Semi-Annual Report

KraneShares CICC China Leaders 100 Index ETF

KraneShares CSI China Internet ETF

KraneShares Bosera MSCI China A 50 Connect Index ETF

KraneShares Bloomberg China Bond Inclusion Index ETF

KraneShares MSCI All China Index ETF

KraneShares MSCI One Belt One Road Index ETF

KraneShares Emerging Markets Consumer Technology Index ETF

KraneShares MSCI China Clean Technology Index ETF

KraneShares Electric Vehicles and Future Mobility Index ETF

KraneShares MSCI All China Health Care Index ETF

KraneShares Asia Pacific High Income Bond ETF

KraneShares Emerging Markets Healthcare Index ETF

KraneShares MSCI Emerging Markets ex China Index ETF

KraneShares MSCI China ESG Leaders Index ETF

KraneShares CICC China 5G & Semiconductor Index ETF

KraneShares CICC China Consumer Leaders Index ETF

KraneShares SSE STAR Market 50 Index ETF

KraneShares Hang Seng TECH Index ETF

KraneShares China Innovation ETF

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

KraneShares China Internet and Covered Call Strategy ETF

KraneShares Dynamic Emerging Markets Strategy ETF

KraneShares Global Luxury Index ETF

September 30, 2023

   

 

 

 

 

Table of Contents

 

Schedules of Investments    
KraneShares CICC China Leaders 100 Index ETF   1
KraneShares CSI China Internet ETF   6
KraneShares Bosera MSCI China A 50 Connect Index ETF   8
KraneShares Bloomberg China Bond Inclusion Index ETF   11
KraneShares MSCI All China Index ETF   13
KraneShares MSCI One Belt One Road Index ETF   20
KraneShares Emerging Markets Consumer Technology Index ETF   28
KraneShares MSCI China Clean Technology Index ETF   33
KraneShares Electric Vehicles and Future Mobility Index ETF   36
KraneShares MSCI All China Health Care Index ETF   41
KraneShares Asia Pacific High Income Bond ETF   45
KraneShares Emerging Markets Healthcare Index ETF   50
KraneShares MSCI Emerging Markets ex China Index ETF   55
KraneShares MSCI China ESG Leaders Index ETF   72
KraneShares CICC China 5G & Semiconductor Index ETF   78
KraneShares CICC China Consumer Leaders Index ETF   80
KraneShares SSE STAR Market 50 Index ETF   82
KraneShares Hang Seng TECH Index ETF   84
KraneShares China Innovation ETF   86
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF   87
KraneShares China Internet and Covered Call Strategy ETF   92
KraneShares Dynamic Emerging Markets Strategy ETF   94
KraneShares Global Luxury Index ETF   95
Glossary   99
Statements of Assets and Liabilities   100
Statements of Operations   108
Statements of Changes in Net Assets   116
Financial Highlights   139
Notes to Financial Statements   149
Approval of Advisory Agreement and Sub-Advisory Agreements   173
Disclosure of Fund Expenses   186
Supplemental Information   189

 

 

 

 

 

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s website at https://www.sec.gov.

 

A description of the policies and procedures that KraneShares Trust uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month year ended June 30, are available (i) without charge, upon request, by calling 855-857-2638; and (ii) on the Commission’s website at https://www.sec.gov.

 

Fund shares may only be purchased or redeemed from a Fund in Creation Unit aggregations. Investors who cannot transact in Creation Units of a Fund’s shares must buy or sell Fund shares in the secondary market at their market price, which may be at a premium or discount to a Fund’s net asset value, with the assistance of a broker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying Fund shares and receive less than net asset value when selling Fund shares.

 

 

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares CICC China Leaders 100 Index ETF

 

 

    Shares     Value  
COMMON STOCK — 100.0%                
CHINA — 100.0%                
Communication Services — 0.6%                
China South Publishing & Media Group, Cl A     7,100     $ 11,694  
Chinese Universe Publishing and Media Group, Cl A     6,700       11,523  
Shanghai Fengyuzhu Culture and Technology, Cl A     3,500       5,659  
              28,876  
Consumer Discretionary — 14.2%                
China National Gold Group Gold Jewellery, Cl A     8,200       12,414  
Chongqing Department Store, Cl A     2,600       11,751  
Chongqing Zongshen Power Machinery, Cl A     9,600       8,999  
Chow Tai Seng Jewellery, Cl A     4,200       10,203  
Gree Electric Appliances of Zhuhai, Cl A     47,600       237,159  
Hisense Home Appliances Group, Cl A     4,600       14,856  
HLA Group, Cl A     17,400       18,342  
IKD, Cl A     3,400       11,429  
Lao Feng Xiang, Cl A     1,400       12,375  
Luolai Lifestyle Technology, Cl A     4,100       6,320  
Midea Group, Cl A     32,000       243,676  
Ningbo Peacebird Fashion, Cl A     1,300       3,335  
Zhejiang China Commodities City Group, Cl A     27,900       34,618  
Zhejiang Semir Garment, Cl A     7,600       6,415  
Zhejiang Wanfeng Auto Wheel, Cl A     17,600       12,948  
              644,840  
Consumer Staples — 5.9%                
Anhui Kouzi Distillery, Cl A     3,900       27,701  
Anhui Yingjia Distillery, Cl A     2,700       27,257  
DaShenLin Pharmaceutical Group, Cl A     4,560       15,741  
Heilongjiang Agriculture, Cl A     8,500       15,353  
Henan Shuanghui Investment & Development, Cl A     10,700       38,757  
Jiangsu Yanghe Brewery JSC, Cl A     6,500       115,445  

 

The accompanying notes are an integral part of the financial statements.

 

1

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares CICC China Leaders 100 Index ETF (continued)

 

    Shares     Value  
COMMON STOCK (continued)                
Consumer Staples (continued)                
Juewei Food, Cl A     3,900     $ 20,116  
Shanghai Flyco Electrical Appliance, Cl A     600       5,717  
              266,087  
Energy — 3.8%                
Inner Mongolia Dian Tou Energy, Cl A     8,900       16,809  
Shaanxi Coal Industry, Cl A     41,000       103,882  
Shan Xi Hua Yang Group New Energy, Cl A     19,150       22,131  
Shanxi Lu’an Environmental Energy Development, Cl A     12,100       31,538  
              174,360  
Financials — 36.6%                
Agricultural Bank of China, Cl A     337,700       166,863  
AVIC Industry-Finance Holdings, Cl A     53,700       25,797  
Bank of Communications, Cl A     287,300       227,135  
Bank of Jiangsu, Cl A     130,000       128,113  
China Galaxy Securities, Cl A     12,900       19,459  
China Life Insurance, Cl A     17,500       87,095  
China Merchants Bank, Cl A     50,300       227,621  
China Merchants Securities, Cl A     38,900       74,642  
CNPC Capital, Cl A     25,600       23,261  
CSC Financial, Cl A     13,700       46,276  
GF Securities, Cl A     31,200       62,822  
Guotai Junan Securities, Cl A     47,000       93,797  
Huatai Securities, Cl A     53,600       116,311  
Jiangsu Financial Leasing, Cl A     16,240       10,365  
Ping An Insurance Group of China, Cl A     32,800       217,443  
Postal Savings Bank of China, Cl A     113,900       77,697  
Shenwan Hongyuan Group, Cl A     95,900       56,994  
              1,661,691  
Health Care — 6.5%                
China Animal Healthcare*(A)     4,000        
Hualan Biological Engineering, Cl A     11,700       35,650  
Hubei Jumpcan Pharmaceutical, Cl A     4,100       15,385  
Jiangzhong Pharmaceutical, Cl A     4,600       12,520  
Livzon Pharmaceutical Group, Cl A     4,000       20,281  
Renhe Pharmacy, Cl A     10,800       10,599  
Shanghai Fosun Pharmaceutical Group, Cl A     13,600       53,386  
Shijiazhuang Yiling Pharmaceutical, Cl A     9,200       29,624  
Sichuan Kelun Pharmaceutical, Cl A     12,400       49,612  
Sunflower Pharmaceutical Group, Cl A     3,600       12,348  
Yunnan Baiyao Group, Cl A     7,600       55,599  
              295,004  

 

The accompanying notes are an integral part of the financial statements.

 

2

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares CICC China Leaders 100 Index ETF (continued)

 

    Shares     Value  
COMMON STOCK (continued)                
Industrials — 16.3%                
Anhui Construction Engineering Group, Cl A     11,700     $ 7,885  
Anhui Heli, Cl A     6,200       16,866  
China State Construction Engineering, Cl A     223,500       169,640  
CRRC, Cl A     127,300       102,039  
Daqin Railway, Cl A     60,900       60,935  
Guangxi Liugong Machinery, Cl A     12,500       12,319  
Hangcha Group, Cl A     3,600       12,635  
Hangxiao Steel Structure, Cl A     20,300       10,198  
Harbin Boshi Automation, Cl A     5,000       10,987  
Hongrun Construction Group, Cl A     5,900       3,814  
Jingjin Equipment, Cl A     3,700       13,514  
Metallurgical Corp of China, Cl A     72,800       36,671  
Neway Valve Suzhou, Cl A     3,900       8,185  
Shanghai Construction Group, Cl A     67,500       25,478  
Shanghai Mechanical and Electrical Industry, Cl A     4,100       8,469  
Shanghai Tunnel Engineering, Cl A     22,000       17,695  
Sinosteel Engineering & Technology, Cl A     6,100       6,790  
Sinotruk Jinan Truck, Cl A     6,900       15,607  
Sumec, Cl A     4,800       4,908  
Suzhou Secote Precision Electronic, Cl A     1,300       8,406  
Tian Di Science & Technology, Cl A     16,200       12,074  
Weichai Power, Cl A     57,100       98,200  
Xiamen Xiangyu, Cl A     11,500       10,749  
Zhejiang Chint Electrics, Cl A     11,500       36,761  
Zhejiang Weixing New Building Materials, Cl A     8,500       21,292  
ZhongYeDa Electric, Cl A     2,900       3,861  
Zhongyuan Environment-Protection, Cl A     3,400       3,598  
              739,576  
Information Technology — 0.6%                
Aisino, Cl A     12,900       21,672  
Hanergy Thin Film Power Group*(A)     65,064        
Olympic Circuit Technology, Cl A     3,300       7,704  
              29,376  
Materials — 0.8%                
China Lumena New Materials*(A)     718        
Gansu Qilianshan Cement Group, Cl A*     6,000       9,265  
Huaibei Mining Holdings, Cl A     9,900       18,955  
Shantou Dongfeng Printing, Cl A*     11,300       6,266  
Tianhe Chemicals Group*(A)     40,000        
              34,486  
Real Estate — 6.6%                
China Vanke, Cl A     72,000       129,261  
Hangzhou Binjiang Real Estate Group, Cl A     12,300       16,190  

 

The accompanying notes are an integral part of the financial statements.

 

3

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares CICC China Leaders 100 Index ETF (continued)

 

    Shares     Value  
COMMON STOCK (continued)                
Real Estate (continued)                
Poly Developments and Holdings Group, Cl A     75,700     $ 132,370  
Rongan Property, Cl A     8,400       3,297  
Seazen Holdings, Cl A*     9,000       16,368  
              297,486  
Utilities — 8.1%                
CECEP Solar Energy, Cl A     29,900       23,762  
CGN Power, Cl A     79,900       34,435  
China Yangtze Power, Cl A     81,400       248,476  
Grandblue Environment, Cl A     5,400       12,808  
SDIC Power Holdings, Cl A     30,500       49,272  
              368,753  
TOTAL CHINA             4,540,535  
                 
TOTAL COMMON STOCK
(Cost $5,016,861)
            4,540,535  
                 
TOTAL INVESTMENTS — 100.0%
(Cost $5,016,861)
            4,540,535  
OTHER ASSETS LESS LIABILITIES – 0.0%             1,258  
NET ASSETS - 100%           $ 4,541,793  

 

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.

 

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

 

Investments in Securities   Level 1     Level 2     Level 3^     Total  
Common Stock                                
China                                
Communication Services   $ 28,876     $     $     $ 28,876  
Consumer Discretionary     644,840                   644,840  
Consumer Staples     266,087                   266,087  
Energy     174,360                   174,360  
Financials     1,661,691                   1,661,691  
Health Care     295,004             ‡‡      295,004  
Industrials     739,576                   739,576  
Information Technology     29,376             ‡‡      29,376  
Materials     34,486             ‡‡      34,486  
Real Estate     297,486                   297,486  
Utilities     368,753                   368,753  
Total Common Stock     4,540,535                   4,540,535  
Total Investments in Securities   $ 4,540,535   $     $     $ 4,540,535  

 

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

 

The accompanying notes are an integral part of the financial statements.

 

4

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares CICC China Leaders 100 Index ETF (concluded)

 

‡‡ Security or securities with a market value of $0.

 

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

 

See “Glossary” for abbreviations.

 

The accompanying notes are an integral part of the financial statements.

 

5

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares CSI China Internet ETF

 

 

    Shares     Value  
COMMON STOCK — 99.9%                
CHINA — 99.9%                
Communication Services — 39.8%                
Autohome ADR     2,361,192     $ 71,662,177  
Baidu, Cl A*     19,966,934       340,097,039  
Bilibili, Cl Z*     9,030,504       124,875,168  
China Literature*     16,519,000       60,428,807  
iQIYI ADR*     17,476,496       82,838,591  
JOYY ADR     1,298,016       49,467,390  
Kanzhun ADR*     13,689,291       207,666,544  
Kingsoft     35,034,800       127,043,843  
Kuaishou Technology, Cl B*     30,064,700       241,266,929  
NetEase     12,609,805       256,805,722  
Tencent Holdings     12,602,975       492,735,554  
Tencent Music Entertainment Group ADR*     21,818,014       139,198,929  
Weibo ADR     2,976,184       37,321,347  
              2,231,408,040  
Consumer Discretionary — 42.1%                
Alibaba Group Holding*     46,854,164       512,103,327  
East Buy Holding*(A)     15,432,500       72,809,218  
JD.com, Cl A     12,308,090       180,884,617  
Meituan, Cl B*     27,909,148       408,382,222  
PDD Holdings ADR*     5,442,573       533,753,134  
TAL Education Group ADR*     16,581,385       151,056,417  
Tongcheng Travel Holdings*     42,675,800       93,722,908  
Trip.com Group*     6,102,700       217,557,006  
Vipshop Holdings ADR*     12,184,956       195,081,146  
              2,365,349,995  
Consumer Staples — 5.9%                
Alibaba Health Information Technology*     175,226,000       109,182,745  
JD Health International*     35,119,850       182,059,911  

 

The accompanying notes are an integral part of the financial statements.

 

6

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares CSI China Internet ETF (concluded)

 

    Shares     Value  
COMMON STOCK (continued)                
Consumer Staples (continued)                
Ping An Healthcare and Technology*     17,748,000‌     $

41,424,879‌

 
              332,667,535‌  
Financials — 3.1%                
Lufax Holding ADR     28,948,117‌       30,685,004‌  
Qifu Technology ADR     5,141,146‌       78,968,002‌  
ZhongAn Online P&C Insurance, Cl H*     22,272,400‌       65,692,326‌  
              175,345,332‌  
Industrials — 4.2%                
Full Truck Alliance ADR*     33,206,928‌       233,776,773‌  
                 
Information Technology — 1.0%                
Chindata Group Holdings ADR*(A)     6,768,381‌       56,177,562‌  
                 
Real Estate — 3.8%                
KE Holdings ADR     13,708,247‌       212,751,993‌  
TOTAL CHINA             5,607,477,230‌  
                 
TOTAL COMMON STOCK
(Cost $7,061,241,792)
             
5,607,477,230‌
 
                 
SHORT-TERM INVESTMENT — 1.6%                
Invesco Government & Agency Portfolio, Cl Institutional, 5.260%(B)(C)   90,193,314       90,193,314  
                 
TOTAL SHORT-TERM INVESTMENT
(Cost $90,193,314)
            90,193,314  
                 
TOTAL INVESTMENTS — 101.5%
(Cost $7,151,435,106)
            5,697,670,544  
OTHER ASSETS LESS LIABILITIES – (1.5)%             (85,094,438 )
NET ASSETS - 100%           $ 5,612,576,106  

 

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 September 30, 2023.
(B) The rate shown is the 7-day effective yield as of September 30, 2023.
(C) This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2023 was $90,193,314.

 

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

The accompanying notes are an integral part of the financial statements.

 

7

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares Bosera MSCI China A 50 Connect Index ETF

 

 

    Shares     Value  
COMMON STOCK — 99.5%                
CHINA — 99.5%                
Communication Services — 1.9%                
China United Network Communications, Cl A     6,412,700     $ 4,321,636  
Focus Media Information Technology, Cl A     2,912,002       2,857,745  
              7,179,381  
Consumer Discretionary — 5.9%                
BYD, Cl A     465,200       15,113,453  
China Tourism Group Duty Free, Cl A     501,132       7,288,880  
              22,402,333  
Consumer Staples — 14.9%                
Foshan Haitian Flavouring & Food, Cl A     454,242       2,368,548  
Inner Mongolia Yili Industrial Group, Cl A     624,212       2,272,977  
Jiangsu Yanghe Brewery JSC, Cl A     147,822       2,625,422  
Kweichow Moutai, Cl A     123,089       30,385,577  
Luzhou Laojiao, Cl A     144,346       4,292,292  
Muyuan Foods, Cl A     535,745       2,786,176  
Shanxi Xinghuacun Fen Wine Factory, Cl A     119,616       3,932,063  
Wuliangye Yibin, Cl A     380,579       8,154,052  
              56,817,107  
Energy — 3.2%                
China Petroleum & Chemical, Cl A     4,907,340       4,088,468  
China Shenhua Energy, Cl A     1,020,947       4,372,034  
Shaanxi Coal Industry, Cl A     1,500,516       3,801,877  
              12,262,379  
Financials — 19.3%                
Agricultural Bank of China, Cl A     12,504,307       6,178,568  
Bank of Communications, Cl A     5,765,299       4,557,955  
Bank of Ningbo, Cl A     970,018       3,577,447  

 

The accompanying notes are an integral part of the financial statements.

 

8

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

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

 

    Shares     Value  
COMMON STOCK (continued)                
Financials (continued)                
China Merchants Bank, Cl A     3,029,967     $ 13,711,425  
China Pacific Insurance Group, Cl A     1,005,414       3,945,343  
CITIC Securities, Cl A     1,798,722       5,347,469  
East Money Information, Cl A     2,329,131       4,859,183  
Industrial & Commercial Bank of China, Cl A     9,240,326       5,935,522  
Industrial Bank, Cl A     3,051,322       6,822,363  
Ping An Bank, Cl A     2,850,367       4,381,720  
Ping An Insurance Group of China, Cl A     1,580,798       10,479,709  
Shanghai Pudong Development Bank, Cl A     4,311,346       4,201,428  
              73,998,132  
Health Care — 8.5%                
Aier Eye Hospital Group, Cl A     1,883,681       4,646,021  
Jiangsu Hengrui Pharmaceuticals, Cl A     1,288,139       7,945,506  
Shenzhen Mindray Bio-Medical Electronics, Cl A     244,853       9,067,534  
WuXi AppTec, Cl A     518,082       6,128,169  
Zhangzhou Pientzehuang Pharmaceutical, Cl A     121,850       4,602,730  
              32,389,960  
Industrials — 14.4%                
Beijing-Shanghai High Speed Railway, Cl A     7,312,500       5,148,835  
China State Construction Engineering, Cl A     9,366,758       7,109,518  
Contemporary Amperex Technology, Cl A     981,955       27,363,882  
NARI Technology, Cl A     1,794,315       5,464,894  
SF Holding, Cl A     1,093,459       6,123,341  
Sungrow Power Supply, Cl A     331,738       4,075,609  
              55,286,079  
Information Technology — 15.2%                
Beijing Kingsoft Office Software, Cl A     181,614       9,243,039  
BOE Technology Group, Cl A     14,749,645       7,814,381  
Foxconn Industrial Internet, Cl A     3,907,700       10,566,062  
LONGi Green Energy Technology, Cl A*     2,982,491       11,167,329  
Luxshare Precision Industry, Cl A     2,805,750       11,483,714  
Tongwei, Cl A     1,771,005       7,841,694  
              58,116,219  
Materials — 10.6%                
Wanhua Chemical Group, Cl A     1,870,599       22,675,951  
Zijin Mining Group, Cl A     10,730,492       17,865,129  
              40,541,080  
Real Estate — 1.8%                
China Vanke, Cl A     1,708,500       3,067,245  
Poly Developments and Holdings Group, Cl A     2,103,177       3,677,655  
              6,744,900  

 

The accompanying notes are an integral part of the financial statements.

 

9

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

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

 

    Shares     Value  
COMMON STOCK (continued)                
Utilities — 3.8%                
China Three Gorges Renewables Group, Cl A     4,507,000     $ 2,956,931  
China Yangtze Power, Cl A     3,852,670       11,760,406  
              14,717,337  
TOTAL CHINA             380,454,907  
                 
TOTAL COMMON STOCK
(Cost $462,985,723)
            380,454,907  

 

    Number of Rights        
RIGHTS — 0.0%                
CHINA — 0.0%                
Health Care — 0.0%                
Kangmei Pharma‡‡*(A)     66,139        
TOTAL CHINA              
                 
TOTAL RIGHTS
(Cost $–)
             
                 
TOTAL INVESTMENTS — 99.5%
(Cost $462,985,723)
            380,454,907  
OTHER ASSETS LESS LIABILITIES – 0.5%             2,018,859  
NET ASSETS - 100%           $ 382,473,766  

 

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.

 

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

 

Investments in Securities   Level 1     Level 2     Level 3^     Total  
Common Stock                                
China   $ 380,454,907     $     $     $ 380,454,907  
Total Common Stock     380,454,907                   380,454,907  
Rights                 ‡‡       
Total Investments in Securities   $ 380,454,907     $     $     $ 380,454,907  

 

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.
‡‡ Security or securities with a market value of $0.

 

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

 

See “Glossary” for abbreviations.

 

The accompanying notes are an integral part of the financial statements.

 

10

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares Bloomberg China Bond Inclusion Index ETF

 

 

    Face Amount(A)     Value  
GLOBAL BONDS — 56.8%                
CHINA — 56.8%                
Agricultural Development Bank of China                
2.830%, 06/16/2033     1,500,000     $ 204,431  
China Development Bank                
3.090%, 06/18/2030     820,000       114,242  
2.820%, 05/22/2033     600,000       82,474  
2.590%, 01/11/2026     1,000,000       137,662  
China Government Bond                
4.080%, 10/22/2048     1,190,000       192,078  
3.290%, 05/23/2029     1,600,000       228,167  
2.620%, 06/25/2030     1,700,000       232,118  
2.460%, 02/15/2026     1,600,000       219,924  
Export-Import Bank of China                
3.180%, 03/11/2032     1,000,000       140,013  
2.640%, 04/14/2026     1,300,000       178,884  
              1,729,993  
TOTAL GLOBAL BONDS
(Cost $1,814,589)
            1,729,993  
                 
CORPORATE OBLIGATIONS — 40.7%                
CHINA — 27.2%                
Consumer Discretionary — 17.9%                
Zhejiang Geely Holding Group, MTN                
3.300%, 03/28/2025   $ 4,000,000       544,747  
                 
Utilities — 9.3%                
China Three Gorges                
4.150%, 05/11/2026     2,000,000       284,357  
TOTAL CHINA             829,104  

 

The accompanying notes are an integral part of the financial statements.

 

11

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares Bloomberg China Bond Inclusion Index ETF (concluded)

 

    Face Amount(A)     Value  
CORPORATE OBLIGATIONS (continued)                
SUPRANATIONAL — 13.5%                
Government — 13.5%                
New Development Bank                
2.450%, 01/27/2025   $ 3,000,000     $ 409,760  
                 
TOTAL CORPORATE OBLIGATIONS
(Cost $1,322,309)
            1,238,864  
                 
TOTAL INVESTMENTS — 97.5%
(Cost $3,136,898)
            2,968,857  
OTHER ASSETS LESS LIABILITIES — 2.5%             74,827  
NET ASSETS - 100%           $ 3,043,684  

 

(A) In CNY unless otherwise indicated.

 

As of September 30, 2023, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

 

See “Glossary” for abbreviations.

 

The accompanying notes are an integral part of the financial statements.

 

12

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares MSCI All China Index ETF

 

 

    Shares     Value  
COMMON STOCK — 99.4%                
CHINA — 99.2%                
Communication Services — 13.1%                
Autohome ADR     456     $ 13,840  
Baidu, Cl A*     5,750       97,940  
Bilibili, Cl Z*     1,100       15,211  
Focus Media Information Technology, Cl A     25,000       24,534  
iQIYI ADR*     2,365       11,210  
Kingsoft     12,600       45,690  
Kuaishou Technology, Cl B*     6,300       50,557  
NetEase     4,600       93,682  
Tencent Holdings     13,458       526,164  
Tencent Music Entertainment Group ADR*     3,190       20,352  
              899,180  
Consumer Discretionary — 23.0%                
Alibaba Group Holding*     36,024       393,733  
ANTA Sports Products     4,000       45,021  
BYD, Cl A     2,000       64,976  
BYD, Cl H     3,000       92,698  
China Tourism Group Duty Free, Cl A     2,000       29,090  
Chongqing Changan Automobile, Cl A     24,338       44,896  
Fuyao Glass Industry Group, Cl A     7,100       35,979  
Geely Automobile Holdings     20,000       23,596  
Great Wall Motor, Cl H     14,500       17,292  
Guangzhou Automobile Group, Cl H     22,000       10,871  
H World Group ADR*     681       26,852  
Haier Smart Home, Cl A     7,400       23,970  
Haier Smart Home, Cl H     9,800       30,844  
Huayu Automotive Systems, Cl A     4,000       10,305  
JD.com, Cl A     5,372       78,946  
Li Auto, Cl A*     3,100       54,742  

 

The accompanying notes are an integral part of the financial statements.

 

13

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares MSCI All China Index ETF (continued)

 

    Shares     Value  
COMMON STOCK (continued)                
Consumer Discretionary (continued)                
Li Ning     6,500     $ 27,347  
Meituan, Cl B*     11,566       169,237  
New Oriental Education & Technology Group*     5,000       30,453  
NIO ADR*     4,002       36,178  
PDD Holdings ADR*     1,199       117,586  
SAIC Motor, Cl A     10,157       20,632  
Shenzhou International Group Holdings     3,300       31,602  
TAL Education Group ADR*     2,520       22,957  
TravelSky Technology, Cl H     6,000       10,404  
Trip.com Group*     1,400       49,909  
Vipshop Holdings ADR*     1,609       25,760  
Yum China Holdings     1,055       58,785  
              1,584,661  
Consumer Staples — 10.5%                
Alibaba Health Information Technology*     16,000       9,969  
Anhui Gujing Distillery, Cl A     1,200       44,767  
China Mengniu Dairy     12,000       40,220  
China Resources Beer Holdings     6,000       32,904  
Foshan Haitian Flavouring & Food, Cl A     5,133       26,765  
Guangdong Haid Group, Cl A     4,300       26,706  
Henan Shuanghui Investment & Development, Cl A     4,600       16,662  
Inner Mongolia Yili Industrial Group, Cl A     6,700       24,397  
Jiangsu Yanghe Brewery JSC, Cl A     1,400       24,865  
Kweichow Moutai, Cl A     900       222,173  
Luzhou Laojiao, Cl A     2,000       59,472  
Muyuan Foods, Cl A     7,502       39,015  
New Hope Liuhe, Cl A*     11,800       17,816  
Shanxi Xinghuacun Fen Wine Factory, Cl A     1,460       47,994  
Tingyi Cayman Islands Holding     12,000       16,762  
Want Want China Holdings     20,000       13,049  
Wuliangye Yibin, Cl A     2,800       59,991  
              723,527  
Energy — 4.1%                
China Oilfield Services, Cl H     14,000       16,803  
China Petroleum & Chemical, Cl A     40,800       33,992  
China Petroleum & Chemical, Cl H     84,500       46,178  
China Shenhua Energy, Cl H     10,000       32,432  
PetroChina, Cl A     19,600       21,468  
PetroChina, Cl H     59,984       45,188  
Shaanxi Coal Industry, Cl A     10,400       26,350  
Shanxi Lu’an Environmental Energy Development, Cl A     6,700       17,463  
Yankuang Energy Group, Cl H     21,000       39,684  
              279,558  

 

The accompanying notes are an integral part of the financial statements.

 

14

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares MSCI All China Index ETF (continued)

 

    Shares     Value  
COMMON STOCK (continued)                
Financials — 21.4%                
Agricultural Bank of China, Cl A     76,600     $ 37,849  
Agricultural Bank of China, Cl H     91,397       34,076  
Bank of Beijing, Cl A     24,600       15,633  
Bank of China, Cl A     30,400       15,730  
Bank of China, Cl H     210,396       73,608  
Bank of Communications, Cl A     38,200       30,200  
Bank of Communications, Cl H     37,000       22,393  
Bank of Hangzhou, Cl A     12,400       18,994  
Bank of Jiangsu, Cl A     19,400       19,118  
Bank of Nanjing, Cl A     12,300       13,590  
Bank of Ningbo, Cl A     6,300       23,235  
Bank of Shanghai, Cl A     16,304       13,807  
China CITIC Bank, Cl H     28,000       13,014  
China Construction Bank, Cl A     10,500       9,079  
China Construction Bank, Cl H     241,000       136,011  
China Everbright Bank, Cl A     48,100       20,268  
China Galaxy Securities, Cl H     33,500       17,281  
China Life Insurance, Cl H     20,483       31,907  
China Merchants Bank, Cl A     15,600       70,594  
China Merchants Bank, Cl H     11,500       48,016  
China Merchants Securities, Cl A     8,300       15,926  
China Minsheng Banking, Cl A     44,600       23,507  
China Minsheng Banking, Cl H     26,000       8,897  
China Pacific Insurance Group, Cl A     6,300       24,722  
China Pacific Insurance Group, Cl H     9,400       23,524  
CITIC Securities, Cl A     13,845       41,160  
CITIC Securities, Cl H     7,000       14,193  
East Money Information, Cl A     13,700       28,582  
Everbright Securities, Cl A     9,000       20,580  
GF Securities, Cl A     8,800       17,719  
Guosen Securities, Cl A     9,500       12,009  
Guotai Junan Securities, Cl A     7,300       14,568  
Haitong Securities, Cl A     11,000       15,023  
Huatai Securities, Cl A     10,400       22,568  
Huatai Securities, Cl H     8,000       10,215  
Huaxia Bank, Cl A     16,200       12,719  
Industrial & Commercial Bank of China, Cl A     58,600       37,642  
Industrial & Commercial Bank of China, Cl H     185,441       89,265  
Industrial Bank, Cl A     17,500       39,128  
Industrial Securities, Cl A     24,169       21,297  
New China Life Insurance, Cl A     3,500       17,693  
New China Life Insurance, Cl H     4,800       11,571  
Orient Securities, Cl A     12,300       16,173  
People’s Insurance Group of China, Cl H     47,452       17,025  
PICC Property & Casualty, Cl H     25,510       32,768  

 

The accompanying notes are an integral part of the financial statements.

 

15

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares MSCI All China Index ETF (continued)

 

    Shares     Value  
COMMON STOCK (continued)                
Financials (continued)                
Ping An Bank, Cl A     17,391     $ 26,734  
Ping An Insurance Group of China, Cl A     8,900       59,002  
Ping An Insurance Group of China, Cl H     16,500       94,489  
Shanghai Pudong Development Bank, Cl A     25,000       24,363  
Shenwan Hongyuan Group, Cl A     28,700       17,057  
              1,474,522  
Health Care — 5.3%                
Beijing Tongrentang, Cl A     1,844       13,865  
Changchun High & New Technology Industry Group, Cl A     1,200       22,894  
China Medical System Holdings     8,000       12,115  
CSPC Pharmaceutical Group     39,520       28,964  
Genscript Biotech*     12,000       31,640  
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A     2,800       12,075  
Huadong Medicine, Cl A     2,580       14,958  
Jiangsu Hengrui Pharmaceuticals, Cl A     4,916       30,323  
Shanghai Fosun Pharmaceutical Group, Cl A     3,400       13,347  
Shanghai Pharmaceuticals Holding, Cl A     6,600       16,378  
Shenzhen Mindray Bio-Medical Electronics, Cl A     1,000       37,032  
Sinopharm Group, Cl H     5,600       16,231  
Wuxi Biologics Cayman*     10,000       58,288  
Yunnan Baiyao Group, Cl A     1,840       13,461  
Zai Lab*     4,400       10,641  
Zhangzhou Pientzehuang Pharmaceutical, Cl A     600       22,664  
Zhejiang NHU, Cl A     6,132       13,668  
              368,544  
Industrials — 6.6%                
AECC Aviation Power, Cl A     3,400       17,337  
China Conch Venture Holdings     8,000       6,823  
China Eastern Airlines, Cl A*     21,400       12,924  
China Energy Engineering, Cl A     69,737       21,632  
China Merchants Port Holdings     15,654       19,488  
China Railway Group, Cl H     20,000       10,317  
China Southern Airlines, Cl A*     20,100       16,884  
CITIC     20,780       19,103  
Contemporary Amperex Technology, Cl A     3,100       86,387  
COSCO SHIPPING Holdings, Cl A     21,420       28,841  
Daqin Railway, Cl A     13,600       13,608  
Fosun International     15,000       9,480  
Metallurgical Corp of China, Cl A     35,600       17,933  
Power Construction Corp of China, Cl A     20,400       14,980  
Sany Heavy Industry, Cl A     11,800       25,735  
SF Holding, Cl A     3,900       21,840  
Shanghai International Airport, Cl A*     1,800       9,361  
Shanghai International Port Group, Cl A     15,000       10,603  

 

The accompanying notes are an integral part of the financial statements.

 

16

 

 

Schedule of Investments (Unaudited) September 30, 2023

 

KraneShares MSCI All China Index ETF (continued)

 

    Shares     Value  
COMMON STOCK (continued)                
Industrials (continued)                
Weichai Power, Cl A     15,088     $ 25,948  
Zhejiang Chint Electrics, Cl A     3,300       10,549  
Zhuzhou CRRC Times Electric, Cl H     2,700       9,343  
Zoomlion Heavy Industry Science and Technology, Cl A     14,100       13,257  
ZTO Express Cayman ADR     1,232       29,777  
              452,150  
Information Technology — 4.6%                
BOE Technology Group, Cl A     41,900       22,199  
GDS Holdings, Cl A*     8,300       11,446  
Hanergy Thin Film Power Group*(A)     4,364          
Iflytek, Cl A     2,800       19,469  
Kingboard Holdings     4,000       8,979  
Kingdee International Software Group*     14,000       17,232  
Lenovo Group     28,000       28,851  
LONGi Green Energy Technology, Cl A*     8,429       31,560  
Luxshare Precision Industry, Cl A     10,274       42,051