Net Assets.
(E)	The rate shown is the 7-day effective yield as of June 30, 2021.
(F)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2021 was $703,014.

ADR — American Depositary Receipt

Cl — Class

47

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Electric Vehicles and Future Mobility Index ETF

The following summarizes the market value of the Fund’s investments used as of June 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Australia	$	5,854,860	$	—	$	—	$	5,854,860
Belgium		4,659,576		—		—		4,659,576
Canada		5,524,613		—		—		5,524,613
China		93,697,332		—		—		93,697,332
Germany		18,605,177		—		—		18,605,177
Hong Kong
Consumer Discretionary		—		—		2,039,828		2,039,828
Japan		14,558,648		—		—		14,558,648
Netherlands		9,822,718		—		—		9,822,718
South Korea		10,947,978		—		—		10,947,978
Sweden		442,336		—		—		442,336
United Kingdom		1,181,846		—		—		1,181,846
United States		55,331,825		—		—		55,331,825
Total Common Stock		220,626,909		—		2,039,828		222,666,737
Short-Term Investment		703,014		—		—		703,014
Total Investments in Securities	$	221,329,923	$	—	$	2,039,828	$	223,369,751

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-009-0700

48

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 97.7%
Health Care — 97.7%
3SBio *		737,500	$	911,684
Aier Eye Hospital Group, Cl A		979,256		10,758,268
Akeso *		170,000		1,371,453
Alibaba Health Information Technology *		2,420,000		5,366,109
Apeloa Pharmaceutical, Cl A		218,392		993,789
Asymchem Laboratories Tianjin, Cl A		43,603		2,514,604
Autobio Diagnostics, Cl A		106,730		1,251,682
BeiGene ADR *		27,726		9,515,286
Beijing Tiantan Biological Products, Cl A		250,818		1,329,626
Beijing Tongrentang, Cl A		181,590		1,148,138
Betta Pharmaceuticals, Cl A		77,263		1,294,404
BGI Genomics, Cl A		77,227		1,417,634
Burning Rock Biotech ADR * (A)		26,230		772,736
CanSino Biologics, Cl A *		17,274		2,079,479
CanSino Biologics, Cl H * (A)		48,600		2,582,120
Changchun High & New Technology Industry Group, Cl A		72,808		4,361,144
China Medical System Holdings		835,000		2,198,826
China National Medicines, Cl A		133,255		681,862
China Resources Pharmaceutical Group		947,500		590,521
China Resources Sanjiu Medical & Pharmaceutical, Cl A		179,090		741,491
China Traditional Chinese Medicine Holdings *		1,658,000		1,135,814
Chongqing Zhifei Biological Products, Cl A		301,049		8,700,849
CSPC Pharmaceutical Group		5,304,889		7,678,097
Daan Gene, Cl A		248,647		817,425
Dong-E-E-Jiao, Cl A		3,600		20,009
Dong-E-E-Jiao, Cl E		116,640		648,296
Genscript Biotech *		674,000		2,942,189
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		255,640		1,339,362
Guangzhou Kingmed Diagnostics Group, Cl A		82,999		2,052,478
Guangzhou Wondfo Biotech, Cl A		81,217		813,195
Hangzhou Tigermed Consulting, Cl A		67,950		2,032,973
Hangzhou Tigermed Consulting, Cl H		74,600		1,748,321
Hansoh Pharmaceutical Group		708,000		3,099,725
Huadong Medicine, Cl A		307,841		2,192,244
Hualan Biological Engineering, Cl A		313,947		1,782,362
Humanwell Healthcare Group, Cl A		296,300		1,296,486
Hutchmed China ADR *		43,800		1,720,026
I-Mab ADR *		19,461		1,633,751
Imeik Technology Development, Cl A		31,300		3,821,779
Innovent Biologics *		692,500		8,074,567
Intco Medical Technology, Cl A		62,729		1,211,695
Jafron Biomedical, Cl A		146,790		1,962,092
Jiangsu Hengrui Medicine, Cl A		1,133,729		11,927,152
Jiangsu Yuyue Medical Equipment & Supply, Cl A		175,310		1,034,627

49

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Jilin Aodong Pharmaceutical Group, Cl A		206,234	$	494,450
Jinxin Fertility Group *		764,000		1,928,237
Jinyu Bio-Technology, Cl A		190,377		514,186
Joincare Pharmaceutical Group Industry, Cl A		347,345		738,145
Joinn Laboratories China, Cl A		41,900		1,191,658
Jointown Pharmaceutical Group, Cl A		332,206		790,300
Lepu Medical Technology Beijing, Cl A		319,800		1,589,880
Livzon Pharmaceutical Group, Cl A		113,259		876,853
Maccura Biotechnology, Cl A		102,400		667,097
Meinian Onehealth Healthcare Holdings, Cl A *		718,283		1,012,802
Microport Scientific		378,000		3,390,189
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		141,517		914,483
Ovctek China, Cl A		153,693		2,463,284
Pharmaron Beijing, Cl A		116,600		3,916,053
Pharmaron Beijing, Cl H		78,100		2,081,768
Ping An Healthcare and Technology * (A)		265,000		3,299,768
Shandong Buchang Pharmaceuticals, Cl A		208,983		727,463
Shandong Pharmaceutical Glass, Cl A		109,200		573,816
Shandong Weigao Group Medical Polymer, Cl H		1,460,000		3,406,607
Shanghai Fosun Pharmaceutical Group, Cl A		354,829		3,961,370
Shanghai Fosun Pharmaceutical Group, Cl H (A)		292,500		2,361,590
Shanghai Pharmaceuticals Holding, Cl A		349,494		1,143,009
Shanghai Pharmaceuticals Holding, Cl H		469,300		1,024,914
Shanghai RAAS Blood Products, Cl A		1,206,034		1,398,143
Shenzhen Hepalink Pharmaceutical Group, Cl A		185,128		456,455
Shenzhen Kangtai Biological Products, Cl A		120,998		2,790,454
Shenzhen Mindray Bio-Medical Electronics, Cl A		216,399		16,078,742
Shenzhen Salubris Pharmaceuticals, Cl A *		192,365		979,563
Shijiazhuang Yiling Pharmaceutical, Cl A		220,293		994,257
Sichuan Kelun Pharmaceutical, Cl A		255,415		788,678
Sinopharm Group, Cl H		768,000		2,284,463
SSY Group		800,000		714,925
Tasly Pharmaceutical Group, Cl A		125,892		288,578
Tonghua Dongbao Pharmaceutical, Cl A		358,191		661,957
Topchoice Medical, Cl A *		57,741		3,673,131
Venus MedTech Hangzhou, Cl H *		128,500		1,071,406
Walvax Biotechnology, Cl A		277,600		2,651,032
Winning Health Technology Group, Cl A		371,200		934,772
WuXi AppTec, Cl A		459,520		11,137,271
WuXi AppTec, Cl H		203,084		4,741,159
Wuxi Biologics Cayman *		1,313,135		24,061,643
Xiamen Kingdomway Group, Cl A		110,155		762,118
Xian International Medical Investment, Cl A *		402,000		1,170,375
Yifan Pharmaceutical, Cl A		224,888		600,435
Yunnan Baiyao Group, Cl A		219,345		3,928,679
Zai Lab ADR *		45,702		8,088,797

50

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Zhangzhou Pientzehuang Pharmaceutical, Cl A		103,034	$	7,149,236
Zhejiang Huahai Pharmaceutical, Cl A		266,972		862,793
Zhejiang Jiuzhou Pharmaceutical, Cl A		153,100		1,151,179
Zhejiang NHU, Cl A		452,908		2,010,479
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		94,536		938,212
TOTAL CHINA				263,003,224
HONG KONG — 2.2%
Health Care — 2.2%
Sino Biopharmaceutical		6,104,750		5,990,097
TOTAL HONG KONG				5,990,097
TOTAL COMMON STOCK
(Cost $222,649,880)				268,993,321
SHORT-TERM INVESTMENT(B)(C) — 2.3%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%		6,215,997		6,215,997
TOTAL SHORT-TERM INVESTMENT
(Cost $6,215,997)				6,215,997
TOTAL INVESTMENTS — 102.2%
(Cost $228,865,877)				275,209,318
OTHER ASSETS LESS LIABILITIES — (2.2)%				(5,840,438	)
NET ASSETS — 100%			$	269,368,880

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at June 30, 2021.  The total market value of securities on loan at June 30, 2021 was $5,934,761.
(B)	The rate shown is the 7-day effective yield as of June 30, 2021.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2021 was $6,215,997.

ADR — American Depositary Receipt

Cl — Class

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.  

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-010-0700

51

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 88.7%
CHINA — 60.6%
Communications Services — 2.2%
Proven Honour Capital
4.125%, 05/19/2025	$	200,000	$	210,202
Consumer Discretionary — 4.4%
Fortune Star BVI
6.850%, 07/02/2024		200,000		213,308
GLP China Holdings
4.974%, 02/26/2024		200,000		215,172
				428,480
Financials — 37.2%
Agile Group Holdings
8.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+11.254% ‡		200,000		208,126
Bank of Communications
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.345% ‡		300,000		311,278
Central Plaza Development
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+8.066% ‡		200,000		178,103
CFLD Cayman Investment
8.600%, 04/08/2024		200,000		70,060
China Evergrande Group
9.500%, 03/29/2024		200,000		140,102
China Mengniu Dairy
3.000%, 07/18/2024		200,000		209,884
Chouzhou International Investment
4.000%, 02/18/2025		200,000		203,607
Country Garden Holdings
8.000%, 01/27/2024		200,000		210,248
Easy Tactic
8.625%, 02/27/2024		200,000		177,003
Kaisa Group Holdings
9.375%, 06/30/2024		600,000		566,401
KWG Group Holdings
7.875%, 09/01/2023		200,000		204,000
Poly Real Estate Finance
3.875%, 03/25/2024		200,000		209,913
Ronshine China Holdings
7.350%, 12/15/2023		200,000		188,018
Shimao Group Holdings
6.125%, 02/21/2024		300,000		309,150
Sunac China Holdings
8.350%, 04/19/2023		200,000		207,105

52

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Financials — continued
Westwood Group Holdings
5.375%, 10/19/2023	$	200,000	$	215,315
				3,608,313
Information Technology — 2.2%
Lenovo Group
4.750%, 03/29/2023		200,000		211,005
Materials — 4.2%
Bluestar Finance Holdings
3.875%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.651% ‡		200,000		203,107
CNAC HK Finbridge
3.350%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.194% ‡		200,000		201,757
				404,864
Real Estate — 10.4%
China Aoyuan Group
7.950%, 02/19/2023		200,000		198,104
China SCE Group Holdings
7.000%, 05/02/2025		200,000		202,559
Redsun Properties Group
9.700%, 04/16/2023		200,000		202,605
Shui On Development Holding
6.400%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.627% ‡		200,000		202,261
Well Hope Development
3.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.927% ‡		200,000		204,252
				1,009,781
TOTAL CHINA				5,872,645
HONG KONG — 28.1%
Consumer Discretionary — 4.7%
Li & Fung
5.250% ‡		200,000		148,100
Melco Resorts Finance
4.875%, 06/06/2025 (A)		300,000		307,050
				455,150
Financials — 21.2%
AIA Group
3.125%, 03/13/2023		200,000		207,832
Bank of East Asia
5.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.257% ‡		250,000		266,995

53

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Financials — continued
China CITIC Bank International
7.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.151% ‡	$	200,000	$	220,006
CMB Wing Lung Bank
6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.948% ‡		250,000		270,006
FWD Group
0.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.865% ‡		300,000		281,995
Nanyang Commercial Bank
5.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.205% ‡		550,000		552,739
NWD Finance BVI
5.750% ‡		250,000		251,745
				2,051,318
Industrials — 2.2%
Celestial Miles
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+8.205% ‡		200,000		211,924
TOTAL HONG KONG				2,718,392
TOTAL CORPORATE OBLIGATIONS
(Cost $8,692,786)				8,591,037
TOTAL INVESTMENTS — 88.7%
(Cost $8,692,786)				8,591,037
OTHER ASSETS LESS LIABILITIES — 11.3%				1,097,154
NET ASSETS — 100%			$	9,688,191

‡	Perpetual security with no stated maturity date.
(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, 2021 was $307,050 and represented 3.2% of the Net Assets of the Fund.

BVI —  British Virgin Islands

VAR — Variable Rate

As of June 30, 2021, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.  

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-012-0700

54

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — 99.8%‡
BRAZIL — 8.8%
Health Care — 8.8%
Diagnosticos da America *		4,400	$	54,173
Fleury		2,500		12,914
Hapvida Participacoes e Investimentos		30,300		93,053
Notre Dame Intermedica Participacoes		4,900		82,935
Odontoprev		4,200		10,906
Qualicorp Consultoria e Corretora de Seguros		2,200		12,675
Rede D’Or Sao Luiz *		16,000		220,110
TOTAL BRAZIL				486,766
CHINA — 45.4%
Consumer Discretionary — 2.1%
JD Health International *		8,000		114,656
Consumer Staples — 1.1%
By-health, Cl A		3,600		18,332
DaShenLin Pharmaceutical Group, Cl A		2,040		16,138
Fu Jian Anjoy Foods, Cl A		600		23,590
				58,060
Health Care — 42.2%
3SBio *		6,500		8,035
Aier Eye Hospital Group, Cl A		12,537		137,734
AK Medical Holdings		4,000		7,057
Akeso *		2,000		16,135
Alphamab Oncology *		3,000		9,600
Apeloa Pharmaceutical, Cl A		2,800		12,741
Ascentage Pharma Group International *		600		3,631
BeiGene *		2,900		78,868
Beijing Tiantan Biological Products, Cl A		3,320		17,600
Beijing Wantai Biological Pharmacy Enterprise, Cl A		1,400		56,162
Betta Pharmaceuticals, Cl A		1,000		16,753
BGI Genomics, Cl A		1,000		18,357
Burning Rock Biotech ADR *		175		5,156
CanSino Biologics, Cl H *		400		21,252
Changchun High & New Technology Industry Group, Cl A		900		53,909
China Evergrande New Energy Vehicle Group * (A)		28,000		104,200
China Medical System Holdings		6,000		15,800
China Resources Medical Holdings		3,000		3,643
Chongqing Zhifei Biological Products, Cl A		3,813		110,202
CStone Pharmaceuticals *		3,000		6,606
Everest Medicines *		500		4,974
Gan & Lee Pharmaceuticals, Cl A		1,300		21,445
Genetron Holdings ADR *		210		4,229
Genscript Biotech *		4,000		17,461
Guangzhou Kingmed Diagnostics Group, Cl A		1,100		27,202
Hangzhou Tigermed Consulting, Cl H		300		7,031
Hansoh Pharmaceutical Group		14,000		61,294

55

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Huadong Medicine, Cl A		4,040	$	28,771
Hualan Biological Engineering, Cl A		4,390		24,923
Humanwell Healthcare Group, Cl A		4,000		17,502
Hygeia Healthcare Holdings		1,400		18,388
I-Mab ADR *		173		14,523
Immunotech Biopharm *		1,000		2,475
InnoCare Pharma *		3,000		11,029
Innovent Biologics *		3,500		40,810
Intco Medical Technology, Cl A		900		17,385
Jacobio Pharmaceuticals Group *		1,800		5,041
Jiangsu Hengrui Medicine, Cl A		15,319		161,160
Jinxin Fertility Group *		6,000		15,143
JW Cayman Therapeutics *		1,000		3,213
Kangji Medical Holdings (A)		3,000		4,991
Kintor Pharmaceutical *		500		4,056
Legend Biotech ADR *		279		11,453
Lepu Medical Technology Beijing, Cl A		4,122		20,493
Livzon Pharmaceutical Group, Cl H		700		3,448
Microport Cardioflow Medtech *		5,000		10,520
Microport Scientific		5,000		44,844
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		2,340		15,121
Ocumension Therapeutics *		1,500		5,273
Ovctek China, Cl A		1,500		24,041
Peijia Medical *		2,000		9,310
Ping An Healthcare and Technology *		2,800		34,866
Shandong Weigao Group Medical Polymer, Cl H		12,000		28,000
Shanghai Fosun Pharmaceutical Group, Cl H		1,500		12,111
Shanghai Junshi Biosciences, Cl H *		600		4,983
Shanghai Pharmaceuticals Holding, Cl H		2,300		5,023
Shanghai RAAS Blood Products, Cl A		16,700		19,360
Shenzhen Kangtai Biological Products, Cl A		1,600		36,899
Shenzhen Mindray Bio-Medical Electronics, Cl A		2,900		215,474
Shenzhen Salubris Pharmaceuticals, Cl A *		2,400		12,221
Shijiazhuang Yiling Pharmaceutical, Cl A		2,800		12,637
Sihuan Pharmaceutical Holdings Group		22,000		9,405
Simcere Pharmaceutical Group		6,000		10,801
Sinopharm Group, Cl H		3,200		9,519
Topchoice Medical, Cl A *		800		50,891
Venus MedTech Hangzhou, Cl H *		1,000		8,338
Viva Biotech Holdings		4,500		5,760
Walvax Biotechnology, Cl A		3,500		33,424
WuXi AppTec, Cl H		998		23,299
Wuxi Biologics Cayman *		10,281		188,387
Yunnan Baiyao Group, Cl A		2,900		51,942
Zai Lab *		200		35,128
Zhangzhou Pientzehuang Pharmaceutical, Cl A		1,400		97,142

56

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Zhejiang Jiuzhou Pharmaceutical, Cl A		2,000	$	15,038
Zhejiang NHU, Cl A		6,120		27,167
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		1,200		11,909
				2,320,714
TOTAL CHINA				2,493,430
HUNGARY — 0.7%
Health Care — 0.7%
Richter Gedeon Nyrt		1,491		39,743
TOTAL HUNGARY				39,743
INDIA — 15.2%
Health Care — 15.2%
Apollo Hospitals Enterprise		1,132		55,128
Aurobindo Pharma		4,657		60,473
Biocon *		9,515		51,774
Cadila Healthcare		8,568		74,372
Cipla		6,379		83,408
Divi’s Laboratories		2,124		125,967
Dr Reddy’s Laboratories		1,340		97,765
Glenmark Pharmaceuticals		2,279		20,008
Laurus Labs		4,254		39,412
Lupin		3,622		55,994
Sun Pharmaceutical Industries		19,068		173,274
TOTAL INDIA				837,575
INDONESIA — 1.1%
Health Care — 1.1%
Kalbe Farma		379,200		36,613
Mitra Keluarga Karyasehat		118,700		22,921
TOTAL INDONESIA				59,534
MALAYSIA — 4.1%
Health Care — 4.1%
Hartalega Holdings		26,400		46,740
IHH Healthcare		72,600		95,657
Supermax		20,780		16,518
Top Glove		64,500		64,787
TOTAL MALAYSIA				223,702
MEXICO — 0.1%
Health Care — 0.1%
Genomma Lab Internacional, Cl B *		7,900		8,162
TOTAL MEXICO				8,162

57

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — continued
SOUTH AFRICA — 1.3%
Health Care — 1.3%
Aspen Pharmacare Holdings *		3,634	$	41,253
Life Healthcare Group Holdings *		11,117		17,689
Netcare *		11,005		10,975
TOTAL SOUTH AFRICA				69,917
SOUTH KOREA — 20.6%
Consumer Staples — 0.2%
Kolmar BNH		225		10,010
Health Care — 20.4%
Alteogen *		340		25,270
Boryung Pharmaceutical		429		8,990
Bukwang Pharmaceutical		603		10,843
Cellivery Therapeutics *		134		11,994
Celltrion *		1,010		240,807
Celltrion Healthcare *		1,189		122,157
Celltrion Pharm *		285		39,783
Chong Kun Dang Pharmaceutical		90		10,949
Daewoong		476		19,760
Daewoong Pharmaceutical		88		13,441
DongKook Pharmaceutical		358		8,965
Genexine *		181		14,465
Green Cross		96		28,003
Green Cross Holdings		373		11,295
Hanmi Pharm		95		28,218
Hanmi Science		528		35,867
Hugel *		108		22,978
LegoChem Biosciences *		200		9,448
MedPacto *		150		9,337
Mezzion Pharma *		71		8,619
Osstem Implant		118		11,914
Sam Chun Dang Pharm *		171		8,260
Samsung Biologics *		308		230,012
Seegene		553		40,610
Shin Poong Pharmaceutical		416		31,769
SillaJen *(B)(C)(D)		261		2,804
SK Biopharmaceuticals *		598		65,315
ST Pharm *		147		14,698
Yuhan		549		30,761
Yungjin Pharmaceutical *		1,463		7,613
				1,124,945
TOTAL SOUTH KOREA				1,134,955

58

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Healthcare Index ETF

	Shares/ Number of Rights		Value
COMMON STOCK — continued
THAILAND — 2.5%
Health Care — 2.5%
Bangkok Chain Hospital		20,500	$	14,840
Bangkok Dusit Medical Services, Cl F		124,700		89,488
Bumrungrad Hospital		6,300		25,259
Chularat Hospital		82,800		10,282
TOTAL THAILAND				139,869
TOTAL COMMON STOCK
(Cost $4,899,317)				5,493,653
RIGHTS — 0.0%
SOUTH KOREA — 0.0%
Health Care — 0.0%
Boryung Pharmaceutical, Expires 07/11/2021*		38		176
TOTAL RIGHTS
(Cost $–)				176
SHORT-TERM INVESTMENT(E)(F) — 1.9%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%		102,745		102,745
TOTAL SHORT-TERM INVESTMENT
(Cost $102,745)				102,745
TOTAL INVESTMENTS — 101.7%
(Cost $5,002,062)				5,596,574
OTHER ASSETS LESS LIABILITIES — (1.7)%				(94,319	)
NET ASSETS — 100%			$	5,502,255

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at June 30, 2021.  The total market value of securities on loan at June 30, 2021 was $97,553.
(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2021 was $2,804 and represents 0.1% of Net Assets.
(C)	Level 3 security in accordance with fair value hierarchy.
(D)	Security considered illiquid.  The total value of such securities as of June 30, 2021 was $2,804 and represents 0.1% of Net Assets.
(E)	The rate shown is the 7-day effective yield as of June 30, 2021.
(F)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2021 was $102,745.

ADR — American Depositary Receipt

Cl — Class

59

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Emerging Markets Healthcare Index ETF

The following summarizes the market value of the Fund’s investments used as of June 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Brazil	$	486,766	$	—		—		486,766
China		2,493,430		—		—		2,493,430
Hungary		39,743		—		—		39,743
India		837,575		—		—		837,575
Indonesia		59,534		—		—		59,534
Malaysia		223,702		—		—		223,702
Mexico		8,162		—		—		8,162
South Africa		69,917		—		—		69,917
South Korea
Consumer Staples		10,010		—		—		10,010
Health Care		1,122,141		—		2,804		1,124,945
Thailand		139,869		—		—		139,869
Total Common Stock		5,490,849		—		2,804		5,493,653
Rights		176		—		—		176
Short-Term Investment		102,745		—		—		102,745
Total Investments in Securities	$	5,593,770	$	—	$	2,804	$	5,596,574

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-018-0400

60

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 95.6%‡
BRAZIL — 5.4%
Communication Services — 0.1%
Telefonica Brasil		3,200	$	26,784
Consumer Discretionary — 0.6%
Lojas Renner		4,750		41,869
Magazine Luiza *		25,600		107,903
				149,772
Consumer Staples — 0.7%
Ambev		30,400		103,416
BRF *		2,400		13,072
JBS		4,800		27,837
Raia Drogasil *		8,000		39,395
				183,720
Energy — 0.6%
Petroleo Brasileiro		24,800		149,704
Ultrapar Participacoes		4,800		17,592
				167,296
Financials — 0.8%
B3 - Brasil Bolsa Balcao		33,600		112,628
Banco Bradesco *		7,898		34,407
Banco do Brasil		5,600		35,858
Banco Santander Brasil		2,400		19,371
BB Seguridade Participacoes		4,000		18,414
				220,678
Industrials — 0.6%
CCR		6,400		17,155
Localiza Rent a Car		3,220		41,069
Rumo *		6,400		24,425
WEG		9,600		64,455
				147,104
Materials — 1.9%
Klabin *		4,000		20,997
Suzano *		3,200		38,142
Vale		19,200		433,333
				492,472
Utilities — 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo *		1,600		11,664
Equatorial Energia		4,000		19,769
				31,433
TOTAL BRAZIL				1,419,259

61

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
CHILE — 0.6%
Consumer Discretionary — 0.1%
Falabella		4,110	$	18,452
Energy — 0.1%
Empresas COPEC		2,144		21,289
Financials — 0.2%
Banco de Chile		138,306		13,770
Banco de Credito e Inversiones		280		11,922
Banco Santander Chile		365,450		18,224
				43,916
Materials — 0.1%
Empresas CMPC		6,941		16,683
Utilities — 0.1%
Enel Americas		156,873		23,226
Enel Chile		154,643		8,973
				32,199
TOTAL CHILE				132,539
COLOMBIA — 0.1%
Energy — 0.1%
Ecopetrol		26,664		19,437
Financials — 0.0%
Bancolombia		1,234		8,725
TOTAL COLOMBIA				28,162
CZECH REPUBLIC — 0.1%
Financials — 0.0%
Komercni banka as *		388		13,656
Utilities — 0.1%
CEZ		828		24,561
TOTAL CZECH REPUBLIC				38,217
EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE *		7,246		24,086
TOTAL EGYPT				24,086
GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization		1,328		22,285
TOTAL GREECE				22,285

62

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
HUNGARY — 0.3%
Energy — 0.1%
MOL Hungarian Oil & Gas *		1,984	$	15,805
Financials — 0.2%
OTP Bank Nyrt *		1,216		65,544
TOTAL HUNGARY				81,349
INDIA — 14.2%
Communication Services — 0.3%
Bharti Airtel *		12,323		87,146
Consumer Discretionary — 0.9%
Bajaj Auto		448		24,916
Eicher Motors		720		25,874
Mahindra & Mahindra		4,024		42,102
Maruti Suzuki India		680		68,758
Tata Motors *		10,005		45,711
Titan		1,712		39,904
				247,265
Consumer Staples — 1.2%
Dabur India		2,888		22,098
Godrej Consumer Products *		1,984		23,228
Hindustan Unilever		4,998		166,172
ITC		24,011		65,479
Nestle India		128		30,365
				307,342
Energy — 2.2%
Bharat Petroleum		4,176		26,299
Indian Oil		12,008		17,431
Oil & Natural Gas		7,686		12,171
Reliance Industries		18,470		524,468
				580,369
Financials — 3.7%
Axis Bank *		15,208		153,103
Bajaj Finance		1,280		103,596
Bajaj Finserv		208		33,885
Housing Development Finance		10,955		364,810
ICICI Bank		26,852		227,915
Piramal Enterprises		440		14,197
State Bank of India		12,003		67,694
				965,200
Health Care — 0.4%
Aurobindo Pharma		1,440		18,699
Dr Reddy’s Laboratories		624		45,526

63

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Sun Pharmaceutical Industries		5,998	$	54,505
				118,730
Industrials — 0.2%
Larsen & Toubro		3,200		64,601
Information Technology — 3.9%
HCL Technologies		7,205		95,333
Infosys ADR		25,267		535,408
Tata Consultancy Services		5,998		269,983
Tech Mahindra		2,544		37,492
Wipro		10,003		73,431
				1,011,647
Materials — 1.1%
Asian Paints		1,696		68,285
Grasim Industries		1,808		36,456
Hindalco Industries		6,526		32,665
JSW Steel		4,736		43,575
UltraTech Cement		640		58,343
UPL		2,984		31,829
Vedanta		7,270		25,709
				296,862
Utilities — 0.3%
GAIL India		11,210		22,569
NTPC		14,417		22,577
Power Grid Corp of India		12,810		40,052
				85,198
TOTAL INDIA				3,764,360
INDONESIA — 2.0%
Communication Services — 0.3%
Telkom Indonesia Persero		367,800		79,901
Consumer Discretionary — 0.2%
Astra International		159,800		54,442
Consumer Staples — 0.1%
Charoen Pokphand Indonesia		50,400		21,724
Unilever Indonesia		52,000		17,752
				39,476
Energy — 0.1%
United Tractors		12,000		16,759
Financials — 1.3%
Bank Central Asia		69,600		144,600
Bank Mandiri Persero		144,000		58,593
Bank Negara Indonesia Persero		53,600		17,115

64

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank Rakyat Indonesia Persero		399,800	$	108,636
				328,944
TOTAL INDONESIA				519,522
MALAYSIA — 1.9%
Communication Services — 0.2%
DiGi.Com		24,000		23,875
Maxis		24,000		25,379
				49,254
Consumer Discretionary — 0.1%
Genting		16,000		19,000
Consumer Staples — 0.1%
Sime Darby Plantation		18,400		17,640
Financials — 1.1%
CIMB Group Holdings		64,000		71,068
Hong Leong Bank		4,000		18,037
Malayan Banking		44,816		87,549
Public Bank		104,000		102,960
				279,614
Health Care — 0.1%
IHH Healthcare		16,000		21,082
Materials — 0.2%
Petronas Chemicals Group		24,000		46,595
Utilities — 0.3%
Petronas Gas		4,000		14,935
Tenaga Nasional		29,600		69,802
				84,737
TOTAL MALAYSIA				517,922
MEXICO — 3.1%
Communication Services — 0.8%
America Movil		224,700		169,283
Grupo Televisa		16,000		45,821
				215,104
Consumer Staples — 0.9%
Fomento Economico Mexicano		13,600		114,842
Grupo Bimbo, Ser A		8,800		19,399
Wal-Mart de Mexico		34,200		111,770
				246,011

65

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — 0.5%
Grupo Financiero Banorte, Cl O		17,600	$	113,818
Grupo Financiero Inbursa, Cl O *		12,000		11,885
				125,703
Industrials — 0.1%
Grupo Aeroportuario del Pacifico, Cl B *		1,600		17,048
Grupo Aeroportuario del Sureste, Cl B *		1,160		21,434
				38,482
Materials — 0.7%
Cemex *		99,800		84,309
Grupo Mexico		23,200		109,250
				193,559
Real Estate — 0.1%
Fibra Uno Administracion †		22,400		24,222
TOTAL MEXICO				843,081
PERU — 0.8%
Financials — 0.3%
Credicorp *		565		68,427
Materials — 0.5%
Cia de Minas Buenaventura SAA ADR *		4,565		41,313
Southern Copper		1,345		86,511
				127,824
TOTAL PERU				196,251
PHILIPPINES — 1.1%
Financials — 0.1%
BDO Unibank		16,780		38,912
Industrials — 0.5%
Ayala		2,400		39,332
JG Summit Holdings		29,415		37,450
SM Investments		2,400		49,141
				125,923
Real Estate — 0.5%
Ayala Land		79,800		58,933
SM Prime Holdings		112,000		83,745
				142,678
TOTAL PHILIPPINES				307,513

66

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
POLAND — 1.2%
Communication Services — 0.1%
CD Projekt		480	$	23,328
Consumer Discretionary — 0.1%
LPP		8		27,045
Energy — 0.2%
Polski Koncern Naftowy ORLEN		2,240		45,177
Financials — 0.6%
Bank Polska Kasa Opieki		1,320		32,246
Powszechna Kasa Oszczednosci Bank Polski *		6,598		65,564
Powszechny Zaklad Ubezpieczen		4,798		46,253
Santander Bank Polska *		256		17,107
				161,170
Materials — 0.2%
KGHM Polska Miedz		920		45,347
TOTAL POLAND				302,067
QATAR — 1.1%
Financials — 0.9%
Masraf Al Rayan QSC		30,027		36,773
Qatar Islamic Bank SAQ		8,805		41,812
Qatar National Bank QPSC		31,216		153,894
				232,479
Industrials — 0.2%
Industries Qatar QSC		14,001		50,951
TOTAL QATAR				283,430
RUSSIA — 5.4%
Communication Services — 0.1%
Mobile TeleSystems PJSC ADR		2,786		25,798
Consumer Discretionary — 0.1%
X5 Retail Group GDR		664		23,264
Consumer Staples — 0.1%
Magnit PJSC GDR		1,936		28,082
Energy — 3.0%
Gazprom PJSC		66,360		255,561
LUKOIL PJSC		2,760		255,282
Novatek PJSC GDR		560		123,480
Rosneft Oil		7,600		59,403
Tatneft PJSC		12,234		88,958
				782,684

67

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — 1.2%
Sberbank of Russia PJSC		73,480	$	307,473
Materials — 0.9%
Alrosa PJSC		14,000		25,753
MMC Norilsk Nickel PJSC		496		168,095
Novolipetsk Steel PJSC		6,560		20,632
Severstal PAO		1,120		24,045
				238,525
TOTAL RUSSIA				1,405,826
SOUTH AFRICA — 6.0%
Communication Services — 0.5%
MTN Group *		11,214		81,073
MultiChoice Group		2,272		18,671
Vodacom Group		3,400		30,662
				130,406
Consumer Discretionary — 2.5%
Absa Group *		4,800		45,624
Mr Price Group		1,296		19,108
Naspers, Cl N		2,756		578,693
Woolworths Holdings *		5,260		19,859
				663,284
Consumer Staples — 0.4%
Bid *		2,240		48,570
Clicks Group		1,344		23,126
Shoprite Holdings		2,248		24,472
Tiger Brands		872		12,764
				108,932
Energy — 0.1%
Exxaro Resources		1,392		16,419
Financials — 1.6%
Capitec Bank Holdings		756		89,292
Discovery *		1,952		17,262
FirstRand		29,926		112,316
Nedbank Group *		2,680		32,071
Old Mutual		26,406		24,966
Remgro		2,840		22,793
Sanlam		9,733		41,832
Standard Bank Group		8,807		78,709
				419,241
Industrials — 0.3%
Bidvest Group		1,792		23,903
Sasol *		3,720		56,797
				80,700

68

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Materials — 0.5%
Anglo American Platinum		276	$	31,882
AngloGold Ashanti		2,640		49,087
Gold Fields		4,328		38,919
				119,888
Real Estate — 0.1%
Growthpoint Properties †		16,010		16,707
NEPI Rockcastle		2,152		15,255
				31,962
TOTAL SOUTH AFRICA				1,570,832
SOUTH KOREA — 23.3%
Communication Services — 2.8%
Kakao		1,757		254,310
NAVER		1,000		370,732
NCSoft		120		87,377
SK Telecom		104		29,552
				741,971
Consumer Discretionary — 2.5%
Coway		288		20,127
Fila Holdings		256		13,230
Hyundai Mobis		456		118,236
Hyundai Motor		1,000		212,671
Kangwon Land *		648		15,479
Kia		2,000		159,126
LG Electronics		760		110,341
				649,210
Consumer Staples — 1.0%
Amorepacific		284		63,551
E-MART		104		14,776
KT&G		1,125		84,314
LG Household & Health Care		64		100,136
				262,777
Energy — 0.5%
SK Innovation *		424		111,257
S-Oil *		248		22,573
				133,830
Financials — 1.9%
DB Insurance		272		13,236
Hana Financial Group		2,398		98,058
Industrial Bank of Korea		1,392		12,979
KB Financial Group		2,862		141,810
Samsung Fire & Marine Insurance		365		71,467
Samsung Life Insurance		376		26,644
Shinhan Financial Group		3,062		110,391

69

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Woori Financial Group		2,614	$	26,577
				501,162
Health Care — 1.0%
Celltrion *		592		141,146
Celltrion Healthcare *		272		27,945
Samsung Biologics *		117		87,375
				256,466
Industrials — 1.3%
Hyundai Engineering & Construction		432		22,364
Hyundai Heavy Industries Holdings		240		15,089
Korea Shipbuilding & Offshore Engineering *		208		24,750
LG		885		80,551
Samsung C&T		777		94,180
Samsung Heavy Industries *		2,390		14,240
SK Holdings		315		79,019
				330,193
Information Technology — 10.4%
LG Display *		1,184		25,759
Samsung Electro-Mechanics		539		84,716
Samsung Electronics		26,790		1,919,773
Samsung SDI		360		223,132
Samsung SDS		184		30,227
SK Hynix		3,750		424,566
				2,708,173
Materials — 1.8%
Hyundai Steel		432		20,600
Korea Zinc		40		15,327
LG Chem		320		241,531
Lotte Chemical		96		22,377
POSCO		544		168,105
				467,940
Utilities — 0.3%
Korea Electric Power		3,394		74,893
TOTAL SOUTH KOREA				6,126,615
TAIWAN — 25.4%
Communication Services — 1.0%
Chunghwa Telecom		32,000		130,929
Far EasTone Telecommunications		21,000		48,689
Taiwan Mobile		21,000		76,877
				256,495

70

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — 0.6%
President Chain Store		8,000	$	75,513
Uni-President Enterprises		32,000		84,070
				159,583
Energy — 0.1%
Formosa Petrochemical		8,000		30,579
Financials — 4.7%
Cathay Financial Holding		48,000		92,856
Chailease Holding		10,071		73,194
Chang Hwa Commercial Bank		120,243		69,697
China Development Financial Holding		146,000		68,906
CTBC Financial Holding		96,000		78,213
E.Sun Financial Holding		89,094		84,098
First Financial Holding		97,282		79,257
Fubon Financial Holding		48,000		127,311
Hua Nan Financial Holdings		81,567		54,012
Mega Financial Holding		64,000		75,456
Shanghai Commercial & Savings Bank		50,000		81,202
Shin Kong Financial Holding		246,000		84,141
SinoPac Financial Holdings		56,000		27,636
Taishin Financial Holding		156,310		85,553
Taiwan Cooperative Financial Holding		84,365		64,343
Yuanta Financial Holding		95,280		91,818
				1,237,693
Industrials — 0.3%
Far Eastern New Century		70,000		80,395
Information Technology — 16.4%
ASE Technology Holding		26,000		104,513
Asustek Computer		8,000		106,667
AU Optronics		82,000		66,660
Catcher Technology		8,000		52,257
Delta Electronics		16,000		173,997
Hon Hai Precision Industry		88,000		353,737
Innolux		48,000		35,747
Lite-On Technology		35,000		72,355
MediaTek		8,000		276,214
Novatek Microelectronics		8,000		143,275
Pegatron		28,000		69,139
Quanta Computer		24,000		75,370
Taiwan Semiconductor Manufacturing		124,000		2,648,004
United Microelectronics		64,000		121,970
				4,299,905
Materials — 2.3%
Asia Cement		32,000		58,229
China Steel		109,000		154,918
Formosa Chemicals & Fibre		23,000		69,918
Formosa Plastics		32,000		118,295

71

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Nan Ya Plastics		40,000	$	119,444
Taiwan Cement		40,370		73,894
				594,698
TOTAL TAIWAN				6,659,348
THAILAND — 2.0%
Communication Services — 0.2%
Advanced Info Service		8,000		42,683
Consumer Staples — 0.3%
CP ALL		40,000		74,883
Energy — 0.5%
PTT		84,000		102,871
PTT Exploration & Production		11,200		40,886
				143,757
Financials — 0.2%
Siam Commercial Bank		14,400		44,031
Health Care — 0.1%
Bangkok Dusit Medical Services, Cl F		28,000		20,093
Industrials — 0.3%
Airports of Thailand		34,400		66,546
Materials — 0.3%
PTT Global Chemical		18,400		33,872
Siam Cement		3,200		43,133
				77,005
Real Estate — 0.1%
Central Pattana		10,400		17,036
TOTAL THAILAND				486,034
TURKEY — 0.4%
Consumer Staples — 0.1%
BIM Birlesik Magazalar		5,598		40,048
Energy — 0.1%
Turkiye Petrol Rafinerileri *		1,600		17,450
Financials — 0.2%
Akbank		40,008		24,316
Turkiye Garanti Bankasi		32,012		30,584
				54,900
TOTAL TURKEY				112,398

72

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
UNITED ARAB EMIRATES — 0.6%
Communication Services — 0.2%
Emirates Telecommunications Group PJSC		9,325	$	55,851
Financials — 0.3%
Abu Dhabi Commercial Bank PJSC		11,141		20,837
First Abu Dhabi Bank PJSC		15,211		69,157
				89,994
Real Estate — 0.1%
Emaar Properties PJSC		18,822		21,317
TOTAL UNITED ARAB EMIRATES				167,162
TOTAL COMMON STOCK
(Cost $23,832,795)				25,008,258
PREFERRED STOCK (A) — 4.2%
BRAZIL — 2.5%
Consumer Discretionary — 0.1%
Lojas Americanas*		4,000		17,202
Energy — 0.6%
Petroleo Brasileiro		27,200		159,530
Financials — 1.6%
Banco Bradesco*		33,374		171,132
Itau Unibanco Holding		31,200		185,291
Itausa		28,800		63,995
				420,418
Materials — 0.1%
Gerdau		5,600		33,045
Utilities — 0.1%
Cia Energetica de Minas Gerais		5,381		13,007
TOTAL BRAZIL				643,202
CHILE — 0.1%
Materials — 0.1%
Sociedad Quimica y Minera de Chile		666		31,648
COLOMBIA — 0.1%
Financials — 0.1%
Bancolombia		2,456		17,641
RUSSIA — 0.1%
Energy — 0.1%
Surgutneftegas PJSC		37,600		23,843

73

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
PREFERRED STOCK — continued
SOUTH KOREA — 1.4%
Information Technology — 1.4%
Samsung Electronics		5,596	$	366,226
TOTAL PREFERRED STOCK
(Cost $1,005,672)				1,082,560
TOTAL INVESTMENTS — 99.8%
(Cost $24,838,467)				26,090,818
OTHER ASSETS LESS LIABILITIES — 0.2%				61,379
NET ASSETS — 100%			$	26,152,197

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
†	Real Estate Investment Trust
(A)	Currently, no stated interest rate.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

Ser — Series

74

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI Emerging Markets ex China Index ETF

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-014-0500

75

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China ESG Leaders ETF

	Shares		Value
COMMON STOCK — 99.5%‡
CHINA — 98.4%
Communication Services — 8.3%
Tencent Holdings		15,300	$	1,150,576
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A		1,600		5,948
				1,156,524
Consumer Discretionary — 42.3%
Alibaba Group Holding *		43,336		1,227,672
Baozun ADR *		764		27,076
BYD, Cl A		1,401		54,428
BYD, Cl H		10,000		299,001
Changzhou Xingyu Automotive Lighting Systems, Cl A		200		6,987
China East Education Holdings		7,000		10,997
China Education Group Holdings		9,000		20,073
China Tourism Group Duty Free, Cl A		1,400		65,029
Chongqing Changan Automobile, Cl A		3,200		13,016
Dongfeng Motor Group, Cl H		32,000		28,762
Fuyao Glass Industry Group, Cl A		1,400		12,102
Fuyao Glass Industry Group, Cl H		7,200		50,714
Geely Automobile Holdings		72,000		226,685
Great Wall Motor, Cl A		1,500		10,120
Great Wall Motor, Cl H		40,000		129,284
Guangdong Xinbao Electrical Appliances Holdings, Cl A		600		2,438
Guangzhou Automobile Group, Cl H		36,000		32,311
Hangzhou Robam Appliances, Cl A		700		5,038
HengTen Networks Group *		36,000		28,788
Joyoung, Cl A		500		2,514
Kuang-Chi Technologies, Cl A *		1,500		4,831
Li Auto ADR *		5,899		206,111
Li Ning		27,500		335,701
Liaoning Cheng Da, Cl A		1,100		3,543
Meituan, Cl B *		30,900		1,274,859
Minth Group		10,000		47,516
NIO ADR *		13,019		692,611
Shenzhen Overseas Chinese Town, Cl A		6,000		6,909
Shenzhou International Group Holdings		10,100		255,041
Suning.com, Cl A *(A)(B)(C)		6,900		5,927
TCL Technology Group, Cl A		10,500		12,433
Tongcheng-Elong Holdings *		11,600		29,038
Topsports International Holdings		19,000		31,121
Vipshop Holdings ADR *		5,634		113,131
Weifu High-Technology Group, Cl A		700		2,257
Wuchan Zhongda Group, Cl A		3,500		4,263
Xiamen Intretech, Cl A		400		2,409
XPeng ADR *		4,010		178,124
Yadea Group Holdings		14,000		30,106

76

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China ESG Leaders ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Yum China Holdings		5,249	$	347,746
Zhongsheng Group Holdings		7,000		58,229
				5,894,941
Consumer Staples — 3.3%
Angel Yeast, Cl A		700		5,892
By-health, Cl A		1,300		6,620
China Feihe		46,000		99,276
China Mengniu Dairy		39,000		235,782
Dali Foods Group		25,500		15,203
Fu Jian Anjoy Foods, Cl A		200		7,863
Inner Mongolia Yili Industrial Group, Cl A		4,500		25,652
Uni-President China Holdings		16,000		17,657
Want Want China Holdings		61,000		43,202
				457,147
Energy — 0.0%
Offshore Oil Engineering, Cl A		3,300		2,298
Yantai Jereh Oilfield Services Group, Cl A		700		4,843
				7,141
Financials — 14.0%
China Construction Bank, Cl A		7,100		7,308
China Construction Bank, Cl H		1,199,000		943,347
China Merchants Bank, Cl H		47,500		405,220
Huaxia Bank, Cl A		9,600		9,197
Industrial Bank, Cl A		15,200		48,347
Ping An Insurance Group of China, Cl A		5,000		49,746
Ping An Insurance Group of China, Cl H		49,500		484,747
				1,947,912
Health Care — 12.0%
3SBio *		16,000		19,779
Alibaba Health Information Technology *		12,000		26,609
CanSino Biologics, Cl A *		200		24,076
CanSino Biologics, Cl H *		1,000		53,130
China Medical System Holdings		17,000		44,767
China National Medicines, Cl A		600		3,070
China Resources Pharmaceutical Group		19,000		11,842
China Resources Sanjiu Medical & Pharmaceutical, Cl A		800		3,312
CSPC Pharmaceutical Group		109,800		158,920
Genscript Biotech *		14,000		61,114
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		1,100		5,763
Guangzhou Kingmed Diagnostics Group, Cl A		400		9,892
Hansoh Pharmaceutical Group		16,000		70,050
Hutchmed China ADR *		866		34,008
Jafron Biomedical, Cl A		600		8,020
Jinxin Fertility Group *		16,000		40,382
Microport Scientific		7,000		62,781

77

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China ESG Leaders ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Ovctek China, Cl A		680	$	10,899
Pharmaron Beijing, Cl A		500		16,793
Pharmaron Beijing, Cl H		1,700		45,314
Shandong Weigao Group Medical Polymer, Cl H		32,000		74,665
Shanghai Fosun Pharmaceutical Group, Cl A		1,300		14,513
Shanghai Fosun Pharmaceutical Group, Cl H		6,000		48,443
Shanghai Pharmaceuticals Holding, Cl A		1,400		4,579
Shanghai Pharmaceuticals Holding, Cl H		9,500		20,747
Topchoice Medical, Cl A *		300		19,084
WuXi AppTec, Cl A		1,920		46,535
WuXi AppTec, Cl H		4,200		98,052
Wuxi Biologics Cayman *		34,000		623,010
Yunnan Baiyao Group, Cl A		900		16,120
Zhejiang Jiuzhou Pharmaceutical, Cl A		600		4,511
				1,680,780
Industrials — 7.0%
51job ADR *		378		29,397
Air China, Cl A *		5,300		6,382
Air China, Cl H *		22,000		16,176
A-Living Smart City Services, Cl H		7,250		36,083
China Conch Venture Holdings		20,500		86,320
China Eastern Airlines, Cl A *		8,300		6,526
China Everbright Environment Group		45,000		25,496
China Lesso Group Holdings		13,000		32,074
CITIC		72,000		77,601
Contemporary Amperex Technology, Cl A		1,800		148,996
Country Garden Services Holdings		18,000		194,467
Eve Energy, Cl A		1,500		24,129
Ever Sunshine Lifestyle Services Group		8,000		19,861
Fosun International		30,500		43,909
Gotion High-tech, Cl A *		1,000		6,742
Greentown Service Group		18,000		27,953
Jiangsu Zhongtian Technology, Cl A		2,200		3,405
NARI Technology, Cl A		4,080		14,676
Shanghai Electric Group, Cl A		7,900		5,185
Shanghai M&G Stationery, Cl A		800		10,470
Shenzhen Inovance Technology, Cl A		1,950		22,413
Shenzhen International Holdings		15,000		20,745
Sinotrans, Cl A		3,300		2,579
Sinotruk Hong Kong		8,500		18,213
Sungrow Power Supply, Cl A		1,100		19,590
Xinjiang Goldwind Science & Technology, Cl A		2,600		4,894
Xinjiang Goldwind Science & Technology, Cl H		9,800		15,320
Yutong Bus, Cl A		1,600		3,093
Zhejiang Chint Electrics, Cl A		1,600		8,266
Zhejiang Expressway, Cl H		18,000		16,016
Zhejiang Weixing New Building Materials, Cl A		1,200		3,839

78

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China ESG Leaders ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Zoomlion Heavy Industry Science and Technology		15,800	$	16,541
Zoomlion Heavy Industry Science and Technology, Cl A		5,100		7,294
				974,651
Information Technology — 3.2%
360 Security Technology, Cl A *		3,600		6,803
AAC Technologies Holdings		9,000		67,333
GoerTek, Cl A		2,700		17,861
Kingdee International Software Group *		33,000		111,971
Lenovo Group		88,000		101,192
Unisplendour, Cl A		2,151		7,285
Xinyi Solar Holdings		60,000		129,490
				441,935
Materials — 1.0%
BBMG, Cl A		6,200		2,582
China Jushi, Cl A		2,986		7,168
China Molybdenum, Cl A		13,200		10,542
China Molybdenum, Cl H		42,000		24,932
Ganfeng Lithium, Cl A		800		14,994
Ganfeng Lithium, Cl H		2,000		29,874
GEM, Cl A		3,500		5,065
Lee & Man Paper Manufacturing		17,000		12,938
Shandong Sinocera Functional Material, Cl A		700		5,282
Skshu Paint, Cl A		340		9,262
Transfar Zhilian, Cl A		2,500		2,983
Zhejiang Huayou Cobalt, Cl A		1,000		17,676
				143,298
Real Estate — 4.4%
China Aoyuan Group		14,000		11,808
China Jinmao Holdings Group		68,000		22,766
China Merchants Property Operation & Service, Cl A		800		2,127
China Merchants Shekou Industrial Zone Holdings, Cl A		5,800		9,830
China Overseas Land & Investment		47,000		106,760
China Vanke, Cl A		7,100		26,165
China Vanke, Cl H		20,700		64,772
CIFI Holdings Group		40,000		31,214
Greenland Holdings, Cl A		6,000		5,061
Guangzhou R&F Properties		20,800		23,731
Hopson Development Holdings		7,900		36,215
Jinke Properties Group, Cl A		4,000		3,585
Kaisa Group Holdings		33,000		12,493
KWG Group Holdings		15,500		20,757
Logan Group		17,000		25,437
Longfor Group Holdings		22,500		126,033
Poly Developments and Holdings Group, Cl A		8,700		16,213
Poly Property Services, Cl H		1,600		10,858
Shenzhen Investment		34,000		10,464

79

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China ESG Leaders ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
Shimao Group Holdings		15,000	$	36,776
Zhenro Properties Group		16,000		8,942
				612,007
Utilities — 2.9%
Beijing Enterprises Water Group		58,000		21,958
China Gas Holdings		38,000		115,969
China Resources Gas Group		12,000		72,008
ENN Energy Holdings		9,800		186,514
Sichuan Chuantou Energy, Cl A		2,800		5,343
				401,792
TOTAL CHINA				13,718,128
HONG KONG — 1.0%
Consumer Staples — 0.1%
Vinda International Holdings		5,000		15,388
Health Care — 0.9%
Sino Biopharmaceutical		129,000		126,577
TOTAL HONG KONG				141,965
SINGAPORE — 0.1%
Industrials — 0.1%
BOC Aviation		2,700		22,773
TOTAL SINGAPORE				22,773
TOTAL COMMON STOCK
(Cost $12,430,518)				13,882,866
TOTAL INVESTMENTS — 99.5%
(Cost $12,430,518)				13,882,866
OTHER ASSETS LESS LIABILITIES — 0.5%				62,858
NET ASSETS — 100%			$	13,945,724

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2021 was $5,927 and represents 0.0% of Net Assets.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid.  The total value of such securities as of June 30, 2021 was $5,927 and represents 0.0% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

80

Schedule of Investments (Unaudited) June 30, 2021

KraneShares MSCI China ESG Leaders ETF

The following summarizes the market value of the Fund’s investments used as of June 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	1,156,524	$	—	$	—	$	1,156,524
Consumer Discretionary		5,889,014		—		5,927		5,894,941
Consumer Staples		457,147		—		—		457,147
Energy		7,141		—		—		7,141
Financials		1,947,912		—		—		1,947,912
Health Care		1,680,780		—		—		1,680,780
Industrials		974,651		—		—		974,651
Information Technology		441,935		—		—		441,935
Materials		143,298		—		—		143,298
Real Estate		612,007		—		—		612,007
Utilities		401,792		—		—		401,792
Hong Kong		141,965		—		—		141,965
Singapore		22,773		—		—		22,773
Total Common Stock		13,876,939		—		5,927		13,882,866
Total Investments in Securities	$	13,876,939	$	—	$	5,927	$	13,882,866

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

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

KRS-QH-021-0100

81

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Global Carbon ETF

	Shares		Value
EXCHANGE - TRADED FUND — 1.1%
Schwab Short-Term U.S. Treasury ETF ‡		109,950	$	5,631,639
TOTAL EXCHANGE - TRADED FUND
(Cost $5,654,285)				5,631,639
TOTAL INVESTMENTS — 1.1%
(Cost $5,654,285)				5,631,639
OTHER ASSETS LESS LIABILITIES — 98.9%				508,031,944
NET ASSETS — 100%			$	513,663,583

A list of the open futures contracts held by the Fund at June 30, 2021, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
RGGI Vintage 2021^	4,108	Dec-2021	$	33,384,728	$	34,918,000	$	1,533,272
CA Carbon 2021^	3,429	Dec-2021		67,009,786		75,712,320		8,702,534
CA Carbon 2021^	812	Dec-2022		16,698,033		18,846,520		2,148,487
Euro 2021^	55	Sep-2021		8,386,812		8,157,188		(229,625	)
ICE ECX Emission 2021^	5,278	Dec-2021		301,670,888		352,830,582		56,099,427
ICE ECX Emission 2022^	439	Dec-2022		25,322,095		29,560,292		4,651,366
			$	452,472,342	$	520,024,902	$	72,905,461

^	Security is held by the KFA Global Carbon Subsidiary, Ltd. as of June 30, 2021.
‡	For financial information on the Schwab Short-Term U.S. Treasury ETF, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

CA — California

ECX — European Climate Exchange

ETF — Exchange-Traded Fund

ICE — Intercontinental Exchange

RGGI — Regional Greenhouse Gas Initiative

The following summarizes the market value of the Fund’s investments and other financial instruments used as of June 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange - Traded Fund	$	5,631,639	$	—	$	—	$	5,631,639
Total Investments in Securities	$	5,631,639	$	—	$	—	$	5,631,639

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	73,135,086		$	—	$	—	$	73,135,086
Unrealized Depreciation		(229,625	)		—		—		(229,625	)
Total Other Financial Instruments	$	72,905,461		$	—	$	—	$	72,905,461

* Futures are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-020-0100

82

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China 5G And Semiconductor Index ETF

	Shares		Value
COMMON STOCK — 100.0%‡
CHINA — 100.0%
Information Technology — 100.0%
Advanced Micro-Fabrication Equipment China, Cl A *		114,988	$	2,952,987
Avary Holding Shenzhen, Cl A		563,285		3,128,174
BOE Technology Group, Cl A		9,207,730		8,892,984
BYD Electronic International		587,000		3,854,955
Chaozhou Three-Circle Group, Cl A		429,164		2,817,762
Foxconn Industrial Internet, Cl A		5,343,174		10,263,168
GDS Holdings ADR *		37,774		2,964,881
Gigadevice Semiconductor Beijing, Cl A		97,160		2,825,691
GoerTek, Cl A		781,722		5,171,270
Guangzhou Shiyuan Electronic Technology, Cl A		180,823		3,478,566
Hua Hong Semiconductor *		339,000		1,872,699
JCET Group, Cl A		405,321		2,363,852
Lingyi iTech Guangdong, Cl A		1,754,977		2,496,303
Luxshare Precision Industry, Cl A		1,569,005		11,171,012
Maxscend Microelectronics, Cl A		40,593		3,377,069
Montage Technology, Cl A		287,773		2,778,470
National Silicon Industry Group, Cl A *		577,092		2,606,398
NAURA Technology Group, Cl A		94,218		4,045,008
Sanan Optoelectronics, Cl A		1,068,609		5,300,993
Shenzhen Goodix Technology, Cl A		121,998		2,447,759
Shenzhen Transsion Holdings, Cl A		185,497		6,014,939
Sunny Optical Technology Group		240,700		7,606,093
Unigroup Guoxin Microelectronics, Cl A		151,800		3,622,750
Will Semiconductor Shanghai, Cl A		239,071		11,914,974
Wingtech Technology, Cl A		318,455		4,776,197
Xiaomi, Cl B *		4,106,800		14,278,360
Yealink Network Technology, Cl A		217,080		2,815,621
Zhejiang Dahua Technology, Cl A		894,400		2,920,953
Zhejiang Jingsheng Mechanical & Electrical, Cl A		318,320		2,488,087
ZTE, Cl H		1,869,000		5,836,225
TOTAL CHINA				147,084,200
TOTAL COMMON STOCK
(Cost $130,840,516)				147,084,200
TOTAL INVESTMENTS — 100.0%
(Cost $130,840,516)				147,084,200
OTHER ASSETS LESS LIABILITIES — 0.0%				(35,242	)
NET ASSETS — 100%			$	147,048,958

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

ADR — American Depositary Receipt

Cl — Class

83

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China 5G And Semiconductor Index ETF

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-022-0100

84

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China Consumer Leaders Index ETF

	Shares		Value
COMMON STOCK — 99.7%‡
CHINA — 99.7%
Consumer Discretionary — 39.1%
ANTA Sports Products		115,000	$	2,706,980
China Tourism Group Duty Free, Cl A		57,200		2,656,883
Ecovacs Robotics, Cl A		57,133		2,016,901
Gree Electric Appliances of Zhuhai, Cl A		345,000		2,782,064
Haidilao International Holding		105,000		552,998
Haier Smart Home, Cl A		383,000		1,535,948
Hangzhou Robam Appliances, Cl A		48,300		347,624
Hisense Home Appliances Group, Cl H		36,000		49,694
Li Ning		196,000		2,392,629
Midea Group, Cl A		299,065		3,303,632
Oppein Home Group, Cl A		26,900		591,056
Yum China Holdings		37,835		2,506,569
Zhejiang Supor, Cl A		37,000		365,313
				21,808,291
Consumer Staples — 60.6%
China Mengniu Dairy		279,000		1,686,750
Chongqing Brewery, Cl A *		21,200		649,534
Dali Foods Group		272,500		162,465
Foshan Haitian Flavouring & Food, Cl A		114,510		2,285,468
Henan Shuanghui Investment & Development, Cl A		297,235		1,462,977
Hengan International Group		71,000		475,415
Inner Mongolia Yili Industrial Group, Cl A		447,300		2,549,828
Jiangsu King’s Luck Brewery JSC, Cl A		75,200		630,386
Jiangsu Yanghe Brewery Joint-Stock, Cl A		90,000		2,886,308
Kweichow Moutai, Cl A		26,100		8,308,484
Luzhou Laojiao, Cl A		73,700		2,691,407
Muyuan Foods, Cl A		209,592		1,973,020
Shanxi Xinghuacun Fen Wine Factory, Cl A		26,500		1,837,529
Sichuan Swellfun, Cl A		19,500		381,347
Want Want China Holdings		687,000		486,553
Wuliangye Yibin, Cl A		115,600		5,329,962
				33,797,433
TOTAL CHINA				55,605,724
TOTAL COMMON STOCK
(Cost $55,644,265)				55,605,724
TOTAL INVESTMENTS — 99.7%
(Cost $55,644,265)				55,605,724
OTHER ASSETS LESS LIABILITIES — 0.3%				157,892
NET ASSETS — 100%			$	55,763,616

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

85

Schedule of Investments (Unaudited) June 30, 2021

KraneShares CICC China Consumer Leaders Index ETF

Cl — Class

JSC — Joint-Stock Company

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-023-0100

86

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 98.2%‡
CHINA — 96.3%
Communication Services — 23.6%
Autohome, Cl A *		600	$	9,851
Baidu, Cl A *		2,050		52,637
Bilibili, Cl Z *		380		46,779
China Literature *		5,000		55,596
Kuaishou Technology, Cl B *		7,600		190,640
NetEase		3,200		72,481
Tencent Holdings		2,300		172,962
				600,946
Consumer Discretionary — 30.8%
Alibaba Group Holding *		7,400		209,636
Haier Smart Home, Cl H		22,400		78,168
JD Health International *		8,100		116,089
JD.com, Cl A *		3,000		117,978
Koolearn Technology Holding *		10,500		13,156
Meituan, Cl B *		5,200		214,539
Tongcheng-Elong Holdings *		14,000		35,046
				784,612
Financials — 1.9%
ZhongAn Online P&C Insurance, Cl H *		8,300		46,973
Health Care — 5.7%
Alibaba Health Information Technology *		44,000		97,566
Ping An Healthcare and Technology *		3,900		48,562
				146,128
Information Technology — 34.3%
AAC Technologies Holdings		7,500		56,111
BYD Electronic International		8,500		55,821
GDS Holdings, Cl A *		2,800		27,727
Hua Hong Semiconductor *		7,000		38,669
Kingdee International Software Group *		24,000		81,434
Kingsoft		8,600		51,550
Lenovo Group		68,000		78,194
Ming Yuan Cloud Group Holdings		9,000		44,676
Sunny Optical Technology Group		6,400		202,239
Weimob *		22,000		48,500
Xiaomi, Cl B *		54,600		189,831
				874,752
TOTAL CHINA				2,453,411

87

Schedule of Investments (Unaudited) June 30, 2021

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG — 1.9%
Information Technology — 1.9%
ASM Pacific Technology		3,500	$	47,412
TOTAL HONG KONG				47,412
TOTAL COMMON STOCK
(Cost $2,455,822)				2,500,823
TOTAL INVESTMENTS — 98.2%
(Cost $2,455,822)				2,500,823
OTHER ASSETS LESS LIABILITIES — 1.8%				47,071
NET ASSETS — 100%			$	2,547,894

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

Cl — Class

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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-028-0100

88

Schedule of Investments (Unaudited) June 30, 2021

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 99.5%‡
CHINA — 99.5%
Consumer Discretionary — 7.7%
Autel Intelligent Technology, Cl A		208,067	$	2,801,450
Beijing Roborock Technology, Cl A		30,821		6,015,506
Ninebot *		73,035		962,217
				9,779,173
Health Care — 20.3%
Bloomage Biotechnology, Cl A		83,228		3,579,364
BrightGene Bio-Medical Technology, Cl A		236,967		1,533,481
CanSino Biologics, Cl A *		39,803		4,791,564
Micro-Tech Nanjing, Cl A		46,238		2,230,654
Qingdao Haier Biomedical, Cl A		146,603		2,384,822
Sansure Biotech, Cl A		41,610		640,491
Shanghai Haohai Biological Technology, Cl A		47,788		1,548,098
Shanghai Junshi Biosciences, Cl A *		87,703		1,102,388
Shanghai MicroPort Endovascular MedTech, Cl A		33,282		2,341,848
Shanghai Shen Lian Biomedical, Cl A		189,436		399,053
Shenzhen Chipscreen Biosciences, Cl A *		284,364		2,032,979
Shenzhen Lifotronic Technology, Cl A		195,214		926,389
Suzhou Zelgen Biopharmaceutical *		166,456		1,821,758
Xiamen Amoytop Biotech, Cl A		94,045		525,476
				25,858,365
Industrials — 8.9%
Farasis Energy Gan Zhou, Cl A *		185,643		984,698
Guangdong Jia Yuan Technology Shares, Cl A		186,817		2,630,130
Ningbo Ronbay New Energy Technology, Cl A		310,285		5,820,680
Zhejiang HangKe Technology, Cl A		139,651		1,837,271
				11,272,779
Information Technology — 56.9%
Advanced Micro-Fabrication Equipment China, Cl A *		309,134		7,938,819
Amlogic Shanghai, Cl A		237,615		4,126,454
Anji Microelectronics Technology Shanghai, Cl A		30,695		1,477,537
Appotronics, Cl A		209,344		1,356,993
Arcsoft, Cl A		234,654		2,024,805
Beijing Kingsoft Office Software, Cl A		209,508		12,802,303
Cambricon Technologies *		41,628		890,439
China Railway Signal & Communication, Cl A		2,989,607		2,632,914
China Resources Microelectronics, Cl A		305,192		4,299,523
DBAPP Security, Cl A		51,372		2,003,721
Espressif Systems Shanghai, Cl A		46,304		1,672,888
Guangzhou Fangbang Electronics, Cl A		36,992		532,306
Montage Technology, Cl A		522,959		5,049,209
National Silicon Industry Group, Cl A *		573,408		2,589,759
Piesat Information Technology, Cl A		115,350		735,393
Qi An Xin Technology Group, Cl A *		86,414		1,234,648
Raytron Technology, Cl A		257,200		3,974,133

89

Schedule of Investments (Unaudited) June 30, 2021

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Shanghai Bright Power Semiconductor, Cl A		21,508	$	1,116,072
Shanghai Friendess Electronic Technology, Cl A		34,781		2,347,139
Shenzhen Transsion Holdings, Cl A		277,425		8,995,804
Suzhou HYC Technology, Cl A		45,626		268,070
Trina Solar, Cl A		358,579		1,573,433
UCloud Technology, Cl A		244,211		1,483,595
Verisilicon Microelectronics Shanghai, Cl A *		56,454		681,291
Willfar Information Technology, Cl A		115,594		477,702
				72,284,950
Materials — 5.7%
Cathay Biotech, Cl A		48,167		781,977
Jiangsu Cnano Technology, Cl A		214,407		3,915,897
Western Superconducting Technologies, Cl A		255,039		2,560,713
				7,258,587
TOTAL CHINA				126,453,854
TOTAL COMMON STOCK
(Cost $107,934,174)				126,453,854
TOTAL INVESTMENTS — 99.5%
(Cost $107,934,174)				126,453,854
OTHER ASSETS LESS LIABILITIES — 0.5%				686,262
NET ASSETS — 100%			$	127,140,116

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

Cl — Class

As of June 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2021, there have been no transfers in or out of Level 3.

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

KRS-QH-024-0100

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