Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — 99.6% ‡
CHINA — 99.6%
Communication Services — 0.7%
China South Publishing & Media Group, Cl A		7,100	$	11,321
Chinese Universe Publishing and Media Group, Cl A		6,700		12,268
Shanghai Fengyuzhu Culture and Technology, Cl A		3,500		6,687
				30,276
Consumer Discretionary — 13.8%
China National Gold Group Gold Jewellery, Cl A		8,200		13,312
Chongqing Department Store, Cl A		2,600		11,237
Chongqing Zongshen Power Machinery, Cl A		9,600		9,343
Chow Tai Seng Jewellery, Cl A		4,200		10,265
Gree Electric Appliances of Zhuhai, Cl A		46,400		232,867
Hisense Home Appliances Group, Cl A		4,600		17,041
HLA Group, Cl A		17,400		16,456
IKD, Cl A		3,400		10,885
Lao Feng Xiang, Cl A		1,400		13,448
Luolai Lifestyle Technology, Cl A		4,100		6,481
Midea Group, Cl A		31,300		253,505
Ningbo Peacebird Fashion, Cl A		1,300		4,517
Zhejiang Semir Garment, Cl A		7,600		6,498
Zhejiang Wanfeng Auto Wheel, Cl A		17,600		16,766
				622,621
Consumer Staples — 5.7%
Anhui Kouzi Distillery, Cl A		3,900		26,456
Anhui Yingjia Distillery, Cl A		2,700		23,679
DaShenLin Pharmaceutical Group, Cl A		4,560		17,557
Heilongjiang Agriculture, Cl A		8,500		15,575
Henan Shuanghui Investment & Development, Cl A		10,700		36,021
Jiangsu Yanghe Brewery JSC, Cl A		6,300		113,750
Juewei Food, Cl A		3,900		19,916
Shanghai Flyco Electrical Appliance, Cl A		600		5,203
				258,157
Energy — 3.6%
Inner Mongolia Dian Tou Energy, Cl A		8,900		16,173
Shaanxi Coal Industry, Cl A		39,800		99,516
Shan Xi Hua Yang Group New Energy, Cl A		18,150		19,735
Shanxi Lu’an Environmental Energy Development, Cl A		12,100		27,145
				162,569
Financials — 34.9%
Agricultural Bank of China, Cl A		328,900		159,594
AVIC Industry-Finance Holdings, Cl A		53,700		28,272
Bank of Communications, Cl A		281,500		224,432
Bank of Jiangsu, Cl A		121,600		122,857

1

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China Leaders 100 Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
China Galaxy Securities, Cl A		12,900	$	20,587
China Life Insurance, Cl A		17,100		82,176
China Merchants Bank, Cl A		49,500		222,909
China Merchants Securities, Cl A		38,000		70,883
CSC Financial, Cl A		13,200		43,911
GF Securities, Cl A		30,300		61,268
Guotai Junan Securities, Cl A		46,300		89,039
Huatai Securities, Cl A		52,900		100,131
Jiangsu Financial Leasing, Cl A		16,240		9,220
Ping An Insurance Group of China, Cl A		32,100		204,740
Postal Savings Bank of China, Cl A		113,900		76,562
Shenwan Hongyuan Group, Cl A		92,200		58,553
				1,575,134
Health Care — 6.6%
China Animal Healthcare * (A)		4,000		—
Hualan Biological Engineering, Cl A		11,100		34,193
Hubei Jumpcan Pharmaceutical, Cl A		4,100		16,367
Jiangzhong Pharmaceutical, Cl A		4,600		13,867
Livzon Pharmaceutical Group, Cl A		4,000		21,394
Renhe Pharmacy, Cl A		10,800		9,115
Shanghai Fosun Pharmaceutical Group, Cl A		13,000		55,218
Shijiazhuang Yiling Pharmaceutical, Cl A		9,200		32,489
Sichuan Kelun Pharmaceutical, Cl A		12,000		48,958
Sunflower Pharmaceutical Group, Cl A		3,600		12,045
Yunnan Baiyao Group, Cl A		7,600		54,826
				298,472
Industrials — 17.4%
Anhui Construction Engineering Group, Cl A		11,700		8,492
Anhui Heli, Cl A		6,200		16,986
China State Construction Engineering, Cl A		217,400		171,534
CNPC Capital, Cl A		25,600		25,442
CRRC, Cl A		125,000		111,687
Daqin Railway, Cl A		60,900		62,199
Guangxi Liugong Machinery, Cl A		9,500		10,316
Hangcha Group, Cl A		3,600		11,654
Hangxiao Steel Structure, Cl A		13,600		7,646
Harbin Boshi Automation, Cl A		5,000		12,021
Hongrun Construction Group, Cl A		5,900		4,388
Jingjin Equipment, Cl A		2,900		12,501
Metallurgical Corp of China, Cl A		72,800		39,728
Neway Valve Suzhou, Cl A		3,900		7,977
Shanghai Construction Group, Cl A		61,000		22,556
Shanghai Mechanical and Electrical Industry, Cl A		4,100		9,683
Shanghai Tunnel Engineering, Cl A		22,000		18,175

2

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China Leaders 100 Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Sinosteel Engineering & Technology, Cl A		6,100	$	8,092
Sinotruk Jinan Truck, Cl A		6,900		15,982
Sumec, Cl A		4,800		5,648
Suzhou Secote Precision Electronic, Cl A		900		5,505
Tian Di Science & Technology, Cl A		16,200		12,983
Weichai Power, Cl A		55,800		95,572
Xiamen Xiangyu, Cl A		11,500		13,753
Zhejiang Chint Electrics, Cl A		11,500		43,709
Zhejiang Weixing New Building Materials, Cl A		7,500		21,176
ZhongYeDa Electric, Cl A		2,900		4,544
Zhongyuan Environment-Protection, Cl A		3,400		3,356
				783,305
Information Technology — 0.7%
Aisino, Cl A		12,900		24,276
Hanergy Thin Film Power Group * (A)		65,064		—
Olympic Circuit Technology, Cl A		3,300		8,859
				33,135
Materials — 0.7%
China Lumena New Materials * (A)		718		—
Gansu Qilianshan Cement Group, Cl A *		6,000		9,378
Huaibei Mining Holdings, Cl A		9,900		15,677
Shantou Dongfeng Printing, Cl A *		11,300		6,803
Tianhe Chemicals Group * (A)		40,000		—
				31,858
Real Estate — 7.5%
China Vanke, Cl A		70,100		135,097
Hangzhou Binjiang Real Estate Group, Cl A		12,300		14,913
Poly Developments and Holdings Group, Cl A		73,900		132,363
Rongan Property, Cl A		8,400		3,522
Seazen Holdings, Cl A *		9,000		17,827
Zhejiang China Commodities City Group, Cl A		27,900		32,714
				336,436
Utilities — 8.0%
CECEP Solar Energy, Cl A		25,500		23,766
CGN Power, Cl A		79,900		34,157
China Yangtze Power, Cl A		77,800		235,920
Grandblue Environment, Cl A		4,800		12,490

3

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China Leaders 100 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
SDIC Power Holdings, Cl A		30,500	$	53,036
				359,369
TOTAL CHINA				4,491,332
TOTAL COMMON STOCK (Cost $4,903,632)				4,491,332
TOTAL INVESTMENTS — 99.6% (Cost $4,903,632)				4,491,332
OTHER ASSETS LESS LIABILITIES – 0.4%				18,899
NET ASSETS - 100%			$	4,510,231

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.

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

See “Glossary” for abbreviations.

KRS-QH-001-2000

4

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.8%
Communication Services — 41.7%
Autohome ADR		2,068,872	$	60,328,308
Baidu, Cl A *		17,547,734		297,366,087
Bilibili, Cl Z *		7,941,864		118,267,556
China Literature *		14,603,800		61,403,569
iQIYI ADR * (A)		15,194,888		81,140,702
JOYY ADR		1,130,184		34,707,951
Kanzhun ADR *		12,028,107		181,023,010
Kingsoft		30,801,200		121,253,735
Kuaishou Technology, Cl B *		26,486,300		180,989,379
NetEase		11,097,805		216,104,566
Tencent Holdings		11,040,575		467,173,860
Tencent Music Entertainment Group ADR *		19,147,822		141,310,926
Weibo ADR		2,593,648		34,002,725
				1,995,072,374
Consumer Discretionary — 39.5%
Alibaba Group Holding *		41,108,564		425,951,994
East Buy Holding * (A)		13,416,500		43,656,784
JD.com, Cl A		10,796,090		182,400,830
Meituan, Cl B *		24,481,948		382,071,584
PDD Holdings ADR *		4,762,577		329,284,574
TAL Education Group ADR *		14,503,897		86,443,226
Tongcheng Travel Holdings *		37,434,200		78,244,672
Trip.com Group *		5,321,500		185,111,005
Vipshop Holdings ADR *		10,636,164		175,496,706
				1,888,661,375
Consumer Staples — 6.8%
Alibaba Health Information Technology *		154,058,000		92,592,856
JD Health International *		30,785,450		194,260,330
Ping An Healthcare and Technology * (A)		15,530,400		37,534,872
				324,388,058
Financials — 3.5%
Lufax Holding ADR		25,302,181		36,182,119
Qifu Technology ADR		4,527,778		78,240,004
ZhongAn Online P&C Insurance, Cl H *		19,399,600		52,728,412
				167,150,535
Industrials — 3.7%
Full Truck Alliance ADR *		29,058,000		180,740,760
Information Technology — 0.9%
Chindata Group Holdings ADR *		5,894,949		42,207,835

5

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CSI China Internet ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 3.7%
KE Holdings ADR *		11,939,711	$	177,304,708
TOTAL CHINA				4,775,525,645
TOTAL COMMON STOCK (Cost $6,307,832,184)				4,775,525,645
SHORT-TERM INVESTMENT — 1.3%
Invesco Government & Agency Portfolio, Cl Institutional, 4.750% (B) (C)		60,654,111		60,654,111
TOTAL SHORT-TERM INVESTMENT (Cost $60,654,111)				60,654,111
TOTAL INVESTMENTS — 101.1% (Cost $6,368,486,295)				4,836,179,756
OTHER ASSETS LESS LIABILITIES – (1.1)%				(54,558,245	)
NET ASSETS - 100%			$	4,781,621,511

‡	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, 2023. The total market value of securities on loan at June 30, 2023 was $57,720,302.
(B)	The rate shown is the 7-day effective yield as of June 30, 2023.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2023 was $60,654,111.

See “Glossary” for abbreviations.

KRS-QH-002-2000

6

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
CHINA — 99.3%
Communication Services — 1.6%
China United Network Communications, Cl A		5,624,000	$	3,710,782
Focus Media Information Technology, Cl A		2,544,702		2,382,117
				6,092,899
Consumer Discretionary — 5.4%
BYD, Cl A		395,289		14,033,553
China Tourism Group Duty Free, Cl A		425,732		6,468,378
				20,501,931
Consumer Staples — 14.3%
Foshan Haitian Flavouring & Food, Cl A		438,944		2,826,815
Inner Mongolia Yili Industrial Group, Cl A		606,212		2,359,917
Jiangsu Yanghe Brewery JSC, Cl A		142,822		2,578,720
Kweichow Moutai, Cl A		119,889		27,867,749
Luzhou Laojiao, Cl A		139,946		4,031,518
Muyuan Foods, Cl A		518,445		3,003,856
Shanxi Xinghuacun Fen Wine Factory, Cl A		115,616		2,941,256
Wuliangye Yibin, Cl A		370,379		8,327,775
				53,937,606
Energy — 3.2%
China Petroleum & Chemical, Cl A		4,761,440		4,162,693
China Shenhua Energy, Cl A		990,647		4,187,386
Shaanxi Coal Industry, Cl A		1,460,916		3,652,892
				12,002,971
Financials — 18.0%
Agricultural Bank of China, Cl A		11,703,107		5,678,777
Bank of Communications, Cl A		5,395,799		4,301,924
Bank of Ningbo, Cl A		910,918		3,167,953
China Merchants Bank, Cl A		2,845,558		12,814,165
China Pacific Insurance Group, Cl A		937,614		3,348,437
CITIC Securities, Cl A		1,683,422		4,577,182
East Money Information, Cl A		2,179,931		4,255,103
Industrial & Commercial Bank of China, Cl A		8,648,126		5,729,912
Industrial Bank, Cl A		2,865,622		6,164,703
Ping An Bank, Cl A		2,667,771		4,118,199
Ping An Insurance Group of China, Cl A		1,494,298		9,530,905
Shanghai Pudong Development Bank, Cl A		4,035,046		4,015,744
				67,703,004
Health Care — 8.5%
Aier Eye Hospital Group, Cl A		1,843,181		4,699,924
Jiangsu Hengrui Pharmaceuticals, Cl A		1,260,239		8,297,885
Shenzhen Mindray Bio-Medical Electronics, Cl A		240,353		9,905,128

7

Schedule of Investments (Unaudited) June 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
WuXi AppTec, Cl A		506,682	$	4,339,824
Zhangzhou Pientzehuang Pharmaceutical, Cl A		119,150		4,690,135
				31,932,896
Industrials — 15.7%
China State Construction Engineering, Cl A		8,667,058		6,838,526
Contemporary Amperex Technology, Cl A		911,735		28,673,770
COSCO SHIPPING Holdings, Cl A		2,633,160		3,402,390
Eve Energy, Cl A		424,245		3,528,183
NARI Technology, Cl A		1,660,291		5,271,997
SF Holding, Cl A		1,015,159		6,292,066
Sungrow Power Supply, Cl A		306,938		4,920,847
				58,927,779
Information Technology — 15.8%
Beijing Kingsoft Office Software, Cl A		204,314		13,262,379
BOE Technology Group, Cl A		16,614,945		9,341,168
LONGi Green Energy Technology, Cl A		3,358,791		13,237,003
Luxshare Precision Industry, Cl A		3,136,950		13,992,690
Tongwei, Cl A		1,994,505		9,406,646
				59,239,886
Materials — 11.3%
Wanhua Chemical Group, Cl A		2,026,599		24,470,289
Zijin Mining Group, Cl A		11,544,192		18,042,759
				42,513,048
Real Estate — 1.7%
China Vanke, Cl A		1,561,400		3,009,131
Poly Developments and Holdings Group, Cl A		1,922,077		3,442,660
				6,451,791
Utilities — 3.8%
China Three Gorges Renewables Group, Cl A		4,386,500		3,237,959
China Yangtze Power, Cl A		3,626,270		10,996,250
				14,234,209
TOTAL CHINA				373,538,020
TOTAL COMMON STOCK (Cost $464,245,985)				373,538,020

8

Schedule of Investments (Unaudited) June 30, 2023

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

	Number of Rights		Value
RIGHT — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (A)		66,139	$	—
TOTAL CHINA				—
TOTAL RIGHT (Cost $–)				—
TOTAL INVESTMENTS — 99.3% (Cost $464,245,985)				373,538,020
OTHER ASSETS LESS LIABILITIES – 0.7%				2,539,783
NET ASSETS - 100%			$	376,077,803

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

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

See “Glossary” for abbreviations.

KRS-QH-003-1900

9

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Bloomberg China Bond Inclusion Index ETF

	Face Amount (A)		Value
CORPORATE OBLIGATIONS — 27.1%
CHINA — 18.1%
Consumer, Cyclical — 11.9%
Zhejiang Geely Holding Group, MTN
3.300%, 03/28/2025		4,000,000	$	545,455
Utilities — 6.2%
China Three Gorges
4.150%, 05/11/2026		2,000,000		285,426
TOTAL CHINA				830,881
SUPRANATIONAL — 9.0%
Government — 9.0%
New Development Bank
2.450%, 01/27/2025		3,000,000		411,493
TOTAL CORPORATE OBLIGATIONS (Cost $1,323,232)				1,242,374
GLOBAL BONDS — 27.0%
CHINA — 27.0%
Agricultural Development Bank of China
2.900%, 03/08/2028		2,300,000		319,777
China Development Bank
3.090%, 06/18/2030		820,000		114,741
China Government Bond
4.080%, 10/22/2048		1,190,000		191,159
3.290%, 05/23/2029		1,600,000		229,154
2.680%, 05/21/2030		1,800,000		247,066
Export-Import Bank of China
3.180%, 03/11/2032		1,000,000		140,154
				1,242,051
TOTAL GLOBAL BONDS (Cost $1,353,117)				1,242,051
TOTAL INVESTMENTS — 54.1% (Cost $2,676,349)				2,484,425
OTHER ASSETS LESS LIABILITIES – 45.9%				2,110,955
NET ASSETS - 100%			$	4,595,380

(A) In CNY unless otherwise indicated.

See “Glossary” for abbreviations.

KRS-QH-004-1800

10

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 98.7% ‡
CHINA — 98.5%
Communication Services — 13.0%
Autohome ADR		456	$	13,297
Baidu, Cl A *		5,750		97,440
Bilibili, Cl Z *		1,100		16,381
Focus Media Information Technology, Cl A		25,000		23,403
iQIYI ADR *		2,365		12,629
Kingsoft		12,600		49,602
Kuaishou Technology, Cl B *		4,900		33,483
NetEase		3,400		66,208
Tencent Holdings		13,458		569,465
Tencent Music Entertainment Group ADR *		3,190		23,542
				905,450
Consumer Discretionary — 22.0%
Alibaba Group Holding *		36,024		373,268
ANTA Sports Products		4,000		40,860
BYD, Cl A		2,000		71,004
BYD, Cl H		3,000		95,705
China Tourism Group Duty Free, Cl A		2,000		30,387
Chongqing Changan Automobile, Cl A		24,338		43,258
Fuyao Glass Industry Group, Cl A		7,100		34,989
Geely Automobile Holdings		20,000		24,398
Great Wall Motor, Cl H		14,500		16,597
Guangzhou Automobile Group, Cl H		16,000		9,535
H World Group ADR *		681		26,409
Haier Smart Home, Cl A		7,400		23,884
Haier Smart Home, Cl H		9,800		30,826
Huayu Automotive Systems, Cl A		4,000		10,150
JD.com, Cl A		4,822		81,465
Li Auto, Cl A *		3,100		53,601
Li Ning		6,500		34,961
Meituan, Cl B *		10,766		168,014
New Oriental Education & Technology Group *		5,000		19,619
NIO ADR *		4,002		38,779
PDD Holdings ADR *		1,199		82,899
SAIC Motor, Cl A		10,157		19,784
Shenzhen Overseas Chinese Town, Cl A *		24,000		14,516
Shenzhou International Group Holdings		3,300		31,477
TAL Education Group ADR *		2,520		15,019
TravelSky Technology, Cl H		6,000		10,183
Trip.com Group *		1,400		48,700
Vipshop Holdings ADR *		1,609		26,548
Yum China Holdings		1,055		59,607
				1,536,442

11

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 10.2%
Alibaba Health Information Technology *		16,000	$	9,616
Anhui Gujing Distillery, Cl A		1,200		40,806
China Mengniu Dairy		12,000		45,173
China Resources Beer Holdings		4,000		26,338
Foshan Haitian Flavouring & Food, Cl A		5,135		33,067
Guangdong Haid Group, Cl A		4,300		27,686
Henan Shuanghui Investment & Development, Cl A		4,600		15,486
Inner Mongolia Yili Industrial Group, Cl A		6,700		26,082
Jiangsu Yanghe Brewery JSC, Cl A		1,400		25,278
Kweichow Moutai, Cl A		900		209,202
Luzhou Laojiao, Cl A		2,000		57,615
Muyuan Foods, Cl A		7,502		43,466
New Hope Liuhe, Cl A *		11,800		18,945
Shanxi Xinghuacun Fen Wine Factory, Cl A		1,460		37,142
Tingyi Cayman Islands Holding		12,000		18,651
Want Want China Holdings		20,000		13,271
Wuliangye Yibin, Cl A		2,800		62,957
				710,781
Energy — 3.9%
China Oilfield Services, Cl H		14,000		14,453
China Petroleum & Chemical, Cl A		40,800		35,669
China Petroleum & Chemical, Cl H		84,500		49,493
China Shenhua Energy, Cl H		10,000		30,562
PetroChina, Cl A		19,600		20,126
PetroChina, Cl H		59,984		41,486
Shaanxi Coal Industry, Cl A		10,400		26,004
Shanxi Lu’an Environmental Energy Development, Cl A		6,700		15,031
Yankuang Energy Group, Cl H		14,000		40,107
				272,931
Financials — 21.6%
Agricultural Bank of China, Cl A		76,600		37,169
Agricultural Bank of China, Cl H		91,397		35,922
Bank of Beijing, Cl A		24,600		15,657
Bank of China, Cl A		30,400		16,339
Bank of China, Cl H		210,396		84,302
Bank of Communications, Cl A		38,200		30,456
Bank of Communications, Cl H		28,000		18,544
Bank of Hangzhou, Cl A		12,400		20,028
Bank of Jiangsu, Cl A		19,400		19,601
Bank of Nanjing, Cl A		12,300		13,526
Bank of Ningbo, Cl A		6,300		21,910
Bank of Shanghai, Cl A		16,304		12,887
China CITIC Bank, Cl H		28,000		13,149
China Construction Bank, Cl A		10,500		9,035

12

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
China Construction Bank, Cl H		241,000	$	155,918
China Everbright Bank, Cl A		48,100		20,298
China Galaxy Securities, Cl H		33,500		17,869
China Life Insurance, Cl H		20,483		34,136
China Merchants Bank, Cl A		15,600		70,250
China Merchants Bank, Cl H		11,500		52,242
China Merchants Securities, Cl A		8,300		15,482
China Minsheng Banking, Cl A		44,600		22,990
China Minsheng Banking, Cl H		26,000		9,622
China Pacific Insurance Group, Cl A		6,300		22,499
China Pacific Insurance Group, Cl H		9,400		24,290
CITIC Securities, Cl A		13,845		37,644
CITIC Securities, Cl H		7,000		12,684
East Money Information, Cl A		13,700		26,742
Everbright Securities, Cl A		9,000		19,658
GF Securities, Cl A		8,800		17,794
Guosen Securities, Cl A		9,500		11,400
Guotai Junan Securities, Cl A		7,300		14,038
Haitong Securities, Cl A		11,000		13,941
Huatai Securities, Cl A		10,400		19,686
Huatai Securities, Cl H		8,000		9,882
Huaxia Bank, Cl A		16,200		12,047
Industrial & Commercial Bank of China, Cl A		58,600		38,826
Industrial & Commercial Bank of China, Cl H		185,441		98,913
Industrial Bank, Cl A		17,500		37,647
Industrial Securities, Cl A		24,169		20,332
New China Life Insurance, Cl A		3,500		17,691
New China Life Insurance, Cl H		3,200		8,432
Orient Securities, Cl A		12,300		16,400
People’s Insurance Group of China, Cl H		47,452		17,197
PICC Property & Casualty, Cl H		25,510		28,353
Ping An Bank, Cl A		17,391		26,846
Ping An Insurance Group of China, Cl A		8,900		56,766
Ping An Insurance Group of China, Cl H		16,500		104,960
Shanghai Pudong Development Bank, Cl A		25,000		24,880
Shenwan Hongyuan Group, Cl A		28,700		18,227
				1,505,107
Health Care — 5.3%
Beijing Tongrentang, Cl A		1,844		14,590
Changchun High & New Technology Industry Group, Cl A		1,200		22,483
China Medical System Holdings		8,000		13,026
CSPC Pharmaceutical Group		39,520		34,343
Genscript Biotech *		12,000		26,950
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		2,000		8,764

13

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Huadong Medicine, Cl A		2,580	$	15,381
Jiangsu Hengrui Pharmaceuticals, Cl A		4,916		32,369
Shanghai Fosun Pharmaceutical Group, Cl A		3,400		14,442
Shanghai Pharmaceuticals Holding, Cl A		6,600		20,331
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,000		41,211
Sinopharm Group, Cl H		5,600		17,508
Wuxi Biologics Cayman *		10,000		47,916
Yunnan Baiyao Group, Cl A		1,840		13,274
Zai Lab *		3,100		8,307
Zhangzhou Pientzehuang Pharmaceutical, Cl A		600		23,618
Zhejiang NHU, Cl A		6,132		12,981
				367,494
Industrials — 6.9%
AECC Aviation Power, Cl A		3,400		19,751
China Conch Venture Holdings		7,000		9,111
China Eastern Airlines, Cl A *		21,400		14,002
China Energy Engineering, Cl A		69,737		22,431
China Merchants Port Holdings		14,734		20,794
China Railway Group, Cl H		20,000		13,195
China Southern Airlines, Cl A *		20,100		16,661
CITIC		20,780		24,793
Contemporary Amperex Technology, Cl A		3,100		97,494
COSCO SHIPPING Holdings, Cl A		21,420		27,677
Daqin Railway, Cl A		13,600		13,890
Fosun International		10,000		6,865
Metallurgical Corp of China, Cl A		35,600		19,428
Power Construction Corp of China, Cl A		16,300		12,861
Sany Heavy Industry, Cl A		11,800		26,974
SF Holding, Cl A		3,900		24,173
Shanghai International Airport, Cl A *		1,400		8,741
Shanghai International Port Group, Cl A		11,100		8,011
Weichai Power, Cl A		15,088		25,842
Zhejiang Chint Electrics, Cl A		3,300		12,543
Zhuzhou CRRC Times Electric, Cl H		2,700		10,060
Zoomlion Heavy Industry Science and Technology, Cl A		14,100		13,083
ZTO Express Cayman ADR *		1,232		30,899
				479,279
Information Technology — 4.9%
BOE Technology Group, Cl A		41,900		23,557
GDS Holdings, Cl A *		8,300		11,333
Hanergy Thin Film Power Group * (A)		4,364		—
Iflytek, Cl A		2,800		26,157
Kingboard Holdings		4,000		10,897
Kingdee International Software Group *		14,000		18,723

14

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Lenovo Group		28,000	$	29,191
LONGi Green Energy Technology, Cl A		8,429		33,218
Luxshare Precision Industry, Cl A		10,274		45,828
Sunny Optical Technology Group		2,600		25,928
Unigroup Guoxin Microelectronics, Cl A *		2,020		25,893
Xiaomi, Cl B *		37,400		51,161
Yonyou Network Technology, Cl A		4,625		13,033
ZTE, Cl H		6,600		26,445
				341,364
Materials — 3.8%
Anhui Conch Cement, Cl A		3,300		10,769
Anhui Conch Cement, Cl H		6,000		15,925
Baoshan Iron & Steel, Cl A		24,900		19,236
China National Building Material, Cl H		16,000		9,841
China Northern Rare Earth Group High-Tech, Cl A		9,200		30,326
CMOC Group, Cl H		48,000		25,113
Ganfeng Lithium Group, Cl A		2,720		22,793
Inner Mongolia BaoTou Steel Union, Cl A *		56,000		13,779
Rongsheng Petrochemical, Cl A		10,950		17,521
Shandong Hualu Hengsheng Chemical, Cl A		4,740		19,957
Tianqi Lithium, Cl A		1,340		12,877
Wanhua Chemical Group, Cl A		2,500		30,186
Zhejiang Huayou Cobalt, Cl A		1,504		9,492
Zijin Mining Group, Cl A		15,700		24,538
				262,353
Real Estate — 3.2%
China Evergrande Group * (A)		13,000		—
China Merchants Shekou Industrial Zone Holdings, Cl A		8,000		14,329
China Overseas Land & Investment		14,839		32,342
China Resources Land		12,214		51,745
China Vanke, Cl A		9,143		17,620
China Vanke, Cl H		8,100		10,874
Country Garden Holdings *		46,612		9,457
Gemdale, Cl A		9,300		9,217
KE Holdings ADR *		1,875		27,844
Longfor Group Holdings		7,000		17,007
Poly Developments and Holdings Group, Cl A		11,100		19,881
Seazen Holdings, Cl A *		5,600		11,093
Shimao Group Holdings * (A)		17,500		—
				221,409
Utilities — 3.7%
China Gas Holdings		9,600		10,988
China Longyuan Power Group, Cl H		14,000		14,417

15

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
China Resources Gas Group		6,700	$	22,913
China Resources Power Holdings		12,000		27,103
China Yangtze Power, Cl A		18,700		56,706
ENN Energy Holdings		2,082		25,930
Guangdong Investment		14,000		12,076
Huadian Power International, Cl A		44,400		40,831
Huaneng Power International, Cl H *		39,077		24,434
Sichuan Chuantou Energy, Cl A		11,800		24,412
				259,810
TOTAL CHINA				6,862,420
HONG KONG — 0.2%
Health Care — 0.2%
Sino Biopharmaceutical		31,500		13,707
TOTAL HONG KONG				13,707
TOTAL COMMON STOCK (Cost $8,728,796)				6,876,127

	Number of Rights
RIGHT — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (A)		480		—
TOTAL CHINA				—
TOTAL RIGHT (Cost $–)				—
TOTAL INVESTMENTS — 98.7% (Cost $8,728,796)				6,876,127
OTHER ASSETS LESS LIABILITIES – 1.3%				89,232
NET ASSETS - 100%			$	6,965,359

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

* Non-income producing security.

‡‡ Expiration date not available.

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

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

See “Glossary” for abbreviations.

KRS-QH-011-1100

16

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 99.6% ‡
CHINA — 44.2%
Energy — 2.6%
China Petroleum & Chemical, Cl H		170,000	$	99,571
Guanghui Energy, Cl A		13,400		12,636
				112,207
Financials — 3.8%
Bank of Changsha, Cl A		8,200		8,747
Bank of Chengdu, Cl A		7,600		12,756
Bank of Guiyang, Cl A		7,527		5,339
Bank of Hangzhou, Cl A		12,300		19,866
Bank of Jiangsu, Cl A		30,655		30,972
Bank of Nanjing, Cl A		20,991		23,084
Bank of Ningbo, Cl A		13,646		47,457
Bank of Suzhou, Cl A		7,600		6,843
Chongqing Rural Commercial Bank, Cl A		18,200		8,981
				164,045
Industrials — 19.0%
Beijing New Building Materials, Cl A		3,508		11,819
Beijing-Shanghai High Speed Railway, Cl A		70,200		50,758
China Communications Services, Cl H		16,000		7,881
China Conch Venture Holdings		10,000		13,016
China Energy Engineering, Cl A		66,000		21,230
China First Heavy Industries, Cl A *		13,900		6,420
China Railway Group, Cl H		28,500		18,802
China State Construction Engineering, Cl A		88,900		70,144
China XD Electric, Cl A		10,300		7,660
CRRC, Cl H		29,000		15,875
Dajin Heavy Industry, Cl A		1,300		5,511
Daqin Railway, Cl A		30,732		31,388
Dongfang Electric, Cl A		5,800		14,869
Fangda Carbon New Material, Cl A *		7,800		6,648
Farasis Energy Gan Zhou, Cl A *		2,463		7,310
Gotion High-tech, Cl A *		3,700		14,048
Guangdong Kinlong Hardware Products, Cl A		700		6,227
Guangzhou Great Power Energy & Technology, Cl A *		1,000		6,604
Hoyuan Green Energy, Cl A		900		9,223
Jiangsu Expressway, Cl H		10,000		9,213
Jiangsu Hengli Hydraulic, Cl A		2,800		24,760
Jiangsu Zhongtian Technology, Cl A		7,100		15,528
Jiangxi Special Electric Motor, Cl A *		3,600		5,899
Liaoning Port, Cl A		38,400		8,234
Metallurgical Corp of China, Cl A		40,400		22,047
Ming Yang Smart Energy Group, Cl A		4,800		11,138
NARI Technology, Cl A		16,952		53,828

17

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Ningbo Deye Technology, Cl A		900	$	18,501
Ningbo Orient Wires & Cables, Cl A		1,500		10,110
Ningbo Ronbay New Energy Technology, Cl A		916		6,802
North Industries Group Red Arrow, Cl A		2,900		7,211
Power Construction Corp of China, Cl A		35,400		27,931
Riyue Heavy Industry, Cl A		2,200		5,743
Shanghai Construction Group, Cl A		17,900		6,619
Shanghai Electric Group, Cl A *		25,800		16,207
Shanghai International Port Group, Cl A		14,310		10,327
Shenzhen Inovance Technology, Cl A		2,750		24,272
Shenzhen International Holdings		9,993		8,799
Shuangliang Eco-Energy Systems, Cl A		4,000		7,687
Sichuan Road & Bridge, Cl A		16,500		22,250
Sieyuan Electric, Cl A		1,600		10,275
Suzhou Maxwell Technologies, Cl A		604		14,063
TBEA, Cl A		7,975		24,435
Titan Wind Energy Suzhou, Cl A *		3,800		7,955
XCMG Construction Machinery, Cl A		24,148		22,472
Xiangtan Electric Manufacturing, Cl A *		2,800		7,348
Xinjiang Goldwind Science & Technology, Cl A		7,100		10,365
Yangzijiang Shipbuilding Holdings		22,200		24,606
Zhefu Holding Group, Cl A		11,100		6,302
Zhejiang Expressway, Cl H		10,000		7,592
Zhejiang Weixing New Building Materials, Cl A		3,300		9,317
Zhuzhou CRRC Times Electric, Cl H		3,400		12,669
Zhuzhou Kibing Group, Cl A		5,500		6,517
				812,455
Materials — 3.6%
Anhui Conch Cement, Cl H		8,500		22,561
China National Building Material, Cl H		27,000		16,607
China Northern Rare Earth Group High-Tech, Cl A		7,524		24,801
China Rare Earth Resources And Technology, Cl A		2,000		8,138
China Resources Cement Holdings		18,000		7,419
Henan Shenhuo Coal & Power, Cl A		4,700		8,399
Jinduicheng Molybdenum, Cl A		6,500		9,962
Shenghe Resources Holding, Cl A		3,600		6,369
Tangshan Jidong Cement, Cl A		5,400		5,471
Western Mining, Cl A		4,900		7,079
Xiamen Tungsten, Cl A		3,000		7,848
Yintai Gold, Cl A		5,700		9,167
Youngy, Cl A		600		5,512
Yunnan Chihong Zinc & Germanium, Cl A		10,700		7,384
Yunnan Tin, Cl A		3,400		7,267
				153,984

18

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities — 15.2%
Beijing Enterprises Holdings		3,500	$	12,662
CECEP Solar Energy, Cl A		7,900		7,363
CECEP Wind-Power, Cl A		13,300		6,710
CGN Power, Cl H		77,000		18,571
China Gas Holdings		18,600		21,290
China Longyuan Power Group, Cl H		23,000		23,685
China National Nuclear Power, Cl A		38,500		37,310
China Power International Development		35,000		12,863
China Resources Gas Group		6,600		22,571
China Resources Power Holdings		14,635		33,055
China Three Gorges Renewables Group, Cl A		59,000		43,552
China Yangtze Power, Cl A		48,900		148,284
Datang International Power Generation, Cl A		17,100		7,780
ENN Energy Holdings		5,500		68,499
ENN Natural Gas, Cl A		5,400		14,089
GD Power Development, Cl A		36,600		19,269
Huadian Power International, Cl A		16,642		15,304
Huaneng Power International, Cl H *		31,000		19,383
Kunlun Energy		28,000		22,010
SDIC Power Holdings, Cl A		15,506		26,962
Shanghai Electric Power, Cl A		5,900		8,735
Shenergy, Cl A		10,319		9,915
Shenzhen Energy Group, Cl A		9,800		8,877
Sichuan Chuantou Energy, Cl A		9,284		19,207
Wintime Energy Group, Cl A *		45,600		8,901
Zhejiang Zheneng Electric Power, Cl A *		23,300		16,238
				653,085
TOTAL CHINA				1,895,776
HONG KONG — 0.2%
Industrials — 0.2%
Hutchison Port Holdings Trust, Cl U		41,100		7,932
TOTAL HONG KONG				7,932
INDIA — 3.4%
Energy — 0.4%
Great Eastern Shipping		2,057		18,618
Industrials — 0.7%
AIA Engineering		822		32,068
Materials — 2.3%
Fine Organic Industries		158		9,415
PI Industries		1,578		75,436

19

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Vinati Organics		532	$	11,822
				96,673
TOTAL INDIA				147,359
INDONESIA — 3.8%
Energy — 1.6%
Adaro Energy Indonesia		302,200		44,950
Indo Tambangraya Megah		8,100		13,034
Medco Energi Internasional		151,600		8,999
				66,983
Materials — 2.2%
Indah Kiat Pulp & Paper		56,900		32,259
Merdeka Copper Gold *		249,100		50,842
Pabrik Kertas Tjiwi Kimia		28,900		11,903
				95,004
TOTAL INDONESIA				161,987
ISRAEL — 5.8%
Industrials — 3.3%
Elbit Systems		559		116,291
ZIM Integrated Shipping Services		2,021		25,040
				141,331
Materials — 2.5%
ICL Group		16,273		88,141
Israel		81		21,196
				109,337
TOTAL ISRAEL				250,668
JORDAN — 0.3%
Financials — 0.3%
Arab Bank		1,854		11,071
TOTAL JORDAN				11,071
KAZAKHSTAN — 0.9%
Energy — 0.9%
NAC Kazatomprom JSC GDR		1,371		36,950
TOTAL KAZAKHSTAN				36,950
KUWAIT — 9.5%
Financials — 9.5%
Kuwait Finance House		167,998		407,218
TOTAL KUWAIT				407,218

20

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
MALAYSIA — 2.6%
Industrials — 0.8%
Pentamaster		10,300	$	10,857
Sime Darby		56,800		24,947
				35,804
Materials — 1.8%
Petronas Chemicals Group		58,800		75,587
TOTAL MALAYSIA				111,391
PHILIPPINES — 5.4%
Industrials — 5.4%
Aboitiz Equity Ventures		34,940		34,434
Ayala		6,390		72,351
International Container Terminal Services		21,480		79,306
JG Summit		56,042		45,128
TOTAL PHILIPPINES				231,219
POLAND — 1.9%
Materials — 1.9%
KGHM Polska Miedz		2,966		82,053
TOTAL POLAND				82,053
RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC (A)		33,666		—
Sovcomflot PJSC (A)		9,110		—
Surgutneftegas PJSC (A)		143,400		—
				—
Materials — 0.0%
MMC Norilsk Nickel PJSC * (A)		1,239		—
Polymetal International * (A)		7,154		—
Segezha Group PJSC * (A)		78,500		—
				—
TOTAL RUSSIA				—
SINGAPORE — 9.8%
Financials — 6.1%
Oversea-Chinese Banking		28,812		261,434
Industrials — 3.7%
Keppel		12,500		61,976
Singapore Airlines		11,400		60,228

21

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Singapore Technologies Engineering		13,400	$	36,437
				158,641
TOTAL SINGAPORE				420,075
SOUTH AFRICA — 3.5%
Materials — 3.5%
Impala Platinum Holdings		18,130		120,270
Kumba Iron Ore		1,351		31,648
TOTAL SOUTH AFRICA				151,918
THAILAND — 5.4%
Energy — 4.6%
PTT		209,100		197,570
Materials — 0.8%
Indorama Ventures		34,400		33,231
TOTAL THAILAND				230,801
TURKEY — 2.2%
Industrials — 2.2%
Kontrolmatik Enerji Ve Muhendislik		1,853		10,576
Turk Hava Yollari AO *		11,602		86,203
TOTAL TURKEY				96,779
UNITED ARAB EMIRATES — 0.7%
Industrials — 0.7%
Air Arabia PJSC		48,174		31,740
TOTAL UNITED ARAB EMIRATES				31,740
TOTAL COMMON STOCK (Cost $5,421,868)				4,274,937
PREFERRED STOCK — 0.0%
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC (A) (B)		136,600		—
TOTAL PREFERRED STOCK (Cost $74,846)				—
TOTAL INVESTMENTS — 99.6% (Cost $5,496,714)				4,274,937
OTHER ASSETS LESS LIABILITIES – 0.4%				15,397
NET ASSETS - 100%			$	4,290,334

22

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI One Belt One Road Index ETF (concluded)

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

* Non-income producing security.

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

(B) Currently, no stated interest rate.

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

See “Glossary” for abbreviations.

KRS-QH-006-1200

23

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
BRAZIL — 12.4%
Consumer Discretionary — 6.2%
Americanas *		1,378,400	$	334,313
MercadoLibre *		403		477,394
				811,707
Financials — 5.4%
Cielo *		108,500		103,237
Pagseguro Digital, Cl A *		10,067		95,032
StoneCo, Cl A *		7,725		98,417
XP, Cl A *		17,075		400,580
				697,266
Information Technology — 0.8%
TOTVS *		17,000		105,651
TOTAL BRAZIL				1,614,624
CHINA — 37.9%
Communication Services — 16.6%
Baidu, Cl A *		27,664		468,798
Bilibili, Cl Z *		20,580		306,470
JOYY ADR		3,551		109,051
Kuaishou Technology, Cl B *		46,100		315,016
NetEase		25,500		496,555
Tencent Holdings		11,175		472,862
				2,168,752
Consumer Discretionary — 16.3%
Alibaba Group Holding *		44,700		463,165
JD.com, Cl A		25,925		438,005
Meituan, Cl B *		29,898		466,588
PDD Holdings ADR *		6,301		435,651
Trip.com Group *		9,150		318,287
				2,121,696
Consumer Staples — 2.6%
JD Health International *		53,550		337,908
Real Estate — 2.4%
KE Holdings, Cl A *		63,000		312,725
TOTAL CHINA				4,941,081
INDIA — 9.8%
Consumer Discretionary — 6.1%
FSN E-Commerce Ventures *		201,852		365,634
MakeMyTrip *		3,715		100,231

24

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Zomato *		366,197	$	335,011
				800,876
Financials — 3.7%
One 97 Communications *		34,412		364,040
PB Fintech *		13,510		114,751
				478,791
TOTAL INDIA				1,279,667
INDONESIA — 0.8%
Consumer Discretionary — 0.8%
Bukalapak.com *		7,403,600		104,690
TOTAL INDONESIA				104,690
JAPAN — 2.5%
Communication Services — 2.5%
Nexon		16,800		319,297
TOTAL JAPAN				319,297
MALAYSIA — 0.7%
Industrials — 0.7%
My EG Services		574,800		92,362
TOTAL MALAYSIA				92,362
RUSSIA — 0.0%
Communication Services — 0.0%
VK GDR * (A)		49,503		—
Yandex, Cl A * (A)		31,479		—
				—
Consumer Discretionary — 0.0%
Ozon Holdings PLC ADR * (A)		58,005		—
Industrials — 0.0%
HeadHunter Group PLC ADR * (A)		11,746		—
TOTAL RUSSIA				—
SINGAPORE — 3.3%
Communication Services — 3.3%
Sea ADR *		7,429		431,179
TOTAL SINGAPORE				431,179

25

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH AFRICA — 4.0%
Consumer Discretionary — 4.0%
Naspers, Cl N		2,867	$	515,844
TOTAL SOUTH AFRICA				515,844
SOUTH KOREA — 22.7%
Communication Services — 19.1%
AfreecaTV		1,648		91,552
Com2uSCorp		2,048		94,190
Kakao		7,834		291,921
Kakao Games *		3,343		83,343
Krafton *		2,177		321,845
NAVER *		2,198		304,933
NCSoft		1,414		316,571
Netmarble *		7,846		292,368
NHN *		5,136		95,887
Pearl Abyss *		8,527		340,394
Studio Dragon *		2,054		83,554
Wemade		2,964		87,841
Wysiwyg Studios *		36,507		86,305
				2,490,704
Consumer Discretionary — 2.8%
Coupang, Cl A *		21,004		365,469
Information Technology — 0.8%
Douzone Bizon		4,309		101,213
TOTAL SOUTH KOREA				2,957,386
SWEDEN — 0.7%
Information Technology — 0.7%
Truecaller, Cl B *		35,495		97,238
TOTAL SWEDEN				97,238
TAIWAN — 2.5%
Consumer Discretionary — 2.5%
momo.com		15,000		331,359
TOTAL TAIWAN				331,359
URUGUAY — 2.5%
Financials — 2.5%
Dlocal, Cl A * (B)		27,153		331,402
TOTAL URUGUAY				331,402
TOTAL COMMON STOCK (Cost $22,934,598)				13,016,129

26

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

	Shares		Value
SHORT-TERM INVESTMENT — 0.7%
Invesco Government & Agency Portfolio, Cl Institutional, 4.750% (C) (D)		87,685	$	87,685
TOTAL SHORT-TERM INVESTMENT (Cost $87,685)				87,685
TOTAL INVESTMENTS — 100.5% (Cost $23,022,283)				13,103,814
OTHER ASSETS LESS LIABILITIES – (0.5)%				(67,552	)
NET ASSETS - 100%			$	13,036,262

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	This security or a partial position of this security is on loan at June 30, 2023. The total market value of securities on loan at June 30, 2023 was $85,697.
(C)	The rate shown is the 7-day effective yield as of June 30, 2023.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2023 was $87,685.

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

See “Glossary” for abbreviations.

KRS-QH-007-1200

27

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 99.2% ‡
CHINA — 96.5%
Consumer Discretionary — 31.1%
Li Auto, Cl A *		504,400	$	8,721,410
NIO ADR *		958,255		9,285,491
XPeng, Cl A *		798,000		5,091,494
Yadea Group Holdings		1,708,694		3,885,476
				26,983,871
Industrials — 27.7%
Beijing Easpring Material Technology, Cl A		47,300		327,241
Beijing-Shanghai High Speed Railway, Cl A		3,027,000		2,188,654
China Conch Venture Holdings		2,272,000		2,957,201
China Everbright Environment Group		5,896,216		2,324,900
Contemporary Amperex Technology, Cl A		219,450		6,901,628
CT Environmental Group * (A)		329,000		—
Dajin Heavy Industry, Cl A		60,400		256,053
Dynagreen Environmental Protection Group, Cl H		595,000		190,574
Ginlong Technologies, Cl A		37,250		533,035
GoodWe Technologies, Cl A		15,828		363,051
Gotion High-tech, Cl A		165,800		629,488
Ming Yang Smart Energy Group, Cl A		213,900		496,320
Pylon Technologies, Cl A		16,293		444,010
Riyue Heavy Industry, Cl A		96,900		252,946
Sungrow Power Supply, Cl A		136,900		2,194,788
Titan Wind Energy Suzhou, Cl A		168,509		352,778
Xinjiang Goldwind Science & Technology, Cl A		322,635		470,994
Zhejiang Weiming Environment Protection, Cl A		156,800		377,407
Zhuzhou CRRC Times Electric, Cl H		761,500		2,837,430
				24,098,498
Information Technology — 26.0%
China Railway Signal & Communication, Cl A		651,098		519,103
Chindata Group Holdings ADR *		202,591		1,450,552
Flat Glass Group, Cl A		155,900		825,275
Flat Glass Group, Cl H		671,000		2,290,439
Hengdian Group DMEGC Magnetics, Cl A		152,400		381,482
JA Solar Technology, Cl A		316,468		1,814,031
Kingsoft Cloud Holdings ADR *		150,989		921,033
LONGi Green Energy Technology, Cl A		723,946		2,853,073
Risen Energy, Cl A		106,700		375,917
Sanan Optoelectronics, Cl A		461,500		1,093,674
Shanghai Aiko Solar Energy, Cl A		172,620		729,651
Tuya ADR *		303,007		572,683
Xinyi Solar Holdings		7,565,588		8,737,025
				22,563,938

28

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China Clean Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 0.4%
Shenzhen Dynanonic, Cl A		25,240	$	382,444
Real Estate — 1.0%
China Evergrande Group * (A)		7,881,000		—
Guangzhou R&F Properties, Cl H *		2,602,800		415,167
Shimao Group Holdings * (A)		2,540,500		—
SOHO China *		3,151,000		470,443
				885,610
Utilities — 10.3%
Beijing Enterprises Water Group		6,244,500		1,482,119
CECEP Solar Energy, Cl A		357,000		332,718
CECEP Wind-Power, Cl A		601,500		303,445
China Datang Renewable Power, Cl H		3,705,000		1,238,688
China Everbright Greentech		816,000		137,447
China Longyuan Power Group, Cl H		3,365,800		3,466,045
China Three Gorges Renewables Group, Cl A		2,675,700		1,975,107
				8,935,569
TOTAL CHINA				83,849,930
HONG KONG — 2.7%
Industrials — 0.3%
China High Speed Transmission Equipment Group *		756,000		235,388
Real Estate — 0.9%
Yuexiu Real Estate Investment Trust †		3,716,000		791,889
Utilities — 1.5%
Canvest Environmental Protection Group		751,000		377,580
Concord New Energy Group		10,720,000		889,161
				1,266,741
TOTAL HONG KONG				2,294,018
TOTAL COMMON STOCK (Cost $120,284,314)				86,143,948
TOTAL INVESTMENTS — 99.2% (Cost $120,284,314)				86,143,948
OTHER ASSETS LESS LIABILITIES – 0.8%				722,303
NET ASSETS - 100%			$	86,866,251

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
†	Real Estate Investment Trust
(A)	Level 3 security in accordance with fair value hierarchy.

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

29

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China Clean Technology Index ETF (concluded)

See “Glossary” for abbreviations.

KRS-QH-008-1200

30

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 94.8% ‡
AUSTRALIA — 9.9%
Materials — 9.9%
Allkem *		383,530	$	4,089,857
IGO		447,658		4,529,353
Lynas Rare Earths *		593,504		2,706,203
Mineral Resources		37,576		1,786,641
Pilbara Minerals		1,403,172		4,567,368
TOTAL AUSTRALIA				17,679,422
BELGIUM — 2.0%
Materials — 2.0%
Umicore		128,835		3,596,906
TOTAL BELGIUM				3,596,906
CANADA — 3.4%
Industrials — 2.6%
Magna International		81,693		4,617,283
Materials — 0.8%
Lithium Americas * (A)		74,831		1,516,130
TOTAL CANADA				6,133,413
CHINA — 32.3%
Consumer Discretionary — 16.0%
BYD, Cl A		185,400		6,582,072
Geely Automobile Holdings		3,466,000		4,228,231
Guangzhou Automobile Group, Cl H		1,818,000		1,083,386
Li Auto, Cl A *		300,800		5,201,031
NIO ADR * (A)		513,485		4,975,670
Shenzhen Kedali Industry, Cl A		43,036		782,360
XPeng, Cl A * (A)		654,500		4,175,918
Yadea Group Holdings		710,000		1,614,501
				28,643,169
Industrials — 7.6%
Beijing Easpring Material Technology, Cl A		92,100		637,185
China Baoan Group, Cl A		456,707		757,747
Contemporary Amperex Technology, Cl A		215,020		6,762,313
Eve Energy, Cl A		380,360		3,163,218
Gotion High-tech, Cl A		325,689		1,236,533
Guangzhou Great Power Energy & Technology, Cl A		84,300		556,685
Qingdao TGOOD Electric, Cl A *		184,800		527,869
				13,641,550
Materials — 8.7%
Chengxin Lithium Group, Cl A		165,600		725,473

31

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
CMOC Group, Cl A		3,229,700	$	2,366,292
CNGR Advanced Material, Cl A		117,850		976,035
Ganfeng Lithium Group, Cl A		293,258		2,457,387
GEM, Cl A		943,540		896,226
Guangzhou Tinci Materials Technology, Cl A		353,994		2,004,318
Ningbo Shanshan, Cl A		411,500		856,396
Shanghai Putailai New Energy Technology, Cl A		367,600		1,931,279
Tianqi Lithium, Cl H *		63,600		442,715
Xiamen Tungsten, Cl A		258,051		675,030
Youngy, Cl A		47,500		436,359
Zhejiang Huayou Cobalt, Cl A		288,163		1,818,548
				15,586,058
TOTAL CHINA				57,870,777
GERMANY — 3.1%
Consumer Discretionary — 2.0%
Mercedes-Benz Group		22,613		1,817,497
Volkswagen		10,697		1,784,409
				3,601,906
Information Technology — 1.1%
Infineon Technologies		46,657		1,923,362
TOTAL GERMANY				5,525,268
INDONESIA — 0.4%
Materials — 0.4%
Aneka Tambang		5,409,700		703,613
TOTAL INDONESIA				703,613
JAPAN — 8.4%
Consumer Discretionary — 4.4%
Panasonic Holdings		654,200		7,936,761
Industrials — 4.0%
Nidec		131,500		7,137,492
TOTAL JAPAN				15,074,253
NETHERLANDS — 0.5%
Industrials — 0.5%
Alfen Beheer BV * (A)		13,824		928,749
TOTAL NETHERLANDS				928,749
SOUTH KOREA — 9.4%
Industrials — 3.8%
Ecopro		21,491		4,061,215

32

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
LG Energy Solution *		6,473	$	2,716,631
				6,777,846
Information Technology — 5.1%
L&F		15,622		2,880,997
Samsung SDI		12,453		6,322,663
				9,203,660
Materials — 0.5%
SK IE Technology * (A)		12,227		898,246
TOTAL SOUTH KOREA				16,879,752
SWEDEN — 0.7%
Consumer Discretionary — 0.7%
Volvo Car, Cl B * (A)		307,908		1,220,651
TOTAL SWEDEN				1,220,651
UNITED STATES — 24.7%
Consumer Discretionary — 15.3%
Aptiv *		75,431		7,700,751
Fisker * (A)		108,905		614,224
Ford Motor		148,188		2,242,085
Lucid Group * (A)		395,917		2,727,868
Rivian Automotive, Cl A *		274,773		4,577,718
Tesla *		36,359		9,517,695
				27,380,341
Industrials — 3.0%
ChargePoint Holdings * (A)		173,093		1,521,487
Plug Power * (A)		360,100		3,741,439
				5,262,926
Information Technology — 0.9%
SolarEdge Technologies *		6,023		1,620,488
Materials — 5.5%
Albemarle		30,987		6,912,890
Livent *		109,416		3,001,281
				9,914,171
TOTAL UNITED STATES				44,177,926
TOTAL COMMON STOCK (Cost $206,053,068)				169,790,730

33

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

	Shares		Value
PREFERRED STOCK — 4.8%
CHILE — 2.4%
Materials — 2.4%
Sociedad Quimica y Minera de Chile (B)		60,653	$	4,415,726
GERMANY — 2.4%
Consumer Discretionary — 2.4%
Dr Ing hc F Porsche * (B)		34,355		4,263,500
TOTAL PREFERRED STOCK (Cost $8,667,211)				8,679,226
SHORT-TERM INVESTMENT — 9.8%
Invesco Government & Agency Portfolio, Cl Institutional, 4.750% (C) (D)		17,507,464		17,507,464
TOTAL SHORT-TERM INVESTMENT (Cost $17,507,464)				17,507,464
TOTAL INVESTMENTS — 109.4% (Cost $232,227,743)				195,977,420
OTHER ASSETS LESS LIABILITIES – (9.4)%				(16,858,384	)
NET ASSETS - 100%			$	179,119,036

‡	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, 2023. The total market value of securities on loan at June 30, 2023 was $16,903,321.
(B)	Currently, no stated interest rate.
(C)	The rate shown is the 7-day effective yield as of June 30, 2023.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2023 was $17,507,464.

See “Glossary” for abbreviations.

KRS-QH-009-1100

34

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
CHINA — 95.9%
Health Care — 95.9%
3SBio		607,500	$	610,089
Aier Eye Hospital Group, Cl A		972,714		2,480,322
Akeso *		160,000		721,742
Andon Health, Cl A		48,100		232,804
Apeloa Pharmaceutical, Cl A		120,492		293,826
Asymchem Laboratories Tianjin, Cl A		33,124		536,650
Autobio Diagnostics, Cl A		59,430		422,598
BeiGene *		225,918		3,096,189
Beijing Tiantan Biological Products, Cl A		163,042		608,481
Beijing Tongrentang, Cl A		137,890		1,091,019
Beijing Wantai Biological Pharmacy Enterprise, Cl A		85,022		780,354
Betta Pharmaceuticals, Cl A		51,763		341,752
BGI Genomics, Cl A		41,027		338,320
Bloomage Biotechnology, Cl A		47,917		587,271
Changchun High & New Technology Industry Group, Cl A		40,408		757,081
China Medical System Holdings		463,000		753,883
China Meheco, Cl A		149,500		266,744
China National Medicines, Cl A		74,455		397,616
China Resources Pharmaceutical Group		523,500		455,589
China Resources Sanjiu Medical & Pharmaceutical, Cl A		101,590		847,095
China Traditional Chinese Medicine Holdings		1,024,000		476,942
Chongqing Zhifei Biological Products, Cl A		242,772		1,475,026
CSPC Pharmaceutical Group		3,000,889		2,607,770
Daan Gene, Cl A		141,647		194,125
Dong-E-E-Jiao, Cl A		65,440		480,806
Genscript Biotech *		388,000		871,398
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		142,440		624,208
Guangzhou Kingmed Diagnostics Group, Cl A		47,599		493,996
Hangzhou Tigermed Consulting, Cl A		38,150		338,456
Hangzhou Tigermed Consulting, Cl H		40,200		229,044
Hansoh Pharmaceutical Group		384,000		617,411
Huadong Medicine, Cl A		180,141		1,073,942
Hualan Biological Engineering, Cl A		181,747		559,871
Hubei Jumpcan Pharmaceutical, Cl A		92,100		367,650
Humanwell Healthcare Group, Cl A		162,100		600,288
Hygeia Healthcare Holdings * (A)		115,400		624,373
Imeik Technology Development, Cl A		22,000		1,345,590
Innovent Biologics *		381,000		1,439,093
iRay Technology, Cl A		9,426		365,931
Jafron Biomedical, Cl A		81,490		259,655
Jiangsu Hengrui Pharmaceuticals, Cl A		648,328		4,268,834
Jiangsu Yuyue Medical Equipment & Supply, Cl A		98,910		489,329
Joincare Pharmaceutical Group Industry, Cl A		192,745		336,750

35

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Joinn Laboratories China, Cl A		45,724	$	257,067
Jointown Pharmaceutical Group, Cl A		276,161		394,038
Lepu Medical Technology Beijing, Cl A		187,400		582,437
Livzon Pharmaceutical Group, Cl A		62,459		334,068
Meinian Onehealth Healthcare Holdings, Cl A *		388,083		379,292
Microport Scientific *		272,700		492,743
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		165,184		306,535
Ovctek China, Cl A		89,693		372,221
Pharmaron Beijing, Cl A		97,450		512,782
Pharmaron Beijing, Cl H		65,900		203,504
Porton Pharma Solutions, Cl A		55,000		223,711
Shandong Buchang Pharmaceuticals, Cl A		108,383		306,758
Shandong Weigao Group Medical Polymer, Cl H		852,400		1,113,822
Shanghai Fosun Pharmaceutical Group, Cl A		212,429		902,301
Shanghai Fosun Pharmaceutical Group, Cl H		164,000		437,384
Shanghai Junshi Biosciences, Cl A *		78,096		413,732
Shanghai Pharmaceuticals Holding, Cl A		278,194		856,976
Shanghai Pharmaceuticals Holding, Cl H		246,300		487,785
Shanghai RAAS Blood Products, Cl A		683,734		705,840
Shenzhen Kangtai Biological Products, Cl A		112,177		391,512
Shenzhen Mindray Bio-Medical Electronics, Cl A		122,555		5,050,584
Shenzhen New Industries Biomedical Engineering, Cl A		79,300		643,138
Shenzhen Salubris Pharmaceuticals, Cl A		111,765		479,182
Shijiazhuang Yiling Pharmaceutical, Cl A		167,550		591,681
Sichuan Kelun Pharmaceutical, Cl A		154,615		630,804
Sinopharm Group, Cl H		455,600		1,424,368
Tonghua Dongbao Pharmaceutical, Cl A		202,291		290,306
Topchoice Medical, Cl A *		32,841		437,260
Walvax Biotechnology, Cl A		162,000		589,006
WuXi AppTec, Cl A		256,720		2,198,854
WuXi AppTec, Cl H		121,684		970,478
Wuxi Biologics Cayman *		1,273,635		6,102,773
Yunnan Baiyao Group, Cl A		181,723		1,310,940
Zai Lab *		312,300		836,881
Zhangzhou Pientzehuang Pharmaceutical, Cl A		61,334		2,414,307
Zhejiang Huahai Pharmaceutical, Cl A		147,272		372,694
Zhejiang Jiuzhou Pharmaceutical, Cl A		91,100		342,871
Zhejiang NHU, Cl A		321,530		680,645
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		53,736		248,411
TOTAL CHINA				71,049,604

36

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI All China Health Care Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 2.1%
Health Care — 2.1%
Sino Biopharmaceutical		3,520,750	$	1,532,011
TOTAL HONG KONG				1,532,011
UNITED STATES — 1.7%
Health Care — 1.7%
Legend Biotech ADR *		18,901		1,304,736
TOTAL UNITED STATES				1,304,736
TOTAL COMMON STOCK (Cost $94,237,382)				73,886,351

	Number of Rights
RIGHT — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (B)		118,157	—
TOTAL CHINA			—
TOTAL RIGHT (Cost $–)			—

	Shares
SHORT-TERM INVESTMENT — 0.8%
Invesco Government & Agency Portfolio, Cl Institutional, 4.750% (C) (D)		590,963		590,963
TOTAL SHORT-TERM INVESTMENT (Cost $590,963)				590,963
TOTAL INVESTMENTS — 100.5% (Cost $94,828,345)				74,477,314
OTHER ASSETS LESS LIABILITIES – (0.5)%				(404,706	)
NET ASSETS - 100%			$	74,072,608

‡	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, 2023. The total market value of securities on loan at June 30, 2023 was $561,871.

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

(C) The rate shown is the 7-day effective yield as of June 30, 2023.

(D) This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2023 was $590,963.

‡‡ Expiration date not available.

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

See “Glossary” for abbreviations.

KRS-QH-010-1100

37

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Asia Pacific High Income Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 92.3%
AUSTRALIA — 2.5%
Financials — 2.5%
QBE Insurance Group, MTN
5.250%, H15T5Y + 3.047% (A) (B)	$	250,000	$	229,488
Westpac Banking
5.000%, USISOA05 + 2.888% (A) (B)		300,000		259,170
				488,658
TOTAL AUSTRALIA				488,658
CHINA — 27.4%
Consumer Discretionary — 1.0%
Fortune Star BVI
5.000%, 05/18/2026		250,000		185,500
Financials — 7.4%
Huarong Finance 2017, MTN
4.250%, 11/07/2027		400,000		331,988
Huarong Finance 2019, MTN
4.250% (A) (B)		400,000		336,000
3.375%, 02/24/2030		200,000		150,930
Huarong Finance II, MTN
5.500%, 01/16/2025		300,000		284,311
ZhongAn Online P&C Insurance
3.125%, 07/16/2025		400,000		352,188
				1,455,417
Materials — 1.3%
China Hongqiao Group
6.250%, 06/08/2024		250,000		244,625
Real Estate — 17.7%
Country Garden Holdings
8.000%, 01/27/2024		250,000		163,029
6.150%, 09/17/2025		250,000		81,364
5.125%, 01/17/2025		270,000		116,768
Gemdale Ever Prosperity Investment, MTN
4.950%, 08/12/2024		400,000		336,120
Greentown China Holdings
5.650%, 07/13/2025		200,000		179,400
4.700%, 04/29/2025		200,000		179,740
New Metro Global
6.800%, 08/05/2023		200,000		193,000
4.800%, 12/15/2024		200,000		135,400
RKPF Overseas 2019 A
6.700%, 09/30/2024		200,000		146,368
6.000%, 09/04/2025		250,000		142,082
RKPF Overseas 2019 E
7.750%, H15T5Y + 6.003% (A) (B)		200,000		58,887

38

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Real Estate (continued)
RKPF Overseas 2020 A
5.200%, 01/12/2026	$	200,000	$	105,802
Seazen Group
6.000%, 08/12/2024		200,000		142,000
4.450%, 07/13/2025		200,000		102,000
Shui On Development Holding
6.150%, 08/24/2024		200,000		173,000
5.750%, 11/12/2023		500,000		484,750
5.500%, 06/29/2026		200,000		146,740
Yanlord Land HK
6.800%, 02/27/2024		431,000		419,794
5.125%, 05/20/2026		200,000		163,340
				3,469,584
TOTAL CHINA				5,355,126
HONG KONG — 15.8%
Communication Services — 1.7%
HKT Capital No. 6
3.000%, 01/18/2032		400,000		337,116
Consumer Discretionary — 8.2%
Li & Fung, MTN
5.000%, 08/18/2025		250,000		231,369
LS Finance 2025
4.500%, 06/26/2025		400,000		350,000
Melco Resorts Finance
5.750%, 07/21/2028		250,000		220,000
5.625%, 07/17/2027		200,000		181,000
5.250%, 04/26/2026		200,000		185,092
4.875%, 06/06/2025		450,000		428,715
				1,596,176
Health Care — 1.0%
PCGI Intermediate, MTN
4.750%, 10/28/2024		200,000		189,100
Industrials — 2.0%
Celestial Miles
5.750% (A) (B)		400,000		393,960
Real Estate — 2.9%
NWD Finance BVI
6.150% (A) (B)		200,000		185,000
5.250% (A) (B)		450,000		392,400
				577,400
TOTAL HONG KONG				3,093,752

39

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
INDIA — 16.7%
Communication Services — 1.0%
Network i2i
5.650%, H15T5Y + 4.274% (A) (B)	$	200,000	$	193,750
Energy — 8.3%
Clean Renewable Power Mauritius Pte
4.250%, 03/25/2027		186,000		162,853
Continuum Energy Levanter Pte
4.500%, 02/09/2027		372,000		346,518
Diamond II
7.950%, 07/28/2026		200,000		196,767
Greenko Power II
4.300%, 12/13/2028		185,500		160,998
Greenko Solar Mauritius
5.550%, 01/29/2025		400,000		384,600
HPCL-Mittal Energy
5.250%, 04/28/2027		400,000		378,200
				1,629,936
Financials — 1.5%
Shriram Finance, MTN
4.150%, 07/18/2025		300,000		283,479
Industrials — 5.9%
India Airport Infrastructure
6.250%, 10/25/2025		250,000		241,875
JSW Steel
3.950%, 04/05/2027		200,000		176,872
Magnum Holdings
5.375%, 10/31/2026		400,000		358,145
Periama Holdings
5.950%, 04/19/2026		400,000		384,000
				1,160,892
TOTAL INDIA				3,268,057
INDONESIA — 9.4%
Energy — 4.9%
Medco Bell Pte
6.375%, 01/30/2027		600,000		561,430
Medco Platinum Road Pte
6.750%, 01/30/2025		200,000		197,134
Saka Energi Indonesia
4.450%, 05/05/2024		200,000		195,000
				953,564
Financials — 1.7%
Bank Negara Indonesia Persero
4.300%, H15T5Y + 3.466% (A) (B)		400,000		330,204

40

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Industrials — 0.8%
Japfa Comfeed Indonesia
5.375%, 03/23/2026	$	200,000	$	155,100
Materials — 2.0%
Nickel Industries
11.250%, 10/21/2028		200,000		204,100
6.500%, 04/01/2024		200,000		198,550
				402,650
TOTAL INDONESIA				1,841,518
JAPAN — 1.0%
Communication Services — 1.0%
SoftBank Group
6.875%, USISOA05 + 4.854% (A) (B)		210,000		193,200
MACAU — 12.8%
Consumer Discretionary — 12.8%
Champion Path Holdings
4.500%, 01/27/2026		200,000		175,758
MGM China Holdings
5.875%, 05/15/2026		200,000		190,500
5.375%, 05/15/2024		200,000		196,854
5.250%, 06/18/2025		200,000		191,607
4.750%, 02/01/2027		200,000		182,000
Sands China
5.625%, 08/08/2025		300,000		292,705
3.350%, 03/08/2029		300,000		250,021
Studio City Finance
6.500%, 01/15/2028		200,000		167,000
6.000%, 07/15/2025		250,000		232,004
Wynn Macau
5.500%, 10/01/2027		200,000		178,000
5.500%, 01/15/2026		250,000		232,188
5.125%, 12/15/2029		250,000		210,015
				2,498,652
TOTAL MACAU				2,498,652
PHILIPPINES — 1.0%
Energy — 1.0%
Petron
4.600% (A) (B)		200,000		199,000
THAILAND — 4.6%
Financials — 4.6%
Kasikornbank, MTN
5.275%, H15T5Y + 4.940% (A) (B)		200,000		188,429
4.000%, H15T5Y + 3.337% (A) (B)		400,000		340,228

41

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Asia Pacific High Income Bond ETF (concluded)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
Krung Thai Bank
4.400%, H15T5Y + 3.530% (A) (B)	$	200,000	$	184,120
TMBThanachart Bank, MTN
4.900%, H15T5Y + 3.256% (A) (B)		200,000		189,056
				901,833
TOTAL THAILAND				901,833
VIETNAM — 1.1%
Energy — 1.1%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		250,000		219,375
TOTAL CORPORATE OBLIGATIONS (Cost $19,323,360)				18,059,171
TOTAL INVESTMENTS — 92.3% (Cost $19,323,360)				18,059,171
OTHER ASSETS LESS LIABILITIES – 7.7%				1,516,628
NET ASSETS - 100%			$	19,575,799

(A) Perpetual security with no stated maturity date.

(B) Variable or floating rate security. The rate shown is the effective interest rate as of period end The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

See “Glossary” for abbreviations.

KRS-QH-012-1100

42

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
BRAZIL — 9.8%
Health Care — 9.8%
Fleury		2,835	$	9,432
Hapvida Participacoes e Investimentos *		46,904		42,587
Hypera		4,500		42,920
Odontoprev		3,700		9,626
Rede D’Or Sao Luiz		14,100		96,221
TOTAL BRAZIL				200,786
CHINA — 40.4%
Consumer Staples — 2.1%
JD Health International *		6,700		42,278
Health Care — 38.3%
3D Medicines *		500		6,170
3SBio		5,500		5,523
Aier Eye Hospital Group, Cl A		19,495		49,710
AK Medical Holdings		2,000		1,735
Akeso *		2,000		9,022
Alphamab Oncology *		1,000		954
Angelalign Technology *		400		3,729
Beijing Tiantan Biological Products, Cl A		3,500		13,062
Beijing Tongrentang, Cl A		3,000		23,737
Changchun High & New Technology Industry Group, Cl A		800		14,989
China Evergrande New Energy Vehicle Group * (A)		16,000		—
China Medical System Holdings		6,000		9,769
China Resources Medical Holdings		2,500		1,917
China Resources Sanjiu Medical & Pharmaceutical, Cl A		2,100		17,511
Chongqing Zhifei Biological Products, Cl A		5,120		31,105
CSPC Pharmaceutical Group		26,000		22,594
Genscript Biotech *		4,000		8,983
Guangzhou Kingmed Diagnostics Group, Cl A		1,000		10,378
Hansoh Pharmaceutical Group		12,000		19,294
Huadong Medicine, Cl A		3,740		22,297
Humanwell Healthcare Group, Cl A		3,500		12,961
Hygeia Healthcare Holdings		1,200		6,493
InnoCare Pharma *		3,000		2,703
Innovent Biologics *		3,000		11,331
Jiangsu Hengrui Pharmaceuticals, Cl A		12,859		84,669
Jinxin Fertility Group *		5,500		2,906
Lepu Medical Technology Beijing, Cl A		3,300		10,256
Lifetech Scientific *		10,000		3,407
Livzon Pharmaceutical Group, Cl H		600		2,063
Luye Pharma Group *		8,000		3,379
Microport Scientific *		4,000		7,228
New Horizon Health *		1,000		3,490

43

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Healthcare Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Remegen, Cl H *		500	$	2,185
Shandong Weigao Group Medical Polymer, Cl H		10,000		13,067
Shanghai Fosun Pharmaceutical Group, Cl H		1,500		4,000
Shanghai MicroPort MedBot Group *		2,000		6,202
Shanghai Pharmaceuticals Holding, Cl H		2,000		3,961
Shanghai RAAS Blood Products, Cl A		14,400		14,866
Shenzhen Mindray Bio-Medical Electronics, Cl A		2,200		90,664
Shenzhen New Industries Biomedical Engineering, Cl A		1,600		12,976
Shenzhen Salubris Pharmaceuticals, Cl A		2,400		10,290
Shijiazhuang Yiling Pharmaceutical, Cl A		3,500		12,360
Sichuan Kelun Pharmaceutical, Cl A		2,400		9,792
Simcere Pharmaceutical Group		6,000		5,941
Sinopharm Group, Cl H		3,200		10,004
Topchoice Medical, Cl A *		700		9,320
Walvax Biotechnology, Cl A		3,300		11,998
WuXi AppTec, Cl H		858		6,843
Wuxi Biologics Cayman *		8,781		42,075
Yunnan Baiyao Group, Cl A		3,480		25,105
Zai Lab *		2,100		5,627
Zhangzhou Pientzehuang Pharmaceutical, Cl A		1,300		51,172
Zhejiang NHU, Cl A		6,624		14,022
				785,835
TOTAL CHINA				828,113
HUNGARY — 1.6%
Health Care — 1.6%
Richter Gedeon Nyrt		1,371		33,765
TOTAL HUNGARY				33,765
INDONESIA — 3.3%
Health Care — 3.3%
Kalbe Farma		312,700		42,757
Metro Healthcare Indonesia TBK *		239,900		7,489
Mitra Keluarga Karyasehat		99,100		17,781
TOTAL INDONESIA				68,027
MALAYSIA — 4.7%
Health Care — 4.7%
IHH Healthcare		62,400		78,744
KPJ Healthcare		32,200		7,727
Top Glove *		59,400		10,308
TOTAL MALAYSIA				96,779

44

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Healthcare Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH AFRICA — 2.5%
Health Care — 2.5%
Aspen Pharmacare Holdings		3,232	$	31,415
Life Healthcare Group Holdings		10,303		11,208
Netcare		10,529		8,031
TOTAL SOUTH AFRICA				50,654
SOUTH KOREA — 23.3%
Health Care — 23.3%
Alteogen *		372		12,126
Celltrion		751		87,146
Celltrion Healthcare		1,191		59,204
Celltrion Pharm *		286		16,561
Classys		400		9,805
Dentium		78		8,584
Green Cross		85		7,406
Hanmi Pharm		92		21,429
Hanmi Science		538		13,540
HLB *		916		22,593
Hugel *		90		7,513
Medytox		56		10,009
Sam Chun Dang Pharm *		174		7,250
Samsung Biologics *		164		92,601
SK Biopharmaceuticals *		557		34,198
SK Bioscience *		557		33,606
ST Pharm		139		8,112
Yuhan		549		25,155
TOTAL SOUTH KOREA				476,838
THAILAND — 7.9%
Health Care — 7.9%
Bangkok Chain Hospital		20,900		10,434
Bangkok Dusit Medical Services, Cl F		112,600		88,130
Bumrungrad Hospital		5,700		36,333
Chularat Hospital, Cl F		87,500		7,404
Mega Lifesciences		6,800		7,192
Thonburi Healthcare Group		6,000		11,592
TOTAL THAILAND				161,085
UNITED ARAB EMIRATES — 5.4%
Health Care — 0.7%
Burjeel Holdings *		22,446		13,811

45

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Emerging Markets Healthcare Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Industrials — 4.7%
International Holding PJSC *		898	$	96,326
TOTAL UNITED ARAB EMIRATES				110,137
UNITED STATES — 1.1%
Health Care — 1.1%
Legend Biotech ADR *		337		23,263
TOTAL UNITED STATES				23,263
TOTAL COMMON STOCK (Cost $2,849,726)				2,049,447

	Number of Rights
RIGHT — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (A)		5,516		—
TOTAL CHINA				—
TOTAL RIGHT (Cost $–)				—
TOTAL INVESTMENTS — 100.0% (Cost $2,849,726)				2,049,447
OTHER ASSETS LESS LIABILITIES – 0.0%				837
NET ASSETS - 100%			$	2,050,284

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

* Non-income producing security.

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

‡‡ Expiration date not available.

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

See “Glossary” for abbreviations.

KRS-QH-018-0800

46

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 95.1% ‡
AUSTRALIA — 0.3%
Materials — 0.3%
AngloGold Ashanti		3,843	$	80,919
TOTAL AUSTRALIA				80,919
BRAZIL — 5.8%
Communication Services — 0.1%
Telefonica Brasil		4,700		42,158
Consumer Discretionary — 0.2%
Lojas Renner		8,225		34,100
Magazine Luiza *		51,300		35,838
				69,938
Consumer Staples — 0.7%
Ambev		44,300		141,514
Raia Drogasil		12,168		74,663
				216,177
Energy — 0.9%
Petroleo Brasileiro		36,600		251,132
Ultrapar Participacoes		10,700		41,899
				293,031
Financials — 1.1%
B3 - Brasil Bolsa Balcao		49,000		148,402
Banco Bradesco		12,288		37,291
Banco do Brasil		8,200		83,972
Banco Santander Brasil		3,600		22,858
BB Seguridade Participacoes		5,900		37,633
				330,156
Industrials — 0.9%
CCR		9,400		27,378
Localiza Rent a Car		6,920		98,263
Rumo		9,400		43,258
WEG		14,100		110,339
				279,238
Materials — 1.6%
Klabin		5,900		26,626
Suzano		6,900		63,250
Vale		30,900		411,359
				501,235
Utilities — 0.3%
Cia de Saneamento Basico do Estado de Sao Paulo		2,400		28,145

47

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Equatorial Energia		10,500	$	69,978
				98,123
TOTAL BRAZIL				1,830,056
CHILE — 0.6%
Consumer Discretionary — 0.0%
Falabella		6,017		14,440
Energy — 0.1%
Empresas Copec		3,138		23,276
Financials — 0.3%
Banco de Chile		532,555		55,562
Banco de Credito e Inversiones		461		14,078
Banco Santander Chile		531,412		25,135
				94,775
Materials — 0.1%
Empresas CMPC		10,138		19,388
Utilities — 0.1%
Enel Americas		227,921		30,400
Enel Chile		225,362		14,637
				45,037
TOTAL CHILE				196,916
COLOMBIA — 0.0%
Financials — 0.0%
Bancolombia		1,787		13,266
TOTAL COLOMBIA				13,266
CZECH REPUBLIC — 0.2%
Financials — 0.0%
Komercni Banka		581		17,729
Utilities — 0.2%
CEZ		1,238		51,164
TOTAL CZECH REPUBLIC				68,893
EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE		21,159		34,923
TOTAL EGYPT				34,923

48

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization		1,858	$	31,846
TOTAL GREECE				31,846
HUNGARY — 0.4%
Energy — 0.1%
MOL Hungarian Oil & Gas		2,888		25,240
Financials — 0.2%
OTP Bank Nyrt		1,773		62,905
Health Care — 0.1%
Richter Gedeon Nyrt		1,430		35,218
TOTAL HUNGARY				123,363
INDIA — 18.8%
Communication Services — 0.6%
Bharti Airtel		17,930		192,061
Consumer Discretionary — 1.7%
Bajaj Auto		659		37,687
Eicher Motors		1,053		45,954
Mahindra & Mahindra		7,433		131,705
Maruti Suzuki India		995		118,729
Tata Motors *		14,563		105,722
Titan		2,492		92,578
				532,375
Consumer Staples — 1.9%
Dabur India		4,204		29,361
Godrej Consumer Products *		2,889		38,069
Hindustan Unilever		7,270		237,336
ITC		34,945		192,368
Nestle India		327		91,258
				588,392
Energy — 2.5%
Bharat Petroleum		6,073		26,998
Indian Oil		48,606		54,095
Oil & Natural Gas		20,662		40,374
Reliance Industries		22,023		684,626
				806,093
Financials — 4.9%
Axis Bank		22,139		266,482
Bajaj Finance		2,026		176,841

49

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Bajaj Finserv		3,101	$	57,759
Housing Development Finance		14,731		506,729
ICICI Bank		37,325		425,226
State Bank of India		17,464		121,949
				1,554,986
Health Care — 0.6%
Aurobindo Pharma		2,098		18,601
Dr Reddy’s Laboratories		913		57,423
Sun Pharmaceutical Industries		8,726		111,856
				187,880
Industrials — 0.6%
Larsen & Toubro		5,783		174,509
Information Technology — 3.9%
HCL Technologies		10,489		151,889
Infosys ADR		36,755		590,653
Tata Consultancy Services		8,726		351,252
Tech Mahindra		6,022		83,012
Wipro		14,557		69,053
				1,245,859
Materials — 1.6%
Asian Paints		3,279		134,381
Grasim Industries		2,635		55,717
Hindalco Industries		16,255		83,409
JSW Steel		6,893		65,942
UltraTech Cement		936		94,640
UPL		4,339		36,365
Vedanta		10,584		35,860
				506,314
Utilities — 0.5%
GAIL India		24,471		31,336
NTPC		28,281		65,207
Power Grid Corp of India		24,855		77,304
				173,847
TOTAL INDIA				5,962,316
INDONESIA — 3.3%
Communication Services — 0.5%
Telkom Indonesia Persero		535,300		142,818
Consumer Staples — 0.2%
Charoen Pokphand Indonesia *		73,100		25,719

50

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Unilever Indonesia		75,500	$	21,453
				47,172
Energy — 0.1%
Adaro Energy Indonesia		122,100		18,161
United Tractors		17,100		26,547
				44,708
Financials — 2.2%
Bank Central Asia		506,000		308,815
Bank Mandiri Persero		418,600		145,187
Bank Negara Indonesia Persero		77,800		47,482
Bank Rakyat Indonesia Persero		581,400		210,378
				711,862
Industrials — 0.3%
Astra International		232,400		105,020
TOTAL INDONESIA				1,051,580
MALAYSIA — 2.1%
Communication Services — 0.2%
CelcomDigi Bhd		34,900		30,731
Maxis		34,900		30,657
				61,388
Consumer Discretionary — 0.1%
Genting		22,900		19,919
Consumer Staples — 0.1%
Sime Darby Plantation		26,500		23,562
Financials — 1.2%
CIMB Group Holdings		95,455		103,482
Hong Leong Bank		5,900		23,967
Malayan Banking		64,916		120,027
Public Bank		150,900		124,470
				371,946
Health Care — 0.1%
IHH Healthcare		22,900		28,898
Materials — 0.1%
Petronas Chemicals Group		34,900		44,863
Utilities — 0.3%
Petronas Gas		5,900		21,110

51

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Tenaga Nasional		43,200	$	83,762
				104,872
TOTAL MALAYSIA				655,448
MEXICO — 4.9%
Communication Services — 1.1%
America Movil		289,000		313,425
Grupo Televisa		22,900		23,514
				336,939
Consumer Staples — 1.5%
Fomento Economico Mexicano		19,400		214,389
Grupo Bimbo, Ser A		12,900		68,936
Wal-Mart de Mexico		50,000		197,429
				480,754
Financials — 0.8%
Grupo Financiero Banorte, Cl O		26,500		218,190
Grupo Financiero Inbursa, Cl O *		17,600		41,725
				259,915
Industrials — 0.4%
Grupo Aeroportuario del Pacifico, Cl B		4,800		85,986
Grupo Aeroportuario del Sureste, Cl B		1,675		46,607
				132,593
Materials — 0.9%
Cemex *		145,500		102,653
Grupo Mexico		26,500		127,335
Southern Copper		829		59,473
				289,461
Real Estate — 0.2%
Fibra Uno Administracion †		32,600		47,520
TOTAL MEXICO				1,547,182
PERU — 0.4%
Financials — 0.3%
Credicorp		609		89,913
Materials — 0.1%
Cia de Minas Buenaventura SAA ADR		6,611		48,591
TOTAL PERU				138,504

52

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
PHILIPPINES — 1.1%
Financials — 0.2%
BDO Unibank		29,304	$	73,101
Industrials — 0.4%
Ayala		3,490		39,516
JG Summit		43,435		34,977
SM Investments		3,490		58,483
				132,976
Real Estate — 0.5%
Ayala Land		119,400		52,562
SM Prime		162,900		96,944
				149,506
Utilities — 0.0%
ACEN *		9,960		973
TOTAL PHILIPPINES				356,556
POLAND — 1.5%
Communication Services — 0.1%
CD Projekt		706		26,907
Consumer Discretionary — 0.3%
LPP		33		113,792
Energy — 0.2%
Polski Koncern Naftowy Orlen		3,261		51,697
Financials — 0.8%
Bank Polska Kasa Opieki		1,927		52,551
Powszechna Kasa Oszczednosci Bank Polski		9,612		85,523
Powszechny Zaklad Ubezpieczen		6,982		67,724
Santander Bank Polska *		376		35,999
				241,797
Materials — 0.1%
KGHM Polska Miedz		1,343		37,154
TOTAL POLAND				471,347
QATAR — 1.1%
Financials — 0.9%
Masraf Al Rayan		45,520		32,052
Qatar Islamic Bank		13,350		64,953
Qatar National Bank		47,322		200,468
				297,473

53

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.2%
Industries Qatar		21,227	$	65,489
TOTAL QATAR				362,962
ROMANIA — 0.1%
Real Estate — 0.1%
NEPI Rockcastle		5,510		32,221
TOTAL ROMANIA				32,221
RUSSIA — 0.0%
Communication Services — 0.0%
Mobile TeleSystems PJSC ADR * (A), (B)		3,839		—
Consumer Discretionary — 0.0%
X5 Retail Group GDR * (A), (B)		915		—
Consumer Staples — 0.0%
Magnit PJSC GDR * (A), (B)		2,616		—
Energy — 0.0%
Gazprom PJSC (A), (B)		89,700		—
LUKOIL PJSC (A), (B)		3,729		—
Novatek PJSC GDR * (A), (B)		756		—
Rosneft Oil PJSC (A), (B)		10,270		—
Tatneft PJSC (A), (B)		16,537		—
				—
Financials — 0.0%
Sberbank of Russia PJSC (A), (B)		99,330		—
Materials — 0.0%
Alrosa PJSC * (A), (B)		18,910		—
MMC Norilsk Nickel PJSC (A), (B)		670		—
Novolipetsk Steel PJSC * (A), (B)		8,860		—
Severstal PAO * (A), (B)		1,512		—
				—
TOTAL RUSSIA				—
SOUTH AFRICA — 5.6%
Communication Services — 0.6%
MTN Group		16,311		119,281
MultiChoice Group		3,306		16,711
Vodacom Group		8,564		53,130
				189,122
Consumer Discretionary — 1.6%
Absa Group		6,988		62,111

54

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Mr Price Group		3,693	$	28,189
Naspers, Cl N		2,232		401,592
Woolworths Holdings		7,651		28,897
				520,789
Consumer Staples — 0.6%
Bid		3,261		71,342
Clicks Group		1,957		27,068
Shoprite Holdings		6,225		74,339
				172,749
Energy — 0.1%
Exxaro Resources		2,017		17,539
Financials — 1.9%
Capitec Bank		1,012		83,988
Discovery *		6,946		53,627
FirstRand		43,525		157,822
Nedbank Group		4,404		53,293
Old Mutual		83,169		53,358
Remgro		4,123		32,094
Sanlam		14,156		43,724
Standard Bank Group		12,815		120,442
				598,348
Industrials — 0.3%
Bidvest Group		2,612		36,174
Sasol		5,412		66,825
				102,999
Materials — 0.4%
Anglo American Platinum		686		30,911
Gold Fields		7,791		107,904
				138,815
Real Estate — 0.1%
Growthpoint Properties †		43,841		27,060
TOTAL SOUTH AFRICA				1,767,421
SOUTH KOREA — 18.1%
Communication Services — 1.0%
Kakao		2,493		92,897
NAVER		1,224		169,808
NCSoft		181		40,523
				303,228

55

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary — 2.1%
Coway		423	$	14,109
Hyundai Mobis		671		118,398
Hyundai Motor		1,461		228,966
Kangwon Land		947		12,491
Kia		2,911		195,517
LG Electronics		1,112		106,926
				676,407
Consumer Staples — 0.6%
Amorepacific		412		30,517
E-MART		436		25,446
KT&G		1,639		102,993
LG H&H		99		34,487
				193,443
Energy — 0.4%
HD Hyundai		352		16,002
SK Innovation *		634		76,263
S-Oil		364		18,426
				110,691
Financials — 1.8%
DB Insurance		399		22,590
Hana Financial Group		3,494		103,946
Industrial Bank of Korea		2,033		15,954
KB Financial Group		4,172		151,188
Samsung Fire & Marine Insurance		532		92,862
Samsung Life Insurance		552		28,194
Shinhan Financial Group		4,460		115,084
Woori Financial Group		3,806		34,055
				563,873
Health Care — 0.9%
Celltrion		922		106,989
Celltrion Healthcare		1,639		81,474
Samsung Biologics *		173		97,683
				286,146
Industrials — 1.1%
Hyundai Engineering & Construction		634		18,332
Korea Shipbuilding & Offshore Engineering *		305		26,966
LG		1,270		84,818
Samsung C&T		1,136		91,128
Samsung Heavy Industries *		10,958		55,470
SK Holdings		458		51,687

56

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
SK Square *		841	$	28,249
				356,650
Information Technology — 8.3%
LG Display		1,725		20,632
Samsung Electro-Mechanics		781		85,648
Samsung Electronics		33,990		1,862,466
Samsung SDI		528		268,077
Samsung SDS		275		25,650
SK Hynix		4,304		376,292
				2,638,765
Materials — 1.7%
Hyundai Steel		634		16,239
Korea Zinc		63		23,308
LG Chemical		470		237,916
Lotte Chemical		145		17,013
POSCO Holdings		795		234,099
				528,575
Utilities — 0.2%
Korea Electric Power *		4,943		77,278
TOTAL SOUTH KOREA				5,735,056
TAIWAN — 26.6%
Communication Services — 1.1%
Chunghwa Telecom		47,000		175,810
Far EasTone Telecommunications		34,000		85,806
Taiwan Mobile		34,000		104,365
				365,981
Consumer Staples — 0.7%
President Chain Store		12,000		108,847
Uni-President Enterprises		47,000		115,144
				223,991
Energy — 0.1%
Formosa Petrochemical		12,000		32,481
Financials — 5.7%
Cathay Financial Holding		70,000		96,983
Chailease Holding		23,152		151,648
Chang Hwa Commercial Bank		179,660		107,584
China Development Financial Holding		216,000		85,999
CTBC Financial Holding		141,000		112,503
E.Sun Financial Holding		144,910		121,206
First Financial Holding		146,220		129,814

57

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Fubon Financial Holding		81,740	$	159,572
Hua Nan Financial Holdings		122,567		87,366
Mega Financial Holding		98,625		120,968
Shanghai Commercial & Savings Bank		75,000		109,329
Shin Kong Financial Holding		356,000		101,732
SinoPac Financial Holdings		82,560		45,993
Taishin Financial Holding		253,648		153,926
Taiwan Cooperative Financial Holding		129,634		116,754
Yuanta Financial Holding		143,138		106,166
				1,807,543
Industrials — 0.4%
Far Eastern New Century		105,000		112,773
Information Technology — 16.6%
ASE Technology Holding		38,000		134,823
Asustek Computer		12,000		121,177
AUO		95,600		57,094
Catcher Technology		12,000		67,620
Delta Electronics		24,000		265,473
Hon Hai Precision Industry		105,000		380,966
Innolux		131,580		64,429
Lite-On Technology		47,000		156,191
MediaTek		12,000		265,087
Novatek Microelectronics		12,000		164,331
Pegatron		37,000		88,863
Quanta Computer		36,000		175,697
Taiwan Semiconductor Manufacturing		171,000		3,162,549
United Microelectronics		94,000		146,382
				5,250,682
Materials — 2.0%
Asia Cement		47,000		67,004
China Steel		157,000		148,206
Formosa Chemicals & Fibre		36,000		77,561
Formosa Plastics		47,000		129,329
Nan Ya Plastics		59,000		137,344
Taiwan Cement		69,404		84,793
				644,237
TOTAL TAIWAN				8,437,688
THAILAND — 2.1%
Communication Services — 0.2%
Advanced Info Service		11,800		71,223
				71,223

58

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 0.3%
CP ALL		55,900	$	98,540
				98,540
Energy — 0.6%
PTT		121,200		114,517
PTT Exploration & Production		17,000		71,922
				186,439
Health Care — 0.2%
Bangkok Dusit Medical Services, Cl F		65,600		51,344
				51,344
Industrials — 0.3%
Airports of Thailand *		50,200		101,943
				101,943
Materials — 0.4%
Indorama Ventures		36,300		35,066
PTT Global Chemical		26,600		27,947
Siam Cement		6,100		55,400
				118,413
Real Estate — 0.1%
Central Pattana		16,300		30,113
				30,113
TOTAL THAILAND				658,015
TURKEY — 0.5%
Consumer Staples — 0.2%
BIM Birlesik Magazalar		8,142		53,249
Energy — 0.2%
Turkiye Petrol Rafinerileri		16,296		49,569
Financials — 0.1%
Akbank		58,231		45,120
TOTAL TURKEY				147,938
UNITED ARAB EMIRATES — 1.3%
Communication Services — 0.5%
Emirates Telecommunications Group PJSC		25,472		155,340
Financials — 0.6%
Abu Dhabi Commercial Bank PJSC		25,850		57,077
First Abu Dhabi Bank PJSC		38,100		141,484
				198,561

59

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 0.2%
Emaar Properties PJSC		28,538	$	49,803
TOTAL UNITED ARAB EMIRATES				403,704
UNITED STATES — 0.1%
Consumer Staples — 0.1%
JBS		7,000		25,336
TOTAL UNITED STATES				25,336
TOTAL COMMON STOCK (Cost $32,275,696)				30,133,456
PREFERRED STOCK — 3.9%
BRAZIL — 2.6%
Energy — 0.8%
Petroleo Brasileiro (C)		39,600		242,410
Financials — 1.6%
Banco Bradesco (C)		52,871		180,292
Itau Unibanco Holding (C)		38,000		223,872
Itausa (C)		47,882		95,685
				499,849
Materials — 0.1%
Gerdau (C)		8,575		44,564
Utilities — 0.1%
Cia Energetica de Minas Gerais (C)		9,923		26,453
TOTAL BRAZIL				813,276
CHILE — 0.3%
Materials — 0.3%
Sociedad Quimica y Minera de Chile (C)		1,475		107,384
COLOMBIA — 0.1%
Financials — 0.1%
Bancolombia (C)		3,583		24,017
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC (A), (B) (C)		50,900		—
SOUTH KOREA — 0.9%
Information Technology — 0.9%
Samsung Electronics (C)		6,396		288,819
TOTAL PREFERRED STOCK (Cost $1,169,618)				1,233,496
TOTAL INVESTMENTS — 99.0% (Cost $33,445,314)				31,366,952
OTHER ASSETS LESS LIABILITIES – 1.0%				327,447
NET ASSETS - 100%			$	31,694,399

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

† Real Estate Investment Trust

60

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

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

(B) Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.

(C) Currently, no stated interest rate.

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

See “Glossary” for abbreviations.

KRS-QH-014-0900

61

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China ESG Leaders Index ETF

	Shares		Value
COMMON STOCK — 99.4% ‡
CHINA — 98.7%
Communication Services — 20.4%
37 Interactive Entertainment Network Technology Group, Cl A		700	$	3,356
Baidu, Cl A *		12,000		203,353
China Literature *		600		2,523
China Ruyi Holdings *		36,000		8,453
Kanzhun ADR *		1,054		15,863
Kuaishou Technology, Cl B *		11,900		81,316
NetEase		10,900		212,253
Perfect World, Cl A		600		1,393
Tencent Holdings		9,500		401,986
				930,496
Consumer Discretionary — 30.3%
Alibaba Group Holding *		37,936		393,079
Bosideng International Holdings		20,000		8,422
BYD, Cl A		601		21,337
BYD, Cl H		5,500		175,459
China Tourism Group Duty Free, Cl A		600		9,116
China Tourism Group Duty Free, Cl H *		400		5,410
Chow Tai Fook Jewellery Group		11,000		19,764
East Buy Holding *		2,000		6,508
Ecovacs Robotics, Cl A		100		1,069
Geely Automobile Holdings		32,000		39,037
Haier Smart Home, Cl A		2,000		6,455
Haier Smart Home, Cl H		13,200		41,520
Hangzhou Robam Appliances, Cl A		300		1,043
JD.com, Cl A		12,650		213,723
Jiumaojiu International Holdings		5,000		8,192
Li Auto, Cl A *		6,200		107,202
MINISO Group Holding ADR		522		8,869
NIO ADR *		7,812		75,698
Pop Mart International Group		2,800		6,224
Shanghai Yuyuan Tourist Mart Group, Cl A		1,200		1,132
TCL Technology Group, Cl A		6,000		3,250
Tongcheng Travel Holdings *		6,800		14,213
Vipshop Holdings ADR *		1,986		32,769
XPeng, Cl A *		5,600		35,730
Yadea Group Holdings		6,000		13,644
Yum China Holdings		2,344		132,436
				1,381,301
Consumer Staples — 4.5%
Alibaba Health Information Technology *		12,000		7,212
Angel Yeast, Cl A		300		1,493
Anjoy Foods Group, Cl A		100		2,018

62

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
By-health, Cl A		600	$	1,978
China Feihe		20,000		11,127
China Mengniu Dairy		18,000		67,759
Dali Foods Group		12,500		5,583
Henan Shuanghui Investment & Development, Cl A		1,200		4,040
Inner Mongolia Yili Industrial Group, Cl A		2,200		8,564
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A *		300		1,517
Nongfu Spring, Cl H		9,600		52,982
Ping An Healthcare and Technology *		3,000		7,251
Uni-President China Holdings		8,000		6,738
Want Want China Holdings		26,000		17,252
Yihai International Holding		3,000		6,424
Yihai Kerry Arawana Holdings, Cl A		400		2,199
				204,137
Energy — 0.0%
Offshore Oil Engineering, Cl A		1,400		1,126
Financials — 17.2%
Agricultural Bank of China, Cl A		28,500		13,829
Agricultural Bank of China, Cl H		162,000		63,670
China Construction Bank, Cl H		533,000		344,832
China Merchants Bank, Cl A		6,900		31,072
China Merchants Bank, Cl H		21,500		97,670
Far East Horizon		8,000		6,329
Huatai Securities, Cl A		2,500		4,732
Huatai Securities, Cl H		7,200		8,894
Industrial & Commercial Bank of China, Cl A		20,800		13,781
Industrial & Commercial Bank of China, Cl H		311,000		165,886
Postal Savings Bank of China, Cl A		9,800		6,588
Postal Savings Bank of China, Cl H		44,000		27,063
				784,346
Health Care — 8.6%
3SBio		10,500		10,545
Beijing Tongrentang, Cl A		400		3,165
China Medical System Holdings		8,000		13,026
China Resources Pharmaceutical Group		8,500		7,397
China Resources Sanjiu Medical & Pharmaceutical, Cl A		400		3,335
CSPC Pharmaceutical Group		49,800		43,276
Genscript Biotech *		6,000		13,475
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		500		2,191
Guangzhou Kingmed Diagnostics Group, Cl A		200		2,076
Hangzhou Tigermed Consulting, Cl A		100		887
Hangzhou Tigermed Consulting, Cl H		600		3,419
Hansoh Pharmaceutical Group		8,000		12,863

63

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Huadong Medicine, Cl A		700	$	4,173
Jafron Biomedical, Cl A		300		956
Jiangsu Hengrui Pharmaceuticals, Cl A		2,100		13,827
Joincare Pharmaceutical Group Industry, Cl A		700		1,223
Jointown Pharmaceutical Group, Cl A		894		1,276
Livzon Pharmaceutical Group, Cl A		200		1,070
Microport Scientific *		4,500		8,131
Ovctek China, Cl A		380		1,577
Pharmaron Beijing, Cl A		350		1,842
Pharmaron Beijing, Cl H		1,150		3,551
Shandong Weigao Group Medical Polymer, Cl H		14,400		18,816
Shanghai Fosun Pharmaceutical Group, Cl A		800		3,398
Shanghai Fosun Pharmaceutical Group, Cl H		3,000		8,001
Shanghai Pharmaceuticals Holding, Cl A		1,000		3,080
Shanghai Pharmaceuticals Holding, Cl H		4,100		8,120
Shenzhen Mindray Bio-Medical Electronics, Cl A		500		20,605
Sinopharm Group, Cl H		7,600		23,760
Topchoice Medical, Cl A *		200		2,663
WuXi AppTec, Cl A		920		7,880
WuXi AppTec, Cl H		2,100		16,748
Wuxi Biologics Cayman *		21,000		100,624
Yunnan Baiyao Group, Cl A		620		4,473
Zai Lab *		5,100		13,667
Zhangzhou Pientzehuang Pharmaceutical, Cl A		200		7,873
Zhejiang Jiuzhou Pharmaceutical, Cl A		300		1,129
				394,118
Industrials — 7.7%
Air China, Cl A *		2,600		2,945
Air China, Cl H *		12,000		8,545
Beijing Capital International Airport, Cl H *		12,000		7,764
Beijing Easpring Material Technology, Cl A		200		1,384
BOC Aviation		1,200		9,701
China Baoan Group, Cl A		900		1,493
China Communications Services, Cl H		14,000		6,896
China Conch Venture Holdings		8,500		11,064
China Eastern Airlines, Cl A *		3,800		2,486
China Everbright Environment Group		21,000		8,280
China Lesso Group Holdings		7,000		4,591
China Southern Airlines, Cl A *		3,800		3,150
China Southern Airlines, Cl H *		12,000		6,768
CITIC		33,000		39,373
Contemporary Amperex Technology, Cl A		1,400		44,030
COSCO SHIPPING Holdings, Cl A		4,300		5,556
COSCO SHIPPING Holdings, Cl H		21,500		19,369

64

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Fosun International		13,500	$	9,268
Ginlong Technologies, Cl A		100		1,431
Haitian International Holdings		3,000		6,998
Jiangsu Expressway, Cl H		8,000		7,370
Jiangsu Zhongtian Technology, Cl A		1,200		2,624
Kuang-Chi Technologies, Cl A		700		1,468
Ming Yang Smart Energy Group, Cl A		800		1,856
Pylon Technologies, Cl A		200		5,450
SF Holding, Cl A		1,700		10,537
Shanghai Electric Group, Cl A *		4,200		2,638
Shanghai M&G Stationery, Cl A		400		2,455
Shenzhen Inovance Technology, Cl A		450		3,972
Shenzhen International Holdings		8,413		7,408
Shuangliang Eco-Energy Systems, Cl A		600		1,153
Sungrow Power Supply, Cl A		500		8,016
Sunwoda Electronic, Cl A		600		1,346
Titan Wind Energy Suzhou, Cl A		600		1,256
Weichai Power, Cl A		2,300		3,939
Weichai Power, Cl H		11,000		16,114
Xinjiang Goldwind Science & Technology, Cl A		1,200		1,752
Zhejiang Chint Electrics, Cl A		800		3,041
Zhejiang Expressway, Cl H		8,000		6,074
Zhejiang Weixing New Building Materials, Cl A		600		1,694
Zoomlion Heavy Industry Science and Technology, Cl A		2,400		2,227
ZTO Express Cayman ADR		2,368		59,389
				352,871
Information Technology — 1.7%
AAC Technologies Holdings		4,500		10,589
Kingdee International Software Group *		16,000		21,397
Lenovo Group		42,000		43,787
				75,773
Materials — 1.5%
BBMG, Cl A		2,800		839
Chengxin Lithium Group, Cl A		300		1,314
China Jushi, Cl A		1,386		2,698
China Resources Cement Holdings		14,000		5,770
CMOC Group, Cl A		5,900		4,323
CMOC Group, Cl H		21,000		10,987
Ganfeng Lithium Group, Cl A		540		4,525
Ganfeng Lithium Group, Cl H		2,280		14,867
GEM, Cl A		1,700		1,615
Huaxin Cement, Cl A		500		849
Jiangsu Eastern Shenghong, Cl A		2,000		3,250
Shandong Nanshan Aluminum, Cl A		3,900		1,619

65

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Shanghai Putailai New Energy Technology, Cl A		770	$	4,045
Sichuan Yahua Industrial Group, Cl A		400		978
Sinopec Shanghai Petrochemical, Cl A		2,400		1,026
Skshu Paint, Cl A *		196		1,763
Yunnan Energy New Material, Cl A *		300		3,973
Zangge Mining, Cl A		500		1,551
Zhejiang Huayou Cobalt, Cl A		580		3,660
				69,652
Real Estate — 4.4%
China Jinmao Holdings Group		30,000		4,402
China Overseas Land & Investment		21,500		46,860
China Resources Land		18,000		76,258
China Vanke, Cl A		3,200		6,167
China Vanke, Cl H		12,100		16,243
Country Garden Services Holdings		12,000		15,496
Greentown China Holdings		5,000		5,009
Greentown Service Group		10,000		4,785
Longfor Group Holdings		10,500		25,511
Shimao Group Holdings * (A)		12,500		—
				200,731
Utilities — 2.4%
Beijing Enterprises Water Group		24,000		5,696
CECEP Solar Energy, Cl A		1,300		1,212
CECEP Wind-Power, Cl A		2,200		1,110
China Resources Gas Group		5,300		18,125
China Three Gorges Renewables Group, Cl A		9,500		7,012
ENN Energy Holdings		4,500		56,045
ENN Natural Gas, Cl A		900		2,348
Kunlun Energy		22,000		17,293
				108,841
TOTAL CHINA				4,503,392
HONG KONG — 0.7%
Consumer Staples — 0.2%
Vinda International Holdings		3,000		7,465

66

Schedule of Investments (Unaudited) June 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Health Care — 0.5%
Sino Biopharmaceutical		59,000	$	25,673
TOTAL HONG KONG				33,138
TOTAL COMMON STOCK (Cost $5,328,100)				4,536,530
TOTAL INVESTMENTS — 99.4% (Cost $5,328,100)				4,536,530
OTHER ASSETS LESS LIABILITIES – 0.6%				27,457
NET ASSETS - 100%			$	4,563,987

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

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

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

See “Glossary” for abbreviations.

KRS-QH-021-0500

67

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China 5G & Semiconductor Index ETF

	Shares		Value
COMMON STOCK — 100.1% ‡
CHINA — 100.1%
Industrials — 1.5%
Suzhou Maxwell Technologies, Cl A		9,500	$	221,190
Information Technology — 98.6%
Advanced Micro-Fabrication Equipment China, Cl A *		22,057		474,352
Avary Holding Shenzhen, Cl A		80,585		269,067
BOE Technology Group, Cl A		1,300,130		730,952
Chaozhou Three-Circle Group, Cl A *		67,464		272,182
China Resources Microelectronics, Cl A		45,723		329,403
China Zhenhua Group Science & Technology, Cl A		17,800		234,526
Foxconn Industrial Internet, Cl A		441,374		1,528,925
GigaDevice Semiconductor, Cl A		23,300		340,301
GoerTek, Cl A		119,122		290,649
Hangzhou Silan Microelectronics, Cl A		49,700		206,799
Hua Hong Semiconductor *		45,000		147,003
Luxshare Precision Industry, Cl A		246,905		1,101,345
Maxscend Microelectronics, Cl A		18,269		242,662
Montage Technology, Cl A		39,936		315,215
National Silicon Industry Group, Cl A *		93,778		269,418
NAURA Technology Group, Cl A		17,518		764,913
Sanan Optoelectronics, Cl A		175,100		414,956
Shenzhen Transsion Holdings, Cl A		29,123		588,481
Sunny Optical Technology Group		34,300		342,055
TCL Zhonghuan Renewable Energy Technology, Cl A		142,100		648,502
Unigroup Guoxin Microelectronics, Cl A		29,500		378,137
Will Semiconductor Shanghai, Cl A		42,506		572,837
Wingtech Technology, Cl A		43,755		294,114
Xiaomi, Cl B *		670,800		917,614
Yealink Network Technology, Cl A		44,932		216,606
Zhejiang Dahua Technology, Cl A		127,200		345,329
Zhejiang Jingsheng Mechanical & Electrical, Cl A		44,120		429,992
Zhongji Innolight, Cl A		29,000		587,789
ZTE, Cl H		240,600		964,046
				14,218,170
TOTAL CHINA				14,439,360
TOTAL COMMON STOCK (Cost $17,112,941)				14,439,360
TOTAL INVESTMENTS — 100.1% (Cost $17,112,941)				14,439,360
OTHER ASSETS LESS LIABILITIES – (0.1)%				(11,797	)
NET ASSETS - 100%			$	14,427,563

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

* Non-income producing security.

68

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China 5G & Semiconductor Index ETF (concluded)

See “Glossary” for abbreviations.

KRS-QH-022-0500

69

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China Consumer Leaders Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.8%
Consumer Discretionary — 33.4%
ANTA Sports Products		25,400	$	259,458
Bosideng International Holdings		102,000		42,952
DR, Cl A		10,600		55,996
Ecovacs Robotics, Cl A		4,500		48,106
Gree Electric Appliances of Zhuhai, Cl A		53,000		265,991
Haidilao International Holding *		44,000		96,797
Haier Smart Home, Cl A		110,400		356,325
Li Ning		48,000		258,173
Midea Group, Cl A		58,865		476,759
Oppein Home Group, Cl A		3,900		51,358
Shenzhen Overseas Chinese Town, Cl A *		98,500		59,576
				1,971,491
Consumer Staples — 65.4%
China Mengniu Dairy		71,000		267,272
China Resources Beer Holdings		42,000		276,548
Chongqing Brewery, Cl A		5,136		65,065
Eastroc Beverage Group, Cl A		2,200		52,287
Foshan Haitian Flavouring & Food, Cl A		38,427		247,473
Henan Shuanghui Investment & Development, Cl A		28,135		94,714
Hengan International Group		17,000		71,587
Inner Mongolia Yili Industrial Group, Cl A		69,200		269,388
Jiangsu Yanghe Brewery JSC, Cl A		14,417		260,306
Kweichow Moutai, Cl A		2,500		581,116
Luzhou Laojiao, Cl A		14,100		406,188
Proya Cosmetics, Cl A		3,920		60,566
Shanghai Bairun Investment Holding Group, Cl A		13,900		69,454
Shanghai Flyco Electrical Appliance, Cl A		11,417		99,013
Shanxi Xinghuacun Fen Wine Factory, Cl A		10,300		262,031
Tsingtao Brewery, Cl H		18,000		163,540
Want Want China Holdings		128,000		84,935
Wuliangye Yibin, Cl A		23,600		530,633
				3,862,116
Real Estate — 1.0%
Youngor Group, Cl A		68,500		59,416
TOTAL CHINA				5,893,023
TOTAL COMMON STOCK (Cost $6,951,028)				5,893,023
TOTAL INVESTMENTS — 99.8% (Cost $6,951,028)				5,893,023
OTHER ASSETS LESS LIABILITIES – 0.2%				11,313
NET ASSETS - 100%			$	5,904,336

70

Schedule of Investments (Unaudited) June 30, 2023

KraneShares CICC China Consumer Leaders Index ETF (concluded)

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

* Non-income producing security.

See “Glossary” for abbreviations.

KRS-QH-023-0500

71

Schedule of Investments (Unaudited) June 30, 2023

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 99.5% ‡
CHINA — 99.5%
Consumer Discretionary — 4.2%
Beijing Roborock Technology, Cl A		18,743	$	826,200
Ninebot *		143,328		726,018
Tianneng Battery Group, Cl A		45,377		229,792
				1,782,010
Health Care — 6.2%
Bloomage Biotechnology, Cl A		64,241		787,338
iRay Technology, Cl A		16,966		658,688
MGI Tech, Cl A		12,472		148,399
Shanghai Junshi Biosciences, Cl A *		127,767		676,876
Shanghai United Imaging Healthcare, Cl A		19,235		364,907
				2,636,208
Industrials — 10.7%
AVIC Chengdu UAS, Cl A		45,012		317,351
GoodWe Technologies, Cl A		34,506		791,453
Hoymiles Power Electronics, Cl A		11,129		543,300
Ningbo Ronbay New Energy Technology, Cl A		105,264		781,652
Pylon Technologies, Cl A		29,279		797,900
Sany Heavy Energy, Cl A		47,592		210,784
Zhuhai CosMX Battery, Cl A		224,431		621,637
Zhuzhou CRRC Times Electric, Cl A		86,914		500,113
				4,564,190
Information Technology — 72.1%
3peak, Cl A		22,056		660,945
ACM Research Shanghai, Cl A		28,912		438,759
Advanced Micro-Fabrication Equipment China, Cl A *		144,285		3,102,957
Amlogic Shanghai, Cl A *		97,134		1,125,851
ASR Microelectronics, Cl A *		69,735		722,676
Beijing Kingsoft Office Software, Cl A		61,552		3,995,448
Cambricon Technologies, Cl A *		69,451		1,794,797
China Railway Signal & Communication, Cl A		862,332		687,514
China Resources Microelectronics, Cl A		176,059		1,268,386
Everdisplay Optronics Shanghai, Cl A *		1,389,335		485,087
GalaxyCore, Cl A		166,637		362,374
Guobo Electronics, Cl A		11,853		129,042
Hygon Information Technology, Cl A		77,138		723,898
Jinko Solar, Cl A		666,845		1,288,811
Loongson Technology, Cl A *		11,883		187,503
Montage Technology, Cl A		265,156		2,092,877
National Silicon Industry Group, Cl A *		455,398		1,308,327
Qi An Xin Technology Group, Cl A *		91,381		650,801
Shanghai Friendess Electronic Technology, Cl A		19,469		504,639
Shanghai Fudan Microelectronics Group, Cl A		88,745		611,168

72

Schedule of Investments (Unaudited) June 30, 2023

KraneShares SSE STAR Market 50 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Shenzhen Transsion Holdings, Cl A		107,222	$	2,166,607
SICC, Cl A *		28,655		291,245
Suzhou Novosense Microelectronics, Cl A		14,153		308,097
Trina Solar, Cl A		362,334		2,122,265
Verisilicon Microelectronics Shanghai, Cl A *		83,250		823,025
Xinjiang Daqo New Energy, Cl A		213,797		1,188,773
Yuneng Technology, Cl A		11,203		289,248
Zhejiang Supcon Technology, Cl A		157,226		1,356,831
				30,687,951
Materials — 6.3%
Cathay Biotech, Cl A		58,343		499,314
Hunan Changyuan Lico, Cl A		321,620		498,248
Suzhou Nanomicro Technology, Cl A		67,320		359,513
Western Superconducting Technologies, Cl A		151,628		1,161,578
Zhongfu Shenying Carbon Fiber, Cl A		27,007		136,171
				2,654,824
TOTAL CHINA				42,325,183
TOTAL COMMON STOCK (Cost $51,825,767)				42,325,183
TOTAL INVESTMENTS — 99.5% (Cost $51,825,767)				42,325,183
OTHER ASSETS LESS LIABILITIES – 0.5%				219,257
NET ASSETS - 100%			$	42,544,440

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

See “Glossary for abbreviations”.

KRS-QH-024-0500

73

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 90.5% ‡
CHINA — 90.5%
Communication Services — 25.1%
Baidu, Cl A *		16,500	$	279,611
Bilibili, Cl Z *		7,620		113,474
China Literature *		13,000		54,660
Kingsoft		27,000		106,290
Kuaishou Technology, Cl B *		40,200		274,700
NetEase		14,605		284,399
Tencent Holdings		12,900		545,854
Weibo, Cl A *		140		1,833
				1,660,821
Consumer Discretionary — 38.6%
Alibaba Group Holding *		52,000		538,805
Haier Smart Home, Cl H		68,826		216,492
JD.com, Cl A		16,710		282,309
Li Auto, Cl A *		35,200		608,631
Meituan, Cl B *		34,880		544,346
NIO, Cl A *		1,430		13,841
Trip.com Group *		3,850		133,924
XPeng, Cl A *		34,100		217,569
				2,555,917
Consumer Staples — 5.0%
Alibaba Health Information Technology *		154,000		92,558
JD Health International *		31,350		197,823
Ping An Healthcare and Technology *		17,300		41,812
				332,193
Financials — 1.0%
ZhongAn Online P&C Insurance, Cl H *		24,000		65,232
Information Technology — 20.8%
AAC Technologies Holdings		20,500		48,238
BYD Electronic International		22,500		68,046
GDS Holdings, Cl A *		10,800		14,746
Hua Hong Semiconductor *		19,000		62,068
Kingdee International Software Group *		79,000		105,648
Lenovo Group		206,000		214,764
SenseTime Group, Cl B *		472,000		124,676
Sunny Optical Technology Group		20,140		200,845

74

Schedule of Investments (Unaudited) June 30, 2023

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Xiaomi, Cl B *		390,800	$	534,591
				1,373,622
TOTAL CHINA				5,987,785
TOTAL COMMON STOCK (Cost $5,765,618)				5,987,785
TOTAL INVESTMENTS — 90.5% (Cost $5,765,618)				5,987,785
OTHER ASSETS LESS LIABILITIES – 9.5%				632,134
NET ASSETS - 100%			$	6,619,919

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

See “Glossary for abbreviations”.

KRS-QH-028-0500

75

Schedule of Investments (Unaudited) June 30, 2023

KraneShares China Innovation ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 100.0%
KraneShares CICC China 5G and Semiconductor Index ETF (A)		14,816	$	251,860
KraneShares CSI China Internet ETF * (A)		15,155		408,124
KraneShares MSCI All China Health Care Index ETF (A)		17,947		323,455
KraneShares MSCI China Clean Technology Index ETF (A)		11,210		311,975
KraneShares SSE STAR Market 50 Index ETF * (A)		10,161		148,703
TOTAL EXCHANGE - TRADED FUNDS (Cost $2,325,788)				1,444,117
TOTAL INVESTMENTS — 100.0% (Cost $2,325,788)				1,444,117
OTHER ASSETS LESS LIABILITIES – 0.0%				368
NET ASSETS - 100%			$	1,444,485

* Non-income producing security.

(A) Affiliated Investment.

Transactions with affiliated companies during the period ended June 30, 2023 are as follows:

Value as of 3/31/2023		Purchases at Cost		Proceeds from Sale		Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)		Value as of 6/30/2023		Dividend Income		Capital Gain Distributions
KraneShares CICC China 5G and Semiconductor Index ETF
$	262,320	$	—	$	—	$	(10,460	)	$	—	$	251,860	$	816	$	—
KraneShares CSI China Internet ETF
	472,684		—		—		(64,560	)		—		408,124		—		—
KraneShares MSCI All China Health Care Index ETF
	368,272		—		—		(44,817	)		—		323,455		217		—
KraneShares MSCI China Clean Technology Index ETF
	320,491		—		—		(8,516	)		—		311,975		1,029		—
KraneShares SSE STAR Market 50 Index ETF
	172,534		—		—		(23,831	)		—		148,703		—		—
$	1,596,301	$	—	$	—	$	(152,184	)	$	—	$	1,444,117	$	2,062	$	—

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

See “Glossary” for abbreviations.

KRS-QH-032-0400

76

Schedule of Investments (Unaudited) June 30, 2023

KraneShares S&P Pan Asia Dividend Aristocrats ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
AUSTRALIA — 15.9%
Communication Services — 1.2%
carsales.com		2,171	$	34,423
Consumer Discretionary — 3.3%
JB Hi-Fi		3,163		92,114
Financials — 1.3%
Steadfast Group		8,811		35,190
Health Care — 2.7%
EBOS Group		1,106		24,902
Sonic Healthcare		2,143		50,740
				75,642
Information Technology — 1.2%
Altium		722		17,744
Technology One		1,609		16,761
				34,505
Materials — 2.5%
Brickworks		2,376		42,165
Northern Star Resources		3,172		25,506
				67,671
Real Estate — 1.4%
Charter Hall Group †		5,294		37,742
Utilities — 2.3%
APA Group		9,629		62,108
TOTAL AUSTRALIA				439,395
CHINA — 19.8%
Consumer Discretionary — 1.8%
Bosideng International Holdings		120,000		50,532
Financials — 2.2%
Ping An Insurance Group of China, Cl H		9,500		60,431
Health Care — 6.0%
China Medical System Holdings		39,000		63,502
CSPC Pharmaceutical Group		28,000		24,332
Sinopharm Group, Cl H		24,800		77,534
				165,368
Real Estate — 5.0%
China Resources Land		14,000		59,311

77

Schedule of Investments (Unaudited) June 30, 2023

KraneShares S&P Pan Asia Dividend Aristocrats ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
Longfor Group Holdings		32,000	$	77,748
				137,059
Utilities — 4.8%
China Gas Holdings		44,000		50,364
Guangdong Investment		94,000		81,086
				131,450
TOTAL CHINA				544,840
HONG KONG — 8.8%
Financials — 0.7%
AIA Group		2,000		20,188
Industrials — 1.0%
Techtronic Industries		2,500		27,164
Real Estate — 2.1%
Swire Properties		23,800		58,493
Utilities — 5.0%
CK Infrastructure Holdings		15,000		79,339
Hong Kong & China Gas		67,000		57,881
				137,220
TOTAL HONG KONG				243,065
INDIA — 0.8%
Information Technology — 0.8%
Infosys ADR		1,454		23,366
TOTAL INDIA				23,366
INDONESIA — 1.0%
Financials — 1.0%
Bank Central Asia		44,700		27,281
TOTAL INDONESIA				27,281
JAPAN — 33.3%
Communication Services — 1.8%
Hakuhodo DY Holdings		1,200		12,553
KDDI		600		18,473
Nippon Telegraph & Telephone		15,000		17,695
				48,721
Consumer Discretionary — 4.3%
Fujitsu General		200		4,342
Hikari Tsushin		100		14,253
Open House Group		500		17,874

78

Schedule of Investments (Unaudited) June 30, 2023

KraneShares S&P Pan Asia Dividend Aristocrats ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Rinnai		300	$	6,499
Sekisui Chemical		1,200		17,203
Sekisui House		1,300		26,133
Seria		500		7,943
TS Tech		1,900		23,846
				118,093
Consumer Staples — 4.1%
Asahi Group Holdings		500		19,283
Kao		400		14,430
Lion		900		8,360
Morinaga		500		15,584
Seven & i Holdings		300		12,879
Sundrug		500		14,765
Takara Holdings		2,300		18,594
Welcia Holdings		200		4,145
Yakult Honsha		100		6,299
				114,339
Financials — 3.6%
Chiba Bank		2,000		12,093
SBI Holdings *		1,600		30,647
Tokio Marine Holdings		900		20,642
Tokyo Century		600		21,487
Zenkoku Hosho		400		13,832
				98,701
Health Care — 3.1%
Alfresa Holdings		1,500		22,354
Astellas Pharma		1,100		16,355
Mani		600		7,047
Medipal Holdings		1,100		17,892
Shionogi		200		8,399
Ship Healthcare Holdings		400		6,587
Terumo		200		6,313
				84,947
Industrials — 3.9%
Benefit One		600		6,082
COMSYS Holdings		1,300		25,584
EXEO Group		1,400		27,984
Kurita Water Industries		200		7,602
Sanwa Holdings		2,300		29,686
SHO-BOND Holdings		300		11,864
				108,802

79

Schedule of Investments (Unaudited) June 30, 2023

KraneShares S&P Pan Asia Dividend Aristocrats ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology — 4.5%
Azbil		400	$	12,539
Itochu Techno-Solutions		700		17,610
Murata Manufacturing		200		11,397
NEC Networks & System Integration		1,200		16,472
Nomura Research Institute		300		8,222
NTT Data		400		5,554
Oracle Japan NIP		200		14,792
Otsuka		500		19,327
SCSK		900		14,070
TIS		200		4,969
				124,952
Materials — 2.3%
Nippon Sanso Holdings		600		12,919
Nissan Chemical		300		12,804
Nitto Denko		300		22,064
Shin-Etsu Chemical		500		16,494
				64,281
Real Estate — 5.1%
Aeon Mall		1,200		15,451
Hulic		2,600		22,144
Japan Metropolitan Fund Invest †		31		20,654
Japan Real Estate Investment †		5		18,957
Mori Hills REIT Investment †		18		18,357
Nomura Real Estate Holdings		900		21,259
Tokyo Tatemono		1,800		23,046
				139,868
Utilities — 0.6%
Nippon Gas		1,100		15,385
TOTAL JAPAN				918,089
NEW ZEALAND — 1.0%
Health Care — 1.0%
Fisher & Paykel Healthcare		1,871		28,084
TOTAL NEW ZEALAND				28,084
PHILIPPINES — 1.6%
Industrials — 1.6%
International Container Terminal Services		11,640		42,976
TOTAL PHILIPPINES				42,976

80

Schedule of Investments (Unaudited) June 30, 2023

KraneShares S&P Pan Asia Dividend Aristocrats ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
TAIWAN — 15.5%
Financials — 1.2%
Chailease Holding		5,000	$	32,750
Information Technology — 14.3%
Advantech		3,000		39,445
Sinbon Electronics		4,000		47,456
Wistron		105,000		306,122
				393,023
TOTAL TAIWAN				425,773
THAILAND — 0.6%
Financials — 0.6%
Krungthai Card		12,300		17,173
TOTAL THAILAND				17,173
UNITED STATES — 1.0%
Information Technology — 1.0%
Computershare		1,740		27,079
TOTAL UNITED STATES				27,079
TOTAL COMMON STOCK (Cost $2,522,051)				2,737,121
TOTAL INVESTMENTS — 99.3% (Cost $2,522,051)				2,737,121
OTHER ASSETS LESS LIABILITIES – 0.7%				18,515
NET ASSETS - 100%			$	2,755,636

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

See “Glossary” for abbreviations.

KRS-QH-035-0200

81

Schedule of Investments (Unaudited) June 30, 2023

KraneShares China Internet and Covered Call Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUND — 101.8%
KraneShares CSI China Internet ETF (A)		1,312,312	$	35,340,562
TOTAL EXCHANGE - TRADED FUND (Cost $35,496,691)				35,340,562
TOTAL INVESTMENTS — 101.8% (Cost $35,496,691)				35,340,562
OTHER ASSETS LESS LIABILITIES – (1.8)%				(611,897	)
NET ASSETS - 100%			$	34,728,665
WRITTEN OPTIONS — (3.3)%
(Premiums Received $1,663,845)			$	(1,134,718	)

(A) Affiliated Investment.

Written options contracts outstanding as of June 30, 2023 were as follows:

	Number of	Notional			Exercise		Expiration		Market
Description	Contracts	Amount			Price		Date		Value
WRITTEN OPTIONS — (3.3)%
Call Options
KWEB US	(1,092)		(2,940,756	)	$	27.00		07/10/23	$	(59,678	)
KWEB US	(865)		(2,329,445	)		27.84		07/24/23		(54,002	)
KWEB US	(516)		(1,389,588	)		29.25		07/24/23		(14,479	)
KWEB US	(1,355)		(3,649,015	)		29.52		07/24/23		(32,493	)
KWEB US	(660)		(1,777,380	)		29.81		07/24/23		(13,358	)
KWEB US	(1,654)		(4,454,222	)		26.76		07/31/23		(207,379	)
KWEB US	(540)		(1,454,220	)		26.89		07/31/23		(64,076	)
KWEB US	(865)		(2,329,445	)		27.51		07/31/23		(78,049	)
KWEB US	(1,800)		(4,847,400	)		27.75		07/31/23		(145,440	)
KWEB US	(507)		(1,365,351	)		26.83		08/07/23		(69,109	)
KWEB US	(3,100)		(8,348,300	)		26.93		08/07/23		(378,200	)
KWEB US	(169)		(455,117	)		27.40		08/07/23		(18,455	)
Total Written Options
(Premiums Received $1,663,845)									$	(1,134,718	)

Transactions with affiliated companies during the period ended June 30, 2023 are as follows:

Value as of 3/31/2023		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Value as of 6/30/2023		Dividend Income		Capital Gain Distributions
KraneShares CSI China Internet ETF
$	5,642,645	$	44,013,959	$	(12,956,593	)	$	171,902	$	(1,531,351	)	$	35,340,562	$	—	$	—

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

KRS-QH-037-0100

82

Schedule of Investments/Consolidated Schedules of Investments June 30, 2023

Glossary (abbreviations used in preceding Schedule of Investments):

Fund Abbreviations

ADR — American Depositary Receipt

BV — Business Value

BVI — Business Volume Indicator

Cl — Class

CNY — Chines Yuan

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

H15T5Y — US Treas Yield Curve Rate T Note Const Mat 5 Yr

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

USISOA05 — USD SOFR Spread-Adjusted ICE Swap Rate 5 Years

83