Schedule of Investments (Unaudited) December 31, 2024

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.2% ‡
CHINA — 99.2%
Communication Services — 41.1%
Autohome ADR		2,674,180	$	69,394,971
Baidu, Cl A *		20,441,584		217,627,430
Bilibili, Cl Z *		9,579,884		175,122,591
China Literature *		15,539,400		50,411,354
Cloud Music *		2,154,450		31,673,503
iQIYI ADR *		20,310,546		40,824,198
JOYY ADR *		1,420,531		59,449,222
Kanzhun ADR *		15,294,351		211,062,044
Kingsoft		30,228,400		130,946,474
Kuaishou Technology, Cl B *		38,147,800		203,066,643
NetEase		11,961,405		213,113,943
Tencent Holdings		10,786,575		579,046,180
Tencent Music Entertainment Group ADR		18,558,100		210,634,435
Weibo ADR		3,226,054		30,808,816
				2,223,181,804
Consumer Discretionary — 40.2%
Alibaba Group Holding		47,065,964		499,261,122
JD.com, Cl A		11,776,990		206,189,618
Meituan, Cl B *		21,219,647		414,397,679
PDD Holdings ADR *		2,544,549		246,795,808
TAL Education Group ADR *		19,144,969		191,832,589
Tongcheng Travel Holdings		45,142,200		105,766,391
Trip.com Group *		4,702,450		326,897,444
Vipshop Holdings ADR		13,793,309		185,795,872
				2,176,936,523
Consumer Staples — 5.2%
Alibaba Health Information Technology * ^(A)		214,652,000		91,741,661
East Buy Holding * ^(A)		17,281,500		40,000,434
JD Health International *		42,108,787		152,325,506
				284,067,601
Financials — 4.5%
Qifu Technology ADR		5,262,835		201,987,607
ZhongAn Online P&C Insurance, Cl H * ^(A)		28,039,800		42,522,010
				244,509,617
Industrials — 4.0%
Full Truck Alliance ADR		19,822,684		214,481,441

Schedule of Investments (Unaudited) December 31, 2024

KraneShares CSI China Internet ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 4.2%
KE Holdings ADR		12,377,457	$	227,992,758

TOTAL CHINA				5,371,169,744

TOTAL COMMON STOCK (Cost $5,600,890,737)				5,371,169,744

SHORT-TERM INVESTMENT — 1.8%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.420% ^(B)(C)		96,541,051		96,541,051
TOTAL SHORT-TERM INVESTMENT (Cost $96,541,051)				96,541,051

TOTAL INVESTMENTS — 101.0% (Cost $5,697,431,788)				5,467,710,795
OTHER ASSETS LESS LIABILITIES – (1.0)%				(53,558,379	)
NET ASSETS - 100%			$	5,414,152,416

‡	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, 2024.
(B)	The rate shown is the 7-day effective yield as of December 31, 2024.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2024 was $96,541,051.

See “Glossary” for abbreviations.

KRS-QH-002-2300

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 99.4% ‡
CHINA — 99.4%
Communication Services — 1.1%
China United Network Communications, Cl A		1,803,600	$	1,304,518
Focus Media Information Technology, Cl A		819,102		784,347
				2,088,865
Consumer Discretionary — 6.9%
BYD, Cl A		178,300		6,864,848
Haier Smart Home, Cl A		615,600		2,387,268
Midea Group, Cl A		344,200		3,526,626
				12,778,742
Consumer Staples — 11.3%
Foshan Haitian Flavouring & Food, Cl A		206,642		1,291,952
Inner Mongolia Yili Industrial Group, Cl A		283,912		1,167,127
Kweichow Moutai, Cl A		55,989		11,622,589
Luzhou Laojiao, Cl A		65,646		1,119,509
Muyuan Foods, Cl A		243,745		1,276,246
Shanxi Xinghuacun Fen Wine Factory, Cl A		54,416		1,365,385
Wuliangye Yibin, Cl A		173,079		3,301,503
				21,144,311
Energy — 3.6%
China Petroleum & Chemical, Cl A		1,752,840		1,594,902
China Shenhua Energy, Cl A		356,247		2,109,871
PetroChina, Cl A		1,166,000		1,419,879
Shaanxi Coal Industry, Cl A		523,616		1,658,967
				6,783,619
Financials — 23.2%
Agricultural Bank of China, Cl A		5,559,707		4,043,974
Bank of China, Cl A		2,294,100		1,721,786
Bank of Communications, Cl A		2,563,399		2,713,016
Bank of Ningbo, Cl A		431,218		1,427,898
China Merchants Bank, Cl A		1,347,167		7,211,559
China Pacific Insurance Group, Cl A		447,014		2,075,085
CITIC Securities, Cl A		799,721		3,177,533
East Money Information, Cl A		1,030,931		3,625,777
Industrial & Commercial Bank of China, Cl A		4,108,426		3,872,548
Industrial Bank, Cl A		1,356,722		3,540,802
Ping An Bank, Cl A		1,267,367		2,019,777
Ping An Insurance Group of China, Cl A		702,898		5,040,874
Shanghai Pudong Development Bank, Cl A		1,916,946		2,686,831
				43,157,460
Health Care — 6.1%
Jiangsu Hengrui Pharmaceuticals, Cl A		882,487		5,517,422

Schedule of Investments (Unaudited) December 31, 2024

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		167,753	$	5,826,740
				11,344,162
Industrials — 15.9%
Beijing-Shanghai High Speed Railway, Cl A		3,980,200		3,339,649
China CSSC Holdings, Cl A		362,500		1,775,591
China State Construction Engineering, Cl A		3,372,618		2,756,345
Contemporary Amperex Technology, Cl A		356,855		12,929,705
COSCO SHIPPING Holdings, Cl A		1,034,330		2,183,766
CRRC, Cl A		1,971,809		2,250,733
NARI Technology, Cl A		651,115		2,236,753
SF Holding, Cl A		390,359		2,142,814
				29,615,356
Information Technology — 16.6%
BOE Technology Group, Cl A		6,460,445		3,863,156
Foxconn Industrial Internet, Cl A		2,315,400		6,780,780
Hygon Information Technology, Cl A		406,322		8,290,264
Luxshare Precision Industry, Cl A		1,263,250		7,013,562
NAURA Technology Group, Cl A		92,788		4,941,784
				30,889,546
Materials — 8.8%
Wanhua Chemical Group, Cl A		706,699		6,868,211
Zijin Mining Group, Cl A		4,634,342		9,544,542
				16,412,753
Real Estate — 1.0%
China Merchants Shekou Industrial Zone Holdings, Cl A		646,400		901,605
Poly Developments and Holdings Group, Cl A		853,977		1,030,612
				1,932,217
Utilities — 4.9%
China National Nuclear Power, Cl A		1,362,100		1,935,123
China Yangtze Power, Cl A		1,764,870		7,103,713
				9,038,836
TOTAL CHINA				185,185,867

TOTAL COMMON STOCK (Cost $176,754,907)				185,185,867

Schedule of Investments (Unaudited) December 31, 2024

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

	Number of Rights		Value
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ^‡^‡ * ^(A)		58,879	$	—
TOTAL CHINA				—
TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS — 99.4% (Cost $176,754,907)				185,185,867
OTHER ASSETS LESS LIABILITIES – 0.6%				1,070,173
NET ASSETS - 100%			$	186,256,040

‡	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-003-2200

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.6%
Communication Services — 13.7%
Autohome ADR		586	$	15,207
Baidu, Cl A *		7,350		78,250
Bilibili, Cl Z *		1,420		25,958
Focus Media Information Technology, Cl A		32,200		30,834
Kanzhun ADR *		1,346		18,575
Kingsoft		11,000		47,651
Kuaishou Technology, Cl B *		8,100		43,117
NetEase		5,600		99,774
Tencent Holdings		16,258		872,764
Tencent Music Entertainment Group ADR		4,102		46,558
				1,278,688
Consumer Discretionary — 22.0%
Alibaba Group Holding		42,624		452,142
ANTA Sports Products		5,200		52,114
BYD, Cl A		2,100		80,854
BYD, Cl H		3,500		120,122
China Tourism Group Duty Free, Cl A		2,600		23,732
Chongqing Changan Automobile, Cl A		16,038		29,186
Fuyao Glass Industry Group, Cl A		6,100		51,848
Geely Automobile Holdings		26,000		49,604
Great Wall Motor, Cl H		18,500		32,532
H World Group ADR		877		28,967
Haier Smart Home, Cl A		22,200		81,834
Huayu Automotive Systems, Cl A		5,200		12,473
JD.com, Cl A		7,521		131,676
Li Auto, Cl A *		3,900		47,169
Li Ning		8,500		18,011
Meituan, Cl B *		14,365		280,534
New Oriental Education & Technology Group		6,400		40,330
NIO, Cl A *		6,080		27,238
PDD Holdings ADR *		1,704		165,271
SAIC Motor, Cl A		13,157		37,205
Shenzhou International Group Holdings		4,300		34,320
TAL Education Group ADR *		3,240		32,465
TravelSky Technology, Cl H		8,000		10,711
Trip.com Group *		1,800		125,130
Vipshop Holdings ADR		2,071		27,896
Yum China Holdings		1,355		65,270
				2,058,634
Consumer Staples — 7.9%
Alibaba Health Information Technology *		30,000		12,822
Anhui Gujing Distillery, Cl A		1,400		33,048

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
China Mengniu Dairy		16,000	$	36,169
China Resources Beer Holdings		8,000		26,004
Foshan Haitian Flavouring & Food, Cl A		6,533		40,845
Guangdong Haid Group, Cl A		5,500		36,747
Henan Shuanghui Investment & Development, Cl A		5,800		20,509
Inner Mongolia Yili Industrial Group, Cl A		8,700		35,765
Jiangsu Yanghe Distillery, Cl A		1,800		20,480
Kweichow Moutai, Cl A		1,000		207,587
Luzhou Laojiao, Cl A		2,600		44,340
Muyuan Foods, Cl A		9,702		50,799
New Hope Liuhe, Cl A *		15,200		18,592
Shanxi Xinghuacun Fen Wine Factory, Cl A		1,860		46,670
Tingyi Cayman Islands Holding		16,000		20,845
Want Want China Holdings		26,000		15,263
Wuliangye Yibin, Cl A		3,600		68,670
				735,155
Energy — 4.0%
China Oilfield Services, Cl H		18,000		16,313
China Petroleum & Chemical, Cl A		52,400		47,679
China Petroleum & Chemical, Cl H		108,500		62,156
China Shenhua Energy, Cl H		13,000		56,231
PetroChina, Cl A		25,200		30,687
PetroChina, Cl H		75,984		59,766
Shaanxi Coal Industry, Cl A		13,400		42,455
Shanxi Lu’an Environmental Energy Development, Cl A		8,700		17,017
Yankuang Energy Group, Cl H		35,300		40,672
				372,976
Financials — 25.5%
Agricultural Bank of China, Cl A		98,600		71,719
Agricultural Bank of China, Cl H		117,397		66,950
Bank of Beijing, Cl A		31,600		26,471
Bank of China, Cl A		39,000		29,271
Bank of China, Cl H		232,396		118,772
Bank of Communications, Cl A		49,200		52,072
Bank of Communications, Cl H		47,000		38,663
Bank of Hangzhou, Cl A		16,000		31,841
Bank of Jiangsu, Cl A		25,000		33,440
Bank of Nanjing, Cl A		15,900		23,065
Bank of Ningbo, Cl A		8,100		26,822
Bank of Shanghai, Cl A		20,904		26,053
China CITIC Bank, Cl H		36,000		24,887
China Construction Bank, Cl A		13,500		16,164
China Construction Bank, Cl H		269,000		224,399
China Everbright Bank, Cl A		61,900		32,630

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
China Galaxy Securities, Cl H		43,500	$	39,704
China Life Insurance, Cl H		26,483		50,048
China Merchants Bank, Cl A		20,000		107,063
China Merchants Bank, Cl H		14,500		74,666
China Merchants Securities, Cl A		10,700		27,925
China Minsheng Banking, Cl A		57,400		32,291
China Minsheng Banking, Cl H		49,500		21,921
China Pacific Insurance Group, Cl A		8,100		37,601
China Pacific Insurance Group, Cl H		12,200		39,578
CITIC Securities, Cl A		12,745		50,640
CITIC Securities, Cl H		9,000		24,736
East Money Information, Cl A		17,700		62,251
Everbright Securities, Cl A		11,600		28,615
GF Securities, Cl A		11,400		25,171
Guosen Securities, Cl A		12,300		18,765
Guotai Junan Securities, Cl A		9,300		23,625
Haitong Securities, Cl A		14,200		21,508
Huatai Securities, Cl A		13,400		32,106
Huatai Securities, Cl H		10,400		17,565
Huaxia Bank, Cl A		20,800		22,694
Industrial & Commercial Bank of China, Cl A		75,400		71,071
Industrial & Commercial Bank of China, Cl H		186,441		125,047
Industrial Bank, Cl A		22,500		58,721
Industrial Securities, Cl A		31,169		26,577
New China Life Insurance, Cl A		4,500		30,464
New China Life Insurance, Cl H		6,200		18,836
Orient Securities, Cl A		15,900		22,871
People’s Insurance Group of China, Cl H		61,452		30,615
PICC Property & Casualty, Cl H		33,510		52,888
Ping An Bank, Cl A		22,391		35,684
Ping An Insurance Group of China, Cl A		11,500		82,473
Ping An Insurance Group of China, Cl H		21,500		127,456
Qifu Technology ADR		642		24,640
Shanghai Pudong Development Bank, Cl A		32,200		45,132
Shenwan Hongyuan Group, Cl A		36,900		26,890
				2,381,057
Health Care — 3.9%
Beijing Tong Ren Tang, Cl A		2,444		13,512
Changchun High-Tech Industry Group, Cl A		1,600		21,672
CSPC Pharmaceutical Group		51,520		31,703
Genscript Biotech *		16,000		20,268
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		3,600		13,936
Huadong Medicine, Cl A		3,380		15,930
Innovent Biologics *		3,500		16,491

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Jiangsu Hengrui Pharmaceuticals, Cl A		6,316	$	39,488
Shanghai Fosun Pharmaceutical Group, Cl A		4,400		14,893
Shanghai Pharmaceuticals Holding, Cl A		8,400		24,028
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,200		41,681
Sinopharm Group, Cl H		7,200		19,743
Wuxi Biologics Cayman *		21,000		47,472
Yunnan Baiyao Group, Cl A		2,440		19,925
Zhangzhou Pientzehuang Pharmaceutical, Cl A		800		23,374
				364,116
Industrials — 6.9%
AECC Aviation Power, Cl A		4,400		24,842
Beijing-Shanghai High Speed Railway, Cl A		24,100		20,221
China Eastern Airlines, Cl A *		27,600		15,038
China Energy Engineering, Cl A		89,736		27,991
China Merchants Port Holdings		19,998		35,630
China Railway Group, Cl H		29,000		14,784
China Southern Airlines, Cl A *		25,900		22,896
CITIC		26,780		31,751
Contemporary Amperex Technology, Cl A		3,900		141,306
COSCO SHIPPING Holdings, Cl A		21,320		45,013
Daqin Railway, Cl A		17,400		16,069
Fosun International		19,000		11,105
Metallurgical Corp of China, Cl A		45,800		20,587
Power Construction Corp of China, Cl A		26,200		19,485
Sany Heavy Industry, Cl A		15,200		34,121
SF Holding, Cl A		5,100		27,996
Shanghai International Airport, Cl A		2,400		11,164
Weichai Power, Cl A		19,488		36,367
Zhejiang Chint Electrics, Cl A		4,300		13,711
Zhejiang Huayou Cobalt, Cl A		2,704		10,777
Zhuzhou CRRC Times Electric, Cl H		3,500		14,779
Zoomlion Heavy Industry Science and Technology, Cl A		18,100		17,825
ZTO Express Cayman		1,400		27,268
				640,726
Information Technology — 5.9%
BOE Technology Group, Cl A		53,900		32,231
Foxconn Industrial Internet, Cl A		12,100		35,436
Iflytek, Cl A		3,600		23,694
Kingdee International Software Group *		18,000		19,766
Lenovo Group		36,000		46,715
LONGi Green Energy Technology, Cl A		10,828		23,171
Luxshare Precision Industry, Cl A		8,774		48,713
Sunny Optical Technology Group		3,400		30,135
Unigroup Guoxin Microelectronics, Cl A		2,619		22,963

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Xiaomi, Cl B *		48,200	$	214,072
Yonyou Network Technology, Cl A *		6,025		8,806
Zhongji Innolight, Cl A		1,200		20,188
ZTE, Cl H		8,600		26,958
				552,848
Materials — 3.9%
Anhui Conch Cement, Cl A		6,000		19,435
Anhui Conch Cement, Cl H		8,000		20,474
Baoshan Iron & Steel, Cl A		32,100		30,607
China National Building Material, Cl H		20,000		9,114
China Northern Rare Earth Group High-Tech, Cl A		11,800		34,107
CMOC Group, Cl H		54,000		36,496
Ganfeng Lithium Group, Cl A		3,520		16,786
Inner Mongolia BaoTou Steel Union, Cl A *		72,000		18,241
Rongsheng Petrochemical, Cl A		14,150		17,443
Shandong Hualu Hengsheng Chemical, Cl A		6,140		18,073
Tianqi Lithium, Cl A		2,640		11,867
Wanhua Chemical Group, Cl A		3,300		32,072
Zhejiang NHU, Cl A		7,932		23,737
Zijin Mining Group, Cl A		21,800		44,898
Zijin Mining Group, Cl H		16,000		29,125
				362,475
Real Estate — 2.2%
China Merchants Shekou Industrial Zone Holdings, Cl A		10,200		14,227
China Overseas Land & Investment		18,839		30,073
China Resources Land		15,214		44,165
China Vanke, Cl A *		11,743		11,613
China Vanke, Cl H *		27,900		19,000
Country Garden Holdings *		79,612		1,491
KE Holdings ADR		2,411		44,411
Longfor Group Holdings		10,500		13,517
Poly Developments and Holdings Group, Cl A		18,700		22,568
				201,065
Utilities — 3.7%
China Gas Holdings		16,800		14,642
China Longyuan Power Group, Cl H		18,000		14,923
China Resources Gas Group		8,700		34,439
China Resources Power Holdings		16,000		38,888
China Yangtze Power, Cl A		24,100		97,004
ENN Energy Holdings		3,282		23,597
Guangdong Investment		18,000		15,548
Huadian Power International, Cl A		31,800		24,300
Huaneng Power International, Cl H		51,077		28,142

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Kunlun Energy		18,000	$	19,465
Sichuan Chuantou Energy, Cl A		15,200		35,715
				346,663
TOTAL CHINA				9,294,403

HONG KONG — 0.2%
Health Care — 0.2%
Sino Biopharmaceutical		51,500		21,216
TOTAL HONG KONG				21,216

TOTAL COMMON STOCK (Cost $10,167,499)				9,315,619

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ^‡^‡* ^(A)		428		—
TOTAL CHINA				—
TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS — 99.8% (Cost $10,167,499)				9,315,619
OTHER ASSETS LESS LIABILITIES – 0.2%				20,170
NET ASSETS - 100%			$	9,335,789

‡	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-011-1400

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 100.1% ‡
CHINA — 46.7%
Energy — 2.7%
China Petroleum & Chemical, Cl H		140,000	$	80,201
CNOOC Energy Technology & Services, Cl A		11,700		6,805
				87,006
Financials — 5.3%
Bank of Changsha, Cl A		6,600		7,992
Bank of Chengdu, Cl A		6,500		15,149
Bank of Hangzhou, Cl A		10,200		20,299
Bank of Jiangsu, Cl A		31,355		41,940
Bank of Nanjing, Cl A		18,191		26,389
Bank of Ningbo, Cl A		11,346		37,570
Bank of Suzhou, Cl A		6,400		7,070
Chongqing Rural Commercial Bank, Cl A		14,200		11,702
				168,111
Industrials — 17.4%
Beijing New Building Materials, Cl A		2,908		12,006
Beijing-Shanghai High Speed Railway, Cl A		84,500		70,901
China Communications Services, Cl H		12,000		7,044
China Energy Engineering, Cl A		56,200		17,530
China Merchants Expressway Network & Technology Holdings, Cl A		9,600		18,241
China National Chemical Engineering, Cl A		10,500		11,857
China Railway Group, Cl H		22,500		11,470
China State Construction Engineering, Cl A		71,100		58,108
China XD Electric, Cl A		8,800		9,098
CRRC, Cl H		25,000		16,124
Daqin Railway, Cl A		31,632		29,213
Dongfang Electric, Cl A		4,800		10,389
Goldwind Science & Technology, Cl A		5,500		7,739
Goneo Group, Cl A		1,050		10,046
Jiangsu Expressway, Cl H		6,000		6,627
Jiangsu Zhongtian Technology, Cl A		5,800		11,313
Liaoning Port, Cl A		32,800		7,729
Metallurgical Corp of China, Cl A		30,900		13,890
NARI Technology, Cl A		13,652		46,898
Ningbo Orient Wires & Cables, Cl A		1,000		7,158
Ningbo Sanxing Medical Electric, Cl A		2,400		10,056
Power Construction Corp of China, Cl A		29,400		21,865
Shanghai Electric Group, Cl A *		22,400		24,745
Shenzhen Inovance Technology, Cl A		2,150		17,155
Sichuan Road & Bridge, Cl A		9,900		9,817
Sieyuan Electric, Cl A		1,100		10,893
TBEA, Cl A		8,167		14,173

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Tian Di Science & Technology, Cl A		7,100	$	5,977
Yangzijiang Shipbuilding Holdings		14,900		32,657
Zhejiang Chint Electrics, Cl A		3,400		10,842
Zhejiang Expressway, Cl H		8,000		5,757
Zhuzhou CRRC Times Electric, Cl H		2,600		10,978
				558,296
Materials — 3.1%
Anhui Conch Cement, Cl H		7,000		17,915
China National Building Material, Cl H		27,000		12,304
China Northern Rare Earth Group High-Tech, Cl A		6,024		17,412
China Rare Earth Resources And Technology, Cl A		1,500		5,731
Henan Shenhuo Coal Industry & Electricity Power, Cl A		3,700		8,517
Jinduicheng Molybdenum, Cl A		5,200		7,126
Shanjin International Gold, Cl A		4,600		9,630
Western Mining, Cl A		4,100		8,975
Xiamen Tungsten, Cl A		2,100		5,512
Yunnan Chihong Zinc & Germanium, Cl A		8,800		6,677
				99,799
Utilities — 18.2%
Beijing Enterprises Holdings		2,500		8,593
CGN Power, Cl H		60,000		22,014
China Gas Holdings		15,000		13,073
China Longyuan Power Group, Cl H		18,000		14,923
China National Nuclear Power, Cl A		32,200		45,746
China Power International Development		25,000		10,202
China Resources Gas Group		5,300		20,980
China Resources Power Holdings		10,635		25,848
China Three Gorges Renewables Group, Cl A		49,100		29,227
China Yangtze Power, Cl A		41,900		168,650
Datang International Power Generation, Cl A		21,500		8,346
ENN Energy Holdings		4,500		32,354
ENN Natural Gas, Cl A		4,400		12,994
GD Power Development, Cl A		30,700		19,152
Huadian Power International, Cl A		14,742		11,265
Huaneng Lancang River Hydropower, Cl A		9,300		12,047
Huaneng Power International, Cl H		23,000		12,673
Kunlun Energy		22,000		23,790
SDIC Power Holdings, Cl A		12,506		28,312
Shenergy, Cl A		8,419		10,883
Shenzhen Energy Group, Cl A		8,200		7,238
Sichuan Chuantou Energy, Cl A		8,384		19,699
Wintime Energy Group, Cl A		35,800		8,339

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Zhejiang Zheneng Electric Power, Cl A		19,200	$	14,802
				581,150
TOTAL CHINA				1,494,362

INDIA — 4.7%
Energy — 0.5%
Great Eastern Shipping		1,478		16,607

Industrials — 0.9%
AIA Engineering		595		23,648
GMM Pfaudler		432		5,947
				29,595
Materials — 3.3%
Navin Fluorine International		440		16,681
PI Industries		1,122		48,302
UPL		6,657		38,956
				103,939
TOTAL INDIA				150,141

INDONESIA — 5.9%
Energy — 1.5%
Adaro Energy Indonesia		205,000		30,951
Indo Tambangraya Megah		5,900		9,787
Medco Energi Internasional		92,300		6,308
				47,046
Materials — 4.4%
Amman Mineral Internasional *		96,700		50,918
Chandra Asri Pacific		116,100		54,101
Indah Kiat Pulp & Paper		36,800		15,548
Merdeka Copper Gold *		143,900		14,439
Pabrik Kertas Tjiwi Kimia		20,800		7,722
				142,728
TOTAL INDONESIA				189,774

ISRAEL — 6.5%
Industrials — 4.3%
Elbit Systems		395		103,312
ZIM Integrated Shipping Services		1,512		32,463
				135,775
Materials — 2.2%
ICL Group		11,434		56,485

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
The Israel Corp		53	$	13,890
				70,375
TOTAL ISRAEL				206,150

KAZAKHSTAN — 1.1%
Energy — 1.1%
NAC Kazatomprom JSC GDR		959		36,202

Materials — 0.0%
Solidcore Resources *		7,154		—

TOTAL KAZAKHSTAN				36,202

KUWAIT — 10.4%
Financials — 10.4%
Kuwait Finance House		134,485		325,416
Kuwait Projects Holding *		27,279		8,406
TOTAL KUWAIT				333,822

MALAYSIA — 2.2%
Industrials — 0.7%
Sime Darby		40,600		21,428

Materials — 1.5%
Petronas Chemicals Group		42,300		48,908

TOTAL MALAYSIA				70,336

PHILIPPINES — 0.4%
Industrials — 0.4%
JG Summit		38,942		13,835
TOTAL PHILIPPINES				13,835

POLAND — 1.8%
Materials — 1.8%
KGHM Polska Miedz		2,066		57,519
TOTAL POLAND				57,519

RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC ^{(A) (B)}		33,666		—
Sovcomflot PJSC ^{(A) (B)}		9,110		—
Surgutneftegas PJSC ^{(A) (B)}		143,400		—
				—
Materials — 0.0%
GMK Norilskiy Nickel PAO ^{(A) (B)}		123,900		—

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Segezha Group PJSC * ^{(A) (B)}		78,500	$	—
				—
TOTAL RUSSIA				—

SINGAPORE — 9.6%
Financials — 7.4%
Oversea-Chinese Banking		19,412		237,492

Industrials — 2.2%
Singapore Airlines		8,600		40,598
Singapore Technologies Engineering		8,900		30,402
				71,000
TOTAL SINGAPORE				308,492

SOUTH AFRICA — 3.3%
Materials — 3.3%
Impala Platinum Holdings *		13,351		62,085
Kumba Iron Ore		949		16,408
Northam Platinum Holdings		5,265		27,179
TOTAL SOUTH AFRICA				105,672

THAILAND — 4.4%
Energy — 4.4%
PTT		149,600		139,311
TOTAL THAILAND				139,311

TÜRKIYE — 2.3%
Industrials — 2.3%
Otokar Otomotiv Ve Savunma Sanayi A.S		547		7,495
Turk Hava Yollari AO *		8,161		64,853
TOTAL TÜRKIYE				72,348

UNITED ARAB EMIRATES — 0.8%
Industrials — 0.8%
Air Arabia PJSC		31,930		26,775
TOTAL UNITED ARAB EMIRATES				26,775

TOTAL COMMON STOCK (Cost $3,902,025)				3,204,739

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI One Belt One Road Index ETF (concluded)

	Shares		Value
PREFERRED STOCK — 0.0%
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC ^(A)(B)(C)		136,600	$	—

TOTAL PREFERRED STOCK (Cost $74,846)				—

TOTAL INVESTMENTS — 100.1% (Cost $3,976,871)				3,204,739
OTHER ASSETS LESS LIABILITIES – (0.1)%				(4,263	)
NET ASSETS - 100%			$	3,200,476

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

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

See “Glossary” for abbreviations.

KRS-QH-006-1500

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
AUSTRALIA — 0.8%
Consumer Discretionary — 0.8%
IDP Education		15,434	$	120,692
TOTAL AUSTRALIA				120,692

BRAZIL — 3.1%
Consumer Discretionary — 2.4%
MercadoLibre *		215		365,594

Information Technology — 0.7%
TOTVS		24,500		106,085

TOTAL BRAZIL				471,679

CHINA — 44.0%
Communication Services — 15.2%
Baidu, Cl A *		36,764		391,401
Bilibili, Cl Z *		19,220		351,346
Kuaishou Technology, Cl B *		66,800		355,587
NetEase		29,200		520,251
Tencent Holdings		10,475		562,320
Weibo, Cl A		11,940		114,897
				2,295,802
Consumer Discretionary — 17.8%
Alibaba Group Holding		50,900		539,931
JD.com, Cl A		28,775		503,788
Meituan, Cl B *		25,697		501,836
PDD Holdings ADR *		5,426		526,268
Tongcheng Travel Holdings		48,000		112,462
Trip.com Group *		5,600		389,292
Vipshop Holdings ADR		8,455		113,889
				2,687,466
Consumer Staples — 4.8%
Alibaba Health Information Technology *		840,000		359,013
JD Health International *		103,100		372,957
				731,970
Information Technology — 6.2%
GDS Holdings, Cl A *		154,800		454,359
Hua Hong Semiconductor ^(A)		46,000		128,206
Kingdee International Software Group *		323,000		354,687
				937,252
TOTAL CHINA				6,652,490

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
FINLAND — 2.7%
Information Technology — 2.7%
Nokia		91,901	$	406,775
TOTAL FINLAND				406,775

GREECE — 0.8%
Consumer Discretionary — 0.8%
OPAP		7,249		117,849
TOTAL GREECE				117,849

HONG KONG — 0.7%
Communication Services — 0.7%
Tencent Music Entertainment Group		19,000		108,233
TOTAL HONG KONG				108,233

INDIA — 4.1%
Consumer Discretionary — 2.5%
Zomato *		116,322		377,782

Financials — 1.6%
One 97 Communications *		10,677		126,937
PB Fintech *		4,752		117,052
				243,989
TOTAL INDIA				621,771

JAPAN — 2.8%
Communication Services — 2.8%
Nexon ^(A)		28,000		423,403
TOTAL JAPAN				423,403

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

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

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

TOTAL RUSSIA				—

SINGAPORE — 3.4%
Communication Services — 3.4%
Sea ADR *		4,841		513,630
TOTAL SINGAPORE				513,630

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH AFRICA — 3.4%
Consumer Discretionary — 3.4%
Naspers, Cl N		2,312	$	511,314
TOTAL SOUTH AFRICA				511,314

SOUTH KOREA — 19.5%
Communication Services — 13.4%
Kakao		13,258		344,024
Kakao Games *		9,977		111,010
Krafton *		1,817		385,703
NAVER		2,653		358,443
NCSoft		2,883		358,576
Netmarble *		10,666		374,576
Pearl Abyss *		4,968		93,478
				2,025,810
Consumer Discretionary — 2.5%
Coupang, Cl A *		17,074		375,287

Information Technology — 3.6%
SK Hynix		4,677		552,478

TOTAL SOUTH KOREA				2,953,575

TAIWAN — 13.6%
Consumer Discretionary — 0.7%
momo.com		10,765		109,507

Information Technology — 12.9%
Nanya Technology *		407,000		363,121
Powerchip Semiconductor Manufacturing *		236,000		114,457
Taiwan Semiconductor Manufacturing		18,000		590,218
United Microelectronics		300,000		393,936
Vanguard International Semiconductor		42,000		127,981
VisEra Technologies		14,000		131,312
Win Semiconductors *		34,000		116,152
WPG Holdings		56,000		116,836
				1,954,013
TOTAL TAIWAN				2,063,520

URUGUAY — 0.8%
Financials — 0.8%
Dlocal, Cl A * ^(A)		10,280		115,753
TOTAL URUGUAY				115,753

TOTAL COMMON STOCK (Cost $17,245,031)				15,080,684

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

	Shares		Value
SHORT-TERM INVESTMENT — 4.1%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.420% ^(D)(E)		622,678	$	622,678
TOTAL SHORT-TERM INVESTMENT (Cost $622,678)				622,678

TOTAL INVESTMENTS — 103.8% (Cost $17,867,709)				15,703,362
OTHER ASSETS LESS LIABILITIES – (3.8)%				(572,406	)
NET ASSETS - 100%			$	15,130,956

‡	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, 2024.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	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.
(D)	The rate shown is the 7-day effective yield as of December 31, 2024.
(E)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2024 was $622,678.

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

See “Glossary” for abbreviations.

KRS-QH-007-1500

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
CHINA — 99.2%
Consumer Discretionary — 39.6%
BAIC BluePark New Energy Technology, Cl A *		198,500	$	216,305
BYD, Cl A		11,000		423,518
BYD, Cl H		108,000		3,706,615
Li Auto, Cl A *		373,900		4,522,159
NIO, Cl A *		455,680		2,041,422
Seres Group, Cl A		53,700		975,692
Tianneng Power International		402,000		426,429
XPeng, Cl A *		611,900		3,674,732
Yadea Group Holdings		746,694		1,243,857
Zhejiang Leapmotor Technology *		297,300		1,245,775
				18,476,504
Industrials — 19.6%
Beijing-Shanghai High Speed Railway, Cl A		1,748,900		1,467,442
China Conch Venture Holdings		842,000		724,073
China Everbright Environment Group		2,182,216		1,087,182
Contemporary Amperex Technology, Cl A		110,050		3,987,373
Ginlong Technologies, Cl A		14,550		121,034
Goldwind Science & Technology, Cl A		123,135		173,259
Gotion High-tech, Cl A		64,100		185,276
Ningbo Deye Technology, Cl A		22,932		264,882
Sungrow Power Supply, Cl A		74,160		745,792
Zhejiang Chint Electrics, Cl A		76,600		244,256
Zhejiang Weiming Environment Protection, Cl A		60,899		179,424
				9,179,993
Information Technology — 18.3%
China Railway Signal & Communication, Cl A		256,423		218,649
Flat Glass Group, Cl A		68,200		182,913
GDS Holdings, Cl A *		627,800		1,842,679
JA Solar Technology, Cl A		118,468		221,880
Jinko Solar, Cl A		356,668		345,421
JinkoSolar Holding ADR, Ser ADR		20,519		510,923
Kingdee International Software Group *		1,817,000		1,995,251
Kingsoft Cloud Holdings *		1,232,000		945,258
LONGi Green Energy Technology, Cl A		271,046		580,009
Sanan Optoelectronics, Cl A		178,200		295,402
Tuya ADR		141,401		253,108
Xinyi Solar Holdings		2,901,588		1,172,895
				8,564,388
Utilities — 21.7%
Beijing Enterprises Water Group		2,374,500		767,255
CGN Power, Cl A		475,200		267,326
CGN Power, Cl H		5,339,000		1,958,837

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI China Clean Technology Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
China Datang Renewable Power, Cl H		1,420,000	$	380,229
China Longyuan Power Group, Cl H		1,871,800		1,551,811
China National Nuclear Power, Cl A		673,800		957,261
China Three Gorges Renewables Group, Cl A		1,019,200		606,675
China Yangtze Power, Cl A		561,800		2,261,280
Huaneng Lancang River Hydropower, Cl A		192,700		249,619
SDIC Power Holdings, Cl A		265,300		600,598
Sichuan Chuantou Energy, Cl A		173,300		407,196
Xinyi Energy Holdings		1,240,000		126,108
				10,134,195
TOTAL CHINA				46,355,080

HONG KONG — 0.8%
Utilities — 0.8%
Canvest Environmental Protection Group		290,000		171,358
Concord New Energy Group		3,100,000		203,529
TOTAL HONG KONG				374,887

TOTAL COMMON STOCK (Cost $43,926,484)				46,729,967

TOTAL INVESTMENTS — 100.0% (Cost $43,926,484)				46,729,967
OTHER ASSETS LESS LIABILITIES – 0.0%				(20,863	)
NET ASSETS - 100%			$	46,709,104

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

See “Glossary” for abbreviations.

KRS-QH-008-1500

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 94.2% ‡
ARGENTINA — 2.5%
Materials — 2.5%
Arcadium Lithium *		334,591	$	1,716,452
TOTAL ARGENTINA				1,716,452

AUSTRALIA — 6.4%
Materials — 6.4%
IGO		331,249		978,291
Lynas Rare Earths *		386,830		1,540,020
Mineral Resources		29,175		618,681
Pilbara Minerals *		891,778		1,209,194
TOTAL AUSTRALIA				4,346,186

BELGIUM — 1.4%
Materials — 1.4%
Umicore		90,172		929,526
TOTAL BELGIUM				929,526

CHINA — 50.0%
Consumer Discretionary — 28.2%
BAIC BluePark New Energy Technology, Cl A *		711,300		775,101
BYD, Cl A		70,800		2,725,918
Geely Automobile Holdings		1,638,000		3,125,041
Guangzhou Automobile Group, Cl H		1,188,000		521,512
Li Auto, Cl A *		248,100		3,000,662
NIO ADR * ^(A)		619,822		2,702,424
Seres Group, Cl A		101,600		1,846,002
Shenzhen Kedali Industry, Cl A		34,836		463,499
XPeng, Cl A *		280,700		1,685,729
Yadea Group Holdings		498,000		829,578
Zhejiang Leapmotor Technology *		333,500		1,397,463
				19,072,929
Industrials — 13.1%
Beijing Easpring Material Technology, Cl A		65,600		359,922
China Baoan Group, Cl A		325,107		405,194
CNGR Advanced Material, Cl A		119,370		587,297
Contemporary Amperex Technology, Cl A		76,320		2,765,255
Eve Energy, Cl A		260,960		1,661,414
GEM, Cl A		649,440		577,653
Gotion High-tech, Cl A		226,289		654,070
Hunan Yuneng New Energy Battery Material, Cl A		100,000		617,312
Qingdao TGOOD Electric, Cl A		131,000		391,671
Zhejiang Huayou Cobalt, Cl A		214,963		856,748
				8,876,536

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 8.7%
CMOC Group, Cl A		1,690,900	$	1,531,633
Ganfeng Lithium Group, Cl A		207,357		988,840
Guangzhou Tinci Materials Technology, Cl A		246,994		663,450
Ningbo Shanshan, Cl A		286,200		290,430
Shanghai Putailai New Energy Technology, Cl A		272,999		591,625
Tianqi Lithium, Cl A		187,600		843,261
Xiamen Tungsten, Cl A		180,051		472,599
Yunnan Energy New Material, Cl A		124,000		540,320
				5,922,158
TOTAL CHINA				33,871,623

INDONESIA — 0.5%
Materials — 0.5%
Aneka Tambang		3,497,100		331,350
TOTAL INDONESIA				331,350

JAPAN — 5.4%
Consumer Discretionary — 4.4%
Panasonic Holdings		283,400		2,962,753

Industrials — 1.0%
Nidec		37,600		683,049

TOTAL JAPAN				3,645,802

SOUTH KOREA — 9.2%
Industrials — 7.0%
Ecopro *		18,969		1,416,087
L&F *		10,474		576,296
LG Energy Solution *		6,294		1,487,832
POSCO Future M		11,440		1,104,252
SK IE Technology *		10,182		155,965
				4,740,432
Information Technology — 2.2%
Samsung SDI		9,153		1,538,816

TOTAL SOUTH KOREA				6,279,248

SWEDEN — 0.9%
Consumer Discretionary — 0.9%
Volvo Car, Cl B * ^(A)		282,493		613,090
TOTAL SWEDEN				613,090

UNITED STATES — 17.9%
Consumer Discretionary — 11.7%
EVgo, Cl A *		45,401		183,874

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Lucid Group * ^(A)		733,433	$	2,214,968
Rivian Automotive, Cl A *		178,958		2,380,141
Tesla *		7,906		3,192,759
				7,971,742
Industrials — 1.6%
ChargePoint Holdings * ^(A)		194,706		208,335
Plug Power * ^(A)		413,901		881,609
				1,089,944
Materials — 4.6%
Albemarle		26,004		2,238,424
MP Materials * ^(A)		55,579		867,033
				3,105,457
TOTAL UNITED STATES				12,167,143

TOTAL COMMON STOCK (Cost $86,041,573)				63,900,420

PREFERRED STOCK — 5.1%
CHILE — 2.5%
Materials — 2.5%
Sociedad Quimica y Minera de Chile ^(B)		46,669		1,717,489

GERMANY — 2.6%
Consumer Discretionary — 2.6%
Dr Ing hc F Porsche ^(B)		28,766		1,740,162
TOTAL PREFERRED STOCK (Cost $5,372,088)				3,457,651

SHORT-TERM INVESTMENT — 10.2%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.870% ^(C)(D)		6,881,193		6,881,193
TOTAL SHORT-TERM INVESTMENT (Cost $6,881,193)				6,881,193

TOTAL INVESTMENTS — 109.5% (Cost $98,294,854)				74,239,264
OTHER ASSETS LESS LIABILITIES – (9.5)%				(6,457,955	)
NET ASSETS - 100%			$	67,781,309

‡	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, 2024.
(B)	Currently, no stated interest rate.
(C)	The rate shown is the 7-day effective yield as of December 31, 2024.

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

(D)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2024 was $6,881,193.

See “Glossary” for abbreviations.

KRS-QH-009-1400

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
CHINA — 95.8%
Health Care — 95.8%
Aier Eye Hospital Group, Cl A		680,913	$	1,228,917
Akeso *		144,000		1,125,239
Asymchem Laboratories Tianjin, Cl A		24,224		251,067
Autobio Diagnostics, Cl A		42,830		254,594
BeiGene *		166,418		2,339,465
Beijing Tiantan Biological Products, Cl A		144,509		403,519
Beijing Tong Ren Tang, Cl A		99,590		550,618
Beijing Wantai Biological Pharmacy Enterprise, Cl A		77,222		741,138
Changchun High-Tech Industry Group, Cl A		29,508		399,683
China National Medicines, Cl A		54,455		253,824
China Resources Pharmaceutical Group		462,000		339,008
China Resources Sanjiu Medical & Pharmaceutical, Cl A		94,847		572,842
Chongqing Zhifei Biological Products, Cl A		172,772		618,934
CSPC Innovation Pharmaceutical, Cl A		102,460		371,097
CSPC Pharmaceutical Group		1,998,889		1,230,014
Dong-E-E-Jiao, Cl A		47,340		404,436
Genscript Biotech * ^(A)		276,000		349,621
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		102,840		398,108
Hangzhou Tigermed Consulting, Cl A		27,150		201,993
Hansoh Pharmaceutical Group		290,000		645,112
Huadong Medicine, Cl A		126,641		596,851
Hualan Biological Engineering, Cl A		135,547		311,104
Hubei Jumpcan Pharmaceutical, Cl A		67,600		267,767
Humanwell Healthcare Group, Cl A		121,000		385,341
Imeik Technology Development, Cl A		22,180		551,366
Innovent Biologics *		292,500		1,378,163
Jiangsu Hengrui Pharmaceuticals, Cl A		465,328		2,909,290
Jiangsu Nhwa Pharmaceutical, Cl A		72,600		240,797
Jiangsu Yuyue Medical Equipment & Supply, Cl A		74,010		367,857
Jointown Pharmaceutical Group, Cl A		372,384		259,703
Pharmaron Beijing, Cl A		107,875		377,632
Shandong Weigao Group Medical Polymer, Cl H		599,200		354,832
Shanghai Fosun Pharmaceutical Group, Cl A		153,729		520,352
Shanghai Pharmaceuticals Holding, Cl A		203,794		582,943
Shanghai Pharmaceuticals Holding, Cl H		168,300		273,424
Shanghai RAAS Blood Products, Cl A ^(B)		484,534		467,342
Shanghai United Imaging Healthcare, Cl A		60,876		1,048,114
Shenzhen Mindray Bio-Medical Electronics, Cl A		87,555		3,041,139
Shenzhen New Industries Biomedical Engineering, Cl A		56,800		548,155
Shenzhen Salubris Pharmaceuticals, Cl A		80,165		337,738
Shijiazhuang Yiling Pharmaceutical, Cl A		118,250		257,874
Sichuan Kelun Pharmaceutical, Cl A		117,815		480,311
Sinopharm Group, Cl H		327,600		898,291
WuXi AppTec, Cl A		186,420		1,397,610

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
WuXi AppTec, Cl H		75,484	$	549,031
Wuxi Biologics Cayman *		843,135		1,905,966
Yunnan Baiyao Group, Cl A		131,423		1,073,188
Zhangzhou Pientzehuang Pharmaceutical, Cl A		44,534		1,301,170
Zhejiang Huahai Pharmaceutical, Cl A		105,372		256,487

TOTAL CHINA				35,619,067

HONG KONG — 2.7%
Health Care — 2.7%
Sino Biopharmaceutical		2,464,750		1,015,351
TOTAL HONG KONG				1,015,351

UNITED STATES — 1.5%
Health Care — 1.5%
Legend Biotech ADR *		17,044		554,612
TOTAL UNITED STATES				554,612

TOTAL COMMON STOCK (Cost $44,091,456)				37,189,030

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma^{^‡^‡ (B)}		105,188		—
TOTAL CHINA				—
TOTAL RIGHTS (Cost $–)				—

	Shares
SHORT-TERM INVESTMENT — 0.6%
Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.870% ^(C)(D)		212,125		212,125
TOTAL SHORT-TERM INVESTMENT (Cost $212,125)				212,125

TOTAL INVESTMENTS — 100.6% (Cost $44,303,581)				37,401,155
OTHER ASSETS LESS LIABILITIES – (0.6)%				(225,126	)
NET ASSETS - 100%			$	37,176,029

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
‡‡	Expiration date not available.
(A)	Certain securities or partial positions of certain securities are on loan at December 31, 2024.
(B)	Level 3 security in accordance with fair value hierarchy.

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI All China Health Care Index ETF (concluded)

(C)	The rate shown is the 7-day effective yield as of December 31, 2024.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2024 was $212,125.

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

See “Glossary” for abbreviations.

KRS-QH-010-1400

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Asia Pacific High Income USD Bond ETF^†

	Face Amount		Value
CORPORATE OBLIGATIONS — 96.4%
AUSTRALIA — 2.2%
Materials — 2.2%
Mineral Resources
9.250%, 10/01/2028	$	200,000	$	209,834
Perenti Finance Pty
7.500%, 04/26/2029		200,000		207,336
TOTAL AUSTRALIA				417,170

CHINA — 20.8%
Consumer Discretionary — 1.9%
Fortune Star BVI
5.050%, 01/27/2027		400,000		374,989

Financials — 1.3%
CFAMC IV, MTN
4.250%, ^{(A) (B)}		250,000		246,155

Industrials — 0.8%
West China Cement
4.950%, 07/08/2026		200,000		157,484

Real Estate — 15.8%
Central Plaza Development
4.650%, 01/19/2026		400,000		387,360
Franshion Brilliant
6.000%, H15T5Y + 5.584% ^{(A) (B)}		200,000		194,116
4.250%, 07/23/2029		200,000		169,268
Fuqing Investment Management, MTN
3.250%, 06/23/2025		400,000		387,114
Greentown China Holdings
5.650%, 07/13/2025		400,000		394,603
4.700%, 04/29/2025		400,000		394,546
Longfor Group Holdings
3.375%, 04/13/2027		200,000		166,558
Pingan Real Estate Capital, MTN
3.450%, 07/29/2026		200,000		181,610
Shui On Development Holding
5.500%, 03/03/2025		200,000		188,569
5.500%, 06/29/2026		200,000		167,482
Yanlord Land HK
5.125%, 05/20/2026		450,000		424,859
				3,056,085
Utilities — 1.0%
China Oil & Gas Group
4.700%, 06/30/2026		200,000		184,417

TOTAL CHINA				4,019,130

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Asia Pacific High Income USD Bond ETF^† (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
HONG KONG — 15.6%
Consumer Discretionary — 6.0%
LS Finance 2017
4.800%, 06/18/2026	$	200,000	$	170,307
LS Finance 2025
4.500%, 06/26/2025		400,000		381,999
Melco Resorts Finance
7.625%, 04/17/2032		200,000		200,716
5.625%, 07/17/2027		200,000		193,549
5.250%, 04/26/2026		200,000		196,675
				1,143,246
Financials — 4.3%
Bank of East Asia, MTN
5.825%, H15T5Y + 5.527% ^{(A) (B)}		250,000		247,060
FWD Group Holdings
8.045%, H15T5Y + 4.865% ^{(A) (B)}		400,000		398,000
PCGI Intermediate Holdings III
4.500%, 08/23/2026		200,000		188,000
				833,060
Real Estate — 5.3%
FEC Finance
12.764%, H15T5Y + 8.924% ^{(A) (B)}		200,000		198,680
NWD Finance BVI
6.150%, ^{(A) (B)}		400,000		244,914
5.250%, ^{(A) (B)}		600,000		264,006
NWD MTN
8.625%, 02/08/2028		200,000		143,800
PCPD Capital
5.125%, 06/18/2026		200,000		173,476
				1,024,876
TOTAL HONG KONG				3,001,182

INDIA — 19.4%
Energy — 8.9%
Continuum Energy Aura Pte
9.500%, 02/24/2027		200,000		209,451
Continuum Green Energy India Pvt
7.500%, 06/26/2033		195,450		201,924
Diamond II
7.950%, 07/28/2026		200,000		202,441
India Clean Energy Holdings, MTN
4.500%, 04/18/2027		400,000		377,981
India Cleantech Energy
4.700%, 08/10/2026		246,300		239,231
ReNew Wind Energy AP2
4.500%, 07/14/2028		200,000		185,643
SAEL
7.800%, 07/31/2031		300,000		299,643
				1,716,314

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Asia Pacific High Income USD Bond ETF^† (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials — 4.3%
Axis Bank, MTN
4.100%, H15T5Y + 3.315% ^{(A) (B)}	$	200,000	$	191,054
Muthoot Finance
6.375%, 04/23/2029		200,000		198,831
Piramal Capital & Housing Finance, MTN
7.800%, 01/29/2028		250,000		248,956
Shriram Finance, MTN
6.150%, 04/03/2028		200,000		197,687
				836,528
Industrials — 1.1%
IRB Infrastructure Developers
7.110%, 03/11/2032		200,000		201,933

Information Technology — 2.0%
Magnum Holdings
5.375%, 10/31/2026		400,000		389,746

Materials — 3.1%
UPL
4.625%, 06/16/2030		200,000		176,966
Vedanta Resources Finance II
11.250%, 12/03/2031		200,000		211,197
10.875%, 09/17/2029		200,000		206,628
				594,791
TOTAL INDIA				3,739,312

INDONESIA — 6.6%
Energy — 3.5%
Medco Bell Pte
6.375%, 01/30/2027		200,000		199,304
Medco Laurel Tree Pte
6.950%, 11/12/2028		200,000		199,010
Medco Maple Tree Pte
8.960%, 04/27/2029		250,000		263,116
				661,430
Financials — 1.0%
Bank Negara Indonesia Persero
4.300%, H15T5Y + 3.466% ^{(A) (B)}		200,000		190,461

Materials — 1.1%
Nickel Industries
11.250%, 10/21/2028		200,000		215,600

Real Estate — 1.0%
Kawasan Industri Jababeka, MTN
8.000%, 12/15/2027		200,000		198,400

TOTAL INDONESIA				1,265,891

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Asia Pacific High Income USD Bond ETF^† (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
JAPAN — 2.0%
Information Technology — 2.0%
Rakuten Group
8.125%, H15T5Y + 4.250% ^{(A) (B)}	$	200,000	$	197,105
5.125%, H15T5Y + 4.578% ^{(A) (B)}		200,000		193,496
TOTAL JAPAN				390,601

MACAU — 7.0%
Consumer Discretionary — 7.0%
MGM China Holdings
7.125%, 06/26/2031		200,000		202,170
5.250%, 06/18/2025		200,000		199,055
Studio City Finance
6.500%, 01/15/2028		200,000		194,420
5.000%, 01/15/2029		200,000		180,913
Wynn Macau
5.625%, 08/26/2028		200,000		192,616
5.500%, 10/01/2027		200,000		194,614
5.125%, 12/15/2029		200,000		185,539
TOTAL MACAU				1,349,327

MONGOLIA — 3.3%
Energy — 1.1%
Mongolian Mining
12.500%, 09/13/2026		200,000		217,250

Financials — 2.2%
Golomt Bank
11.000%, 05/20/2027		400,000		417,102

TOTAL MONGOLIA				634,352

PHILIPPINES — 6.7%
Energy — 2.1%
Petron
5.950%, ^{(A) (B)}		400,000		396,760

Financials — 1.0%
Rizal Commercial Banking
6.500%, H15T5Y + 6.236% ^{(A) (B)}		200,000		199,099

Utilities — 3.6%
San Miguel Global Power Holdings
8.125%, H15T1Y + 6.404% ^(B)		500,000		506,250
5.450%, ^{(A) (B)}		200,000		190,384
				696,634
TOTAL PHILIPPINES				1,292,493

SINGAPORE — 2.0%
Real Estate — 2.0%
GLP Pte, MTN
3.875%, 06/04/2025		400,000		385,994

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Asia Pacific High Income USD Bond ETF^† (concluded)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
THAILAND — 5.1%
Financials — 5.1%
Kasikornbank, MTN
4.000%, H15T5Y + 3.337% ^{(A) (B)}	$	400,000	$	379,908
Krung Thai Bank
4.400%, H15T5Y + 3.530% ^{(A) (B)}		400,000		388,744
Muangthai Capital
6.875%, 09/30/2028		210,000		211,106
TOTAL THAILAND				979,758

UNITED KINGDOM — 3.8%
Financials — 3.8%
Standard Chartered
7.750%, H15T5Y + 4.976% ^{(A) (B)}		200,000		205,790
4.750%, H15T5Y + 3.805% ^{(A) (B)}		200,000		175,821
4.300%, H15T5Y + 3.135% ^{(A) (B)}		400,000		357,500
TOTAL UNITED KINGDOM				739,111

VIETNAM — 1.9%
Utilities — 1.9%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		381,226		366,235

TOTAL CORPORATE OBLIGATIONS (Cost $18,818,716)				18,580,556

TOTAL INVESTMENTS — 96.4% (Cost $18,818,716)				18,580,556
OTHER ASSETS LESS LIABILITIES – 3.6%				703,817
NET ASSETS - 100%			$	19,284,373

†	Formerly KraneShares Asia Pacific High Income Bond ETF, effective August 1, 2024.
(A)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(B)	Perpetual security with no stated maturity date.

See “Glossary” for abbreviations.

KRS-QH-012-1400

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 97.7% ‡
BRAZIL — 4.4%
Communication Services — 0.1%
Telefonica Brasil		9,900	$	74,949

Consumer Staples — 0.4%
Ambev		92,400		175,591
Raia Drogasil		25,168		89,626
				265,217
Energy — 0.8%
Petroleo Brasileiro		77,100		491,839
Ultrapar Participacoes		22,400		57,579
				549,418
Financials — 1.0%
B3 - Brasil Bolsa Balcao		102,500		171,224
Banco Bradesco		49,187		84,714
Banco do Brasil		44,800		175,274
BB Seguridade Participacoes		12,400		72,620
NU Holdings, Cl A *		22,052		228,459
				732,291
Industrials — 0.6%
CCR		19,800		32,595
Localiza Rent a Car		14,420		75,159
Rumo		19,800		57,177
WEG		29,700		253,692
				418,623
Materials — 1.1%
Klabin		13,740		51,598
Suzano		14,700		147,004
Vale		64,700		571,297
				769,899
Utilities — 0.4%
Centrais Eletricas Brasileiras		18,100		99,995
Cia de Saneamento Basico do Estado de Sao Paulo		5,000		71,627
Equatorial Energia		22,200		98,461
				270,083
TOTAL BRAZIL				3,080,480

CHILE — 0.6%
Consumer Discretionary — 0.1%
Empresas Copec		6,582		40,232
Falabella *		12,658		44,738
				84,970

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 0.3%
Banco de Chile		1,121,628	$	127,498
Banco de Credito e Inversiones		1,094		30,361
Banco Santander Chile		1,116,507		53,101
				210,960
Materials — 0.0%
Empresas CMPC		21,405		33,595

Utilities — 0.2%
Enel Americas		482,272		42,310
Enel Chile		1,209,442		69,926
				112,236
TOTAL CHILE				441,761

COLOMBIA — 0.2%
Financials — 0.2%
Bancolombia		12,401		105,839
TOTAL COLOMBIA				105,839

CZECHIA — 0.2%
Financials — 0.1%
Komercni Banka		1,220		42,579

Utilities — 0.1%
CEZ		2,594		102,108

TOTAL CZECHIA				144,687

EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE		44,444		68,638
TOTAL EGYPT				68,638

GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization		3,892		59,969
TOTAL GREECE				59,969

HUNGARY — 0.5%
Energy — 0.1%
MOL Hungarian Oil & Gas		6,065		41,679

Financials — 0.3%
OTP Bank Nyrt		3,714		202,780

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care — 0.1%
Richter Gedeon Nyrt		2,994	$	78,380

TOTAL HUNGARY				322,839

INDIA — 22.3%
Communication Services — 1.2%
Bharti Airtel		46,360		859,770

Consumer Discretionary — 2.4%
Bajaj Auto		1,376		141,412
Eicher Motors		2,618		147,450
Mahindra & Mahindra		15,602		548,005
Maruti Suzuki India		2,525		320,246
Tata Motors		30,589		264,449
Titan		5,929		225,290
				1,646,852
Consumer Staples — 2.0%
Dabur India		28,361		167,952
Godrej Consumer Products		15,399		194,624
Hindustan Unilever		15,257		414,662
ITC		73,392		414,607
Nestle India		6,784		171,954
				1,363,799
Energy — 1.3%
Bharat Petroleum		34,754		118,717
Indian Oil		102,074		162,636
Oil & Natural Gas		74,596		208,461
Reliance Industries		27,122		385,048
				874,862
Financials — 6.3%
Axis Bank		46,490		578,154
Bajaj Finance		4,255		339,103
Bajaj Finserv		8,527		156,180
HDFC Bank		54,293		1,124,274
HDFC Life Insurance		16,920		121,949
ICICI Bank		78,391		1,173,524
Jio Financial Services *		36,907		128,766
Kotak Mahindra Bank		22,425		467,824
State Bank of India		36,680		340,585
				4,430,359
Health Care — 1.2%
Aurobindo Pharma		8,650		134,832
Cipla		9,982		178,271

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Dr Reddy’s Laboratories		9,590	$	155,532
Sun Pharmaceutical Industries		18,314		403,517
				872,152
Industrials — 0.7%
Larsen & Toubro		12,141		511,606

Information Technology — 4.5%
HCL Technologies		22,020		493,159
Infosys ADR		64,672		1,417,610
Tata Consultancy Services		16,003		765,404
Tech Mahindra		12,640		251,903
Wipro		61,140		215,562
				3,143,638
Materials — 1.7%
Asian Paints		8,196		218,399
Grasim Industries		5,527		157,694
Hindalco Industries		34,131		240,174
JSW Steel		14,477		152,441
UltraTech Cement		1,967		262,524
UPL		9,107		53,293
Vedanta		22,222		115,362
				1,199,887
Utilities — 1.0%
GAIL India		51,399		114,657
NTPC		82,022		319,365
Power Grid Corp of India		80,267		289,421
				723,443
TOTAL INDIA				15,626,368

INDONESIA — 2.7%
Communication Services — 0.3%
Telkom Indonesia Persero		1,124,300		189,304

Consumer Staples — 0.1%
Charoen Pokphand Indonesia		153,900		45,515
Unilever Indonesia		158,900		18,610
				64,125
Energy — 0.2%
Adaro Energy Indonesia		564,400		85,212
United Tractors		35,300		58,724
				143,936

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 1.9%
Bank Central Asia		1,062,300	$	638,568
Bank Mandiri Persero		878,500		311,118
Bank Negara Indonesia Persero		327,600		88,541
Bank Rakyat Indonesia Persero		1,221,100		309,543
				1,347,770
Industrials — 0.2%
Astra International		487,800		148,507

TOTAL INDONESIA				1,893,642

MALAYSIA — 2.6%
Communication Services — 0.2%
CelcomDigi Bhd		72,600		58,775
Maxis		72,600		59,262
				118,037
Consumer Discretionary — 0.1%
Genting		47,600		41,091

Consumer Staples — 0.1%
SD Guthrie		55,100		60,996

Financials — 1.5%
CIMB Group Holdings		200,955		368,518
Hong Leong Bank		12,700		58,395
Malayan Banking		136,616		312,859
Public Bank		316,400		322,662
				1,062,434
Health Care — 0.1%
IHH Healthcare		47,600		77,710

Materials — 0.1%
Petronas Chemicals Group		72,600		83,941

Utilities — 0.5%
Petronas Gas		12,400		49,029
Tenaga Nasional		90,000		300,704
				349,733
TOTAL MALAYSIA				1,793,942

MEXICO — 3.4%
Communication Services — 0.4%
America Movil		384,800		276,671

Consumer Staples — 1.0%
Fomento Economico Mexicano		40,200		343,559

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Grupo Bimbo, Ser A		27,200	$	72,262
Wal-Mart de Mexico		104,800		276,658
				692,479
Financials — 0.6%
Grupo Financiero Banorte, Cl O		55,100		355,015
Grupo Financiero Inbursa, Cl O *		37,100		77,420
				432,435
Industrials — 0.5%
Grupo Aeroportuario del Pacifico, Cl B		10,080		177,693
Grupo Aeroportuario del Sureste, Cl B		6,425		165,217
				342,910
Materials — 0.8%
Cemex		305,800		171,778
Grupo Mexico		55,100		262,161
Southern Copper		1,776		161,847
				595,786
Real Estate — 0.1%
Fibra Uno Administracion ^†		69,000		68,759

TOTAL MEXICO				2,409,040

PERU — 0.7%
Financials — 0.4%
Credicorp		1,620		296,978

Materials — 0.3%
Cia de Minas Buenaventura SAA ADR		13,878		159,875

TOTAL PERU				456,853

PHILIPPINES — 1.0%
Financials — 0.2%
BDO Unibank		66,224		164,859

Industrials — 0.4%
Ayala		7,800		80,771
JG Summit		98,535		35,005
SM Investments		7,800		121,224
				237,000
Real Estate — 0.4%
Ayala Land		269,700		122,157

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
SM Prime		368,300	$	160,130
				282,287
TOTAL PHILIPPINES				684,146

POLAND — 1.6%
Communication Services — 0.1%
CD Projekt		1,475		68,365

Consumer Discretionary — 0.3%
LPP		61		229,640

Energy — 0.1%
ORLEN		6,846		78,229

Financials — 1.0%
Bank Polska Kasa Opieki		4,039		134,842
Powszechna Kasa Oszczednosci Bank Polski		20,191		292,116
Powszechny Zaklad Ubezpieczen		14,669		162,792
Santander Bank Polska		781		86,521
				676,271
Materials — 0.1%
KGHM Polska Miedz		2,816		78,400

TOTAL POLAND				1,130,905

QATAR — 1.2%
Financials — 1.0%
Masraf Al Rayan		95,608		64,675
Qatar Islamic Bank QPSC		28,035		164,468
Qatar National Bank		99,395		471,996
				701,139
Industrials — 0.2%
Industries Qatar		44,590		162,513

TOTAL QATAR				863,652

ROMANIA — 0.2%
Real Estate — 0.2%
NEPI Rockcastle		22,869		167,233
TOTAL ROMANIA				167,233

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

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary — 0.0%
X5 Retail Group GDR * ^{(A) (B)}		915	$	—

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

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

SOUTH AFRICA — 5.8%
Communication Services — 0.4%
MTN Group		34,266		167,045
Vodacom Group		17,985		96,606
				263,651
Consumer Discretionary — 1.4%
Naspers, Cl N		3,793		838,846
Woolworths Holdings		37,765		124,782
				963,628
Consumer Staples — 0.6%
Bid		6,846		156,210
Clicks Group		4,108		81,224
Shoprite Holdings		13,066		203,918
				441,352
Energy — 0.1%
Exxaro Resources		10,915		91,363

Financials — 2.7%
Absa Group		14,676		147,577
Capitec Bank		2,121		352,302
Discovery		14,594		150,635
FirstRand		91,459		368,162
Nedbank Group		9,252		138,123

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Old Mutual		174,788	$	115,877
Remgro		17,837		146,609
Sanlam		29,739		136,922
Standard Bank Group		26,925		316,422
				1,872,629
Industrials — 0.1%
Bidvest Group		5,480		76,572

Materials — 0.5%
Anglo American Platinum		1,429		43,086
Gold Fields		21,782		285,232
Sasol		11,367		50,161
				378,479
TOTAL SOUTH AFRICA				4,087,674

SOUTH KOREA — 14.7%
Communication Services — 0.7%
Kakao		5,229		135,684
NAVER		2,567		346,824
NCSoft		378		47,014
				529,522
Consumer Discretionary — 1.8%
Coway		880		39,990
Hyundai Mobis		1,401		225,070
Hyundai Motor		3,064		441,238
Kia		6,104		417,534
LG Electronics		2,325		131,873
				1,255,705
Consumer Staples — 0.5%
Amorepacific		856		60,937
KT&G		3,437		250,044
LG H&H		203		42,058
				353,039
Energy — 0.3%
HD Hyundai		2,144		115,345
SK Innovation *		1,325		100,805
S-Oil		756		28,141
				244,291
Financials — 2.2%
DB Insurance		830		57,959
Hana Financial Group		7,339		283,161
Industrial Bank of Korea		4,262		41,486

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
KB Financial Group		6,416	$	361,299
Samsung Fire & Marine Insurance		1,106		269,335
Samsung Life Insurance *		1,152		74,184
Shinhan Financial Group		9,360		302,961
Woori Financial Group		12,287		128,282
				1,518,667
Health Care — 0.9%
Celltrion		3,154		401,734
Samsung Biologics *		355		228,845
				630,579
Industrials — 2.0%
Hyundai Glovis		2,884		231,363
Korea Aerospace Industries		3,714		138,504
Korea Shipbuilding & Offshore Engineering *		632		97,881
LG		2,665		130,340
LG Energy Solution *		1,012		239,226
Samsung C&T		2,375		185,205
Samsung Heavy Industries *		23,023		176,721
SK		954		85,216
SK Square *		1,768		95,237
				1,379,693
Information Technology — 5.3%
LG Display *		3,616		22,426
Samsung Electro-Mechanics		1,628		136,906
Samsung Electronics		65,632		2,371,784
Samsung SDI		1,102		185,270
Samsung SDS		576		50,004
SK Hynix		8,173		965,448
				3,731,838
Materials — 0.8%
Korea Zinc		128		87,469
LG Chemical		979		166,254
Lotte Chemical		303		12,308
POSCO Holdings		1,668		287,225
				553,256
Utilities — 0.2%
Korea Electric Power *		10,378		141,344

TOTAL SOUTH KOREA				10,337,934

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
TAIWAN — 31.0%
Communication Services — 1.2%
Chunghwa Telecom		99,000	$	372,935
Far EasTone Telecommunications		73,000		199,064
Taiwan Mobile		73,000		252,726
				824,725
Consumer Staples — 0.6%
President Chain Store		25,000		200,552
Uni-President Enterprises		99,000		244,296
				444,848
Financials — 5.8%
Cathay Financial Holding		148,000		308,329
Chailease Holding		50,607		174,430
Chang Hwa Commercial Bank		391,282		213,039
CTBC Financial Holding		368,000		438,890
E.Sun Financial Holding		322,735		265,299
First Financial Holding		326,103		269,560
Fubon Financial Holding		144,668		398,466
Hua Nan Financial Holdings		255,091		203,469
KGI Financial Holding		450,000		236,087
Mega Financial Holding		209,516		247,320
Shanghai Commercial & Savings Bank		153,000		184,807
Shin Kong Financial Holding *		746,000		268,505
SinoPac Financial Holdings		179,591		125,445
Taishin Financial Holding		353,312		187,516
Taiwan Cooperative Financial Holding		288,882		214,121
Yuanta Financial Holding		307,310		318,704
				4,053,987
Industrials — 0.3%
Far Eastern New Century		222,000		213,979

Information Technology — 22.0%
Accton Technology		9,000		212,204
ASE Technology Holding		77,000		380,484
Asustek Computer		19,000		356,998
AUO		199,600		89,193
Catcher Technology		25,000		147,936
Delta Electronics		39,000		512,117
Hon Hai Precision Industry		203,000		1,139,319
Innolux		224,400		98,221
Lite-On Technology		99,000		300,462
MediaTek		25,000		1,079,016
Novatek Microelectronics		16,000		244,994
Pegatron		76,000		213,040

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Quanta Computer		58,000	$	507,740
Taiwan Semiconductor Manufacturing		302,000		9,902,545
United Microelectronics		198,000		259,998
				15,444,267
Materials — 1.1%
Asia Cement		99,000		121,997
China Steel		326,000		195,394
Formosa Chemicals & Fibre		75,000		62,453
Formosa Plastics		99,000		107,200
Nan Ya Plastics		124,000		113,090
TCC Group Holdings		147,404		142,528
				742,662
TOTAL TAIWAN				21,724,468

THAILAND — 1.8%
Communication Services — 0.3%
Advanced Info Service		23,500		197,815
				197,815
Consumer Staples — 0.3%
CP ALL		125,200		204,719
				204,719
Energy — 0.5%
PTT		256,400		238,765
PTT Exploration & Production		35,200		122,857
				361,622
Health Care — 0.2%
Bangkok Dusit Medical Services, Cl F		230,500		165,633
				165,633
Industrials — 0.3%
Airports of Thailand		114,400		199,642
				199,642
Materials — 0.1%
PTT Global Chemical		62,500		44,728
Siam Cement		12,200		60,115
				104,843
Real Estate — 0.1%
Central Pattana		35,200		58,847
				58,847
TOTAL THAILAND				1,293,121

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
TÜRKIYE — 0.9%
Consumer Staples — 0.4%
BIM Birlesik Magazalar		17,095	$	255,503

Energy — 0.2%
Turkiye Petrol Rafinerileri		34,228		137,355

Financials — 0.3%
Akbank		122,312		224,316

TOTAL TÜRKIYE				617,174

UNITED ARAB EMIRATES — 1.3%
Communication Services — 0.3%
Emirates Telecommunications Group PJSC		53,501		237,714

Financials — 0.7%
Abu Dhabi Commercial Bank PJSC		54,295		154,028
First Abu Dhabi Bank PJSC		80,020		299,336
				453,364
Real Estate — 0.3%
Emaar Properties PJSC		59,940		209,698

TOTAL UNITED ARAB EMIRATES				900,776

UNITED KINGDOM — 0.3%
Materials — 0.3%
Anglogold Ashanti		8,065		179,935
TOTAL UNITED KINGDOM				179,935

UNITED STATES — 0.1%
Consumer Staples — 0.1%
JBS		14,800		86,962
TOTAL UNITED STATES				86,962

TOTAL COMMON STOCK (Cost $66,064,025)				68,478,038

PREFERRED STOCK — 2.6%
BRAZIL — 1.7%
Energy — 0.7%
Petroleo Brasileiro ^(C)		82,500		483,287

Financials — 0.9%
Banco Bradesco ^(C)		42,471		79,472
Itau Unibanco Holding ^(C)		79,600		395,948
Itausa ^(C)		110,330		157,694
				633,114

Schedule of Investments (Unaudited) December 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

	Shares		Value
PREFERRED STOCK (continued)
Materials — 0.1%
Gerdau ^(C)		21,290	$	62,514

Utilities — 0.0%
Cia Energetica de Minas Gerais ^(C)		26,500		47,657

TOTAL BRAZIL				1,226,572

CHILE — 0.2%
Materials — 0.2%
Sociedad Quimica y Minera de Chile ^(C)		3,101		114,121

COLOMBIA — 0.1%
Financials — 0.1%
Bancolombia ^(C)		7,516		60,018

RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC ^(B)(C)		50,900		—

SOUTH KOREA — 0.6%
Information Technology — 0.6%
Samsung Electronics ^(C)		13,434		403,344

TOTAL PREFERRED STOCK (Cost $2,323,818)				1,804,055

TOTAL INVESTMENTS — 100.3% (Cost $68,387,843)				70,282,093
OTHER ASSETS LESS LIABILITIES – (0.3)%				(197,750	)
NET ASSETS - 100%			$	70,084,343

‡	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-014-1200

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
UNITED STATES — 99.8%
Communication Services — 9.4%
Alphabet, Cl C		6,268	$	1,193,678
Comcast, Cl A		11,070		415,457
Meta Platforms, Cl A		1,174		687,389
Netflix *		136		121,219
Verizon Communications		10,603		424,014
				2,841,757
Consumer Discretionary — 6.5%
Amazon.com *		4,865		1,067,332
Dick’s Sporting Goods		393		89,934
Home Depot		1,653		643,001
McDonald’s		598		173,354
				1,973,621
Consumer Staples — 8.2%
Altria Group		10,073		526,717
Cal-Maine Foods		4,893		503,588
Coca-Cola		1,455		90,588
Colgate-Palmolive		1,453		132,092
Conagra Brands		7,007		194,444
Flowers Foods		11,537		238,355
General Mills		646		41,195
Kimberly-Clark		3,191		418,149
Philip Morris International		620		74,617
Procter & Gamble		1,572		263,546
				2,483,291
Energy — 6.1%
Chevron		1,926		278,962
DT Midstream		4,448		442,265
Enterprise Products Partners		6,239		195,655
Hess Midstream, Cl A		12,435		460,468
ONEOK		1,016		102,006
Phillips 66		2,008		228,772
Plains GP Holdings, Cl A		8,593		157,939
				1,866,067
Financials — 10.1%
Aflac		992		102,613
Allstate		708		136,495
Annaly Capital Management ^†		6,712		122,830
Citizens Financial Group		904		39,559
CME Group, Cl A		627		145,608
Goldman Sachs Group		938		537,118
JPMorgan Chase		1,489		356,928

Schedule of Investments (Unaudited) December 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Morgan Stanley		1,868	$	234,845
Regions Financial		3,072		72,253
T Rowe Price Group		3,530		399,208
Virtu Financial, Cl A		5,181		184,858
Visa, Cl A		862		272,426
Western Union		43,041		456,235
				3,060,976
Health Care — 9.1%
AbbVie		1,997		354,867
Amgen		845		220,241
Bristol-Myers Squibb		9,088		514,017
CVS Health		558		25,049
Eli Lilly		67		51,724
Gilead Sciences		5,532		510,991
Johnson & Johnson		870		125,819
McKesson		174		99,164
Merck		2,977		296,152
Pfizer		17,136		454,618
Thermo Fisher Scientific		215		111,850
				2,764,492
Industrials — 13.6%
Automatic Data Processing		1,751		512,570
Cummins		791		275,743
Fastenal		5,985		430,381
General Dynamics		150		39,524
Illinois Tool Works		1,697		430,291
Lockheed Martin		719		349,391
Maximus		5,143		383,925
MSC Industrial Direct, Cl A		2,108		157,447
Paychex		3,416		478,992
Powell Industries		331		73,366
Robert Half		2,603		183,407
Snap-on		538		182,640
Union Pacific		1,137		259,281
United Parcel Service, Cl B		2,987		376,661
				4,133,619
Information Technology — 25.7%
Amphenol, Cl A		7,201		500,109
Apple		6,949		1,740,168
AppLovin, Cl A *		194		62,823
Cisco Systems		10,268		607,866
International Business Machines		1,702		374,151
Microsoft		4,144		1,746,696

Schedule of Investments (Unaudited) December 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
NVIDIA		16,582	$	2,226,797
Oracle		319		53,158
Texas Instruments		2,592		486,026
				7,797,794
Materials — 3.5%
Air Products and Chemicals		1,543		447,532
Dow		7,536		302,419
Packaging Corp of America		1,454		327,339
				1,077,290
Real Estate — 2.2%
Public Storage ^†		1,380		413,227
Simon Property Group ^†		1,472		253,493
				666,720
Utilities — 5.4%
American Electric Power		1,967		181,416
Consolidated Edison		2,639		235,478
Duke Energy		456		49,130
Entergy		3,913		296,684
ONE Gas		2,321		160,729
Public Service Enterprise Group		2,347		198,298
Spire		1,116		75,698
WEC Energy Group		4,728		444,621
				1,642,054
TOTAL UNITED STATES				30,307,681

TOTAL COMMON STOCK (Cost $26,813,882)				30,307,681

TOTAL INVESTMENTS — 99.8% (Cost $26,813,882)				30,307,681
OTHER ASSETS LESS LIABILITIES – 0.2%				66,586
NET ASSETS - 100%			$	30,374,267

‡	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-026-0800

Consolidated Schedule of Investments (Unaudited) December 31, 2024

KraneShares Mount Lucas Managed Futures Index Strategy ETF^†

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 66.5%
U.S. Treasury Bills
4.423%, 01/16/2025 ^(A)	$	27,000,000	$	26,955,553
4.390%, 01/30/2025 ^(A)		50,000,000		49,835,597
4.372%, 01/02/2025 ^(A)		53,000,000		53,000,000
4.238%, 02/13/2025 ^(A)		43,000,000		42,787,375
4.219%, 02/27/2025 ^(A)		50,000,000		49,671,778

TOTAL U.S. TREASURY OBLIGATIONS (Cost $222,220,795)				222,250,303

TOTAL INVESTMENTS — 66.5% (Cost $222,220,795)				222,250,303
OTHER ASSETS LESS LIABILITIES – 33.5%				112,019,451
NET ASSETS - 100%			$	334,269,754

A list of the open futures contracts held by the Fund at December 31, 2024, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Canadian 10-Year Bond	596	Mar-2025	$	51,325,373		$	50,836,941		$	260,461
Euro-Bund 10-Year Bond	354	Mar-2025		49,888,302			48,931,271			(500,672	)
Gold ^	85	Feb-2025		22,060,077			22,448,500			388,423
Live Cattle ^	301	Feb-2025		22,410,449			23,068,640			658,191
				145,684,201			145,285,352			806,403
Short Contracts
AUD Currency	(828)	Mar-2025		(52,715,932	)		(51,253,200	)		1,462,731
British Pound	(680)	Mar-2025		(54,084,246	)		(53,137,750	)		946,496
CAD Currency	(754)	Mar-2025		(53,243,648	)		(52,572,650	)		670,998
Copper ^	(219)	Mar-2025		(23,017,451	)		(22,045,088	)		972,364
Corn ^	(1,047)	Mar-2025		(22,813,177	)		(24,002,475	)		(1,189,298	)
Euro FX	(407)	Mar-2025		(53,585,078	)		(52,851,494	)		733,585
Gasoline ^	(280)	Mar-2025		(23,919,847	)		(23,862,216	)		57,631
Japanese 10-Year Bond	(87)	Mar-2025		(81,135,891	)		(78,460,072	)		223,126
Japanese Yen	(638)	Mar-2025		(52,817,000	)		(51,119,750	)		1,697,250
Long Gilt 10-Year Bond	(694)	Mar-2025		(82,675,514	)		(80,287,109	)		2,154,561
Natural Gas ^	(697)	Mar-2025		(19,700,345	)		(21,593,060	)		(1,892,715	)
NY Harbor ULSD ^	(248)	Mar-2025		(23,712,489	)		(23,898,470	)		(185,982	)
Soybean ^	(455)	Mar-2025		(22,970,598	)		(22,988,875	)		(18,277	)
Sugar No. 11 ^	(46)	Mar-2025		(992,109	)		(992,275	)		(166	)
Swiss Franc	(376)	Mar-2025		(53,648,127	)		(52,184,100	)		1,464,027
Ultra 10-Year U.S. Treasury Note	(739)	Mar-2025		(84,056,500	)		(82,259,938	)		1,796,563
Wheat ^	(828)	Mar-2025		(22,933,173	)		(22,832,100	)		101,073
WTI Crude Oil ^	(336)	Mar-2025		(22,825,435	)		(23,940,000	)		(1,114,565	)
				(750,846,560	)		(740,280,622	)		7,879,402
			$	(605,162,359	)	$	(594,995,270	)	$	8,685,805

Consolidated Schedule of Investments (Unaudited) December 31, 2024

KraneShares Mount Lucas Managed Futures Index Strategy ETF^† (concluded)

^ Security is held by the KFA MLM Index Subsidiary, Ltd. as of December 31, 2024.

† Formerly KFA Mount Lucas Managed Futures Index Strategy ETF, effective August 1, 2024.

(A) Interest rate represents the security’s effective yield at the time of purchase.

KRS-QH-025-0800

Schedule of Investments (Unaudited) December 31, 2024

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 99.6% ‡
CHINA — 99.6%
Consumer Discretionary — 4.8%
Beijing Roborock Technology, Cl A		33,435	$	998,701
Ninebot		113,574		734,831
Tianneng Battery Group, Cl A		30,791		114,164
				1,847,696
Consumer Staples — 0.8%
Bloomage Biotechnology, Cl A		43,592		303,063

Health Care — 9.6%
APT Medical, Cl A		13,221		670,513
iRay Technology, Cl A		16,184		210,680
MGI Tech, Cl A *		47,119		300,306
Shanghai Junshi Biosciences, Cl A *		121,378		451,851
Shanghai United Imaging Healthcare, Cl A		93,233		1,605,210
Sichuan Biokin Pharmaceutical, Cl A *		18,145		473,873
				3,712,433
Industrials — 2.8%
AVIC Chengdu UAS, Cl A		45,816		251,375
Baimtec Material, Cl A		30,544		232,320
Sany Renewable Energy, Cl A		55,495		233,424
Zhuzhou CRRC Times Electric, Cl A		58,977		384,959
				1,102,078
Information Technology — 79.0%
ACM Research Shanghai, Cl A		19,853		270,422
Advanced Micro-Fabrication Equipment China, Cl A		98,567		2,539,662
Amlogic Shanghai, Cl A *		75,791		709,028
ASR Microelectronics, Cl A *		47,320		348,640
Beijing Kingsoft Office Software, Cl A		52,323		2,041,107
Biwin Storage Technology, Cl A *		68,298		576,507
Cambricon Technologies, Cl A *		47,225		4,232,657
China Railway Signal & Communication, Cl A		585,154		498,953
China Resources Microelectronics, Cl A		119,779		769,920
CSI Solar, Cl A		333,785		571,047
Everdisplay Optronics Shanghai, Cl A *		938,851		296,688
GalaxyCore, Cl A		176,516		323,146
Guobo Electronics, Cl A		17,530		117,862
Hangzhou EZVIZ Network, Cl A		35,635		146,540
Hwatsing Technology, Cl A		32,136		713,457
Hygon Information Technology, Cl A		210,353		4,291,872
Jinko Solar, Cl A		905,474		876,922
Loongson Technology, Cl A *		36,291		653,895
Montage Technology, Cl A		258,500		2,390,812
National Silicon Industry Group, Cl A		372,931		956,012

Schedule of Investments (Unaudited) December 31, 2024

KraneShares SSE STAR Market 50 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Nexchip Semiconductor, Cl A *		181,556	$	577,200
Piotech, Cl A		31,485		659,034
Qi An Xin Technology Group, Cl A *		62,008		226,612
Shanghai BOCHU Electronic Technology, Cl A		18,594		491,982
Shanghai Fudan Microelectronics Group, Cl A		72,590		379,586
Shenzhen Transsion Holdings, Cl A		103,202		1,335,448
SICC, Cl A *		38,889		271,214
SUPCON Technology, Cl A		143,098		968,151
Trina Solar, Cl A		246,542		648,132
United Nova Technology, Cl A *		958,275		669,611
Verisilicon Microelectronics Shanghai, Cl A *		79,244		565,928
Xinjiang Daqo New Energy, Cl A		145,606		478,775
				30,596,822
Materials — 2.6%
Cathay Biotech, Cl A		65,995		348,785
Western Superconducting Technologies, Cl A		102,891		600,121
Zhongfu Shenying Carbon Fiber, Cl A		22,399		60,807
				1,009,713
TOTAL CHINA				38,571,805

TOTAL COMMON STOCK (Cost $40,106,606)				38,571,805

TOTAL INVESTMENTS — 99.6% (Cost $40,106,606)				38,571,805
OTHER ASSETS LESS LIABILITIES – 0.4%				148,314
NET ASSETS - 100%			$	38,720,119

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

See “Glossary for abbreviations”.

KRS-QH-024-0800

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 91.9% ‡
CHINA — 90.7%
Communication Services — 24.7%
Baidu, Cl A *		33,450	$	356,119
Bilibili, Cl Z *		14,020		256,289
China Literature *		21,400		69,424
Kingsoft		43,200		187,138
Kuaishou Technology, Cl B *		103,200		549,349
NetEase		31,305		557,755
Tencent Holdings		19,600		1,052,170
				3,028,244
Consumer Discretionary — 40.3%
Alibaba Group Holding		95,100		1,008,791
Haier Smart Home, Cl A		116,226		411,462
JD.com, Cl A		32,459		568,287
Li Auto, Cl A *		43,700		528,533
Meituan, Cl B *		47,380		925,282
Midea Group *		23,100		224,667
NIO, Cl A *		16,530		74,053
Tongcheng Travel Holdings		69,200		162,133
Trip.com Group *		8,150		566,559
XPeng, Cl A *		76,800		461,218
				4,930,985
Consumer Staples — 3.2%
Alibaba Health Information Technology *		316,000		135,057
East Buy Holding *		22,500		52,079
JD Health International *		54,600		197,512
				384,648
Financials — 0.5%
ZhongAn Online P&C Insurance, Cl H *		41,400		62,783

Information Technology — 22.0%
BYD Electronic International		36,000		194,878
Hua Hong Semiconductor		31,000		86,400
Kingdee International Software Group *		143,000		157,029
Lenovo Group		390,000		506,079
SenseTime Group, Cl B *		1,168,000		224,038
Sunny Optical Technology Group		36,940		327,412
Xiaomi, Cl B *		270,400		1,200,935
				2,696,771
TOTAL CHINA				11,103,431

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 1.2%
Information Technology — 1.2%
ASMPT		15,200	$	146,561
TOTAL HONG KONG				146,561

TOTAL COMMON STOCK (Cost $10,575,065)				11,249,992

TOTAL INVESTMENTS — 91.9% (Cost $10,575,065)				11,249,992
OTHER ASSETS LESS LIABILITIES – 8.1%				995,749
NET ASSETS - 100%			$	12,245,741

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

See “Glossary for abbreviations”.

KRS-QH-028-0800

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Dynamic Emerging Markets Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 99.1%
KraneShares MSCI All China Index ETF ^(A)		132,306	$	2,716,176
KraneShares MSCI Emerging Markets ex China Index ETF ^(A)		65,711		1,821,088
TOTAL EXCHANGE - TRADED FUNDS (Cost $4,385,345)				4,537,264

TOTAL INVESTMENTS — 99.1% (Cost $4,385,345)				4,537,264
OTHER ASSETS LESS LIABILITIES – 0.9%				41,292
NET ASSETS - 100%			$	4,578,556

(A)

Affiliated Investment.

Transactions with affiliated companies during the period ended December 31, 2024 are as follows:

Value as of 3/31/2024		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Value as of 12/31/2024		Dividend Income		Capital Gain Distributions
KraneShares MSCI All China Index ETF
$	2,027,280	$	413,544	$	(16,282	)	$	292,869		$	(1,235	)	$	2,716,176	$	63,230	$	—
KraneShares MSCI Emerging Markets ex China Index ETF
	1,668,176		291,803		(30,740	)		(109,453	)		1,302			1,821,088		61,693		—
$	3,695,456	$	705,347	$	(47,022	)	$	183,416		$	67		$	4,537,264	$	124,923	$	—

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

See “Glossary” for abbreviations.

KRS-QH-038-0300

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Global Luxury Index ETF

	Shares		Value
COMMON STOCK — 96.4% ‡
CHINA — 0.5%
Consumer Discretionary — 0.5%
Chow Tai Fook Jewellery Group		37,200	$	32,230
TOTAL CHINA				32,230

DENMARK — 4.4%
Consumer Discretionary — 4.4%
Pandora		1,588		290,407
TOTAL DENMARK				290,407

FRANCE — 34.0%
Consumer Discretionary — 21.1%
Hermes International		194		466,458
Kering		1,130		278,779
LVMH Moet Hennessy Louis Vuitton		957		629,762
				1,374,999
Consumer Staples — 8.4%
L’Oreal		1,536		543,720

Health Care — 4.5%
EssilorLuxottica		1,206		294,220

TOTAL FRANCE				2,212,939

GERMANY — 0.9%
Consumer Discretionary — 0.9%
HUGO BOSS		1,264		58,611
TOTAL GERMANY				58,611

ITALY — 11.1%
Consumer Discretionary — 11.1%
Brunello Cucinelli		811		88,514
Ferrari		639		272,878
Moncler		5,339		281,844
PRADA		10,300		79,756
TOTAL ITALY				722,992

JAPAN — 7.0%
Consumer Staples — 7.0%
Kao		6,600		268,267
Shiseido		10,700		189,714
TOTAL JAPAN				457,981

SWITZERLAND — 10.0%
Consumer Discretionary — 10.0%
Cie Financiere Richemont, Cl A		3,479		529,384

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Global Luxury Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Swatch Group		666	$	121,258
TOTAL SWITZERLAND				650,642

UNITED KINGDOM — 1.2%
Consumer Discretionary — 1.2%
Burberry Group		6,502		79,802
TOTAL UNITED KINGDOM				79,802

UNITED STATES — 27.3%
Consumer Discretionary — 21.0%
Capri Holdings *		5,001		105,321
Deckers Outdoor *		1,424		289,200
Ralph Lauren, Cl A		826		190,790
Samsonite International		32,700		90,927
Signet Jewelers		953		76,917
Tapestry		4,649		303,719
Vail Resorts		765		143,399
VF		7,825		167,925
				1,368,198
Consumer Staples — 6.3%
Coty, Cl A *		9,315		64,832
Estee Lauder, Cl A		3,953		296,396
Inter Parfums		361		47,475
				408,703
TOTAL UNITED STATES				1,776,901

TOTAL COMMON STOCK (Cost $6,437,715)				6,282,505

TOTAL INVESTMENTS — 96.4% (Cost $6,437,715)				6,282,505
OTHER ASSETS LESS LIABILITIES – 3.6%				234,522
NET ASSETS - 100%			$	6,517,027

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

See “Glossary” for abbreviations.

KRS-QH-039-0300

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Artificial Intelligence

	Shares		Value
COMMON STOCK — 99.9% ‡
GERMANY — 2.9%
Information Technology — 2.9%
SAP		1,354	$	331,308
TOTAL GERMANY				331,308

NETHERLANDS — 1.7%
Information Technology — 1.7%
ASML Holding		272		191,159
TOTAL NETHERLANDS				191,159

SOUTH KOREA — 1.6%
Information Technology — 1.6%
SK Hynix		1,534		181,206
TOTAL SOUTH KOREA				181,206

TAIWAN — 3.1%
Information Technology — 3.1%
MediaTek		2,000		86,321
Taiwan Semiconductor Manufacturing		8,000		262,319
TOTAL TAIWAN				348,640

UNITED STATES — 90.6%
Communication Services — 13.0%
Alphabet, Cl A		2,162		409,267
Meta Platforms, Cl A		1,453		850,746
ROBLOX, Cl A *		3,650		211,189
				1,471,202
Consumer Discretionary — 11.1%
Amazon.com *		2,703		593,011
Duolingo, Cl A *		837		271,380
Tesla *		989		399,398
				1,263,789
Industrials — 1.3%
Vertiv Holdings, Cl A		1,298		147,466

Information Technology — 65.2%
Adobe *		661		293,933
Advanced Micro Devices *		883		106,658
Apple		2,104		526,884
Arista Networks *		1,648		182,153
ARM Holdings ADR *		1,038		128,048
Broadcom		1,578		365,844
Cloudflare, Cl A *		2,127		229,035
Datadog, Cl A *		1,754		250,629

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Artificial Intelligence (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Elastic *		2,749	$	272,371
Gitlab, Cl A *		2,972		167,472
Intuit		455		285,967
Marvell Technology		1,859		205,327
Micron Technology		1,123		94,512
Microsoft		2,034		857,331
MongoDB, Cl A *		527		122,691
NVIDIA		3,941		529,237
Oracle		1,360		226,631
Palantir Technologies, Cl A *		3,934		297,528
Palo Alto Networks *		1,186		215,805
Pure Storage, Cl A *		3,342		205,299
QUALCOMM		770		118,287
Salesforce		1,349		451,011
ServiceNow *		398		421,928
Snowflake, Cl A *		1,876		289,673
Synopsys *		223		108,235
Workday, Cl A *		897		231,453
Zscaler *		1,222		220,461
				7,404,403
TOTAL UNITED STATES				10,286,860

TOTAL COMMON STOCK (Cost $10,662,937)				11,339,173

TOTAL INVESTMENTS — 99.9% (Cost $10,662,937)				11,339,173
OTHER ASSETS LESS LIABILITIES – 0.1%				7,321
NET ASSETS - 100%			$	11,346,494

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

See “Glossary” for abbreviations.

KRS-QH-043-0200

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 98.6%
AUSTRALIA — 3.5%
Financials — 3.0%
Commonwealth Bank of Australia
5.180%, 3/14/2025, SOFRRATE + 0.740% ^(A)	$	1,000,000	$	1,001,182
2.296%, 03/14/2025		1,000,000		995,479
National Australia Bank
5.269%, 5/13/2025, SOFRRATE + 0.760% ^(A)		1,000,000		1,001,911
1.388%, 01/12/2025		1,250,000		1,248,916
Westpac Banking
3.735%, 08/26/2025		1,400,000		1,392,415
2.350%, 02/19/2025		1,174,000		1,170,334
				6,810,237
Real Estate — 0.5%
Macquarie Bank
5.733%, 3/21/2025, SOFRRATE + 1.310% ^(A)		1,000,000		1,002,279

TOTAL AUSTRALIA				7,812,516

CANADA — 11.0%
Communication Services — 0.4%
Rogers Communications
2.950%, 03/15/2025		1,000,000		994,510

Consumer Discretionary — 0.2%
Magna International
4.150%, 10/01/2025		500,000		497,685

Financials — 10.4%
Bank of Montreal
5.920%, 09/25/2025		1,000,000		1,009,517
Bank of Montreal, MTN
1.850%, 05/01/2025		1,500,000		1,486,026
1.500%, 01/10/2025		1,000,000		999,163
Bank of Nova Scotia
5.450%, 06/12/2025		2,000,000		2,006,144
2.200%, 02/03/2025		1,000,000		997,465
Bank of Nova Scotia, MTN
3.450%, 04/11/2025		2,000,000		1,991,975
Canadian Imperial Bank of Commerce
5.273%, 4/7/2025, SOFRINDX + 0.940% ^(A)		1,000,000		1,001,886
5.144%, 04/28/2025		500,000		500,810
2.250%, 01/28/2025		1,000,000		998,098
Federation des Caisses Desjardins du Quebec
2.050%, 02/10/2025		1,200,000		1,196,510
National Bank of Canada
5.250%, 01/17/2025		1,000,000		1,000,220
Royal Bank of Canada, MTN
4.950%, 04/25/2025		2,000,000		2,002,602
3.375%, 04/14/2025		1,000,000		996,669

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
1.150%, 06/10/2025	$	1,000,000	$	984,730
Toronto-Dominion Bank, MTN
3.766%, 06/06/2025		2,000,000		1,992,572
1.450%, 01/10/2025		1,000,000		999,255
1.150%, 06/12/2025		2,100,000		2,067,990
0.750%, 09/11/2025		1,000,000		973,427
				23,205,059
TOTAL CANADA				24,697,254

FINLAND — 0.6%
Financials — 0.6%
Nordea Bank Abp
3.600%, 06/06/2025		1,400,000		1,393,271

FRANCE — 1.7%
Financials — 1.7%
Banque Federative du Credit Mutuel
0.998%, 02/04/2025		1,000,000		996,613
BNP Paribas
3.375%, 01/09/2025		248,000		247,937
BPCE
5.029%, 01/15/2025		1,000,000		1,000,075
2.375%, 01/14/2025		1,000,000		999,167
Credit Agricole
4.375%, 03/17/2025		135,000		134,715
Societe Generale
4.250%, 04/14/2025		274,390		273,440
Societe Generale, MTN
4.351%, 06/13/2025		100,000		99,802
TOTAL FRANCE				3,751,749

GERMANY — 1.7%
Consumer Discretionary — 0.8%
BMW US Capital
3.900%, 04/09/2025		83,000		82,807
3.250%, 04/01/2025		471,000		469,307
Mercedes-Benz Finance North America
4.950%, 03/30/2025		1,305,000		1,305,285
				1,857,399
Consumer Staples — 0.4%
EMD Finance
3.250%, 03/19/2025		1,000,000		996,423

Financials — 0.5%
Deutsche Bank
4.500%, 04/01/2025		100,000		99,850
Deutsche Bank NY
4.162%, 05/13/2025		1,000,000		997,157
				1,097,007
TOTAL GERMANY				3,950,829

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
HONG KONG — 0.4%
Diversified — 0.4%
Swire Pacific Financing, MTN
3.875%, 09/21/2025	$	1,000,000	$	992,093

JAPAN — 3.7%
Consumer Discretionary — 0.4%
Honda Motor
2.271%, 03/10/2025		1,000,000		995,339

Financials — 3.3%
Mitsubishi UFJ Financial Group
3.777%, 03/02/2025		1,000,000		997,898
2.193%, 02/25/2025		848,590		845,337
1.412%, 07/17/2025		1,000,000		982,385
Nomura Holdings
2.648%, 01/16/2025		1,000,000		999,077
Sumitomo Mitsui Financial Group
2.348%, 01/15/2025		1,500,000		1,498,664
1.474%, 07/08/2025		2,000,000		1,966,520
				7,289,881
TOTAL JAPAN				8,285,220

MEXICO — 0.4%
Materials — 0.4%
Southern Copper
3.875%, 04/23/2025		1,000,000		995,015

NETHERLANDS — 1.4%
Financials — 1.4%
Cooperatieve Rabobank UA
5.000%, 01/13/2025		1,000,000		1,000,108
Cooperatieve Rabobank UA, MTN
5.500%, 07/18/2025		1,000,000		1,005,034
3.375%, 05/21/2025		1,100,000		1,094,885
TOTAL NETHERLANDS				3,100,027

SINGAPORE — 0.2%
Financials — 0.2%
United Overseas Bank, MTN
3.059%, 04/07/2025		412,000		409,705

SPAIN — 0.9%
Financials — 0.9%
Banco Bilbao Vizcaya Argentaria
1.125%, 09/18/2025		1,000,000		975,082
Banco Santander
2.746%, 05/28/2025		1,000,000		990,423
TOTAL SPAIN				1,965,505

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
SWEDEN — 0.6%
Consumer Staples — 0.5%
Skandinaviska Enskilda Banken
3.700%, 06/09/2025	$	1,000,000	$	996,096

Financials — 0.1%
Svenska Handelsbanken
3.650%, 06/10/2025		111,000		110,545
Swedbank
3.356%, 04/04/2025		200,000		199,146
				309,691
TOTAL SWEDEN				1,305,787

SWITZERLAND — 1.5%
Financials — 1.5%
UBS
2.950%, 04/09/2025		1,000,000		995,057
UBS, MTN
3.700%, 02/21/2025		318,000		317,364
UBS Group
3.750%, 03/26/2025		2,000,000		1,994,016
TOTAL SWITZERLAND				3,306,437

UNITED KINGDOM — 2.5%
Communication Services — 0.5%
Vodafone Group
4.125%, 05/30/2025		1,000,000		996,683

Financials — 2.0%
Barclays
3.650%, 03/16/2025		1,000,000		997,387
HSBC Holdings
4.250%, 08/18/2025		1,000,000		996,208
Lloyds Banking Group
4.450%, 05/08/2025		1,000,000		998,187
NatWest Markets
5.798%, 3/22/2025, SOFRRATE + 1.450% ^(A)		1,000,000		1,002,527
Standard Chartered, MTN
3.200%, 04/17/2025		546,000		542,129
				4,536,438
TOTAL UNITED KINGDOM				5,533,121

UNITED STATES — 68.5%
Communication Services — 4.0%
Alphabet
0.450%, 08/15/2025		1,000,000		976,170
Charter Communications Operating
4.908%, 07/23/2025		1,000,000		998,830
Comcast
3.375%, 08/15/2025		1,000,000		991,446

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Communication Services (continued)
Fox
3.050%, 04/07/2025	$	1,000,000	$	995,211
Netflix
5.875%, 02/15/2025		2,000,000		2,001,995
T-Mobile USA
3.500%, 04/15/2025		1,000,000		995,488
TWDC Enterprises 18, MTN
3.150%, 09/17/2025		1,000,000		990,041
Walt Disney
3.350%, 03/24/2025		1,000,000		997,202
				8,946,383
Consumer Discretionary — 8.8%
American Honda Finance, MTN
4.600%, 04/17/2025		1,000,000		999,800
1.500%, 01/13/2025		252,000		251,741
AutoZone
3.625%, 04/15/2025		1,266,900		1,262,619
Booking Holdings
3.650%, 03/15/2025		1,000,000		997,774
eBay
1.900%, 03/11/2025		1,000,000		994,049
Ford Motor Credit
5.125%, 06/16/2025		1,000,000		999,386
4.687%, 06/09/2025		2,000,000		1,995,247
4.134%, 08/04/2025		1,000,000		993,810
2.300%, 02/10/2025		545,000		543,181
General Motors Financial
4.300%, 07/13/2025		1,000,000		997,079
2.750%, 06/20/2025		2,000,000		1,980,402
Genuine Parts
1.750%, 02/01/2025		1,000,000		997,314
Harley-Davidson Financial Services
3.350%, 06/08/2025		673,000		667,555
Lennar
4.750%, 05/30/2025		1,000,000		998,828
Marriott International
5.750%, 05/01/2025		600,000		601,206
McDonald’s, MTN
3.300%, 07/01/2025		1,000,000		992,890
NIKE
2.400%, 03/27/2025		1,000,000		994,731
Toyota Motor Credit, MTN
4.660%, 4/14/2025, SOFRRATE + 0.350% ^(A)		437,000		437,111
3.650%, 08/18/2025		1,000,000		994,723
1.800%, 02/13/2025		1,000,000		996,578
				19,696,024

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Consumer Staples — 5.0%
Baxalta
4.000%, 06/23/2025	$	1,000,000	$	996,615
Bunge Finance
1.630%, 08/17/2025		1,000,000		981,027
General Mills
4.000%, 04/17/2025		1,000,000		997,355
J M Smucker
3.500%, 03/15/2025		1,000,000		997,127
Keurig Dr Pepper
4.417%, 05/25/2025		1,000,000		998,177
Mondelez International
1.500%, 05/04/2025		1,000,000		988,621
PepsiCo
3.500%, 07/17/2025		1,000,000		994,637
Roche Holdings
4.952%, 3/10/2025, SOFRRATE + 0.560% ^(A)		1,000,000		1,000,580
2.132%, 03/10/2025		1,250,000		1,244,216
Target
2.250%, 04/15/2025		1,000,000		992,605
The Campbell’s
3.950%, 03/15/2025		1,000,000		997,691
				11,188,651
Financials — 25.5%
Ally Financial
5.800%, 05/01/2025		1,841,800		1,843,920
American Express
3.950%, 08/01/2025		1,000,000		995,989
2.250%, 03/04/2025		1,700,000		1,694,789
Ameriprise Financial
3.000%, 04/02/2025		1,000,000		995,756
Ares Capital
3.250%, 07/15/2025		2,000,000		1,980,627
Bank of America, MTN
4.000%, 01/22/2025		2,100,000		2,098,949
Bank of New York Mellon, MTN
3.000%, 02/24/2025		1,000,000		997,542
1.600%, 04/24/2025		1,793,000		1,775,644
Capital One Financial
3.200%, 02/05/2025		1,000,000		999,800
Charles Schwab
4.200%, 03/24/2025		1,608,600		1,606,111
3.850%, 05/21/2025		444,500		443,267
Chubb INA Holdings
3.150%, 03/15/2025		1,000,000		996,699
Citibank
5.864%, 09/29/2025		1,000,000		1,008,813

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
Citigroup
4.400%, 06/10/2025	$	1,100,000	$	1,096,689
3.875%, 03/26/2025		2,000,000		1,994,660
Citizens Bank
2.250%, 04/28/2025		210,000		208,269
CME Group
3.000%, 03/15/2025		1,000,000		996,432
CNO Financial Group
5.250%, 05/30/2025		1,000,000		1,000,086
Corebridge Global Funding
0.900%, 09/22/2025		1,000,000		974,010
Discover Financial Services
3.750%, 03/04/2025		1,000,000		997,853
Fifth Third Bancorp
2.375%, 01/28/2025		330,000		329,360
Fifth Third Bank
3.950%, 07/28/2025		1,000,000		995,660
Goldman Sachs Group
3.750%, 05/22/2025		1,000,000		996,342
3.500%, 01/23/2025		2,000,000		1,998,850
JPMorgan Chase
3.900%, 07/15/2025		1,000,000		996,451
3.125%, 01/23/2025		1,346,879		1,345,406
KeyBank
4.150%, 08/08/2025		1,000,000		994,886
3.300%, 06/01/2025		1,000,000		993,444
Manufacturers & Traders Trust
2.900%, 02/06/2025		1,000,000		997,770
Marsh & McLennan
3.500%, 03/10/2025		1,000,000		998,039
Mastercard
2.000%, 03/03/2025		1,000,000		995,605
Metropolitan Life Global Funding I, MTN
2.800%, 03/21/2025		1,000,000		996,193
Metropolitan Life Global Funding I
4.050%, 08/25/2025		1,020,000		1,017,257
Morgan Stanley, MTN
4.000%, 07/23/2025		1,000,000		995,892
New York Life Global Funding
0.950%, 06/24/2025		1,000,000		982,836
PayPal Holdings
1.650%, 06/01/2025		1,000,000		987,005
PNC Bank, MTN
3.250%, 06/01/2025		1,000,000		993,559

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
PNC Bank
3.875%, 04/10/2025	$	2,000,000	$	1,993,692
Principal Life Global Funding II
1.375%, 01/10/2025		879,000		878,341
Regions Financial
2.250%, 05/18/2025		1,422,800		1,408,504
Santander Holdings USA
3.450%, 06/02/2025		1,000,000		993,922
Truist Bank
1.500%, 03/10/2025		1,300,000		1,291,770
Truist Financial, MTN
3.700%, 06/05/2025		2,100,000		2,090,246
US Bancorp
1.450%, 05/12/2025		2,000,000		1,977,164
US Bank
2.050%, 01/21/2025		1,200,000		1,198,200
Wells Fargo, MTN
3.550%, 09/29/2025		900,000		892,877
3.000%, 02/19/2025		1,000,000		997,700
Western Union
2.850%, 01/10/2025		1,000,000		999,501
				57,042,377
Health Care — 5.6%
Abbott Laboratories
2.950%, 03/15/2025		1,000,000		996,557
Boston Scientific
1.900%, 06/01/2025		2,000,000		1,976,944
Cigna Group
3.250%, 04/15/2025		1,000,000		995,191
CVS Health
3.875%, 07/20/2025		1,000,000		993,589
Elevance Health
2.375%, 01/15/2025		1,000,000		999,134
HCA
5.250%, 04/15/2025		1,000,000		1,001,008
Humana
4.500%, 04/01/2025		1,000,000		998,584
Quest Diagnostics
3.500%, 03/30/2025		1,000,000		996,557
Stryker
1.150%, 06/15/2025		1,608,000		1,582,299
UnitedHealth Group
3.750%, 07/15/2025		1,000,000		995,886
Zimmer Biomet Holdings
3.550%, 04/01/2025		1,000,000		997,122
				12,532,871

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Industrials — 4.9%
Air Lease
3.375%, 07/01/2025	$	1,000,000	$	992,235
Automatic Data Processing
3.375%, 09/15/2025		1,000,000		992,007
CNH Industrial Capital
3.950%, 05/23/2025		1,000,000		996,525
Cummins
0.750%, 09/01/2025		1,000,000		974,859
Deere
2.750%, 04/15/2025		1,000,000		994,659
John Deere Capital, MTN
4.050%, 09/08/2025		1,000,000		996,662
Otis Worldwide
2.056%, 04/05/2025		1,000,000		992,293
United Parcel Service
3.900%, 04/01/2025		2,000,000		1,996,726
Verisk Analytics
4.000%, 06/15/2025		1,000,000		996,119
WW Grainger
1.850%, 02/15/2025		1,030,000		1,025,627
				10,957,712
Information Technology — 8.4%
Adobe
1.900%, 02/01/2025		900,000		897,720
Apple
2.500%, 02/09/2025		1,500,000		1,496,708
1.125%, 05/11/2025		2,000,000		1,976,160
Applied Materials
3.900%, 10/01/2025		500,000		497,714
Cisco Systems
3.500%, 06/15/2025		1,000,000		995,774
Flex
4.750%, 06/15/2025		1,000,000		998,190
HP
2.200%, 06/17/2025		1,000,000		987,605
Intel
3.400%, 03/25/2025		1,000,000		996,544
Intuit
0.950%, 07/15/2025		1,000,000		980,984
Lam Research
3.800%, 03/15/2025		100,000		99,816
Microsoft
2.700%, 02/12/2025		1,000,000		997,923
NetApp
1.875%, 06/22/2025		1,000,000		984,738

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Information Technology (continued)
Oracle
2.500%, 04/01/2025	$	1,000,000	$	994,251
QUALCOMM
3.450%, 05/20/2025		1,000,000		995,921
Texas Instruments
1.375%, 03/12/2025		1,000,000		993,774
VeriSign
5.250%, 04/01/2025		2,000,000		1,999,569
VMware
4.500%, 05/15/2025		2,000,000		1,997,101
				18,890,492
Materials — 0.4%
EIDP
1.700%, 07/15/2025		1,000,000		984,221

Real Estate — 5.5%
Alexandria Real Estate Equities
3.450%, 04/30/2025		1,420,000		1,413,013
American Tower
2.950%, 01/15/2025		1,000,000		999,357
AvalonBay Communities, MTN
3.450%, 06/01/2025		1,000,000		994,593
Equinix
1.250%, 07/15/2025		1,000,000		980,717
Essex Portfolio
3.500%, 04/01/2025		1,000,000		996,532
GLP Capital
5.250%, 06/01/2025		1,500,000		1,499,655
Host Hotels & Resorts
4.000%, 06/15/2025		1,000,000		995,690
Kimco Realty OP
3.300%, 02/01/2025		1,000,000		998,423
Realty Income
3.875%, 04/15/2025		1,500,000		1,496,349
Simon Property Group
3.500%, 09/01/2025		1,000,000		992,994
Ventas Realty
3.500%, 02/01/2025		1,000,000		998,271
				12,365,594
Utilities — 0.4%
American Water Capital
3.400%, 03/01/2025		1,000,000		997,164

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Sustainable Ultra Short Duration Index ETF (concluded)

	Face Amount	Value
CORPORATE OBLIGATIONS (continued)
Utilities (continued)
TOTAL UNITED STATES		$	153,601,489

TOTAL CORPORATE OBLIGATIONS (Cost $221,082,962)			221,100,018

TOTAL INVESTMENTS — 98.6% (Cost $221,082,962)			221,100,018
OTHER ASSETS LESS LIABILITIES – 1.4%			3,033,230
NET ASSETS - 100%		$	224,133,248

(A)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

See “Glossary” for abbreviations.

KRS-QH-041-0200

Schedule of Investments (Unaudited) December 31, 2024

KraneShares China Alpha Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
CHINA — 100.0%
Consumer Discretionary — 6.6%
Chongqing Changan Automobile, Cl A		165,200	$	300,630
Fuyao Glass Industry Group, Cl A		40,501		344,243
Ningbo Tuopu Group, Cl A		9,800		65,409
				710,282
Financials — 43.4%
Agricultural Bank of China, Cl A		473,800		344,629
Bank of Beijing, Cl A		405,700		339,856
Bank of Chengdu, Cl A		144,700		337,236
Bank of China, Cl A		455,200		341,640
Bank of Communications, Cl A		315,200		333,597
Bank of Jiangsu, Cl A		260,300		348,178
Bank of Nanjing, Cl A		218,000		316,243
Bank of Shanghai, Cl A		275,800		343,740
China CITIC Bank, Cl A		339,600		322,878
China Construction Bank, Cl A		287,100		343,746
China Galaxy Securities, Cl A		148,800		308,687
Huaxia Bank, Cl A		302,500		330,045
Industrial & Commercial Bank of China, Cl A		373,100		351,679
Shanghai Pudong Development Bank, Cl A		239,800		336,109
				4,698,263
Health Care — 2.9%
China Resources Sanjiu Medical & Pharmaceutical, Cl A		52,200		315,269

Industrials — 20.8%
China CSSC Holdings, Cl A		64,600		316,422
China Merchants Expressway Network & Technology Holdings, Cl A		191,700		364,260
COSCO SHIPPING Holdings, Cl A		162,700		343,506
Daqin Railway, Cl A		335,800		310,117
NARI Technology, Cl A		92,600		318,106
Shanghai International Port Group, Cl A		392,000		326,778
Weichai Power, Cl A		123,900		231,210
XCMG Construction Machinery, Cl A		41,800		45,151
				2,255,550
Information Technology — 11.4%
Foxconn Industrial Internet, Cl A		104,200		305,156
Luxshare Precision Industry, Cl A		57,500		319,240
NAURA Technology Group, Cl A		5,700		303,575
Zhongji Innolight, Cl A		17,900		301,141
				1,229,112

Schedule of Investments (Unaudited) December 31, 2024

KraneShares China Alpha Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Materials — 14.9%
Aluminum Corp of China, Cl A		305,300	$	305,654
Qinghai Salt Lake Industry, Cl A *		32,000		71,746
Satellite Chemical, Cl A		129,200		330,677
Shandong Gold Mining, Cl A		94,800		292,219
Zhongjin Gold, Cl A		183,600		300,852
Zijin Mining Group, Cl A		148,400		305,633
				1,606,781
TOTAL CHINA				10,815,257

TOTAL COMMON STOCK (Cost $10,255,559)				10,815,257

TOTAL INVESTMENTS — 100.0% (Cost $10,255,559)				10,815,257
OTHER ASSETS LESS LIABILITIES – 0.0%				2,404
NET ASSETS - 100%			$	10,817,661

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

See “Glossary” for abbreviations.

KRS-QH-046-0100

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
GERMANY — 0.1%
Materials — 0.1%
Orion		997	$	15,743
TOTAL GERMANY				15,743

ISRAEL — 0.1%
Information Technology — 0.1%
Sapiens International		269		7,228
TOTAL ISRAEL				7,228

MONACO — 0.1%
Industrials — 0.1%
Safe Bulkers		3,407		12,163
TOTAL MONACO				12,163

PUERTO RICO — 0.3%
Communication Services — 0.3%
Liberty Latin America, Cl C *		4,387		27,814
TOTAL PUERTO RICO				27,814

UNITED KINGDOM — 0.9%
Communication Services — 0.2%
Liberty Global *		1,312		17,239

Energy — 0.7%
TechnipFMC		2,772		80,222

TOTAL UNITED KINGDOM				97,461

UNITED STATES — 98.5%
Communication Services — 3.9%
Bandwidth, Cl A *		2,124		36,150
Bumble, Cl A *		3,719		30,273
Iridium Communications		375		10,883
Madison Square Garden Entertainment, Cl A *		660		23,496
Magnite *		7,925		126,166
News		5,640		155,326
Playtika Holding		1,601		11,111
Stagwell, Cl A *		350		2,303
Toro Combineco *		1,978		39,204
ZoomInfo Technologies, Cl A *		736		7,735
				442,647
Consumer Discretionary — 13.2%
Adient *		232		3,997
American Axle & Manufacturing Holdings *		2,550		14,867
American Eagle Outfitters		1,786		29,773

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Aramark		111	$	4,141
Asbury Automotive Group *		110		26,733
AutoNation *		186		31,590
Bath & Body Works		1,224		47,455
BJ’s Restaurants *		487		17,111
BorgWarner		920		29,247
Boyd Gaming		1,197		86,830
Bright Horizons Family Solutions *		135		14,965
Caleres		405		9,380
Carriage Services, Cl A		293		11,676
Dana		1,456		16,831
Dorman Products *		448		58,038
Etsy *		1,550		81,980
Frontdoor *		1,806		98,734
Funko, Cl A *		1,081		14,475
Gap		1,024		24,197
Green Brick Partners *		57		3,220
Hanesbrands *		1,665		13,553
Hasbro		996		55,686
Installed Building Products		69		12,092
J Jill		403		11,131
KB Home		120		7,886
Kontoor Brands		42		3,587
Lear		706		66,858
Light & Wonder *		1,204		104,002
M/I Homes *		171		22,734
Mattel *		4,180		74,111
Meritage Homes		92		14,151
Mohawk Industries *		137		16,321
Phinia		553		26,638
Ralph Lauren, Cl A		110		25,408
Savers Value Village *		3,378		34,625
Sonic Automotive, Cl A		307		19,448
Standard Motor Products		866		26,829
Taylor Morrison Home, Cl A *		437		26,749
Tempur Sealy International		310		17,574
Toll Brothers		451		56,803
TopBuild *		144		44,833
Torrid Holdings *		3,158		16,516
Tri Pointe Homes *		1,084		39,306
Upbound Group		1,591		46,410
Vail Resorts		219		41,052
Wayfair, Cl A *		870		38,558
				1,488,101

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 4.3%
Central Garden & Pet, Cl A *		696	$	23,003
Coca-Cola Consolidated		15		18,900
Darling Ingredients *		791		26,649
Dole		1,985		26,877
Energizer Holdings		602		21,004
Ingles Markets, Cl A		234		15,079
Ingredion		685		94,229
Natural Grocers by Vitamin Cottage		213		8,460
Performance Food Group *		667		56,395
Post Holdings *		83		9,500
Primo Water		1,384		42,586
Reynolds Consumer Products		264		7,125
Turning Point Brands		899		54,030
Universal		22		1,206
US Foods Holding *		1,238		83,515
				488,558
Energy — 0.9%
NOV		2,065		30,149
Oceaneering International *		805		20,994
Range Resources		302		10,866
Weatherford International		293		20,988
World Kinect		569		15,653
				98,650
Financials — 7.7%
Affiliated Managers Group		241		44,566
Ameris Bancorp		630		39,419
Assurant		81		17,271
Axis Capital Holdings		1,035		91,722
Donnelley Financial Solutions *		837		52,505
Enterprise Financial Services		161		9,080
Euronet Worldwide *		948		97,492
Federal Agricultural Mortgage, Cl C		35		6,893
First Busey		108		2,546
First Merchants		243		9,693
Greenlight Capital Re, Cl A *		96		1,344
Hancock Whitney		108		5,910
Hanover Insurance Group		177		27,375
Home BancShares		637		18,027
International Bancshares		298		18,822
Mercury General		678		45,073
Morningstar		32		10,776
Old Second Bancorp		219		3,894
Open Lending *		9,108		54,375
Primerica		337		91,468

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
QCR Holdings		106	$	8,548
Reinsurance Group of America, Cl A		285		60,885
Selective Insurance Group		614		57,421
SLM		1,083		29,869
Virtus Investment Partners		303		66,836
				871,810
Health Care — 11.5%
10X Genomics, Cl A *		808		11,603
Accolade *		2,777		9,497
AdaptHealth, Cl A *		2,967		28,246
Amneal Pharmaceuticals *		8,047		63,732
Ardent Health Partners *		217		3,706
AtriCure *		1,482		45,290
Aveanna Healthcare Holdings *		2,154		9,844
Axogen *		429		7,070
Biote, Cl A *		974		6,019
Bio-Techne		148		10,660
BrightSpring Health Services *		2,379		40,514
Certara *		2,190		23,324
Charles River Laboratories International *		88		16,245
Community Health Systems *		4,811		14,385
CONMED		706		48,319
Definitive Healthcare, Cl A *		6,498		26,707
DocGo *		2,712		11,499
Elanco Animal Health *		5,156		62,439
Encompass Health		1,585		146,375
Health Catalyst *		1,281		9,057
ICU Medical *		143		22,189
LivaNova *		1,308		60,573
Mesa Laboratories		279		36,792
National Research		477		8,414
Option Care Health *		3,277		76,026
Phibro Animal Health, Cl A		620		13,020
QIAGEN		3,059		136,217
Surgery Partners *		482		10,204
Tactile Systems Technology *		2,401		41,129
Teladoc Health *		12,962		117,825
Teleflex		175		31,147
Universal Health Services, Cl B		415		74,459
Waystar Holding *		2,005		73,584
				1,296,110
Industrials — 19.5%
Advanced Drainage Systems		196		22,658
AECOM		577		61,635

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Allegion		52	$	6,795
Allison Transmission Holdings		399		43,116
API Group *		2,010		72,300
Atmus Filtration Technologies		251		9,834
AZZ		529		43,336
Brink’s		574		53,250
BWX Technologies		170		18,936
CACI International, Cl A *		152		61,417
CH Robinson Worldwide		223		23,040
Columbus McKinnon		129		4,804
CRA International		36		6,739
Crane		126		19,121
Curtiss-Wright		95		33,713
Donaldson		539		36,302
Douglas Dynamics		191		4,513
Enerpac Tool Group, Cl A		277		11,382
EnerSys		923		85,313
Everus Construction Group *		158		10,388
Federal Signal		305		28,179
Flowserve		1,198		68,909
Fluor *		786		38,766
Gates Industrial *		2,200		45,254
Generac Holdings *		647		100,317
Griffon		599		42,691
Hayward Holdings *		1,517		23,195
Hexcel		681		42,699
Hillman Solutions *		4,293		41,814
Huron Consulting Group *		241		29,947
ICF International		172		20,504
Interface, Cl A		750		18,263
ITT		124		17,717
KBR		809		46,865
MasTec *		345		46,968
Maximus		182		13,586
Moog, Cl A		262		51,572
MSA Safety		471		78,078
Mueller Water Products, Cl A		2,906		65,385
nVent Electric		387		26,378
Owens Corning		43		7,324
Pentair		1,183		119,057
Pitney Bowes		621		4,496
Primoris Services		156		11,918
Regal Rexnord		360		55,847
Ryder System		687		107,763
Science Applications International		257		28,727

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
SkyWest *		588	$	58,876
Standex International		45		8,415
Textron		872		66,699
TriNet Group		666		60,453
Valmont Industries		104		31,894
Verra Mobility, Cl A *		1,120		27,082
Viad *		248		10,542
WESCO International		338		61,164
Willdan Group *		537		20,454
WillScot Holdings *		1,462		48,904
				2,205,294
Information Technology — 27.4%
ACI Worldwide *		1,203		62,448
Amkor Technology		1,321		33,936
Appian, Cl A *		494		16,292
Arlo Technologies *		552		6,177
Axcelis Technologies *		581		40,594
Bel Fuse, Cl B		289		23,834
Belden		339		38,175
Benchmark Electronics		504		22,882
BigCommerce Holdings *		7,864		48,128
BILL Holdings *		597		50,572
BlackLine *		1,766		107,302
Blend Labs, Cl A *		3,972		16,722
Coherent *		65		6,157
CTS		608		32,060
Diebold Nixdorf *		346		14,892
DigitalOcean Holdings *		2,226		75,840
Dropbox, Cl A *		2,613		78,495
Dynatrace *		1,239		67,340
Elastic *		1,793		177,650
FormFactor *		1,195		52,580
Guidewire Software *		111		18,712
Informatica, Cl A *		1,915		49,656
Itron *		565		61,348
Jabil		693		99,723
Jamf Holding *		2,718		38,188
Mirion Technologies, Cl A *		693		12,093
MKS Instruments		303		31,630
N-able *		7,222		67,453
nCino *		2,199		73,842
Nutanix, Cl A *		2,187		133,801
Onto Innovation *		483		80,502
PagerDuty *		3,825		69,845

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
PDF Solutions *		914	$	24,751
Pegasystems		1,529		142,503
Photronics *		733		17,269
Plexus *		348		54,455
Procore Technologies *		1,334		99,957
PROS Holdings *		2,411		52,946
Pure Storage, Cl A *		1,935		118,867
Q2 Holdings *		1,628		163,858
Rapid7 *		1,705		68,592
RingCentral, Cl A *		2,892		101,249
Sprinklr, Cl A *		3,824		32,313
Synaptics *		404		30,833
TD SYNNEX		822		96,404
Tenable Holdings *		1,905		75,019
TTM Technologies *		1,457		36,061
UiPath, Cl A *		5,257		66,816
Ultra Clean Holdings *		1,143		41,091
Unity Software *		619		13,909
Universal Display		402		58,772
Viant Technology, Cl A *		379		7,197
Weave Communications *		2,000		31,840
Yext *		7,270		46,237
				3,089,808
Materials — 8.2%
AptarGroup		403		63,311
Ashland		1,113		79,535
ATI *		298		16,402
Avery Dennison		317		59,320
Avient		1,543		63,047
Axalta Coating Systems *		2,435		83,326
Commercial Metals		210		10,416
Element Solutions		1,729		43,968
Huntsman		1,965		35,429
Kaiser Aluminum		517		36,330
Knife River *		859		87,309
Materion		409		40,442
Minerals Technologies		631		48,088
Packaging Corp of America		548		123,371
Sensient Technologies		941		67,056
Silgan Holdings		1,325		68,966
				926,316
Utilities — 1.9%
Avista		162		5,934
Black Hills		522		30,548

Schedule of Investments (Unaudited) December 31, 2024

KraneShares Man Buyout Beta Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
IDACORP, Cl Rights		188	$	20,545
NiSource		740		27,202
Northwestern Energy Group		377		20,154
OGE Energy		565		23,306
Southwest Gas Holdings		583		41,224
Spire		234		15,872
TXNM Energy		572		28,125
Unitil		45		2,439
				215,349
TOTAL UNITED STATES				11,122,643

TOTAL COMMON STOCK (Cost $11,330,772)				11,283,052

TOTAL INVESTMENTS — 100.0% (Cost $11,330,772)				11,283,052
OTHER ASSETS LESS LIABILITIES – 0.0%				5,076
NET ASSETS - 100%			$	11,288,128

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

See “Glossary” for abbreviations.

KRS-QH-047-0100

Schedules of Investments/Consolidated Schedule of Investments (Unaudited) December 31,

Fund Abbreviations

ADR — American Depositary Receipt

AUD — Australian Dollar

BV — Business Value

BVI — Business Volume Indicator

CAD — Canadian Dollar

Cl — Class

ETF — Exchange-Traded Fund

FX — Foreign Exchange

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

USD — U.S. Dollar

WTI — West Texas Intermediate

^	Security is held by the KFA MLM Index Subsidiary, Ltd. as of December 31, 2024.
†	Formerly KFA Mount Lucas Managed Futures Index Strategy ETF, effective August 1, 2024.
(A)	Interest rate represents the security’s effective yield at the time of purchase.