Semi-Annual Report

KraneShares CICC China Leaders 100 Index ETF

KraneShares CSI China Internet ETF

KraneShares Bosera MSCI China A Share ETF

KraneShares Bloomberg China Bond Inclusion Index ETF

(Formerly, KraneShares E Fund China Commercial Paper 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 Yield Bond ETF

(Formerly, KraneShares CCBS China Corporate High Yield Bond
USD Index)

KraneShares Emerging Markets Healthcare Index ETF

KraneShares MSCI Emerging Markets ex China Index ETF

KraneShares MSCI China ESG Leaders Index ETF

KraneShares Global Carbon ETF

KraneShares CICC China 5G & Semiconductor Index ETF

KraneShares CICC China Consumer Leaders Index ETF

KraneShares Hang Seng TECH Index ETF

KraneShares SSE STAR Market 50 Index ETF

September 30, 2021

   

 

Table of Contents

Schedules of Investments/Consolidated Schedule of Investments

   

KraneShares CICC China Leaders 100 Index ETF

 

1

KraneShares CSI China Internet ETF

 

6

KraneShares Bosera MSCI China A Share ETF

 

9

KraneShares Bloomberg China Bond Inclusion Index ETF

 

23

KraneShares MSCI All China Index ETF

 

26

KraneShares MSCI One Belt One Road Index ETF

 

35

KraneShares Emerging Markets Consumer Technology Index ETF

 

42

KraneShares MSCI China Clean Technology Index ETF

 

47

KraneShares Electric Vehicles and Future Mobility Index ETF

 

50

KraneShares MSCI All China Health Care Index ETF

 

55

KraneShares Asia Pacific High Yield Bond ETF

 

59

KraneShares Emerging Markets Healthcare Index ETF

 

64

KraneShares MSCI Emerging Markets ex China Index ETF

 

70

KraneShares MSCI China ESG Leaders Index ETF

 

86

KraneShares Global Carbon ETF

 

92

KraneShares CICC China 5G & Semiconductor Index ETF

 

94

KraneShares CICC China Consumer Leaders Index ETF

 

96

KraneShares Hang Seng TECH Index ETF

 

98

KraneShares SSE STAR Market 50 Index ETF

 

100

Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities

 

102

Statements of Operations/Consolidated Statement of Operations

 

109

Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets

 

115

Financial Highlights/Consolidated Financial Highlights

 

134

Notes to Financial Statements/Consolidated Notes to Financial Statements

 

140

Liquidity Risk Management Program

 

174

Approval of Advisory and Sub-Advisory Agreements

 

175

Disclosure of Fund Expenses

 

185

Supplemental Information

 

188

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 its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s website at http://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 Fund 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 http://www.sec.gov.

Fund shares may only be purchased or redeemed from a Fund in large 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, 2021

KraneShares CICC China Leaders 100 Index ETF

 

Shares

 

Value

COMMON STOCK — 99.5%‡

     

 

 

CHINA — 99.5%

     

 

 

Communication Services — 3.7%

     

 

 

Focus Media Information Technology, Cl A

 

464,600

 

$

526,940

       

 

 

Consumer Discretionary — 31.4%

     

 

 

Anhui Xinhua Media, Cl A

 

26,900

 

 

19,381

Anhui Zhongding Sealing Parts, Cl A

 

33,100

 

 

75,083

Changchun Faway Automobile Components, Cl A

 

24,300

 

 

33,999

Chongqing Department Store, Cl A

 

9,200

 

 

34,340

Dashang, Cl A

 

9,300

 

 

27,494

FAWER Automotive Parts, Cl A

 

31,900

 

 

28,816

Fuyao Glass Industry Group, Cl A

 

63,400

 

 

415,037

Great Wall Motor, Cl A

 

55,100

 

 

449,064

Gree Electric Appliances of Zhuhai, Cl A*

 

81,935

 

 

491,940

Guangzhou Automobile Group, Cl A

 

98,400

 

 

229,915

Guangzhou Shangpin Home Collection, Cl A

 

4,460

 

 

30,586

Haier Smart Home, Cl A

 

157,500

 

 

638,151

Hisense Home Appliances Group, Cl A

 

20,400

 

 

37,930

Huayu Automotive Systems, Cl A

 

71,200

 

 

251,748

KingClean Electric, Cl A*

 

5,180

 

 

20,531

Lao Feng Xiang, Cl A

 

5,700

 

 

41,015

Loncin Motor, Cl A

 

46,400

 

 

31,417

Luolai Lifestyle Technology, Cl A

 

18,700

 

 

33,262

Markor International Home Furnishings, Cl A*

 

51,500

 

 

25,056

Rainbow Digital Commercial, Cl A

 

21,700

 

 

20,476

SAIC Motor, Cl A

 

158,500

 

 

468,574

The accompanying notes are an integral part of the Financial Statements.

1

Schedule of Investments (Unaudited) September 30, 2021

KraneShares CICC China Leaders 100 Index ETF (continued)

 

Shares

 

Value

COMMON STOCK (continued)

     

 

 

Consumer Discretionary (continued)

     

 

 

TCL Technology Group, Cl A

 

522,500

 

$

506,794

Vatti, Cl A

 

31,500

 

 

32,896

Wanxiang Qianchao, Cl A

 

59,800

 

 

52,165

Weifu High-Technology Group, Cl A

 

22,700

 

 

72,736

Wuchan Zhongda Group, Cl A

 

137,300

 

 

137,853

Wuhan Department Store Group, Cl A

 

20,900

 

 

34,520

Xiamen Comfort Science & Technology Group, Cl A

 

19,800

 

 

41,385

Zhejiang Meida Industrial, Cl A

 

11,700

 

 

28,226

Zhejiang Semir Garment, Cl A

 

36,600

 

 

43,326

Zhejiang Wanfeng Auto Wheel, Cl A

 

69,200

 

 

60,579

       

 

4,414,295

Consumer Staples — 8.1%

     

 

 

Anhui Kouzi Distillery, Cl A

 

16,300

 

 

127,491

Anhui Yingjia Distillery, Cl A

 

10,800

 

 

85,727

Inner Mongolia Yili Industrial Group, Cl A

 

126,400

 

 

738,345

Opple Lighting, Cl A

 

6,800

 

 

21,884

Sichuan Swellfun, Cl A

 

8,800

 

 

173,368

       

 

1,146,815

Energy — 1.3%

     

 

 

Yanzhou Coal Mining, Cl A

 

40,400

 

 

181,468

       

 

 

Financials — 11.7%

     

 

 

China Life Insurance, Cl A

 

75,300

 

 

347,682

Guotai Junan Securities, Cl A

 

200,200

 

 

553,078

Haitong Securities, Cl A

 

396,797

 

 

746,377

       

 

1,647,137

Health Care — 2.1%

     

 

 

China Animal Healthcare*(A)(B)(C)

 

4,000

 

 

Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A

 

31,800

 

 

146,682

Shanghai Pharmaceuticals Holding, Cl A

 

52,200

 

 

154,724

       

 

301,406

Industrials — 22.6%

     

 

 

Anhui Construction Engineering Group, Cl A

 

54,400

 

 

32,704

Camel Group, Cl A

 

30,400

 

 

57,277

China Railway Group, Cl A

 

460,400

 

 

403,759

China State Construction Engineering, Cl A

 

901,200

 

 

670,245

CNHTC Jinan Truck, Cl A

 

15,960

 

 

36,648

Daqin Railway, Cl A

 

239,100

 

 

231,913

Dare Power Dekor Home, Cl A

 

14,800

 

 

27,197

Fujian Longking, Cl A

 

33,900

 

 

45,172

Jiangsu Expressway, Cl A

 

22,400

 

 

30,265

The accompanying notes are an integral part of the Financial Statements.

2

 

Schedule of Investments (Unaudited) September 30, 2021

KraneShares CICC China Leaders 100 Index ETF (continued)

 

Shares

 

Value

COMMON STOCK (continued)

     

 

 

Industrials (continued)

     

 

 

Ningbo Construction, Cl A

 

30,800

 

$

18,469

Ningbo Zhoushan Port, Cl A

 

107,100

 

 

65,548

Shandong Hi-speed, Cl A

 

28,200

 

 

24,206

Shanghai International Port Group, Cl A

 

157,100

 

 

148,240

Shanghai Mechanical and Electrical Industry, Cl A

 

14,600

 

 

33,661

Shanghai Waigaoqiao Free Trade Zone Group, Cl A

 

16,900

 

 

34,198

Sinoma International Engineering, Cl A

 

47,100

 

 

83,195

Sinosteel Engineering & Technology, Cl A

 

28,400

 

 

37,139

Sinotrans, Cl A

 

71,300

 

 

60,319

Tian Di Science & Technology, Cl A

 

74,900

 

 

60,927

Titan Wind Energy Suzhou, Cl A

 

40,700

 

 

111,934

Tongling Jingda Special Magnet Wire, Cl A

 

60,800

 

 

67,168

Weichai Power, Cl A

 

214,700

 

 

570,848

Yutong Bus, Cl A

 

61,294

 

 

107,602

ZBOM Home Collection, Cl A

 

7,080

 

 

23,278

Zhuzhou Kibing Group, Cl A

 

72,800

 

 

195,479

       

 

3,177,391

Information Technology — 0.8%

     

 

 

Accelink Technologies, Cl A

 

19,000

 

 

65,943

Hanergy Thin Film Power Group*(A)(B)(C)

 

65,064

 

 

Shenzhen SDG Information, Cl A*

 

26,200

 

 

28,498

Skyworth Digital, Cl A

 

19,200

 

 

20,527

       

 

114,968

Materials — 14.5%

     

 

 

Anhui Truchum Advanced Materials & Technology, Cl A

 

36,200

 

 

56,706

China Jushi, Cl A

 

108,628

 

 

295,891

China Lumena New Materials*(A)(B)(C)

 

718

 

 

DeHua TB New Decoration Materials, Cl A

 

24,600

 

 

36,020

Fangda Special Steel Technology, Cl A

 

48,800

 

 

59,658

Hoshine Silicon Industry, Cl A

 

8,500

 

 

236,391

ORG Technology, Cl A*

 

76,400

 

 

75,524

Sansteel Minguang Fujian, Cl A

 

55,400

 

 

74,937

Shandong Chenming Paper Holdings, Cl A

 

55,300

 

 

68,804

Shanying International Holding, Cl A

 

146,200

 

 

77,472

Tianhe Chemicals Group*(A)(B)(C)

 

40,000

 

 

Wanhua Chemical Group, Cl A

 

43,800

 

 

724,458

Xinfengming Group, Cl A

 

25,400

 

 

65,566

Xinyangfeng Agricultural Technology, Cl A

 

29,500

 

 

80,903

Xinyu Iron & Steel, Cl A

 

72,000

 

 

79,541

Zibo Qixiang Tengda Chemical, Cl A

 

61,040

 

 

114,816

       

 

2,046,687

The accompanying notes are an integral part of the Financial Statements.

3

Schedule of Investments (Unaudited) September 30, 2021

KraneShares CICC China Leaders 100 Index ETF (continued)

 

Shares

 

Value

COMMON STOCK (continued)

     

 

 

Real Estate — 0.6%

     

 

 

Financial Street Holdings, Cl A

 

54,000

 

$

50,201

Shenzhen Huaqiang Industry, Cl A

 

14,200

 

 

31,089

       

 

81,290

Utilities — 2.7%

     

 

 

China National Nuclear Power, Cl A

 

215,700

 

 

240,967

Shenergy, Cl A

 

111,000

 

 

136,213

       

 

377,180

TOTAL CHINA

     

 

14,015,577

TOTAL COMMON STOCK
(Cost $14,109,002)

     

 

14,015,577

TOTAL INVESTMENTS — 99.5%
(Cost $14,109,002)

     

 

14,015,577

OTHER ASSETS LESS LIABILITIES — 0.5%

     

 

64,928

NET ASSETS — 100%

     

$

14,080,505

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

Cl — Class

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

Investments in Securities

 

Level 1

 

Level 2

 

Level 3^

 

Total

Common Stock

 

 

   

 

   

 

   

 

 

China

 

 

   

 

   

 

   

 

 

Communication Services

 

$

526,940

 

$

 

$

 

$

526,940

Consumer Discretionary

 

 

4,184,380

 

 

229,915

 

 

 

 

4,414,295

Consumer Staples

 

 

1,146,815

 

 

 

 

 

 

1,146,815

Energy

 

 

181,468

 

 

 

 

 

 

181,468

Financials

 

 

1,647,137

 

 

 

 

 

 

1,647,137

Health Care

 

 

301,406

 

 

 

 

 

 

301,406

Industrials

 

 

3,143,193

 

 

34,198

 

 

 

 

3,177,391

Information Technology

 

 

114,968

 

 

 

 

 

 

114,968

Materials

 

 

1,969,215

 

 

77,472

 

 

 

 

2,046,687

Real Estate

 

 

81,290

 

 

 

 

 

 

81,290

Utilities

 

 

377,180

 

 

 

 

 

 

377,180

Total Common Stock

 

 

13,673,992

 

 

341,585

 

 

 

 

14,015,577

Total Investments in Securities

 

$

13,673,992

 

$

341,585

 

$

 

$

14,015,577

The accompanying notes are an integral part of the Financial Statements.

4

 

Schedule of Investments (Unaudited) September 30, 2021

KraneShares CICC China Leaders 100 Index ETF (concluded)

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

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

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

The accompanying notes are an integral part of the Financial Statements.

5

Schedule of Investments (Unaudited) September 30, 2021

KraneShares CSI China Internet ETF

 

Shares

 

Value

COMMON STOCK — 99.8%‡

     

 

 

CHINA — 99.4%

     

 

 

Communication Services — 35.1%

     

 

 

Archosaur Games(A)

 

6,033,000

 

$

7,579,370

Autohome ADR

 

1,433,696

 

 

67,283,353

Baidu ADR*

 

2,009,791

 

 

309,005,366

Bilibili ADR*

 

3,461,198

 

 

229,027,473

China Literature*(A)

 

9,578,400

 

 

73,087,032

DouYu International Holdings ADR*

 

3,225,050

 

 

10,610,415

Hello Group ADR*

 

2,691,537

 

 

28,476,461

HUYA ADR*(A)

 

1,732,153

 

 

14,446,156

iQIYI ADR*

 

7,359,374

 

 

59,095,773

JOYY ADR

 

1,163,273

 

 

63,782,259

Kingsoft

 

19,644,000

 

 

78,352,424

Kuaishou Technology, Cl B*(A)

 

16,246,000

 

 

172,588,903

NetEase ADR

 

3,547,362

 

 

302,944,715

Tencent Holdings

 

13,045,775

 

 

773,229,443

Tencent Music Entertainment Group ADR*

 

12,964,477

 

 

93,992,458

Weibo ADR*

 

1,207,759

 

 

57,356,475

XD*

 

4,614,400

 

 

25,695,984

Zhihu ADR*(A)

 

8,918,476

 

 

82,317,533

       

 

2,448,871,593

Consumer Discretionary — 45.6%

     

 

 

17 Education & Technology Group ADR*(A)

 

2,944,299

 

 

2,650,164

Alibaba Group Holding ADR*

 

4,060,802

 

 

601,201,736

Alibaba Group Holding*

 

800

 

 

14,613

Baozun ADR*

 

1,000,360

 

 

17,536,311

Dada Nexus ADR*

 

1,775,798

 

 

35,586,992

Gaotu Techedu ADR*(A)

 

2,743,829

 

 

8,423,555

JD Health International*(A)

 

23,645,750

 

 

228,115,050

JD.com ADR*

 

7,852,088

 

 

567,234,837

The accompanying notes are an integral part of the Financial Statements.

6

 

Schedule of Investments (Unaudited) September 30, 2021

KraneShares CSI China Internet ETF (continued)

 

Shares

 

Value

COMMON STOCK (continued)

     

 

 

Consumer Discretionary (continued)

     

 

 

Koolearn Technology Holding*(A)

 

9,238,000

 

$

4,995,983

Meituan, Cl B*

 

19,136,200

 

 

606,191,277

Pinduoduo ADR*

 

5,876,708

 

 

532,841,114

TAL Education Group ADR*

 

9,539,930

 

 

46,173,261

Tongcheng-Elong Holdings*

 

24,805,000

 

 

59,968,027

Trip.com Group ADR*

 

11,298,947

 

 

347,442,620

Vipshop Holdings ADR*

 

8,923,594

 

 

99,408,837

Youdao ADR*(A)

 

1,628,980

 

 

19,694,368

       

 

3,177,478,745

Financials — 2.8%

     

 

 

360 DigiTech ADR*

 

2,282,380

 

 

46,377,962

Lufax Holding ADR*

 

13,510,727

 

 

94,304,874

ZhongAn Online P&C Insurance, Cl H*(A)

 

13,224,900

 

 

54,447,926

       

 

195,130,762

Health Care — 3.1%

     

 

 

Alibaba Health Information Technology*

 

76,826,000

 

 

110,531,777

Ping An Healthcare and Technology*(A)

 

10,918,700

 

 

70,971,235

Yidu Tech*(A)

 

10,533,400

 

 

34,977,602

       

 

216,480,614

Industrials — 5.5%

     

 

 

51job ADR*

 

616,758

 

 

42,883,184

Full Truck Alliance ADR*(A)

 

22,216,162

 

 

340,573,763

       

 

383,456,947

Information Technology — 4.9%

     

 

 

21Vianet Group ADR*

 

2,654,913

 

 

45,956,544

Agora ADR*

 

1,689,518

 

 

48,996,022

Chindata Group Holdings ADR*

 

3,393,949

 

 

28,543,111

Kingsoft Cloud Holdings ADR*

 

2,088,559

 

 

59,147,991

Ming Yuan Cloud Group Holdings(A)

 

21,413,000

 

 

74,268,079

Weimob*(A)

 

45,478,000

 

 

65,897,868

Yeahka*(A)

 

4,899,200

 

 

15,827,928

       

 

338,637,543

Real Estate — 2.4%

     

 

 

KE Holdings ADR*

 

9,117,227

 

 

166,480,565

TOTAL CHINA

     

 

6,926,536,769

       

 

 

HONG KONG — 0.4%

     

 

 

Communication Services — 0.4%

     

 

 

Alibaba Pictures Group*

 

260,934,000

 

 

29,496,756

       

 

 

TOTAL HONG KONG

     

 

29,496,756

TOTAL COMMON STOCK
(Cost $9,093,741,906)

     

 

6,956,033,525

The accompanying notes are an integral part of the Financial Statements.

7

Schedule of Investments (Unaudited) September 30, 2021

KraneShares CSI China Internet ETF (concluded)

 

Shares

 

Value

SHORT-TERM INVESTMENT(B)(C) — 5.7%

     

 

 

 

Invesco Government & Agency Portfolio, Cl Institutional, 0.030%

 

396,115,854

 

$

396,115,854

 

TOTAL SHORT-TERM INVESTMENT
(Cost $396,115,854)

     

 

396,115,854

 

TOTAL INVESTMENTS — 105.5%
(Cost $9,489,857,760)

     

 

7,352,149,379

 

OTHER ASSETS LESS LIABILITIES — (5.5)%

     

 

(383,500,551

)

NET ASSETS — 100%

     

$

6,968,648,828

 

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
* Non-income producing security.
(A) This security or a partial position of this security is on loan at September 30, 2021.  The total market value of securities on loan at September 30, 2021 was $366,756,922.
(B) The rate shown is the 7-day effective yield as of September 30, 2021.
(C) This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2021 was $396,115,854.

ADR — American Depositary Receipt

Cl — Class

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

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

The accompanying notes are an integral part of the Financial Statements.

8

 

Schedule of Investments (Unaudited) September 30, 2021

KraneShares Bosera MSCI China A Share ETF

 

Shares

 

Value

COMMON STOCK — 100.0%

CHINA — 100.0%

     

 

 

Communication Services — 1.2%

 

 

 

Beijing Enlight Media, Cl A

 

328,859

 

$

505,466

China South Publishing & Media Group, Cl A

 

201,311

 

 

279,477

China United Network Communications, Cl A

 

650,000

 

 

413,929

Focus Media Information Technology, Cl A

 

1,645,432

 

 

1,866,217

G-bits Network Technology Xiamen, Cl A

 

8,008

 

 

485,493

Giant Network Group, Cl A

 

189,087

 

 

304,696

Kunlun Tech, Cl A

 

131,414

 

 

345,130

Leo Group, Cl A

 

757,206

 

 

294,481

Mango Excellent Media, Cl A

 

209,720

 

 

1,416,438

NanJi E-Commerce, Cl A

 

275,193

 

 

281,419

Perfect World, Cl A

 

217,501

 

 

508,199

Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A

 

248,631

 

 

808,610

Zhejiang Century Huatong Group, Cl A*

 

835,465

 

 

957,924

       

 

8,467,479

Consumer Discretionary — 7.3%

 

 

 

Beijing Roborock Technology, Cl A

 

7,473

 

 

818,545

BYD, Cl A

 

203,209

 

 

7,856,009

Changzhou Xingyu Automotive Lighting Systems, Cl A

 

31,001

 

 

869,411

China Tourism Group Duty Free, Cl A

 

218,903

 

 

8,818,528

Chongqing Changan Automobile, Cl A

 

712,147

 

 

1,842,710

Ecovacs Robotics, Cl A

 

53,455

 

 

1,258,105

FAW Jiefang Group, Cl A

 

347,603

 

 

578,979

Fuyao Glass Industry Group, Cl A

 

224,489

 

 

1,469,578

The accompanying notes are an integral part of the Financial Statements.

9

Schedule of Investments (Unaudited) September 30, 2021

KraneShares Bosera MSCI China A Share ETF (continued)

 

Shares

 

Value

COMMON STOCK (continued)

     

 

 

Consumer Discretionary (continued)

     

 

 

Great Wall Motor, Cl A

 

250,343

 

$

2,040,292

Guangdong Xinbao Electrical Appliances Holdings, Cl A

 

92,700

 

 

263,852

Haier Smart Home, Cl A

 

707,175

 

 

2,865,297

Hang Zhou Great Star Industrial, Cl A*

 

128,200

 

 

545,853

Hangzhou Robam Appliances, Cl A

 

106,426

 

 

557,360

Huayu Automotive Systems, Cl A

 

353,379

 

 

1,249,475

Huizhou Desay Sv Automotive, Cl A

 

51,400

 

 

669,618

Jason Furniture Hangzhou, Cl A

 

70,877

 

 

658,912

Joyoung, Cl A*

 

85,987

 

 

289,377

Kuang-Chi Technologies, Cl A*

 

241,490

 

 

840,388

Liaoning Cheng Da, Cl A

 

171,509

 

 

656,380

Midea Group, Cl A

 

394,839

 

 

4,257,947

NavInfo, Cl A*

 

255,679

 

 

436,564

Ningbo Joyson Electronic, Cl A

 

153,375

 

 

414,450

Ningbo Tuopu Group, Cl A

 

123,520

 

 

697,408

Offcn Education Technology, Cl A*

 

253,495

 

 

425,764

Oppein Home Group, Cl A

 

56,305

 

 

1,141,716

SAIC Motor, Cl A

 

873,113

 

 

2,581,190

Sailun Group, Cl A

 

343,535

 

 

609,996

Shandong Linglong Tyre, Cl A

 

153,988

 

 

841,279

Shanghai Jinjiang International Hotels, Cl A

 

102,500

 

 

721,819

Shanghai Yuyuan Tourist Mart Group, Cl A

 

362,769

 

 

573,888

Shenzhen MTC, Cl A*

 

507,500

 

 

389,236

Shenzhen Overseas Chinese Town, Cl A

 

919,382

 

 

1,066,962

Songcheng Performance Development, Cl A

 

293,081

 

 

639,383

Suning.com, Cl A*

 

1,043,659

 

 

806,920

Suofeiya Home Collection, Cl A

 

51,184

 

 

131,886

TCL Technology Group, Cl A

 

1,572,900

 

 

1,525,620

Wangfujing Group, Cl A

 

112,737

 

 

518,793

Weifu High-Technology Group, Cl A

 

93,774

 

 

300,472

Wuchan Zhongda Group, Cl A

 

567,430

 

 

569,716

Xiamen Intretech, Cl A

 

73,058

 

 

381,477

Zhejiang Semir Garment, Cl A

 

251,988

 

 

298,293

Zhejiang Supor, Cl A*

 

61,065

 

 

441,950

       

 

53,921,398

Consumer Staples — 16.3%

 

 

 

Angel Yeast, Cl A

 

93,410

 

 

726,120

Anhui Gujing Distillery, Cl A

 

45,850

 

 

1,694,475

Anhui Kouzi Distillery, Cl A

 

67,258

 

 

526,059

Beijing Dabeinong Technology Group, Cl A

 

464,200

 

 

543,748

Beijing Shunxin Agriculture, Cl A

 

83,190

 

 

455,521

The accompanying notes are an integral part of the Financial Statements.

10

 

Schedule of Investments (Unaudited) September 30, 2021

KraneShares Bosera MSCI China A Share ETF (continued)

 

Shares

 

Value

COMMON STOCK (continued)

     

 

 

Consumer Staples (continued)

     

 

 

Beijing Yanjing Brewery, Cl A

 

315,942

 

$

320,641

By-health, Cl A

 

190,598

 

 

833,977

C&S Paper, Cl A

 

146,958

 

 

393,466

Chacha Food, Cl A

 

56,815

 

 

409,167

Chongqing Brewery, Cl A*

 

54,288

 

 

1,103,845

Chongqing Fuling Zhacai Group, Cl A

 

99,483

 

 

474,294

DaShenLin Pharmaceutical Group, Cl A

 

88,553

 

 

581,893

Foshan Haitian Flavouring & Food, Cl A

 

393,568

 

 

6,707,853

Fu Jian Anjoy Foods, Cl A

 

27,351

 

 

813,622

Fujian Sunner Development, Cl A

 

139,533

 

 

466,984

Guangdong Haid Group, Cl A

 

186,229

 

 

1,944,815

Heilongjiang Agriculture, Cl A

 

199,300

 

 

467,834

Henan Shuanghui Investment & Development, Cl A

 

323,697

 

 

1,361,694

Inner Mongolia Yili Industrial Group, Cl A

 

681,875

 

 

3,983,063

Jiangsu King’s Luck Brewery JSC, Cl A

 

140,607

 

 

986,907

Jiangsu Yanghe Brewery Joint-Stock, Cl A