Schedule of Investments (Unaudited) December 31, 2023

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.4%
Communication Services — 39.4%
Autohome ADR		2,300,718	$	64,558,147
Baidu, Cl A *		14,935,334		222,063,287
Bilibili, Cl Z * (A)		8,831,224		105,858,651
China Literature *		16,117,000		59,959,768
iQIYI ADR *		17,860,112		87,157,347
JOYY ADR		1,157,390		45,948,383
Kanzhun ADR		13,625,210		226,314,738
Kingsoft		34,084,200		105,196,127
Kuaishou Technology, Cl B *		30,041,000		203,708,877
NetEase		15,134,705		272,514,042
Tencent Holdings		13,227,475		497,350,553
Tencent Music Entertainment Group ADR *		21,368,730		192,532,257
Weibo ADR		2,926,450		32,044,627
				2,115,206,804
Consumer Discretionary — 42.7%
Alibaba Group Holding		52,727,864		510,495,101
East Buy Holding * (A)		13,935,000		49,611,388
JD.com, Cl A		16,263,990		234,319,931
Meituan, Cl B *		33,866,548		355,209,385
PDD Holdings ADR *		2,968,052		434,255,688
TAL Education Group ADR *		15,887,368		200,657,458
Tongcheng Travel Holdings *		41,591,800		76,913,843
Trip.com Group *		6,304,300		224,122,747
Vipshop Holdings ADR *		11,808,577		209,720,328
				2,295,305,869
Consumer Staples — 6.2%
Alibaba Health Information Technology *		167,906,000		91,172,041
JD Health International *		39,494,500		197,762,062
Ping An Healthcare and Technology * (A)		20,423,900		46,452,730
				335,386,833
Financials — 2.8%
Lufax Holding ADR		7,118,113		21,852,606
Qifu Technology ADR		5,022,494		79,455,855
ZhongAn Online P&C Insurance, Cl H *		21,732,400		49,651,474
				150,959,935
Health Care — 0.2%
YSB * (A)		11,889,600		12,546,542
Industrials — 4.0%
Full Truck Alliance ADR *		30,411,859		213,187,132

1

Schedule of Investments (Unaudited) December 31, 2023

KraneShares CSI China Internet ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 4.1%
KE Holdings ADR		13,733,093	$	222,613,437
TOTAL CHINA				5,345,206,552
HONG KONG — 0.4%
Consumer Discretionary — 0.4%
Fenbi * (A)		38,393,500		22,568,360
TOTAL HONG KONG				22,568,360
TOTAL COMMON STOCK (Cost $6,834,517,186)				5,367,774,912
SHORT-TERM INVESTMENT — 1.3%
Invesco Government & Agency Portfolio, Cl Institutional, 5.230% (B) (C)		68,614,119		68,614,119
TOTAL SHORT-TERM INVESTMENT (Cost $68,614,119)				68,614,119
TOTAL INVESTMENTS — 101.1% (Cost $6,903,131,305)				5,436,389,031
OTHER ASSETS LESS LIABILITIES – (1.1)%				(60,588,656	)
NET ASSETS - 100%			$	5,375,800,375

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at December 31, 2023.
(B)	The rate shown is the 7-day effective yield as of December 31, 2023.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2023 was $68,614,119.

See “Glossary” for abbreviations.

KRS-QH-002-2100

2

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 98.4% ‡
CHINA — 98.4%
Communication Services — 1.8%
China United Network Communications, Cl A		5,028,000	$	3,092,807
Focus Media Information Technology, Cl A		2,283,202		2,026,491
				5,119,298
Consumer Discretionary — 5.7%
BYD, Cl A		395,900		11,008,651
China Tourism Group Duty Free, Cl A		426,332		5,010,775
				16,019,426
Consumer Staples — 14.4%
Foshan Haitian Flavouring & Food, Cl A		336,242		1,792,038
Inner Mongolia Yili Industrial Group, Cl A		461,912		1,735,267
Jiangsu Yanghe Brewery JSC, Cl A		109,322		1,687,286
Kweichow Moutai, Cl A		91,189		22,103,785
Luzhou Laojiao, Cl A		106,746		2,689,712
Muyuan Foods, Cl A		396,545		2,293,307
Shanxi Xinghuacun Fen Wine Factory, Cl A		88,516		2,868,199
Wuliangye Yibin, Cl A		281,679		5,550,429
				40,720,023
Energy — 3.3%
China Petroleum & Chemical, Cl A		2,883,640		2,259,741
China Shenhua Energy, Cl A		599,947		2,641,398
PetroChina, Cl A		1,963,600		1,946,889
Shaanxi Coal Industry, Cl A		881,716		2,586,727
				9,434,755
Financials — 18.3%
Agricultural Bank of China, Cl A		9,445,607		4,828,527
Bank of Communications, Cl A		4,352,499		3,508,601
Bank of Ningbo, Cl A		732,318		2,068,213
China Merchants Bank, Cl A		2,287,567		8,937,465
China Pacific Insurance Group, Cl A		759,114		2,535,142
CITIC Securities, Cl A		1,357,921		3,884,624
East Money Information, Cl A		1,758,431		3,467,176
Industrial & Commercial Bank of China, Cl A		6,976,026		4,682,948
Industrial Bank, Cl A		2,303,622		5,244,181
Ping An Bank, Cl A		2,151,967		2,837,818
Ping An Insurance Group of China, Cl A		1,193,398		6,754,197
Shanghai Pudong Development Bank, Cl A		3,254,846		3,026,021
				51,774,913
Health Care — 8.6%
Aier Eye Hospital Group, Cl A		1,441,881		3,203,460
Jiangsu Hengrui Pharmaceuticals, Cl A		985,939		6,262,677

3

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Shenzhen Mindray Bio-Medical Electronics, Cl A		187,353	$	7,646,095
WuXi AppTec, Cl A		396,682		4,053,392
Zhangzhou Pientzehuang Pharmaceutical, Cl A		93,250		3,169,054
				24,334,678
Industrials — 14.3%
Beijing-Shanghai High Speed Railway, Cl A		8,471,700		5,853,547
China State Construction Engineering, Cl A		7,231,758		4,885,088
Contemporary Amperex Technology, Cl A		758,655		17,394,331
NARI Technology, Cl A		1,385,915		4,344,244
SF Holding, Cl A		844,459		4,791,190
Sungrow Power Supply, Cl A		256,238		3,151,966
				40,420,366
Information Technology — 16.4%
Beijing Kingsoft Office Software, Cl A		167,714		7,447,570
BOE Technology Group, Cl A		13,619,345		7,459,406
Foxconn Industrial Internet, Cl A		4,811,700		10,217,244
LONGi Green Energy Technology, Cl A		2,754,391		8,858,181
Luxshare Precision Industry, Cl A		2,596,750		12,563,272
				46,545,673
Materials — 10.1%
Wanhua Chemical Group, Cl A		1,385,099		14,943,025
Zijin Mining Group, Cl A		7,864,892		13,762,401
				28,705,426
Real Estate — 1.5%
China Vanke, Cl A		1,344,900		1,975,628
Poly Developments and Holdings Group, Cl A		1,655,477		2,301,663
				4,277,291
Utilities — 4.0%
China Three Gorges Renewables Group, Cl A		3,360,700		2,062,503
China Yangtze Power, Cl A		2,872,870		9,416,733
				11,479,236
TOTAL CHINA				278,831,085
TOTAL COMMON STOCK (Cost $345,577,948)				278,831,085

4

Schedule of Investments (Unaudited) December 31, 2023

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

	Number of Rights	Value
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (A)	61,390	$	—
TOTAL CHINA			—
TOTAL RIGHTS (Cost $–)			—
TOTAL INVESTMENTS — 98.4% (Cost $345,577,948)			278,831,085
OTHER ASSETS LESS LIABILITIES – 1.6%			4,505,343
NET ASSETS - 100%		$	283,336,428

‡	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-003-2000

5

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Bloomberg China Bond Inclusion Index ETF

	Face Amount (A)		Value
CORPORATE OBLIGATIONS — 40.6%
CHINA — 27.1%
Financials — 17.8%
China Everbright Bank
2.470%, 10/20/2025	$	4,000,000	$	560,052
Utilities — 9.3%
China Three Gorges
4.150%, 05/11/2026		2,000,000		290,661
TOTAL CHINA				850,713
SUPRANATIONAL — 13.5%
Government — 13.5%
New Development Bank
2.450%, 01/27/2025		3,000,000		421,321
TOTAL CORPORATE OBLIGATIONS (Cost $1,314,560)				1,272,034
GLOBAL BONDS — 13.6%
CHINA — 13.6%
Agricultural Development Bank of China
2.630%, 06/07/2028		200,000		28,199
China Development Bank
2.820%, 05/22/2033		1,000,000		141,442
China Government Bond
2.600%, 09/15/2030		800,000		112,766
Export-Import Bank of China
3.180%, 03/11/2032		1,000,000		144,449
				426,856
TOTAL GLOBAL BONDS (Cost $422,948)				426,856
TOTAL INVESTMENTS — 54.2% (Cost $1,737,508)				1,698,890
OTHER ASSETS LESS LIABILITIES – 45.8%				1,435,673
NET ASSETS - 100%			$	3,134,563

(A) In CNY unless otherwise indicated.

See “Glossary” for abbreviations.

KRS-QH-004-1900

6

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
CHINA — 99.4%
Communication Services — 12.4%
Autohome ADR		456	$	12,795
Baidu, Cl A *		5,750		85,493
Bilibili, Cl Z *		1,100		13,186
Focus Media Information Technology, Cl A		25,000		22,189
iQIYI ADR *		2,365		11,541
Kingsoft		12,600		38,888
Kuaishou Technology, Cl B *		6,300		42,720
NetEase		3,400		61,220
Tencent Holdings		12,658		475,939
Tencent Music Entertainment Group ADR *		3,190		28,742
				792,713
Consumer Discretionary — 22.9%
Alibaba Group Holding		32,524		314,887
ANTA Sports Products		4,000		38,804
BYD, Cl A		2,000		55,613
BYD, Cl H		3,000		82,371
China Tourism Group Duty Free, Cl A		2,000		23,506
Chongqing Changan Automobile, Cl A		24,338		57,524
Fuyao Glass Industry Group, Cl A		7,100		37,282
Geely Automobile Holdings		20,000		22,002
Great Wall Motor, Cl H		14,500		18,830
Guangzhou Automobile Group, Cl H		22,000		10,227
H World Group ADR		681		22,773
Haier Smart Home, Cl A		7,400		21,824
Haier Smart Home, Cl H		9,800		27,673
Huayu Automotive Systems, Cl A		4,000		9,145
JD.com, Cl A		5,372		77,393
Li Auto, Cl A *		3,100		58,399
Li Ning		6,500		17,398
Meituan, Cl B *		9,966		104,526
New Oriental Education & Technology Group *		5,000		35,378
NIO ADR *		4,002		36,298
PDD Holdings ADR *		1,171		171,329
SAIC Motor, Cl A		10,157		19,300
Shenzhou International Group Holdings		3,300		33,978
TAL Education Group ADR *		2,520		31,828
TravelSky Technology, Cl H		6,000		10,373
Trip.com Group *		1,400		49,771
Vipshop Holdings ADR *		1,609		28,576
Yum China Holdings		1,055		44,764
				1,461,772

7

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 10.4%
Alibaba Health Information Technology *		22,000	$	11,946
Anhui Gujing Distillery, Cl A		1,200		39,233
China Mengniu Dairy		12,000		32,272
China Resources Beer Holdings		6,000		26,279
Foshan Haitian Flavouring & Food, Cl A		5,133		27,357
Guangdong Haid Group, Cl A		4,300		27,120
Henan Shuanghui Investment & Development, Cl A		4,600		17,255
Inner Mongolia Yili Industrial Group, Cl A		6,700		25,170
Jiangsu Yanghe Brewery JSC, Cl A		1,400		21,608
Kweichow Moutai, Cl A		800		193,916
Luzhou Laojiao, Cl A		2,000		50,394
Muyuan Foods, Cl A		7,502		43,386
New Hope Liuhe, Cl A *		11,800		15,445
Shanxi Xinghuacun Fen Wine Factory, Cl A		1,460		47,309
Tingyi Cayman Islands Holding		12,000		14,630
Want Want China Holdings		20,000		12,089
Wuliangye Yibin, Cl A		2,800		55,173
				660,582
Energy — 4.3%
China Oilfield Services, Cl H		14,000		14,307
China Petroleum & Chemical, Cl A		40,800		31,973
China Petroleum & Chemical, Cl H		84,500		44,260
China Shenhua Energy, Cl H		10,000		34,257
PetroChina, Cl A		19,600		19,433
PetroChina, Cl H		59,984		39,638
Shaanxi Coal Industry, Cl A		10,400		30,511
Shanxi Lu’an Environmental Energy Development, Cl A		6,700		20,616
Yankuang Energy Group, Cl H		21,000		39,910
				274,905
Financials — 21.2%
Agricultural Bank of China, Cl A		76,600		39,157
Agricultural Bank of China, Cl H		91,397		35,231
Bank of Beijing, Cl A		24,600		15,650
Bank of China, Cl A		30,400		17,034
Bank of China, Cl H		210,396		80,294
Bank of Communications, Cl A		38,200		30,793
Bank of Communications, Cl H		37,000		23,076
Bank of Hangzhou, Cl A		12,400		17,432
Bank of Jiangsu, Cl A		19,400		18,227
Bank of Nanjing, Cl A		12,300		12,748
Bank of Ningbo, Cl A		6,300		17,792
Bank of Shanghai, Cl A		16,304		13,669
China CITIC Bank, Cl H		28,000		13,196
China Construction Bank, Cl A		10,500		9,600

8

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
China Construction Bank, Cl H		196,000	$	116,718
China Everbright Bank, Cl A		48,100		19,590
China Galaxy Securities, Cl H		33,500		17,718
China Life Insurance, Cl H		20,483		26,546
China Merchants Bank, Cl A		15,600		60,949
China Merchants Bank, Cl H		11,500		40,059
China Merchants Securities, Cl A		8,300		15,899
China Minsheng Banking, Cl A		44,600		23,426
China Minsheng Banking, Cl H		26,000		8,824
China Pacific Insurance Group, Cl A		6,300		21,039
China Pacific Insurance Group, Cl H		9,400		18,972
CITIC Securities, Cl A		13,845		39,607
CITIC Securities, Cl H		7,000		14,289
East Money Information, Cl A		13,700		27,013
Everbright Securities, Cl A		9,000		19,490
GF Securities, Cl A		8,800		17,660
Guosen Securities, Cl A		9,500		11,394
Guotai Junan Securities, Cl A		7,300		15,255
Haitong Securities, Cl A		11,000		14,475
Huatai Securities, Cl A		10,400		20,375
Huatai Securities, Cl H		8,000		10,102
Huaxia Bank, Cl A		16,200		12,786
Industrial & Commercial Bank of China, Cl A		58,600		39,338
Industrial & Commercial Bank of China, Cl H		135,441		66,259
Industrial Bank, Cl A		17,500		39,839
Industrial Securities, Cl A		24,169		19,924
New China Life Insurance, Cl A		3,500		15,301
New China Life Insurance, Cl H		4,800		9,356
Orient Securities, Cl A		12,300		15,028
People’s Insurance Group of China, Cl H		47,452		14,585
PICC Property & Casualty, Cl H		25,510		30,317
Ping An Bank, Cl A		17,391		22,934
Ping An Insurance Group of China, Cl A		8,900		50,371
Ping An Insurance Group of China, Cl H		16,500		74,697
Shanghai Pudong Development Bank, Cl A		25,000		23,242
Shenwan Hongyuan Group, Cl A		28,700		17,896
				1,355,172
Health Care — 5.6%
Beijing Tongrentang, Cl A		1,844		13,907
Changchun High & New Technology Industry Group, Cl A		1,200		24,571
China Medical System Holdings		8,000		14,179
CSPC Pharmaceutical Group		39,520		36,744
Genscript Biotech *		12,000		30,520
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		2,800		11,246

9

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Huadong Medicine, Cl A		2,580	$	15,022
Jiangsu Hengrui Pharmaceuticals, Cl A		4,916		31,226
Shanghai Fosun Pharmaceutical Group, Cl A		3,400		11,952
Shanghai Pharmaceuticals Holding, Cl A		6,600		15,507
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,000		40,811
Sinopharm Group, Cl H		5,600		14,666
Wuxi Biologics Cayman *		10,000		37,907
Yunnan Baiyao Group, Cl A		1,840		12,701
Zai Lab *		4,400		12,115
Zhangzhou Pientzehuang Pharmaceutical, Cl A		600		20,391
Zhejiang NHU, Cl A		6,132		14,605
				358,070
Industrials — 6.6%
AECC Aviation Power, Cl A		3,400		17,849
China Eastern Airlines, Cl A *		21,400		11,661
China Energy Engineering, Cl A		69,737		20,567
China Merchants Port Holdings		15,998		21,800
China Railway Group, Cl H		23,000		10,250
China Southern Airlines, Cl A *		20,100		16,259
CITIC		20,780		20,757
Contemporary Amperex Technology, Cl A		3,100		71,076
COSCO SHIPPING Holdings, Cl A		21,420		28,818
Daqin Railway, Cl A		13,600		13,771
Fosun International		15,000		8,817
Metallurgical Corp of China, Cl A		35,600		15,299
Power Construction Corp of China, Cl A		20,400		14,010
Sany Heavy Industry, Cl A		11,800		22,819
SF Holding, Cl A		3,900		22,127
Shanghai International Airport, Cl A *		1,800		8,286
Shanghai International Port Group, Cl A		15,000		10,322
Weichai Power, Cl A		15,088		28,923
Zhejiang Chint Electrics, Cl A		3,300		9,969
Zhuzhou CRRC Times Electric, Cl H		2,700		7,711
Zoomlion Heavy Industry Science and Technology, Cl A		14,100		12,931
ZTO Express Cayman ADR		1,232		26,217
				420,239
Information Technology — 5.3%
BOE Technology Group, Cl A		41,900		22,949
GDS Holdings, Cl A *		8,300		9,630
Iflytek, Cl A		2,800		18,238
Kingboard Holdings		4,000		9,569
Kingdee International Software Group *		14,000		20,403
Lenovo Group		28,000		39,157
LONGi Green Energy Technology, Cl A		8,429		27,107

10

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Luxshare Precision Industry, Cl A		10,274	$	49,707
Sunny Optical Technology Group		2,600		23,591
Unigroup Guoxin Microelectronics, Cl A *		2,019		19,125
Xiaomi, Cl B *		37,400		74,718
Yonyou Network Technology, Cl A		4,625		11,555
ZTE, Cl H		6,600		14,741
				340,490
Materials — 3.9%
Anhui Conch Cement, Cl A		4,600		14,574
Anhui Conch Cement, Cl H		6,000		13,862
Baoshan Iron & Steel, Cl A		24,900		20,737
China National Building Material, Cl H		16,000		6,844
China Northern Rare Earth Group High-Tech, Cl A		9,200		24,988
CMOC Group, Cl H		48,000		26,248
Ganfeng Lithium Group, Cl A		2,720		16,349
Inner Mongolia BaoTou Steel Union, Cl A *		56,000		11,482
Rongsheng Petrochemical, Cl A		10,950		15,916
Shandong Hualu Hengsheng Chemical, Cl A		4,740		18,366
Tianqi Lithium, Cl A		2,040		15,983
Wanhua Chemical Group, Cl A		2,500		26,971
Zhejiang Huayou Cobalt, Cl A		2,104		9,730
Zijin Mining Group, Cl A		17,000		29,748
				251,798
Real Estate — 3.1%
China Merchants Shekou Industrial Zone Holdings, Cl A		8,000		10,707
China Overseas Land & Investment		14,839		26,149
China Resources Land		12,214		43,797
China Vanke, Cl A		9,143		13,431
China Vanke, Cl H		11,700		10,818
Country Garden Holdings *		79,612		7,953
Gemdale, Cl A		9,300		5,694
KE Holdings ADR		1,875		30,394
Longfor Group Holdings		8,500		13,607
Poly Developments and Holdings Group, Cl A		11,100		15,433
Seazen Holdings, Cl A *		5,600		8,973
Shenzhen Overseas Chinese Town, Cl A *		24,000		10,482
				197,438
Utilities — 3.7%
China Gas Holdings		13,200		13,034
China Longyuan Power Group, Cl H		14,000		10,614
China Resources Gas Group		6,700		21,965
China Resources Power Holdings		12,000		24,035
China Yangtze Power, Cl A		18,700		61,295

11

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
ENN Energy Holdings		2,482	$	18,277
Guangdong Investment		14,000		10,184
Huadian Power International, Cl A		44,400		32,050
Huaneng Power International, Cl H *		39,077		20,718
Sichuan Chuantou Energy, Cl A		11,800		25,056
				237,228
TOTAL CHINA				6,350,407
HONG KONG — 0.3%
Health Care — 0.3%
Sino Biopharmaceutical		39,500		17,553
TOTAL HONG KONG				17,553
TOTAL COMMON STOCK (Cost $8,406,727)				6,367,960

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (A)	446		—
TOTAL CHINA			—
TOTAL RIGHTS (Cost $–)			—
TOTAL INVESTMENTS — 99.7% (Cost $8,406,727)			6,367,960
OTHER ASSETS LESS LIABILITIES – 0.3%			18,418
NET ASSETS - 100%		$	6,386,378

‡	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-011-1200

12

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
CHINA — 44.1%
Energy — 2.4%
China Petroleum & Chemical, Cl H		190,000	$	99,519
Financials — 4.1%
Bank of Changsha, Cl A		9,300		8,908
Bank of Chengdu, Cl A		8,800		13,916
Bank of Hangzhou, Cl A		13,700		19,259
Bank of Jiangsu, Cl A		41,355		38,854
Bank of Nanjing, Cl A		23,891		24,761
Bank of Ningbo, Cl A		14,846		41,928
Bank of Suzhou, Cl A		7,400		6,714
Chongqing Rural Commercial Bank, Cl A		20,200		11,574
				165,914
Industrials — 17.1%
Beijing New Building Materials, Cl A		3,708		12,165
Beijing-Shanghai High Speed Railway, Cl A		112,400		77,663
China Communications Services, Cl H		20,000		8,299
China Energy Engineering, Cl A		75,100		22,148
China First Heavy Industries, Cl A *		13,200		5,339
China Railway Group, Cl H		32,500		14,484
China State Construction Engineering, Cl A		95,000		64,173
China XD Electric, Cl A		11,800		8,170
CRRC, Cl H		35,000		15,419
CSSC Science & Technology, Cl A		3,500		9,113
Daqin Railway, Cl A		35,332		35,776
Dongfang Electric, Cl A		6,500		13,346
Goldwind Science & Technology, Cl A		8,100		9,100
Gongniu Group, Cl A		1,000		13,433
Gotion High-tech, Cl A *		4,200		12,681
Jiangsu Expressway, Cl H		10,000		8,990
Jiangsu Zhongtian Technology, Cl A		7,500		13,155
Jiangxi Special Electric Motor, Cl A *		4,000		7,584
Liaoning Port, Cl A		43,400		8,838
Metallurgical Corp of China, Cl A		41,300		17,748
Ming Yang Smart Energy Group, Cl A		4,800		8,453
NARI Technology, Cl A		18,252		57,212
Ningbo Deye Technology, Cl A		1,000		11,783
Ningbo Orient Wires & Cables, Cl A		1,600		9,606
Ningbo Ronbay New Energy Technology, Cl A		961		5,371
North Industries Group Red Arrow, Cl A		2,800		5,521
Power Construction Corp of China, Cl A		40,000		27,470
Range Intelligent Computing Technology Group, Cl A		3,400		12,114
Shanghai Construction Group, Cl A		20,300		6,671
Shanghai Electric Group, Cl A *		29,500		17,276

13

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Shanghai International Port Group, Cl A		16,010	$	11,017
Shenzhen Inovance Technology, Cl A		3,050		27,045
Sichuan Road & Bridge, Cl A		16,800		17,672
Sieyuan Electric, Cl A		1,600		11,693
TBEA, Cl A		11,867		22,999
Titan Wind Energy Suzhou, Cl A *		3,800		6,190
Xiangtan Electric Manufacturing, Cl A *		2,800		6,244
Yangzijiang Shipbuilding Holdings		19,500		22,026
Zhejiang Expressway, Cl H		12,000		8,007
Zhejiang Weixing New Building Materials, Cl A		3,700		7,519
Zhuzhou CRRC Times Electric, Cl H		3,800		10,852
Zhuzhou Kibing Group, Cl A		6,300		6,052
				696,417
Materials — 3.8%
Anhui Conch Cement, Cl H		9,500		21,948
Beijing Oriental Yuhong Waterproof Technology, Cl A		3,000		8,089
China National Building Material, Cl H		31,000		13,260
China Northern Rare Earth Group High-Tech, Cl A		8,524		23,152
China Rare Earth Resources And Technology, Cl A		2,300		8,938
Henan Shenhuo Coal & Power, Cl A		5,300		12,504
Jinduicheng Molybdenum, Cl A		7,500		9,953
Sinomine Resource Group, Cl A		1,600		8,384
Western Mining, Cl A		5,500		11,022
Xiamen Tungsten, Cl A		3,300		7,962
Yintai Gold, Cl A		6,300		13,271
Yunnan Chihong Zinc & Germanium, Cl A		11,900		8,440
Yunnan Tin, Cl A		3,800		7,642
				154,565
Utilities — 16.7%
Beijing Enterprises Holdings		4,000		13,908
CECEP Solar Energy, Cl A		9,100		7,131
CECEP Wind-Power, Cl A		11,800		4,972
CGN Power, Cl H		82,000		21,423
China Gas Holdings		20,800		20,537
China Longyuan Power Group, Cl H		26,000		19,712
China National Nuclear Power, Cl A		42,800		45,080
China Power International Development		38,000		13,967
China Resources Gas Group		7,100		23,277
China Resources Power Holdings		14,635		29,313
China Three Gorges Renewables Group, Cl A		66,100		40,566
China Yangtze Power, Cl A		55,800		182,902
Datang International Power Generation, Cl A		23,900		8,123
ENN Energy Holdings		6,000		44,182
ENN Natural Gas, Cl A		5,900		13,937

14

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
GD Power Development, Cl A		40,500	$	23,661
Huadian Power International, Cl A		19,542		14,106
Huaneng Power International, Cl H *		33,000		17,496
Kunlun Energy		30,000		27,047
SDIC Power Holdings, Cl A		16,906		31,292
Shanghai Electric Power, Cl A		6,600		7,841
Shenergy, Cl A		11,219		10,116
Shenzhen Energy Group, Cl A		11,100		10,055
Sichuan Chuantou Energy, Cl A		10,284		21,837
Wintime Energy Group, Cl A *		51,200		9,851
Zhejiang Zheneng Electric Power, Cl A *		25,700		16,639
				678,971
TOTAL CHINA				1,795,386
INDIA — 4.9%
Energy — 0.5%
Great Eastern Shipping		1,863		21,869
Industrials — 1.2%
AIA Engineering		791		35,071
GMM Pfaudler		629		12,184
				47,255
Materials — 3.2%
Carborundum Universal		2,125		28,432
Navin Fluorine International		601		27,829
PI Industries		1,555		65,701
Vinati Organics		479		10,036
				131,998
TOTAL INDIA				201,122
INDONESIA — 3.8%
Energy — 2.1%
Adaro Energy Indonesia		266,100		41,132
Indo Tambangraya Megah		7,400		12,328
Medco Energi Internasional		116,000		8,702
Petrindo Jaya Kreasi * (A)		29,800		25,983
				88,145
Materials — 1.7%
Indah Kiat Pulp & Paper		45,600		24,656
Merdeka Copper Gold *		182,000		31,915
Pabrik Kertas Tjiwi Kimia		25,900		12,280
				68,851
TOTAL INDONESIA				156,996

15

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
ISRAEL — 4.9%
Industrials — 2.6%
Elbit Systems		501	$	106,853
Materials — 2.3%
ICL Group		14,738		74,941
Israel *		65		16,605
				91,546
TOTAL ISRAEL				198,399
KAZAKHSTAN — 1.2%
Energy — 1.2%
NAC Kazatomprom JSC GDR		1,209		49,448
TOTAL KAZAKHSTAN				49,448
KUWAIT — 9.1%
Financials — 9.1%
Kuwait Finance House		156,280		369,273
TOTAL KUWAIT				369,273
MALAYSIA — 2.9%
Industrials — 0.9%
Pentamaster		9,400		9,410
Sime Darby		51,100		26,134
				35,544
Materials — 2.0%
Petronas Chemicals Group		52,300		81,495
TOTAL MALAYSIA				117,039
PHILIPPINES — 4.9%
Industrials — 4.9%
Aboitiz Equity Ventures		31,040		25,000
Ayala		4,770		58,661
International Container Terminal Services		18,250		81,338
JG Summit		49,442		34,063
TOTAL PHILIPPINES				199,062
POLAND — 2.0%
Materials — 2.0%
KGHM Polska Miedz		2,578		80,443
TOTAL POLAND				80,443
RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC (A)		33,666		—

16

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Energy (continued)
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		25,312		249,455
Industrials — 3.7%
Keppel		11,100		59,493
Singapore Airlines		11,300		56,196
Singapore Technologies Engineering		11,900		35,093
				150,782
TOTAL SINGAPORE				400,237
SOUTH AFRICA — 3.0%
Materials — 3.0%
Impala Platinum Holdings		16,831		84,001
Kumba Iron Ore		1,199		40,307
TOTAL SOUTH AFRICA				124,308
THAILAND — 6.0%
Energy — 5.3%
PTT		206,200		215,972
Materials — 0.7%
Indorama Ventures		34,400		27,463
TOTAL THAILAND				243,435
TURKEY — 2.5%
Industrials — 2.2%
Otokar Otomotiv Ve Savunma Sanayi A.S. *		785		11,310
Turk Hava Yollari AO *		10,307		79,778
				91,088
Materials — 0.3%
Nuh Cimento Sanayi		1,122		11,739
TOTAL TURKEY				102,827

17

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI One Belt One Road Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
UNITED ARAB EMIRATES — 0.9%
Industrials — 0.9%
Air Arabia PJSC		48,641	$	37,347
TOTAL UNITED ARAB EMIRATES				37,347
TOTAL COMMON STOCK (Cost $5,040,939)				4,075,322
PREFERRED STOCK — 0.0%
RUSSIA— 0.0%
Energy — 0.0%
Surgutneftegas PJSC (A) (B)		136,600		—
TOTAL PREFERRED STOCK (Cost $74,846)				—
TOTAL INVESTMENTS — 100.0% (Cost $5,115,785)				4,075,322
OTHER ASSETS LESS LIABILITIES – 0.0%				(676	)
NET ASSETS - 100%			$	4,074,646

‡	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-006-1300

18

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 97.7% ‡
AUSTRALIA — 0.7%
Consumer Discretionary — 0.7%
IDP Education		4,967	$	67,886
TOTAL AUSTRALIA				67,886
BRAZIL — 4.4%
Consumer Discretionary — 2.9%
Americanas *		337,800		63,282
MercadoLibre *		141		221,587
				284,869
Financials — 0.8%
Pagseguro Digital, Cl A *		5,998		74,795
Information Technology — 0.7%
TOTVS		9,500		65,888
TOTAL BRAZIL				425,552
CHINA — 42.9%
Communication Services — 13.1%
Baidu, Cl A *		16,364		243,305
Bilibili, Cl Z *		18,800		225,353
Kuaishou Technology, Cl B *		33,000		223,774
NetEase		14,900		268,288
Tencent Holdings		8,175		307,378
				1,268,098
Consumer Discretionary — 18.1%
Alibaba Group Holding		36,200		350,477
JD.com, Cl A		25,675		369,907
Meituan, Cl B *		30,498		319,873
PDD Holdings ADR *		2,161		316,176
Tongcheng Travel Holdings *		38,800		71,751
Trip.com Group *		6,800		241,745
Vipshop Holdings ADR *		4,015		71,307
				1,741,236
Consumer Staples — 5.7%
Alibaba Health Information Technology *		428,000		232,402
JD Health International *		49,550		248,113
Ping An Healthcare and Technology *		29,700		67,551
				548,066
Information Technology — 6.0%
GDS Holdings, Cl A *		225,300		261,408
Hua Hong Semiconductor *		32,000		77,372

19

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Kingdee International Software Group *		167,000	$	243,382
				582,162
TOTAL CHINA				4,139,562
GREECE — 0.8%
Consumer Discretionary — 0.8%
OPAP		4,491		76,251
TOTAL GREECE				76,251
HONG KONG — 0.7%
Communication Services — 0.7%
Alibaba Pictures Group *		1,110,000		68,233
TOTAL HONG KONG				68,233
INDIA — 3.2%
Consumer Discretionary — 2.4%
Zomato *		159,114		236,528
Financials — 0.8%
One 97 Communications *		9,547		72,905
TOTAL INDIA				309,433
JAPAN — 2.1%
Communication Services — 2.1%
Nexon		11,100		202,308
TOTAL JAPAN				202,308
RUSSIA — 0.0%
Communication Services — 0.0%
HeadHunter Group PLC ADR * (A)		11,746		—
Ozon Holdings PLC ADR * (A)		58,005		—
VK GDR * (A)		49,503		—
Yandex, Cl A * (A)		31,479		—
TOTAL RUSSIA				—
SINGAPORE — 3.5%
Communication Services — 3.5%
Sea ADR *		8,448		342,144
TOTAL SINGAPORE				342,144
SOUTH AFRICA — 3.2%
Consumer Discretionary — 3.2%
Naspers, Cl N		1,780		304,461
TOTAL SOUTH AFRICA				304,461

20

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH KOREA — 20.6%
Communication Services — 14.6%
Kakao		5,987	$	252,422
Kakao Games *		3,685		73,963
Krafton *		1,430		214,961
NAVER *		1,403		244,019
NCSoft		1,348		251,723
Netmarble *		5,386		242,974
Pearl Abyss *		2,374		71,428
Wemade		1,302		61,567
				1,413,057
Consumer Discretionary — 2.3%
Coupang, Cl A *		13,779		223,082
Information Technology — 3.7%
SK Hynix		3,216		353,338
TOTAL SOUTH KOREA				1,989,477
TAIWAN — 14.9%
Consumer Discretionary — 0.7%
momo.com		4,300		71,315
Information Technology — 14.2%
Nanya Technology		99,000		251,609
Powerchip Semiconductor Manufacturing		73,000		70,049
Taiwan Semiconductor Manufacturing		18,000		347,795
United Microelectronics		144,000		246,799
Vanguard International Semiconductor		91,000		241,655
VisEra Technologies		8,000		72,074
Win Semiconductors		13,000		67,350
WPG Holdings		26,000		69,129
				1,366,460
TOTAL TAIWAN				1,437,775
URUGUAY — 0.7%
Financials — 0.7%
Dlocal, Cl A *		3,765		66,603
TOTAL URUGUAY				66,603
TOTAL COMMON STOCK (Cost $16,838,871)				9,429,685
TOTAL INVESTMENTS — 97.7% (Cost $16,838,871)				9,429,685
OTHER ASSETS LESS LIABILITIES – 2.3%				220,435
NET ASSETS - 100%			$	9,650,120

21

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

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

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

See “Glossary” for abbreviations.

KRS-QH-007-1300

22

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
CHINA — 97.4%
Consumer Discretionary — 44.0%
BYD, Cl A		19,600	$	545,010
BYD, Cl H		187,000		5,134,474
Li Auto, Cl A *		314,800		5,930,305
NIO ADR *		834,679		7,570,539
Seres Group, Cl A *		120,500		1,289,512
Tianneng Power International		894,000		754,488
XPeng, Cl A *		738,600		5,363,175
Yadea Group Holdings		1,638,694		2,879,265
				29,466,768
Industrials — 22.4%
Beijing Easpring Material Technology, Cl A		40,400		216,735
Beijing-Shanghai High Speed Railway, Cl A		3,924,900		2,711,921
China Conch Environment Protection Holdings *		1,581,500		315,954
China Conch Venture Holdings		1,926,500		1,598,724
China Everbright Environment Group		4,889,216		1,590,386
Contemporary Amperex Technology, Cl A		129,350		2,965,717
Dynagreen Environmental Protection Group, Cl H		511,000		153,787
Farasis Energy Gan Zhou, Cl A *		97,373		223,036
Ginlong Technologies, Cl A		31,950		313,640
Goldwind Science & Technology, Cl A		275,835		309,901
GoodWe Technologies, Cl A		13,818		253,407
Gotion High-tech, Cl A *		142,100		429,058
Hoymiles Power Electronics, Cl A		6,669		252,876
Ming Yang Smart Energy Group, Cl A		181,500		319,637
Ningbo Deye Technology, Cl A		34,280		403,911
Pylon Technologies, Cl A		14,037		208,960
Shuangliang Eco-Energy Systems, Cl A		149,500		177,621
Sungrow Power Supply, Cl A		118,700		1,460,120
Titan Wind Energy Suzhou, Cl A *		139,209		226,782
Zhejiang Chint Electrics, Cl A		171,700		518,674
Zhejiang Weiming Environment Protection, Cl A		136,200		306,041
				14,956,888
Information Technology — 19.8%
China Railway Signal & Communication, Cl A		574,215		353,209
Flat Glass Group, Cl A		126,600		474,710
Flat Glass Group, Cl H		572,000		965,475
Hengdian Group DMEGC Magnetics, Cl A		130,000		247,198
JA Solar Technology, Cl A		264,668		770,148
Kingdee International Software Group *		2,089,000		3,044,460
Kingsoft Cloud Holdings ADR *		152,069		574,821
LONGi Green Energy Technology, Cl A		605,946		1,948,736
Risen Energy, Cl A		91,100		225,812

23

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI China Clean Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Sanan Optoelectronics, Cl A		398,700	$	775,496
Shanghai Aiko Solar Energy, Cl A		146,120		361,986
Tuya ADR *		302,953		696,792
Xinyi Solar Holdings		4,831,588		2,821,528
				13,260,371
Materials — 0.3%
Shenzhen Dynanonic, Cl A		22,140		189,760
Real Estate — 0.9%
Guangzhou R&F Properties, Cl H *		2,249,600		328,428
SOHO China *		2,808,000		269,704
				598,132
Utilities — 10.0%
Beijing Enterprises Water Group		5,352,500		1,192,712
CECEP Solar Energy, Cl A		312,400		244,810
CECEP Wind-Power, Cl A		517,500		218,029
China Datang Renewable Power, Cl H		3,165,000		729,585
China Longyuan Power Group, Cl H		3,803,800		2,883,825
China Three Gorges Renewables Group, Cl A		2,287,700		1,403,990
				6,672,951
TOTAL CHINA				65,144,870
HONG KONG — 2.6%
Industrials — 0.2%
China High Speed Transmission Equipment Group *		653,000		136,311
Real Estate — 0.8%
Yuexiu Real Estate Investment Trust †		3,259,000		525,877
Utilities — 1.6%
Canvest Environmental Protection Group		649,000		310,015
Concord New Energy Group		9,250,000		758,144
				1,068,159
TOTAL HONG KONG				1,730,347
TOTAL COMMON STOCK (Cost $86,600,771)				66,875,217
TOTAL INVESTMENTS — 100.0% (Cost $86,600,771)				66,875,217
OTHER ASSETS LESS LIABILITIES – 0.0%				29,370
NET ASSETS - 100%			$	66,904,587

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

24

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI China Clean Technology Index ETF (concluded)

† Real Estate Investment Trust

See “Glossary” for abbreviations.

KRS-QH-008-1300

25

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 91.4% ‡
AUSTRALIA — 8.6%
Materials — 8.6%
Arcadium Lithium *		302,047	$	2,310,406
IGO		386,593		2,387,321
Lynas Rare Earths *		478,264		2,336,625
Mineral Resources		30,695		1,466,135
Pilbara Minerals (A)		1,402,445		3,779,995
TOTAL AUSTRALIA				12,280,482
BELGIUM — 2.0%
Materials — 2.0%
Umicore		103,650		2,850,988
TOTAL BELGIUM				2,850,988
CANADA — 2.9%
Industrials — 2.5%
Magna International		59,909		3,557,011
Materials — 0.4%
Lithium Americas * (A)		81,045		522,435
TOTAL CANADA				4,079,446
CHINA — 31.5%
Consumer Discretionary — 17.8%
BAIC BluePark New Energy Technology, Cl A *		803,900		692,063
BYD, Cl A		162,200		4,510,238
Geely Automobile Holdings		2,698,000		2,968,005
Guangzhou Automobile Group, Cl H		1,436,000		667,561
Li Auto, Cl A *		253,900		4,783,051
NIO ADR * (A)		434,280		3,938,920
Seres Group, Cl A *		215,300		2,304,000
Shenzhen Kedali Industry, Cl A		38,736		459,462
XPeng, Cl A * (A)		367,200		2,666,339
Yadea Group Holdings		570,000		1,001,517
Zhejiang Leapmotor Technology * (A)		305,500		1,396,719
				25,387,875
Industrials — 6.6%
Beijing Easpring Material Technology, Cl A		73,800		395,916
China Baoan Group, Cl A		374,407		617,299
Contemporary Amperex Technology, Cl A		211,220		4,842,824
Eve Energy, Cl A		296,860		1,759,331
Gotion High-tech, Cl A *		257,989		778,974
Guangzhou Great Power Energy & Technology, Cl A		72,800		289,233
Hunan Yuneng New Energy Battery Material, Cl A		69,034		329,144

26

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Qingdao TGOOD Electric, Cl A		152,400	$	430,194
				9,442,915
Materials — 7.1%
Chengxin Lithium Group, Cl A		133,300		425,887
CMOC Group, Cl A		2,575,200		1,880,606
CNGR Advanced Material, Cl A		97,050		669,616
Ganfeng Lithium Group, Cl A		235,158		1,413,470
GEM, Cl A		746,340		572,285
Guangzhou Tinci Materials Technology, Cl A		279,494		984,427
Ningbo Shanshan, Cl A		328,000		627,385
Shanghai Putailai New Energy Technology, Cl A		293,300		862,114
Shenzhen Senior Technology Material, Cl A		186,900		404,741
Tianqi Lithium, Cl H (A)		52,200		288,457
Xiamen Tungsten, Cl A		205,351		495,454
Youngy, Cl A		37,400		284,731
Zhejiang Huayou Cobalt, Cl A		248,863		1,150,895
				10,060,068
TOTAL CHINA				44,890,858
GERMANY — 3.5%
Consumer Discretionary — 2.5%
Mercedes-Benz Group		20,543		1,419,443
Vitesco Technologies Group *		8,709		752,318
Volkswagen		10,153		1,328,483
				3,500,244
Information Technology — 1.0%
Infineon Technologies		35,392		1,477,827
TOTAL GERMANY				4,978,071
JAPAN — 7.2%
Consumer Discretionary — 3.4%
Panasonic Holdings		483,800		4,792,359
Industrials — 3.8%
Nidec		134,200		5,421,116
TOTAL JAPAN				10,213,475
NETHERLANDS — 0.5%
Industrials — 0.5%
Alfen Beheer BV * (A)		11,200		745,792
TOTAL NETHERLANDS				745,792

27

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH KOREA — 13.7%
Industrials — 9.4%
Ecopro		18,517	$	4,140,769
L&F		13,177		2,087,202
LG Energy Solution *		9,942		3,300,105
POSCO Future M		13,947		3,887,703
				13,415,779
Information Technology — 3.9%
Samsung SDI *		14,982		5,490,725
Materials — 0.4%
SK IE Technology *		10,286		630,146
TOTAL SOUTH KOREA				19,536,650
SWEDEN — 0.5%
Consumer Discretionary — 0.5%
Volvo Car, Cl B *		247,315		799,037
TOTAL SWEDEN				799,037
UNITED STATES — 21.0%
Consumer Discretionary — 13.6%
Aptiv *		63,617		5,707,717
Fisker * (A)		106,810		186,918
Ford Motor		126,495		1,541,974
Lucid Group * (A)		421,367		1,773,955
Rivian Automotive, Cl A *		203,250		4,768,245
Tesla *		22,167		5,508,056
				19,486,865
Industrials — 1.5%
ChargePoint Holdings * (A)		168,870		395,156
Nikola *		389,083		340,370
Plug Power * (A)		305,976		1,376,892
				2,112,418
Information Technology — 1.1%
SolarEdge Technologies *		16,512		1,545,523
Materials — 4.8%
Albemarle		25,636		3,703,889
Livent *		91,921		1,652,739

28

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
MP Materials *		73,582	$	1,460,603
				6,817,231
TOTAL UNITED STATES				29,962,037
TOTAL COMMON STOCK (Cost $176,269,685)				130,336,836
PREFERRED STOCK — 4.8%
CHILE— 2.7%
Industrials — 2.7%
Sociedad Quimica y Minera de Chile (B)		62,976		3,796,797
GERMANY— 2.1%
Consumer Discretionary — 2.1%
Dr Ing hc F Porsche (B)		33,824		2,985,372
TOTAL PREFERRED STOCK (Cost $8,423,308)				6,782,169
SHORT-TERM INVESTMENT — 11.4%
Invesco Government & Agency Portfolio, Cl Institutional, 5.230% (C) (D)		16,256,613		16,256,613
TOTAL SHORT-TERM INVESTMENT (Cost $16,256,613)				16,256,613
TOTAL INVESTMENTS — 107.6% (Cost $200,949,606)				153,375,618
OTHER ASSETS LESS LIABILITIES – (7.6)%				(10,831,545	)
NET ASSETS - 100%			$	142,544,073

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

* Non-income producing security.

(A)	Certain securities or partial positions of certain securities are on loan at December 31, 2023.
(B)	Currently, no stated interest rate.
(C)	The rate shown is the 7-day effective yield as of December 31, 2023.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2023 was $16,256,613.

See “Glossary” for abbreviations.

KRS-QH-009-1200

29

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 97.0% ‡
CHINA — 93.0%
Health Care — 93.0%
3SBio		493,500	$	475,264
Aier Eye Hospital Group, Cl A		719,014		1,597,450
Akeso *		135,000		802,198
Apeloa Pharmaceutical, Cl A		92,992		200,987
Asymchem Laboratories Tianjin, Cl A		27,124		442,255
Autobio Diagnostics, Cl A		45,630		365,330
BeiGene *		183,218		2,583,361
Beijing Tiantan Biological Products, Cl A		125,942		547,234
Beijing Tongrentang, Cl A		107,290		809,127
Beijing Wantai Biological Pharmacy Enterprise, Cl A		65,022		686,052
Betta Pharmaceuticals, Cl A		33,263		240,809
BGI Genomics, Cl A		32,827		221,287
Bloomage Biotechnology, Cl A		38,362		360,583
Changchun High & New Technology Industry Group, Cl A		31,508		645,152
China Medical System Holdings		357,000		632,753
China Meheco, Cl A		117,400		184,164
China National Medicines, Cl A		59,155		237,763
China Resources Pharmaceutical Group		415,500		272,972
China Resources Sanjiu Medical & Pharmaceutical, Cl A		74,690		521,632
China Traditional Chinese Medicine Holdings		798,000		401,629
Chongqing Taiji Industry Group, Cl A *		43,000		280,563
Chongqing Zhifei Biological Products, Cl A		185,672		1,593,463
CSPC Innovation Pharmaceutical, Cl A		92,400		475,197
CSPC Pharmaceutical Group		2,346,889		2,182,020
Dong-E-E-Jiao, Cl A		50,140		347,289
Genscript Biotech *		310,000		788,443
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		110,240		442,781
Guangzhou Kingmed Diagnostics Group, Cl A		36,799		323,359
Hangzhou Tigermed Consulting, Cl A		29,650		228,894
Hansoh Pharmaceutical Group		322,000		649,893
Huadong Medicine, Cl A		135,841		790,940
Hualan Biological Engineering, Cl A		140,847		437,736
Hubei Jumpcan Pharmaceutical, Cl A		70,900		312,949
Humanwell Healthcare Group, Cl A		125,200		437,108
Hygeia Healthcare Holdings		93,000		420,424
Imeik Technology Development, Cl A		16,800		694,428
Innovent Biologics *		325,000		1,779,300
iRay Technology, Cl A		7,361		336,223
Jiangsu Hengrui Pharmaceuticals, Cl A		493,028		3,131,710
Jiangsu Nhwa Pharmaceutical, Cl A		75,600		287,935
Jiangsu Yuyue Medical Equipment & Supply, Cl A		78,710		382,242
Joincare Pharmaceutical Group Industry, Cl A		150,545		262,797
Jointown Pharmaceutical Group, Cl A		302,575		297,876

30

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Lepu Medical Technology Beijing, Cl A		148,000	$	335,882
Livzon Pharmaceutical Group, Cl A		49,059		241,209
Meinian Onehealth Healthcare Holdings, Cl A *		305,183		257,584
MGI Tech, Cl A		32,208		389,087
Microport Scientific *		217,700		234,747
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		125,084		263,497
Ovctek China, Cl A		71,093		225,442
Pharmaron Beijing, Cl A		116,475		474,040
Shandong Buchang Pharmaceuticals, Cl A		86,583		206,833
Shandong Weigao Group Medical Polymer, Cl H		653,200		636,591
Shanghai Fosun Pharmaceutical Group, Cl A		169,529		595,920
Shanghai Fosun Pharmaceutical Group, Cl H		130,500		284,112
Shanghai Junshi Biosciences, Cl A *		60,663		356,365
Shanghai Pharmaceuticals Holding, Cl A		222,994		523,929
Shanghai Pharmaceuticals Holding, Cl H		194,500		284,456
Shanghai RAAS Blood Products, Cl A		521,434		585,832
Shanghai United Imaging Healthcare, Cl A		64,524		1,241,529
Shenzhen Kangtai Biological Products, Cl A		88,677		338,114
Shenzhen Mindray Bio-Medical Electronics, Cl A		95,855		3,911,954
Shenzhen New Industries Biomedical Engineering, Cl A		59,400		652,344
Shenzhen Salubris Pharmaceuticals, Cl A		86,765		397,964
Shijiazhuang Yiling Pharmaceutical, Cl A		130,650		423,292
Sichuan Kelun Pharmaceutical, Cl A		115,415		470,860
Sinopharm Group, Cl H		353,200		925,004
Tonghua Dongbao Pharmaceutical, Cl A		156,791		238,470
Topchoice Medical, Cl A *		25,441		273,146
Walvax Biotechnology, Cl A		129,600		427,899
WuXi AppTec, Cl A (A)		201,120		2,055,092
WuXi AppTec, Cl H		97,184		988,822
Wuxi Biologics Cayman *		996,135		3,776,065
Yunnan Baiyao Group, Cl A		140,823		972,032
Zai Lab *		243,400		670,176
Zhangzhou Pientzehuang Pharmaceutical, Cl A		47,634		1,618,817
Zhejiang Huahai Pharmaceutical, Cl A		117,572		242,224
Zhejiang Jiuzhou Pharmaceutical, Cl A		70,000		238,000
Zhejiang NHU, Cl A		240,630		573,137
TOTAL CHINA				55,442,039
HONG KONG — 2.1%
Health Care — 2.1%
Sino Biopharmaceutical		2,842,750		1,263,274
TOTAL HONG KONG				1,263,274

31

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI All China Health Care Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
UNITED STATES — 1.9%
Health Care — 1.9%
Legend Biotech ADR *		19,058	$	1,146,720
TOTAL UNITED STATES				1,146,720
TOTAL COMMON STOCK (Cost $67,235,393)				57,852,033

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (B)	109,673	—
TOTAL CHINA		—
TOTAL RIGHTS (Cost $–)		—

	Shares
SHORT-TERM INVESTMENT — 1.6%
Invesco Government & Agency Portfolio, Cl Institutional, 5.230% (C) (D)		939,253		939,253
TOTAL SHORT-TERM INVESTMENT (Cost $939,253)				939,253
TOTAL INVESTMENTS — 98.6% (Cost $68,174,646)				58,791,286
OTHER ASSETS LESS LIABILITIES – 1.4%				821,665
NET ASSETS - 100%			$	59,612,951

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

* Non-income producing security.

(A)	Certain securities or partial positions of certain securities are on loan at December 31, 2023.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	The rate shown is the 7-day effective yield as of December 31, 2023.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2023 was $939,253.

‡‡ Expiration date not available.

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

See “Glossary” for abbreviations.

KRS-QH-010-1200

32

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Asia Pacific High Income Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 94.3%
AUSTRALIA — 3.3%
Financials — 3.3%
Macquarie Bank
6.125%, USSW5 + 3.703% (A) (B)	$	250,000	$	232,263
QBE Insurance Group, MTN
5.250%, H15T5Y + 3.047% (A) (B)		250,000		238,042
				470,305
TOTAL AUSTRALIA				470,305
CHINA — 23.1%
Consumer Discretionary — 2.6%
Fortune Star BVI
6.850%, 07/02/2024		200,000		192,200
5.000%, 05/18/2026		250,000		180,562
				372,762
Financials — 6.4%
Huarong Finance 2017, MTN
4.250%, 11/07/2027		200,000		182,054
Huarong Finance 2019, MTN
4.250%, (A) (B)		400,000		371,296
ZhongAn Online P&C Insurance
3.125%, 07/16/2025		400,000		368,394
				921,744
Materials — 1.7%
China Hongqiao Group
6.250%, 06/08/2024		250,000		247,700
Real Estate — 10.6%
Fuqing Investment Management, MTN
3.250%, 06/23/2025		200,000		160,067
Greentown China Holdings
5.650%, 07/13/2025		200,000		169,494
4.700%, 04/29/2025		200,000		173,434
Pingan Real Estate Capital, MTN
2.750%, 07/29/2024		250,000		234,568
RKPF Overseas 2019 A
6.700%, 09/30/2024		400,000		312,400
Shui On Development Holding
5.500%, 03/03/2025		200,000		113,049
Vanke Real Estate Hong Kong, MTN
4.200%, 06/07/2024		200,000		186,100
Yanlord Land HK
6.800%, 02/27/2024		200,000		190,100
				1,539,212

33

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Utilities — 1.8%
China Oil & Gas Group
4.700%, 06/30/2026	$	300,000	$	260,957
TOTAL CHINA				3,342,375
HONG KONG — 9.6%
Consumer Discretionary — 5.5%
Li & Fung, MTN
5.000%, 08/18/2025		250,000		238,735
Melco Resorts Finance
5.750%, 07/21/2028		200,000		183,472
5.625%, 07/17/2027		200,000		185,499
5.250%, 04/26/2026		200,000		192,500
				800,206
Financials — 1.3%
PCGI Intermediate, MTN
4.750%, 10/28/2024		200,000		190,100
Industrials — 2.8%
Celestial Miles
5.750%, (A) (B)		400,000		398,600
TOTAL HONG KONG				1,388,906
INDIA — 21.5%
Communication Services — 1.4%
Network i2i
5.650%, H15T5Y + 4.274% (A) (B)		200,000		197,086
Energy — 7.4%
Greenko Power II
4.300%, 12/13/2028		180,000		162,045
Greenko Solar Mauritius
5.550%, 01/29/2025		400,000		389,840
India Clean Energy Holdings, MTN
4.500%, 04/18/2027		400,000		350,085
India Cleantech Energy
4.700%, 08/10/2026		176,800		160,446
				1,062,416
Financials — 3.2%
Axis Bank, MTN
4.100%, H15T5Y + 3.315% (A) (B)		200,000		182,067
Shriram Finance, MTN
4.150%, 07/18/2025		300,000		287,250
				469,317
Industrials — 6.8%
GMR Hyderabad International Airport
4.250%, 10/27/2027		200,000		182,600

34

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Industrials (continued)
India Airport Infrastructure
6.250%, 10/25/2025	$	250,000	$	245,515
JSW Steel
3.950%, 04/05/2027		200,000		184,714
Magnum Holdings
5.375%, 10/31/2026		400,000		372,000
				984,829
Materials — 2.7%
Periama Holdings
5.950%, 04/19/2026		400,000		393,456
TOTAL INDIA				3,107,104
INDONESIA — 6.6%
Financials — 2.5%
Bank Negara Indonesia Persero
4.300%, H15T5Y + 3.466% (A) (B)		400,000		351,413
Materials — 4.1%
Bukit Makmur Mandiri Utama
7.750%, 02/10/2026		200,000		188,760
Nickel Industries
11.250%, 10/21/2028		200,000		209,000
6.500%, 04/01/2024		200,000		198,300
				596,060
TOTAL INDONESIA				947,473
MACAU — 12.7%
Consumer Discretionary — 12.7%
Champion Path Holdings
4.500%, 01/27/2026		200,000		185,977
MGM China Holdings
5.875%, 05/15/2026		200,000		195,478
5.250%, 06/18/2025		200,000		196,250
4.750%, 02/01/2027		200,000		190,250
Studio City Finance
6.500%, 01/15/2028		200,000		184,750
Wynn Macau
5.625%, 08/26/2028		200,000		185,332
5.500%, 10/01/2027		200,000		188,805
5.500%, 01/15/2026		250,000		243,969
5.125%, 12/15/2029		300,000		266,470
				1,837,281
TOTAL MACAU				1,837,281

35

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
PHILIPPINES — 6.9%
Communication Services — 1.3%
Globe Telecom
4.200%, (A) (B)	$	200,000	$	188,186
Consumer Discretionary — 1.3%
Jollibee Worldwide Pte
3.900%, (A) (B)		200,000		194,500
Consumer Staples — 1.4%
Royal Capital BV
5.000%, (A) (B)		200,000		195,000
Energy — 1.6%
SMC Global Power Holdings
6.500%, (A) (B)		250,000		236,203
Financials — 1.3%
Rizal Commercial Banking
6.500%, H15T5Y + 6.236% (A) (B)		200,000		187,593
TOTAL PHILIPPINES				1,001,482
THAILAND — 7.7%
Financials — 7.7%
Bangkok Bank, MTN
5.000%, H15T5Y + 4.729% (A) (B)		200,000		191,108
Kasikornbank, MTN
4.000%, H15T5Y + 3.337% (A) (B)		400,000		355,967
Krung Thai Bank
4.400%, H15T5Y + 3.530% (A) (B)		400,000		370,600
TMBThanachart Bank, MTN
4.900%, H15T5Y + 3.256% (A) (B)		200,000		194,924
				1,112,599
TOTAL THAILAND				1,112,599
UNITED KINGDOM — 1.4%
Financials — 1.4%
Standard Chartered
7.750%, H15T5Y + 4.976% (A) (B)		200,000		204,242
VIETNAM — 1.5%
Utilities — 1.5%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		230,573		213,563
TOTAL CORPORATE OBLIGATIONS (Cost $13,901,618)				13,625,330
TOTAL INVESTMENTS — 94.3% (Cost $13,901,618)				13,625,330
OTHER ASSETS LESS LIABILITIES – 5.7%				820,546
NET ASSETS - 100%			$	14,445,876

36

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Asia Pacific High Income Bond ETF (concluded)

(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-012-1200

37

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 95.8% ‡
AUSTRALIA — 0.2%
Materials — 0.2%
Anglogold Ashanti		6,111	$	118,096
TOTAL AUSTRALIA				118,096
BRAZIL — 6.0%
Communication Services — 0.1%
Telefonica Brasil		7,500		82,510
Consumer Discretionary — 0.2%
Lojas Renner		13,125		47,068
Magazine Luiza *		81,800		36,374
				83,442
Consumer Staples — 0.6%
Ambev		70,200		198,420
Raia Drogasil		19,168		116,012
				314,432
Energy — 1.0%
Petroleo Brasileiro		58,300		467,831
Ultrapar Participacoes		17,000		92,776
				560,607
Financials — 1.2%
B3 - Brasil Bolsa Balcao		77,700		232,735
Banco Bradesco		37,188		116,978
Banco do Brasil		17,000		193,847
Banco Santander Brasil		5,700		37,901
BB Seguridade Participacoes		9,400		65,116
				646,577
Industrials — 0.8%
CCR		15,000		43,787
Localiza Rent a Car		10,820		141,665
Rumo		15,000		70,868
WEG		22,500		170,964
				427,284
Materials — 1.8%
Klabin		9,400		42,998
Suzano		11,100		127,119
Vale		49,100		780,328
				950,445
Utilities — 0.3%
Cia de Saneamento Basico do Estado de Sao Paulo		3,800		58,960

38

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Equatorial Energia		16,800	$	123,538
				182,498
TOTAL BRAZIL				3,247,795
CHILE — 0.7%
Consumer Discretionary — 0.0%
Falabella *		9,584		24,144
Energy — 0.1%
Empresas Copec		4,984		36,583
Financials — 0.3%
Banco de Chile		848,290		100,528
Banco de Credito e Inversiones		828		22,619
Banco Santander Chile		845,703		41,642
				164,789
Materials — 0.1%
Empresas CMPC		16,173		31,484
Utilities — 0.2%
Enel Americas *		364,876		40,737
Enel Chile		915,040		59,715
				100,452
TOTAL CHILE				357,452
COLOMBIA — 0.2%
Financials — 0.2%
Bancolombia		9,393		80,498
TOTAL COLOMBIA				80,498
CZECH REPUBLIC — 0.2%
Financials — 0.0%
Komercni Banka		924		29,953
Utilities — 0.2%
CEZ		1,966		84,315
TOTAL CZECH REPUBLIC				114,268
EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE		33,668		79,410
TOTAL EGYPT				79,410

39

Schedule of Investments (Unaudited) December 31, 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		2,950	$	42,038
TOTAL GREECE				42,038
HUNGARY — 0.4%
Energy — 0.1%
MOL Hungarian Oil & Gas		4,593		37,513
Financials — 0.2%
OTP Bank Nyrt		2,816		128,590
Health Care — 0.1%
Richter Gedeon Nyrt		2,270		57,405
TOTAL HUNGARY				223,508
INDIA — 20.2%
Communication Services — 1.0%
Bharti Airtel		41,706		517,330
Consumer Discretionary — 1.9%
Bajaj Auto		1,044		85,278
Eicher Motors		1,669		83,105
Mahindra & Mahindra		11,822		245,692
Maruti Suzuki India		1,917		237,336
Tata Motors		23,173		217,197
Titan		3,962		174,997
				1,043,605
Consumer Staples — 2.1%
Dabur India		21,489		143,891
Godrej Consumer Products		11,667		158,600
Hindustan Unilever		11,561		370,106
ITC		55,602		308,767
Nestle India		516		164,822
				1,146,186
Energy — 0.6%
Bharat Petroleum		9,657		52,298
Indian Oil		77,334		120,675
Oil & Natural Gas		56,510		139,248
				312,221
Financials — 6.1%
Axis Bank		35,222		466,572
Bajaj Finance		3,223		283,815
Bajaj Finserv		4,928		99,835

40

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
HDFC Bank		41,133	$	844,891
HDFC Life Insurance		12,820		99,631
ICICI Bank		59,389		711,266
Jio Financial Services *		27,959		78,269
Kotak Mahindra Bank		21,976		503,912
State Bank of India		27,786		214,388
				3,302,579
Health Care — 0.9%
Aurobindo Pharma		3,337		43,470
Cipla		7,564		113,287
Dr Reddy’s Laboratories		1,452		101,168
Sun Pharmaceutical Industries		13,878		210,045
				467,970
Industrials — 0.7%
Larsen & Toubro		9,199		389,787
Information Technology — 4.2%
HCL Technologies		16,684		293,947
Infosys ADR		58,563		1,076,388
Tata Consultancy Services		13,878		632,646
Tech Mahindra		9,578		146,483
Wipro		23,160		131,172
				2,280,636
Materials — 1.8%
Asian Paints		6,212		253,993
Grasim Industries		4,189		107,466
Hindalco Industries		25,859		191,067
JSW Steel		10,967		116,011
UltraTech Cement		1,489		187,938
UPL		6,901		48,701
Vedanta		16,838		52,317
				957,493
Utilities — 0.9%
GAIL India		38,937		75,849
NTPC		62,140		232,352
Power Grid Corp of India		52,726		150,295
				458,496
TOTAL INDIA				10,876,303
INDONESIA — 3.2%
Communication Services — 0.4%
Telkom Indonesia Persero		851,700		218,498

41

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 0.1%
Charoen Pokphand Indonesia		116,500	$	38,021
Unilever Indonesia		120,300		27,581
				65,602
Energy — 0.2%
Adaro Energy Indonesia		427,600		66,096
United Tractors		26,900		39,528
				105,624
Financials — 2.2%
Bank Central Asia		804,900		491,399
Bank Mandiri Persero		665,700		261,576
Bank Negara Indonesia Persero		248,000		86,575
Bank Rakyat Indonesia Persero		925,100		343,976
				1,183,526
Industrials — 0.3%
Astra International		369,600		135,626
TOTAL INDONESIA				1,708,876
MALAYSIA — 2.1%
Communication Services — 0.2%
CelcomDigi Bhd		55,200		49,014
Maxis		55,200		46,250
				95,264
Consumer Discretionary — 0.1%
Genting		36,200		36,397
Consumer Staples — 0.1%
Sime Darby Plantation		41,900		40,669
Financials — 1.2%
CIMB Group Holdings		152,155		193,712
Hong Leong Bank		9,700		39,898
Malayan Banking		103,416		200,080
Public Bank		239,800		223,883
				657,573
Health Care — 0.1%
IHH Healthcare		36,200		47,505
Materials — 0.1%
Petronas Chemicals Group		55,200		86,013
Utilities — 0.3%
Petronas Gas		9,400		35,595

42

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Tenaga Nasional		68,400	$	149,453
				185,048
TOTAL MALAYSIA				1,148,469
MEXICO — 4.9%
Communication Services — 0.7%
America Movil		421,600		391,862
Consumer Staples — 1.6%
Fomento Economico Mexicano		30,600		399,338
Grupo Bimbo, Ser A		20,600		104,554
Wal-Mart de Mexico		79,400		335,567
				839,459
Financials — 0.9%
Grupo Financiero Banorte, Cl O		41,900		422,501
Grupo Financiero Inbursa, Cl O		28,100		77,507
				500,008
Industrials — 0.5%
Grupo Aeroportuario del Pacifico, Cl B		7,620		133,384
Grupo Aeroportuario del Sureste, Cl B		4,845		142,325
				275,709
Materials — 1.0%
Cemex *		231,600		180,800
Grupo Mexico		41,900		233,024
Southern Copper		1,316		113,268
				527,092
Real Estate — 0.2%
Fibra Uno Administracion †		52,200		94,231
TOTAL MEXICO				2,628,361
PERU — 0.6%
Financials — 0.3%
Credicorp		1,226		183,814
Materials — 0.3%
Cia de Minas Buenaventura SAA ADR		10,522		160,356
TOTAL PERU				344,170
PHILIPPINES — 1.1%
Financials — 0.2%
BDO Unibank		46,664		109,971

43

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.4%
Ayala		5,520	$	67,885
JG Summit		69,335		47,768
SM Investments		5,520		86,924
				202,577
Real Estate — 0.5%
Ayala Land		190,100		118,265
SM Prime		259,500		154,177
				272,442
TOTAL PHILIPPINES				584,990
POLAND — 1.7%
Communication Services — 0.1%
CD Projekt		1,119		32,726
Consumer Discretionary — 0.3%
LPP		47		193,510
Energy — 0.2%
ORLEN		5,186		86,384
Financials — 1.0%
Bank Polska Kasa Opieki		3,061		118,361
Powszechna Kasa Oszczednosci Bank Polski *		15,293		195,701
Powszechny Zaklad Ubezpieczen		11,109		133,542
Santander Bank Polska		593		73,864
				521,468
Materials — 0.1%
KGHM Polska Miedz		2,134		66,588
TOTAL POLAND				900,676
QATAR — 1.2%
Financials — 1.0%
Masraf Al Rayan		72,430		51,562
Qatar Islamic Bank		21,239		121,916
Qatar National Bank		75,297		331,919
				505,397
Industrials — 0.2%
Industries Qatar		33,778		119,675
TOTAL QATAR				625,072

44

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
ROMANIA — 0.2%
Real Estate — 0.2%
NEPI Rockcastle		17,319	$	119,687
TOTAL ROMANIA				119,687
RUSSIA — 0.0%
Communication Services — 0.0%
Mobile TeleSystems PJSC ADR (A) (B)		3,839		—
Consumer Discretionary — 0.0%
X5 Retail Group GDR * (A) (B)		915		—
Energy — 0.0%
Gazprom PJSC * (A) (B)		89,700		—
LUKOIL PJSC (A) (B)		3,729		—
Novatek PJSC GDR * (A) (B)		756		—
Rosneft Oil PJSC (A) (B)		10,270		—
Tatneft PJSC (A) (B)		16,537		—
				—
Financials — 0.0%
Sberbank of Russia PJSC (A) (B)		99,330		—
Materials — 0.0%
Alrosa PJSC (A) (B)		18,910		—
MMC Norilsk Nickel PJSC (A) (B)		670		—
Novolipetsk Steel PJSC * (A) (B)		8,860		—
Severstal PAO * (A) (B)		1,512		—
				—
TOTAL RUSSIA				—
SOUTH AFRICA — 5.7%
Communication Services — 0.4%
MTN Group		25,954		163,920
Vodacom Group		13,625		78,975
				242,895
Consumer Discretionary — 1.5%
Absa Group		11,118		99,529
Naspers, Cl N		3,548		606,870
Woolworths Holdings		28,601		112,918
				819,317
Consumer Staples — 0.6%
Bid		5,186		120,990
Clicks Group		3,112		55,427

45

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Shoprite Holdings		9,900	$	148,899
				325,316
Energy — 0.2%
Exxaro Resources		8,267		92,437
Financials — 2.1%
Capitec Bank		1,607		178,065
Discovery		11,052		86,833
FirstRand		69,269		278,439
Nedbank Group		7,008		82,867
Old Mutual		132,372		94,533
Remgro		13,513		120,060
Sanlam		22,525		89,669
Standard Bank Group		20,393		232,059
				1,162,525
Industrials — 0.3%
Bidvest Group		4,152		57,280
Sasol		8,611		87,247
				144,527
Materials — 0.6%
Anglo American Platinum		1,085		57,194
Gold Fields		16,498		250,598
				307,792
TOTAL SOUTH AFRICA				3,094,809
SOUTH KOREA — 17.8%
Communication Services — 1.0%
Kakao		3,963		167,087
NAVER		1,945		338,287
NCSoft		286		53,407
				558,781
Consumer Discretionary — 2.1%
Coway		668		29,668
Hyundai Mobis		1,063		195,614
Hyundai Motor		2,322		366,897
Kangwon Land		1,500		18,635
Kia		4,626		359,189
LG Electronics *		1,763		139,354
				1,109,357
Consumer Staples — 0.6%
Amorepacific		650		73,181
KT&G		2,605		175,770

46

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
LG H&H		155	$	42,725
				291,676
Energy — 0.4%
HD Hyundai		1,624		79,819
SK Innovation *		1,005		109,482
S-Oil		574		31,020
				220,321
Financials — 1.9%
DB Insurance		630		40,943
Hana Financial Group		5,559		187,329
Industrial Bank of Korea		3,230		29,744
KB Financial Group		6,636		278,754
Samsung Fire & Marine Insurance		840		171,535
Samsung Life Insurance *		874		46,893
Shinhan Financial Group		7,092		221,092
Woori Financial Group		6,053		61,099
				1,037,389
Health Care — 0.3%
Samsung Biologics *		271		159,919
Industrials — 1.7%
Hyundai Engineering & Construction		1,005		27,234
Hyundai Glovis		1,092		162,371
Korea Aerospace Industries		2,816		109,325
Korea Shipbuilding & Offshore Engineering *		480		45,059
LG		2,019		134,663
Samsung C&T		1,801		181,093
Samsung Heavy Industries *		17,437		104,928
SK Holdings		724		100,064
SK Square *		1,338		54,653
				919,390
Information Technology — 8.0%
LG Display *		2,740		27,104
Samsung Electro-Mechanics		1,236		147,027
Samsung Electronics		49,846		3,038,210
Samsung SDI *		836		306,384
Samsung SDS		436		57,551
SK Hynix		6,845		752,052
				4,328,328
Materials — 1.6%
Hyundai Steel		1,005		28,483
Korea Zinc		98		37,894

47

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
LG Chemical		743	$	287,877
Lotte Chemical		229		27,240
POSCO Holdings		1,264		490,231
				871,725
Utilities — 0.2%
Korea Electric Power *		7,862		115,375
TOTAL SOUTH KOREA				9,612,261
TAIWAN — 25.1%
Communication Services — 1.1%
Chunghwa Telecom		75,000		293,250
Far EasTone Telecommunications		55,000		143,008
Taiwan Mobile		55,000		176,700
				612,958
Consumer Staples — 0.6%
President Chain Store		19,000		166,843
Uni-President Enterprises		75,000		182,060
				348,903
Energy — 0.1%
Formosa Petrochemical		19,000		49,960
Financials — 5.7%
Cathay Financial Holding		112,000		166,957
Chailease Holding		37,615		236,546
Chang Hwa Commercial Bank		289,150		168,645
China Development Financial Holding *		342,000		139,851
CTBC Financial Holding		278,000		256,799
E.Sun Financial Holding		238,397		200,409
First Financial Holding		238,605		213,023
Fubon Financial Holding		134,827		284,674
Hua Nan Financial Holdings		192,567		140,235
Mega Financial Holding		155,414		198,505
Shanghai Commercial & Savings Bank		117,000		178,414
Shin Kong Financial Holding *		566,000		163,213
SinoPac Financial Holdings		133,211		85,507
Taishin Financial Holding		418,300		246,696
Taiwan Cooperative Financial Holding		213,114		185,404
Yuanta Financial Holding		229,285		206,197
				3,071,075
Industrials — 0.3%
Far Eastern New Century		168,000		170,789

48

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology — 15.5%
ASE Technology Holding		59,000	$	259,527
Asustek Computer		19,000		303,042
AUO		151,600		89,654
Catcher Technology		19,000		120,102
Delta Electronics		38,000		388,166
Hon Hai Precision Industry		168,000		572,034
Innolux		195,001		90,859
Lite-On Technology		75,000		285,919
MediaTek		19,000		628,370
Novatek Microelectronics		19,000		320,066
Pegatron		58,000		164,983
Quanta Computer		57,000		416,953
Taiwan Semiconductor Manufacturing		230,000		4,444,046
United Microelectronics		150,000		257,083
				8,340,804
Materials — 1.8%
Asia Cement		75,000		101,293
China Steel		248,000		218,178
Formosa Chemicals & Fibre		57,000		115,707
Formosa Plastics		75,000		193,545
Nan Ya Plastics		94,000		203,679
Taiwan Cement		111,404		126,503
				958,905
TOTAL TAIWAN				13,553,394
THAILAND — 2.1%
Communication Services — 0.2%
Advanced Info Service		18,100		115,072
				115,072
Consumer Staples — 0.3%
CP ALL		92,000		150,941
				150,941
Energy — 0.6%
PTT		195,800		205,078
PTT Exploration & Production		26,800		117,384
				322,462
Health Care — 0.3%
Bangkok Dusit Medical Services, Cl F		172,500		140,244
				140,244

49

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.3%
Airports of Thailand		83,800	$	146,695
				146,695
Materials — 0.3%
Indorama Ventures		57,000		45,507
PTT Global Chemical		46,300		52,225
Siam Cement		9,600		86,064
				183,796
Real Estate — 0.1%
Central Pattana		26,800		54,962
				54,962
TOTAL THAILAND				1,114,172
TURKEY — 0.7%
Consumer Staples — 0.3%
BIM Birlesik Magazalar		12,951		131,883
Energy — 0.2%
Turkiye Petrol Rafinerileri		25,928		125,540
Financials — 0.2%
Akbank		92,656		114,573
TOTAL TURKEY				371,996
UNITED ARAB EMIRATES — 1.2%
Communication Services — 0.4%
Emirates Telecommunications Group PJSC		40,529		216,728
Financials — 0.6%
Abu Dhabi Commercial Bank PJSC		41,131		102,807
First Abu Dhabi Bank PJSC		60,622		230,421
				333,228
Real Estate — 0.2%
Emaar Properties PJSC		45,408		97,919
TOTAL UNITED ARAB EMIRATES				647,875
UNITED STATES — 0.1%
Consumer Staples — 0.1%
JBS		11,200		57,434
TOTAL UNITED STATES				57,434
TOTAL COMMON STOCK (Cost $49,790,833)				51,651,610

50

Schedule of Investments (Unaudited) December 31, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

	Shares		Value
PREFERRED STOCK — 4.0%
BRAZIL— 2.7%
Energy — 0.9%
Petroleo Brasileiro (C)		62,700	$	480,679
Financials — 1.6%
Banco Bradesco (C)		84,371		296,834
Itau Unibanco Holding (C)		60,400		422,387
Itausa (C)		79,676		170,093
				889,314
Materials — 0.1%
Gerdau (C)		13,475		65,910
Utilities — 0.1%
Cia Energetica de Minas Gerais (C)		15,523		36,686
TOTAL BRAZIL				1,472,589
CHILE— 0.3%
Industrials — 0.3%
Sociedad Quimica y Minera de Chile (C)		2,347		141,500
COLOMBIA— 0.1%
Financials — 0.1%
Bancolombia (C)		5,694		43,976
RUSSIA— 0.0%
Energy — 0.0%
Surgutneftegas PJSC (A) (B) (C)		50,900		—
SOUTH KOREA— 0.9%
Information Technology — 0.9%
Samsung Electronics (C)		10,176		492,247
TOTAL PREFERRED STOCK (Cost $1,910,363)				2,150,312
TOTAL INVESTMENTS — 99.8% (Cost $51,701,196)				53,801,922
OTHER ASSETS LESS LIABILITIES – 0.2%				102,931
NET ASSETS - 100%			$	53,904,853

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

† Real Estate Investment Trust

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

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

(C) Currently, no stated interest rate.

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

See “Glossary” for abbreviations.

KRS-QH-014-1000

51

Schedule of Investments (Unaudited) December 31, 2023

KraneShares CICC China 5G & Semiconductor Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
CHINA — 99.7%
Communication Services — 1.1%
Kunlun Tech, Cl A *		24,700	$	129,734
Information Technology — 98.6%
ACM Research Shanghai, Cl A		9,111		133,595
Advanced Micro-Fabrication Equipment China, Cl A		12,234		263,902
Avary Holding Shenzhen, Cl A		47,585		149,158
Beijing Kingsoft Office Software, Cl A		9,660		428,966
BOE Technology Group, Cl A		756,830		414,521
BYD Electronic International		45,500		213,266
Cambricon Technologies, Cl A *		9,532		180,664
Chaozhou Three-Circle Group, Cl A		39,264		162,391
China Resources Microelectronics, Cl A		27,421		172,099
China Zhenhua Group Science & Technology, Cl A		11,300		93,376
Foxconn Industrial Internet, Cl A		417,974		887,533
GigaDevice Semiconductor, Cl A		13,700		177,758
GoerTek, Cl A		68,922		203,361
Guangzhou Shiyuan Electronic Technology, Cl A		14,400		92,541
Guobo Electronics, Cl A		8,464		94,534
Hangzhou Silan Microelectronics, Cl A		34,200		109,652
Hua Hong Semiconductor *		27,000		65,282
Hygon Information Technology, Cl A		50,838		506,766
Iflytek, Cl A		48,300		314,602
Ingenic Semiconductor, Cl A		10,000		90,793
JCET Group, Cl A		36,600		153,481
Lingyi iTech Guangdong, Cl A		141,500		134,334
Luxshare Precision Industry, Cl A		145,205		702,513
Maxscend Microelectronics, Cl A		11,069		219,181
Montage Technology, Cl A		23,784		196,268
National Silicon Industry Group, Cl A *		57,777		140,536
NAURA Technology Group, Cl A		10,418		359,493
OFILM Group, Cl A *		65,800		80,487
Sanan Optoelectronics, Cl A		102,700		199,758
SenseTime Group, Cl B *		526,000		78,140
SG Micro, Cl A		9,900		123,753
Shanghai BOCHU Electronic Technology, Cl A		2,909		103,404
Shennan Circuits, Cl A		10,200		101,691
Shenzhen Goodix Technology, Cl A *		9,400		91,220
Shenzhen Transsion Holdings, Cl A		16,171		314,309
Sunny Optical Technology Group		22,700		205,966
TCL Zhonghuan Renewable Energy Technology, Cl A		83,800		184,062
TongFu Microelectronics, Cl A		29,400		95,459
Unigroup Guoxin Microelectronics, Cl A *		17,600		166,716
Will Semiconductor Shanghai, Cl A		25,206		377,737
Wingtech Technology, Cl A *		26,055		154,817

52

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Wuhan Guide Infrared, Cl A		86,900	$	89,089
WUS Printed Circuit Kunshan, Cl A		38,100		118,357
Xiaomi, Cl B *		402,800		804,718
Yealink Network Technology, Cl A		25,932		107,616
Zhejiang Dahua Technology, Cl A		67,800		175,675
Zhejiang Jingsheng Mechanical & Electrical, Cl A		27,620		171,020
Zhongji Innolight, Cl A		16,900		267,980
ZTE, Cl H		155,400		347,078
				11,019,618
TOTAL CHINA				11,149,352
TOTAL COMMON STOCK (Cost $12,862,796)				11,149,352
TOTAL INVESTMENTS — 99.7% (Cost $12,862,796)				11,149,352
OTHER ASSETS LESS LIABILITIES – 0.3%				31,056
NET ASSETS - 100%			$	11,180,408

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

* Non-income producing security.

See “Glossary” for abbreviations.

KRS-QH-022-0600

53

Schedule of Investments (Unaudited) December 31, 2023

KraneShares CICC China Consumer Leaders Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
CHINA — 97.1%
Consumer Discretionary — 34.7%
ANTA Sports Products		20,400	$	197,898
Bosideng International Holdings		84,000		37,759
Gree Electric Appliances of Zhuhai, Cl A		42,100		190,203
Haidilao International Holding		37,000		68,896
Haier Smart Home, Cl A		86,800		255,990
Li Ning		50,500		135,166
Midea Group, Cl A		50,265		385,638
Oppein Home Group, Cl A		3,300		32,260
Yum China Holdings		4,500		191,444
Zhejiang Supor, Cl A		3,400		25,312
				1,520,566
Consumer Staples — 60.5%
China Mengniu Dairy		67,000		180,187
China Resources Beer Holdings		36,000		157,673
Chongqing Brewery, Cl A		4,136		38,598
Eastroc Beverage Group, Cl A		1,800		46,136
Foshan Haitian Flavouring & Food, Cl A		29,527		157,368
Henan Shuanghui Investment & Development, Cl A		21,535		80,780
Hengan International Group		14,000		52,084
Inner Mongolia Yili Industrial Group, Cl A		80,200		301,288
Jiangsu Yanghe Brewery JSC, Cl A		11,517		177,754
Kweichow Moutai, Cl A		1,800		436,312
Luzhou Laojiao, Cl A		8,000		201,579
Proya Cosmetics, Cl A		3,820		53,325
Shanghai Bairun Investment Holding Group, Cl A		11,700		40,437
Shanghai Flyco Electrical Appliance, Cl A		9,917		70,332
Shanxi Xinghuacun Fen Wine Factory, Cl A		6,000		194,419
Tsingtao Brewery, Cl H		16,000		107,370
Wuliangye Yibin, Cl A		18,000		354,686
				2,650,328
Real Estate — 1.9%
Shenzhen Overseas Chinese Town, Cl A *		80,100		34,984
Youngor Fashion, Cl A		54,600		50,225
				85,209
TOTAL CHINA				4,256,103

54

Schedule of Investments (Unaudited) December 31, 2023

KraneShares CICC China Consumer Leaders Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 2.6%
Consumer Staples — 2.6%
WH Group		179,500	$	115,858
TOTAL HONG KONG				115,858
TOTAL COMMON STOCK (Cost $5,562,476)				4,371,961
TOTAL INVESTMENTS — 99.7% (Cost $5,562,476)				4,371,961
OTHER ASSETS LESS LIABILITIES – 0.3%				11,557
NET ASSETS - 100%			$	4,383,518

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

* Non-income producing security.

See “Glossary” for abbreviations.

KRS-QH-023-0600

55

Schedule of Investments (Unaudited) December 31, 2023

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 95.4% ‡
CHINA — 95.4%
Consumer Discretionary — 2.6%
Beijing Roborock Technology, Cl A		16,486	$	655,098
Tianneng Battery Group, Cl A		28,443		111,526
				766,624
Health Care — 12.3%
Bloomage Biotechnology, Cl A		40,266		378,480
iRay Technology, Cl A		10,652		486,588
MGI Tech, Cl A		43,433		524,690
Shanghai Junshi Biosciences, Cl A *		96,102		564,551
Shanghai United Imaging Healthcare, Cl A		84,117		1,618,525
Sichuan Biokin Pharmaceutical, Cl A *		7,504		147,433
				3,720,267
Industrials — 8.1%
AVIC Chengdu UAS, Cl A		28,215		151,881
GoodWe Technologies, Cl A		25,294		463,849
Hoymiles Power Electronics, Cl A		8,692		329,577
Hunan Changyuan Lico, Cl A		201,598		206,677
Ningbo Ronbay New Energy Technology, Cl A		60,726		339,423
Pylon Technologies, Cl A		22,022		327,828
Sany Heavy Energy, Cl A		50,390		202,534
Yuneng Technology, Cl A		9,052		155,571
Zhuzhou CRRC Times Electric, Cl A		54,479		277,957
				2,455,297
Information Technology — 68.5%
3peak, Cl A		16,589		340,841
ACM Research Shanghai, Cl A		18,213		267,059
Advanced Micro-Fabrication Equipment China, Cl A		90,597		1,954,288
Amlogic Shanghai, Cl A		69,620		612,350
ASR Microelectronics, Cl A *		43,711		432,408
Beijing Kingsoft Office Software, Cl A		48,247		2,142,474
Cambricon Technologies, Cl A *		43,533		825,101
China Railway Signal & Communication, Cl A		540,523		332,484
China Resources Microelectronics, Cl A		110,356		692,612
Everdisplay Optronics Shanghai, Cl A *		868,802		296,490
GalaxyCore, Cl A		163,052		468,735
Guobo Electronics, Cl A		7,486		83,611
Hwatsing Technology, Cl A		19,930		525,358
Hygon Information Technology, Cl A		192,618		1,920,067
Jinko Solar, Cl A		417,988		520,093
Loongson Technology, Cl A *		29,946		465,175
Montage Technology, Cl A		190,270		1,570,130
National Silicon Industry Group, Cl A *		344,487		837,923
Piotech, Cl A		19,561		635,399

56

Schedule of Investments (Unaudited) December 31, 2023

KraneShares SSE STAR Market 50 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Qi An Xin Technology Group, Cl A *		57,278	$	322,483
Shanghai BOCHU Electronic Technology, Cl A		12,230		434,744
Shanghai Fudan Microelectronics Group, Cl A		55,625		301,771
Shenzhen Transsion Holdings, Cl A		67,426		1,310,530
SICC, Cl A *		35,924		333,328
SUPCON Technology, Cl A		114,978		732,280
Suzhou Novosense Microelectronics, Cl A		17,873		418,791
Trina Solar, Cl A		227,129		910,034
Verisilicon Microelectronics Shanghai, Cl A *		62,668		439,695
Xinjiang Daqo New Energy, Cl A		134,485		558,481
				20,684,735
Materials — 3.9%
Cathay Biotech, Cl A		47,277		365,035
Western Superconducting Technologies, Cl A		95,044		710,504
Zhongfu Shenying Carbon Fiber, Cl A		26,334		112,095
				1,187,634
TOTAL CHINA				28,814,557
TOTAL COMMON STOCK (Cost $37,564,557)				28,814,557
TOTAL INVESTMENTS — 95.4% (Cost $37,564,557)				28,814,557
OTHER ASSETS LESS LIABILITIES – 4.6%				1,403,603
NET ASSETS - 100%			$	30,218,160

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

* Non-income producing security.

See “Glossary for abbreviations”.

KRS-QH-024-0600

57

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 90.0% ‡
CHINA — 90.0%
Communication Services — 23.7%
Baidu, Cl A *		15,650	$	232,689
Bilibili, Cl Z *		6,680		80,072
China Literature *		11,400		42,411
Kingsoft		23,800		73,455
Kuaishou Technology, Cl B *		34,300		232,589
NetEase		12,805		230,566
Tencent Holdings		12,500		469,998
Weibo, Cl A		120		1,316
				1,363,096
Consumer Discretionary — 40.1%
Alibaba Group Holding		53,000		513,130
East Buy Holding *		11,000		39,162
Haier Smart Home, Cl H		59,426		167,809
JD.com, Cl A		36,810		530,325
Li Auto, Cl A *		25,500		480,377
Meituan, Cl B *		21,880		229,488
NIO, Cl A *		2,500		23,564
Trip.com Group *		3,400		120,873
XPeng, Cl A *		28,500		206,946
				2,311,674
Consumer Staples — 4.2%
Alibaba Health Information Technology *		134,000		72,761
JD Health International *		27,100		135,699
Ping An Healthcare and Technology *		15,100		34,344
				242,804
Financials — 0.8%
ZhongAn Online P&C Insurance, Cl H *		21,100		48,207
Information Technology — 21.2%
BYD Electronic International		20,000		93,743
GDS Holdings, Cl A *		9,300		10,790
Hua Hong Semiconductor *		16,000		38,686
Kingdee International Software Group *		70,000		102,016
Lenovo Group		164,000		229,349
SenseTime Group, Cl B *		547,000		81,260
Sunny Optical Technology Group		17,440		158,240

58

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Xiaomi, Cl B *		253,400	$	506,245
				1,220,329
TOTAL CHINA				5,186,110
TOTAL COMMON STOCK (Cost $5,193,908)				5,186,110
TOTAL INVESTMENTS — 90.0% (Cost $5,193,908)				5,186,110
OTHER ASSETS LESS LIABILITIES – 10.0%				573,820
NET ASSETS - 100%			$	5,759,930

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

* Non-income producing security.

See “Glossary for abbreviations”.

KRS-QH-028-0600

59

Schedule of Investments (Unaudited) December 31, 2023

KraneShares China Innovation ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 98.1%
KraneShares CICC China 5G and Semiconductor Index ETF (A)		12,862	$	191,325
KraneShares CSI China Internet ETF (A)		15,695		423,765
KraneShares MSCI All China Health Care Index ETF (A)		20,034		350,394
KraneShares MSCI China Clean Technology Index ETF (A)		10,183		234,209
KraneShares SSE STAR Market 50 Index ETF * (A)		9,856		121,016
TOTAL EXCHANGE - TRADED FUNDS (Cost $2,281,345)				1,320,709
TOTAL INVESTMENTS — 98.1% (Cost $2,281,345)				1,320,709
OTHER ASSETS LESS LIABILITIES – 1.9%				25,189
NET ASSETS - 100%			$	1,345,898

* Non-income producing security.

(A) Affiliated Investment.

Transactions with affiliated companies during the period ended December 31, 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 12/31/2023		Dividend Income			Capital Gain Distributions
KraneShares CICC China 5G and Semiconductor Index ETF
$	262,320	$	—	$	(32,787	)	$	(25,624	)	$	(12,584	)	$	191,325	$	501	$		—
KraneShares CSI China Internet ETF
	472,684		14,899		—			(63,818	)		—			423,765		7,238			—
KraneShares MSCI All China Health Care Index ETF
	368,272		37,900		—			(55,778	)		—			350,394		2,261			—
KraneShares MSCI China Clean Technology Index ETF
	320,491		—		(29,064	)		(41,412	)		(15,806	)		234,209		1,742			—
KraneShares SSE STAR Market 50 Index ETF
	172,534		—		(4,447	)		(44,518	)		(2,553	)		121,016		—			—
$	1,596,301	$	52,799	$	(66,298	)	$	(231,150	)	$	(30,943	)	$	1,320,709	$	11,742			—

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

See “Glossary” for abbreviations.

KRS-QH-032-0500

60

Schedule of Investments (Unaudited) December 31, 2023

KraneShares S&P Pan Asia Dividend Aristocrats ETF

	Shares		Value
COMMON STOCK — 99.6% ‡
AUSTRALIA — 17.8%
Communication Services — 2.1%
CAR Group		2,600	$	55,246
Financials — 1.6%
Steadfast Group		10,859		43,124
Health Care — 3.2%
EBOS Group		1,286		28,905
Sonic Healthcare		2,600		56,914
				85,819
Industrials — 1.2%
Computershare		1,970		32,786
Information Technology — 1.8%
Altium		857		27,397
Technology One		1,909		20,021
				47,418
Materials — 3.5%
Brickworks		3,032		57,846
Northern Star Resources		3,896		36,288
				94,134
Real Estate — 1.9%
Charter Hall Group †		6,047		49,679
Utilities — 2.5%
APA Group		11,453		66,740
TOTAL AUSTRALIA				474,946
CHINA — 18.2%
Consumer Discretionary — 2.4%
Bosideng International Holdings		144,000		64,729
Financials — 2.1%
Ping An Insurance Group of China, Cl H		12,000		54,325
Health Care — 7.9%
China Medical System Holdings		52,000		92,166
CSPC Pharmaceutical Group		38,000		35,330
Sinopharm Group, Cl H		31,600		82,758
				210,254
Real Estate — 2.4%
China Resources Land		18,000		64,545

61

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Utilities — 3.4%
Guangdong Investment		124,000	$	90,198
TOTAL CHINA				484,051
HONG KONG — 11.3%
Financials — 0.9%
AIA Group		2,800		24,401
Industrials — 1.6%
Techtronic Industries		3,500		41,708
Real Estate — 2.3%
Swire Properties		30,600		61,917
Utilities — 6.5%
CK Infrastructure Holdings		19,500		107,882
Hong Kong & China Gas		86,000		65,861
				173,743
TOTAL HONG KONG				301,769
INDIA — 1.0%
Information Technology — 1.0%
Infosys ADR		1,496		27,496
TOTAL INDIA				27,496
INDONESIA — 1.3%
Financials — 1.3%
Bank Central Asia		56,400		34,433
TOTAL INDONESIA				34,433
JAPAN — 35.6%
Communication Services — 1.7%
Hakuhodo DY Holdings		1,200		9,197
KDDI		600		19,092
Nippon Telegraph & Telephone		14,200		17,355
				45,644
Consumer Discretionary — 3.8%
Fujitsu General		200		3,288
Open House Group		500		14,836
Rinnai		300		6,954
Sekisui Chemical		1,200		17,300
Sekisui House		1,200		26,659
Seria		600		11,189
TS Tech		1,800		21,782
				102,008

62

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 4.0%
Asahi Group Holdings		400	$	14,919
Kao		400		16,456
Lion		800		7,425
Morinaga		800		14,518
Seven & i Holdings		200		7,937
Sundrug		500		16,073
Takara Holdings		2,100		18,456
Welcia Holdings		300		5,248
Yakult Honsha		200		4,493
				105,525
Financials — 4.0%
Chiba Bank		1,800		13,004
SBI Holdings		1,400		31,499
Tokio Marine Holdings		900		22,529
Tokyo Century		2,000		21,663
Zenkoku Hosho		500		18,850
				107,545
Health Care — 3.2%
Alfresa Holdings		1,400		23,798
Astellas Pharma		1,100		13,155
Mani		600		9,082
Medipal Holdings		1,000		16,212
Shionogi		200		9,644
Ship Healthcare Holdings		400		6,831
Terumo		200		6,557
				85,279
Industrials — 5.1%
Benefit One		700		10,539
COMSYS Holdings		1,300		28,678
EXEO Group		1,300		28,908
Hikari Tsushin		100		16,584
Kurita Water Industries		100		3,915
Sanwa Holdings		2,200		33,371
SHO-BOND Holdings		300		13,336
				135,331
Information Technology — 4.4%
Azbil		400		13,239
Murata Manufacturing		600		12,738
NEC Networks & System Integration		1,100		18,562
Nomura Research Institute		300		8,727
NTT Data Group		400		5,672
Oracle Japan *		200		15,421

63

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Otsuka		500	$	20,616
SCSK		800		15,866
TIS		300		6,611
				117,452
Materials — 3.1%
Nippon Sanso Holdings		700		18,749
Nissan Chemical		400		15,622
Nitto Denko		300		22,450
Shin-Etsu Chemical		600		25,182
				82,003
Real Estate — 5.6%
Aeon Mall		1,200		15,083
Hulic		2,500		26,183
Japan Metropolitan Fund Invest †		29		20,961
Japan Real Estate Investment †		5		20,712
Mori Hills REIT Investment, Cl A †		18		17,901
Nomura Real Estate Holdings		900		23,678
Tokyo Tatemono		1,600		23,969
				148,487
Utilities — 0.7%
Nippon Gas		1,100		18,160
TOTAL JAPAN				947,434
NEW ZEALAND — 1.3%
Health Care — 1.3%
Fisher & Paykel Healthcare		2,233		33,366
TOTAL NEW ZEALAND				33,366
PHILIPPINES — 2.3%
Industrials — 2.3%
International Container Terminal Services		13,880		61,862
TOTAL PHILIPPINES				61,862
TAIWAN — 10.0%
Financials — 1.5%
Chailease Holding		6,120		38,486
Information Technology — 8.5%
Advantech		4,300		52,116
Sinbon Electronics		6,000		58,455

64

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Wistron		36,000	$	115,658
				226,229
TOTAL TAIWAN				264,715
THAILAND — 0.8%
Financials — 0.8%
Krungthai Card		17,400		22,175
TOTAL THAILAND				22,175
TOTAL COMMON STOCK (Cost $2,487,282)				2,652,247
TOTAL INVESTMENTS — 99.6% (Cost $2,487,282)				2,652,247
OTHER ASSETS LESS LIABILITIES – 0.4%				9,862
NET ASSETS - 100%			$	2,662,109

‡	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-035-0300

65

Schedule of Investments (Unaudited) December 31, 2023

KraneShares China Internet and Covered Call Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUND — 101.4%
KraneShares CSI China Internet ETF (A)		4,727,712	$	127,648,224‌
TOTAL EXCHANGE - TRADED FUND (Cost $128,725,927)				127,648,224‌
TOTAL INVESTMENTS — 101.4% (Cost $128,725,927)				127,648,224‌
OTHER ASSETS LESS LIABILITIES – (1.4)%				(1,786,433	)
NET ASSETS - 100%			$	125,861,791‌
WRITTEN OPTIONS— (3.9)% (Premiums Received $(5,239,396))			$	(4,891,305	)

(A) Affiliated Investment.

Written options contracts outstanding as of December 31, 2023 were as follows:

Description	Number of Contracts	Notional Amount			Exercise Price		Expiration Date	Market Value
WRITTEN OPTIONS — (3.9)%
Call Options
KWEB US*	(13,280)		(35,856,000	)	$	27.67	01/05/24	$	(393,885	)
KWEB US*	(4,022)		(10,859,400	)		26.69	01/12/24		(379,355	)
KWEB US*	(942)		(2,543,400	)		26.81	01/19/24		(96,442	)
KWEB US*	(2,285)		(6,169,500	)		27.34	01/19/24		(180,446	)
KWEB US*	(7,175)		(19,372,500	)		25.81	01/26/24		(1,293,150	)
KWEB US*	(1,256)		(3,391,200	)		26.04	01/26/24		(207,655	)
KWEB US*	(942)		(2,543,400	)		26.06	01/26/24		(154,563	)
KWEB US*	(302)		(815,400	)		25.93	02/02/24		(56,115	)
KWEB US*	(604)		(1,630,800	)		26.64	02/02/24		(87,538	)
KWEB US*	(16,469)		(2,042,156	)		27.00	02/02/24		(2,042,156	)
Total Written Options (Premiums Received $5,239,396)								$	(4,891,305	)

Transactions with affiliated companies during the period ended December 31, 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 12/31/2023		Dividend Income		Capital Gain Distributions
KraneShares CSI China Internet ETF
$	5,642,645	$	331,740,803	$	(202,716,627	)	$	(749,672	)	$	(6,268,925	)	$	127,648,224	$	1,980,604	$	—

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

KRS-QH-037-0200

66

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Dynamic Emerging Markets Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 99.1%
KraneShares MSCI All China Index ETF (A)		112,596	$	2,050,249
KraneShares MSCI Emerging Markets ex China Index ETF (A)		56,867		1,621,392
TOTAL EXCHANGE - TRADED FUNDS (Cost $3,726,952)				3,671,641
TOTAL INVESTMENTS — 99.1% (Cost $3,726,952)				3,671,641
OTHER ASSETS LESS LIABILITIES – 0.9%				34,720
NET ASSETS - 100%			$	3,706,361

(A) Affiliated Investment.

Transactions with affiliated companies during the period ended December 31, 2023 are as follows:

							Change in
Value							Unrealized					Value				Capital
as of		Purchases at		Proceeds			Appreciation/			Realized		as of		Dividend		Gain
8/25/2023		Cost		from Sale			(Depreciation)			Gain/(Loss)		12/31/2023		Income		Distributions
KraneShares MSCI All China Index ETF
$	—	$	4,550,666	$	(2,374,475	)	$	(169,806	)	$	43,864	$	2,050,249	$	69,182	$	—
KraneShares MSCI Emerging Markets ex China Index ETF
	—		3,137,413		(1,643,938	)		114,495			13,422		1,621,392		32,365		—
$	—	$	7,688,079	$	(4,018,413	)	$	(55,311	)	$	57,286	$	3,671,641	$	101,547	$	—

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

KRS-QH-038-0100

67

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Global Luxury Index ETF

	Shares		Value
COMMON STOCK — 97.7% ‡
CHINA — 0.4%
Consumer Discretionary — 0.4%
Chow Tai Fook Jewellery Group		8,600	$	12,798
TOTAL CHINA				12,798
DENMARK — 1.6%
Consumer Discretionary — 1.6%
Pandora		374		51,719
TOTAL DENMARK				51,719
FRANCE — 37.5%
Consumer Discretionary — 8.9%
Hermes International		68		144,134
Kering		315		138,838
				282,972
Consumer Staples — 4.5%
Pernod Ricard		724		127,763
Remy Cointreau		105		13,339
				141,102
Financials — 10.1%
LVMH Moet Hennessy Louis Vuitton		397		321,719
Health Care — 4.5%
EssilorLuxottica		708		142,029
Materials — 9.5%
L’Oreal		609		303,168
TOTAL FRANCE				1,190,990
GERMANY — 0.6%
Consumer Discretionary — 0.6%
HUGO BOSS		282		21,015
TOTAL GERMANY				21,015
HONG KONG — 0.6%
Consumer Discretionary — 0.6%
Melco Resorts & Entertainment ADR *		2,219		19,683
TOTAL HONG KONG				19,683
ITALY — 8.3%
Consumer Discretionary — 7.4%
Brunello Cucinelli		165		16,149
Ferrari		419		141,262
Moncler		1,029		63,314

68

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Global Luxury Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
PRADA		2,400	$	13,723
				234,448
Consumer Staples — 0.9%
Davide Campari-Milano		2,559		28,876
TOTAL ITALY				263,324
JAPAN — 5.0%
Consumer Discretionary — 0.3%
Casio Computer		1,000		8,678
Consumer Staples — 4.7%
Kao		2,100		86,395
Shiseido		2,100		63,337
				149,732
TOTAL JAPAN				158,410
MACAU — 2.9%
Consumer Discretionary — 2.9%
Galaxy Entertainment Group		10,000		56,028
Sands China *		12,400		36,286
TOTAL MACAU				92,314
SINGAPORE — 0.6%
Consumer Discretionary — 0.6%
Genting Singapore		26,200		19,862
TOTAL SINGAPORE				19,862
SWITZERLAND — 8.5%
Consumer Discretionary — 8.5%
Cie Financiere Richemont, Cl A		1,691		232,559
Swatch Group		135		36,667
TOTAL SWITZERLAND				269,226
UNITED KINGDOM — 8.3%
Consumer Discretionary — 1.4%
Burberry Group		1,898		34,261
Watches of Switzerland Group *		1,113		10,052
				44,313
Consumer Staples — 6.9%
Diageo		6,017		219,068
TOTAL UNITED KINGDOM				263,381

69

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Global Luxury Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
UNITED STATES — 23.4%
Consumer Discretionary — 17.7%
Boyd Gaming		365	$	22,853
Caesars Entertainment *		1,095		51,334
Capri Holdings *		549		27,582
Deckers Outdoor *		104		69,517
Las Vegas Sands		1,457		71,699
MGM Resorts International *		1,302		58,173
Penn Entertainment *		743		19,333
Ralph Lauren, Cl A		192		27,686
Red Rock Resorts, Cl A		238		12,692
Samsonite International *		6,900		22,754
Signet Jewelers		199		21,344
Tapestry		1,098		40,417
Vail Resorts		184		39,278
VF		1,982		37,262
Wynn Resorts		460		41,911
				563,835
Consumer Staples — 5.7%
Coty, Cl A *		1,880		23,350
Estee Lauder, Cl A		977		142,886
Inter Parfums		90		12,961
				179,197
TOTAL UNITED STATES				743,032
TOTAL COMMON STOCK (Cost $2,911,414)				3,105,754
TOTAL INVESTMENTS — 97.7% (Cost $2,911,414)				3,105,754
OTHER ASSETS LESS LIABILITIES – 2.3%				73,321
NET ASSETS - 100%			$	3,179,075

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

KRS-QH-039-0100

70

Schedule of Investments (Unaudited) December 31, 2023

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

	Shares		Value
COMMON STOCK — 99.5% ‡
UNITED STATES — 99.5%
Communication Services — 2.0%
Comcast, Cl A		14,143	$	620,171
Consumer Discretionary — 10.0%
Amazon.com *		7,558		1,148,363
Big Lots		80,903		630,234
Home Depot		2,172		752,707
Lowe’s		2,655		590,870
				3,122,174
Consumer Staples — 2.1%
Altria Group		6,860		276,733
Coca-Cola		2,195		129,351
Kimberly-Clark		2,151		261,368
				667,452
Energy — 1.4%
DT Midstream		7,989		437,797
Financials — 10.4%
Annaly Capital Management †		24,834		481,035
CME Group, Cl A		2,330		490,698
Eversource Energy		4,160		256,755
Goldman Sachs Group		1,598		616,460
JPMorgan Chase		5,146		875,335
T Rowe Price Group		4,729		509,266
				3,229,549
Health Care — 6.6%
AbbVie		2,959		458,556
Bristol-Myers Squibb		5,388		276,458
CVS Health		3,754		296,416
Gilead Sciences		5,529		447,904
Pfizer		20,241		582,739
				2,062,073
Industrials — 19.6%
Cummins		2,086		499,743
Emerson Electric		5,586		543,685
Fastenal		7,903		511,877
Honeywell International		1,730		362,798
Illinois Tool Works		2,067		541,430
MSC Industrial Direct, Cl A		4,667		472,580
PACCAR		5,260		513,639
Parker-Hannifin		1,142		526,119
Paychex		3,916		466,435

71

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Robert Half		5,591	$	491,561
RTX		3,721		313,085
Snap-on		850		245,514
Union Pacific		559		137,302
Watsco		1,150		492,741
				6,118,509
Information Technology — 20.0%
Adobe *		1,128		672,965
Analog Devices		2,919		579,597
Apple		6,821		1,313,247
Cisco Systems		12,612		637,158
Intuit		1,011		631,905
Juniper Networks		15,920		469,322
Microsoft		3,506		1,318,396
Texas Instruments		3,596		612,974
				6,235,564
Materials — 4.0%
Air Products and Chemicals		1,902		520,768
Packaging Corp of America		1,554		253,162
Sonoco Products		8,312		464,391
				1,238,321
Real Estate — 5.0%
American Tower †		2,546		549,630
Crown Castle †		4,183		481,840
Service Properties Trust †		59,867		511,264
				1,542,734
Utilities — 18.4%
ALLETE		7,499		458,639
American Electric Power		6,187		502,508
Avista		13,119		468,873
Black Hills		8,517		459,492
CMS Energy		4,281		248,598
Entergy		4,704		475,998
Evergy		9,081		474,028
New Jersey Resources		4,960		221,117
NextEra Energy Partners		18,351		558,054
OGE Energy		12,882		449,968
Pinnacle West Capital		6,162		442,678
Public Service Enterprise Group		7,635		466,880
WEC Energy Group		2,864		241,063

72

Schedule of Investments (Unaudited) December 31, 2023

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

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Xcel Energy		4,000	$	247,640
				5,715,536
TOTAL UNITED STATES				30,989,880
TOTAL COMMON STOCK (Cost $28,489,012)				30,989,880
TOTAL INVESTMENTS — 99.5% (Cost $28,489,012)				30,989,880
OTHER ASSETS LESS LIABILITIES – 0.5%				171,023
NET ASSETS - 100%			$	31,160,903

‡ 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-026-0600

73

Schedule of Investments (Unaudited) December 31, 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

USSW5 — USD Swap Semi 30/360 5 Yr Curr

74