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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
September 30, 2022
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Table of Contents
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 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 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 http://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, 2022
KraneShares CICC China Leaders 100 Index ETF
| Shares | Value | |||||||
| COMMON STOCK — 100.0%‡ | ||||||||
| CHINA — 100.0% | ||||||||
| Communication Services — 1.6% | ||||||||
| 37 Interactive Entertainment Network Technology Group, Cl A | 16,600 | $ | 40,562 | |||||
| China South Publishing & Media Group, Cl A | 8,900 | 12,284 | ||||||
| Chinese Universe Publishing and Media Group, Cl A | 8,500 | 10,003 | ||||||
| Perfect World, Cl A | 17,600 | 30,662 | ||||||
| 93,511 | ||||||||
| Consumer Discretionary — 12.7% | ||||||||
| Chow Tai Seng Jewellery, Cl A* | 6,100 | 9,925 | ||||||
| Gree Electric Appliances of Zhuhai, Cl A | 60,000 | 272,936 | ||||||
| Guangzhou Automobile Group, Cl A | 28,000 | 47,641 | ||||||
| Hisense Home Appliances Group, Cl A | 6,100 | 9,592 | ||||||
| Huayu Automotive Systems, Cl A | 20,200 | 46,808 | ||||||
| KingClean Electric, Cl A | 1,700 | 7,876 | ||||||
| Midea Group, Cl A | 38,300 | 264,909 | ||||||
| Rainbow Digital Commercial, Cl A | 6,000 | 5,311 | ||||||
| Wanxiang Qianchao, Cl A | 16,600 | 11,456 | ||||||
| Wuchan Zhongda Group, Cl A | 38,900 | 22,481 | ||||||
| Zhejiang Wanfeng Auto Wheel, Cl A* | 20,300 | 15,120 | ||||||
| Zhejiang Weixing Industrial Development, Cl A | 9,800 | 16,028 | ||||||
| 730,083 | ||||||||
| Consumer Staples — 10.5% | ||||||||
| Anhui Kouzi Distillery, Cl A | 4,500 | 29,661 | ||||||
| Anhui Yingjia Distillery, Cl A | 3,000 | 23,637 | ||||||
| Bright Dairy & Food, Cl A | 8,600 | 12,630 | ||||||
| Heilongjiang Agriculture, Cl A | 9,300 | 17,363 | ||||||
| Henan Shuanghui Investment & Development, Cl A | 22,600 | 77,540 | ||||||
The accompanying notes are an integral part of the financial statements.
1
Schedule of Investments (Unaudited) September 30, 2022
KraneShares CICC China Leaders 100 Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Consumer Staples (continued) | ||||||||
| Inner Mongolia Yili Industrial Group, Cl A | 58,600 | $ | 271,088 | |||||
| Jiangsu Yanghe Brewery JSC, Cl A | 7,600 | 168,595 | ||||||
| 600,514 | ||||||||
| Energy — 9.5% | ||||||||
| China Shenhua Energy, Cl A | 42,100 | 186,845 | ||||||
| Inner Mongolia Dian Tou Energy, Cl A | 9,600 | 17,600 | ||||||
| Pingdingshan Tianan Coal Mining, Cl A | 15,000 | 28,699 | ||||||
| Shaanxi Coal Industry, Cl A | 49,500 | 158,099 | ||||||
| Shan Xi Hua Yang Group New Energy, Cl A | 15,000 | 38,441 | ||||||
| Shanxi Lu’an Environmental Energy Development, Cl A | 15,000 | 35,516 | ||||||
| Yankuang Energy Group, Cl A | 11,500 | 80,929 | ||||||
| 546,129 | ||||||||
| Financials — 28.1% | ||||||||
| Agricultural Bank of China, Cl A | 398,100 | 159,706 | ||||||
| Bank of China, Cl A | 267,500 | 115,943 | ||||||
| Bank of Communications, Cl A | 348,800 | 226,038 | ||||||
| China Construction Bank, Cl A | 83,800 | 64,885 | ||||||
| China Merchants Bank, Cl A | 59,800 | 282,259 | ||||||
| Industrial & Commercial Bank of China, Cl A | 444,900 | 271,465 | ||||||
| Industrial Bank, Cl A | 113,600 | 265,311 | ||||||
| Postal Savings Bank of China, Cl A | 138,100 | 86,395 | ||||||
| Shanghai Pudong Development Bank, Cl A | 149,000 | 147,137 | ||||||
| 1,619,139 | ||||||||
| Health Care — 2.8% | ||||||||
| Anhui Anke Biotechnology Group, Cl A | 14,300 | 18,073 | ||||||
| China Animal Healthcare*(A) | 4,000 | — | ||||||
| Hubei Jumpcan Pharmaceutical, Cl A | 4,500 | 14,461 | ||||||
| Shandong Buchang Pharmaceuticals, Cl A | 7,800 | 19,179 | ||||||
| Tibet Rhodiola Pharmaceutical Holding, Cl A | 1,700 | 7,893 | ||||||
| Tonghua Dongbao Pharmaceutical, Cl A | 20,600 | 24,937 | ||||||
| Yunnan Baiyao Group, Cl A | 9,000 | 66,088 | ||||||
| Zhejiang Orient Gene Biotech, Cl A | 1,172 | 12,403 | ||||||
| 163,034 | ||||||||
| Industrials — 9.6% | ||||||||
| China Meheco, Cl A | 9,940 | 16,787 | ||||||
| China State Construction Engineering, Cl A | 266,200 | 192,299 | ||||||
| Jiangsu Guotai International Group, Cl A | 12,300 | 14,337 | ||||||
| Jingjin Equipment, Cl A | 3,800 | 14,189 | ||||||
| Metallurgical Corp of China, Cl A | 91,200 | 38,250 | ||||||
| Shanghai International Port Group, Cl A | 43,600 | 34,003 | ||||||
| Sinoma International Engineering, Cl A | 14,600 | 16,813 | ||||||
The accompanying notes are an integral part of the financial statements.
2
Schedule of Investments (Unaudited) September 30, 2022
KraneShares CICC China Leaders 100 Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Industrials (continued) | ||||||||
| Sinotrans, Cl A | 19,700 | $ | 9,810 | |||||
| Suzhou SLAC Precision Equipment, Cl A | 3,700 | 10,686 | ||||||
| Tian Di Science & Technology, Cl A | 22,200 | 14,854 | ||||||
| Xiamen C & D, Cl A | 21,500 | 41,769 | ||||||
| Xiamen ITG Group, Cl A | 18,500 | 16,556 | ||||||
| Xiamen Xiangyu, Cl A | 14,700 | 17,197 | ||||||
| Xinjiang Goldwind Science & Technology, Cl A | 34,400 | 54,718 | ||||||
| Zhejiang Chint Electrics, Cl A | 13,500 | 50,712 | ||||||
| Zhejiang Communications Technology | 13,900 | 10,568 | ||||||
| 553,548 | ||||||||
| Information Technology — 2.0% | ||||||||
| Avary Holding Shenzhen, Cl A | 9,200 | 33,436 | ||||||
| China Railway Signal & Communication, Cl A | 32,244 | 18,770 | ||||||
| Digital China Group, Cl A | 5,700 | 12,825 | ||||||
| Hanergy Thin Film Power Group*(A) | 65,064 | — | ||||||
| Lakala Payment, Cl A* | 6,000 | 11,513 | ||||||
| Universal Scientific Industrial Shanghai, Cl A | 9,200 | 19,460 | ||||||
| Wuxi Taiji Industry, Cl A | 19,800 | 15,914 | ||||||
| 111,918 | ||||||||
| Materials — 8.5% | ||||||||
| Anhui Jinhe Industrial, Cl A | 4,300 | 22,848 | ||||||
| Bluestar Adisseo, Cl A | 5,400 | 7,468 | ||||||
| China Jushi, Cl A | 30,428 | 56,254 | ||||||
| China Lumena New Materials*(A) | 718 | — | ||||||
| Huaibei Mining Holdings, Cl A | 13,500 | 31,908 | ||||||
| LB Group, Cl A | 20,200 | 44,627 | ||||||
| Liao Ning Oxiranchem, Cl A | 5,600 | 7,132 | ||||||
| Luxi Chemical Group, Cl A | 14,300 | 25,996 | ||||||
| Shandong Dongyue Organosilicon Material, Cl A | 5,300 | 9,746 | ||||||
| Shenzhen Jinjia Group, Cl A | 13,700 | 16,296 | ||||||
| Shenzhen Zhongjin Lingnan Nonfemet, Cl A | 35,199 | 20,342 | ||||||
| Tianhe Chemicals Group*(A) | 40,000 | — | ||||||
| Valiant | 7,900 | 16,156 | ||||||
| Xinyu Iron & Steel, Cl A | 25,300 | 13,663 | ||||||
| Zhejiang Jiahua Energy Chemical Industry, Cl A | 12,400 | 15,880 | ||||||
| Zijin Mining Group, Cl A | 182,900 | 201,137 | ||||||
| 489,453 | ||||||||
| Real Estate — 6.3% | ||||||||
| China Vanke, Cl A | 86,400 | 216,087 | ||||||
| Financial Street Holdings, Cl A | 14,900 | 10,617 | ||||||
| Gemdale, Cl A | 35,000 | 56,409 | ||||||
The accompanying notes are an integral part of the financial statements.
3
Schedule of Investments (Unaudited) September 30, 2022
KraneShares CICC China Leaders 100 Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Real Estate (continued) | ||||||||
| Seazen Holdings, Cl A* | 11,600 | $ | 28,442 | |||||
| Zhejiang China Commodities City Group, Cl A | 34,200 | 21,396 | ||||||
| Zhuhai Huafa Properties, Cl A | 22,000 | 30,396 | ||||||
| 363,347 | ||||||||
| Utilities — 8.4% | ||||||||
| CGN Power, Cl A | 147,100 | 54,473 | ||||||
| China National Nuclear Power, Cl A | 119,600 | 98,141 | ||||||
| China Yangtze Power, Cl A | 98,500 | 314,187 | ||||||
| Fujian Funeng, Cl A | 10,800 | 16,194 | ||||||
| 482,995 | ||||||||
| TOTAL CHINA | 5,753,671 | |||||||
| TOTAL COMMON STOCK (Cost $6,751,285) |
5,753,671 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $6,751,285) |
5,753,671 | |||||||
| OTHER ASSETS LESS LIABILITIES — 0.0% | 2,338 | |||||||
| NET ASSETS — 100% | $ | 5,756,009 | ||||||
| ‡ | 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. |
Cl — Class
JSC — Joint-Stock Company
The accompanying notes are an integral part of the financial statements.
4
Schedule of Investments (Unaudited) September 30, 2022
KraneShares CICC China Leaders 100 Index ETF (concluded)
The following summarizes the market value of the Fund’s investments used as of September 30, 2022, based on the inputs used to value them:
| Investments in Securities | Level 1 | Level 2 | Level 3^ | Total | ||||||||||||
| Common Stock | ||||||||||||||||
| China | ||||||||||||||||
| Communication Services | $ | 93,511 | $ | — | $ | — | $ | 93,511 | ||||||||
| Consumer Discretionary | 682,442 | 47,641 | — | 730,083 | ||||||||||||
| Consumer Staples | 600,514 | — | — | 600,514 | ||||||||||||
| Energy | 546,129 | — | — | 546,129 | ||||||||||||
| Financials | 1,619,139 | — | — | 1,619,139 | ||||||||||||
| Health Care | 163,034 | — | — | ‡‡ | 163,034 | |||||||||||
| Industrials | 553,548 | — | — | 553,548 | ||||||||||||
| Information Technology | 111,918 | — | — | ‡‡ | 111,918 | |||||||||||
| Materials | 473,573 | 15,880 | — | ‡‡ | 489,453 | |||||||||||
| Real Estate | 363,347 | — | — | 363,347 | ||||||||||||
| Utilities | 482,995 | — | — | 482,995 | ||||||||||||
| Total Common Stock | 5,690,150 | 63,521 | — | 5,753,671 | ||||||||||||
| Total Investments in Securities | $ | 5,690,150 | $ | 63,521 | $ | — | $ | 5,753,671 | ||||||||
| ^ | 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.
The accompanying notes are an integral part of the financial statements.
5
Schedule of Investments (Unaudited) September 30, 2022
KraneShares CSI China Internet ETF
| Shares | Value | |||||||
| COMMON STOCK — 100.0%‡ | ||||||||
| CHINA — 99.6% | ||||||||
| Communication Services — 36.3% | ||||||||
| Autohome ADR | 2,118,491 | $ | 60,927,801 | |||||
| Baidu, Cl A* | 14,148,934 | 205,657,826 | ||||||
| Bilibili, Cl Z* | 8,976,164 | 136,759,604 | ||||||
| China Literature* | 16,911,000 | 47,933,063 | ||||||
| Hello Group ADR* | 4,785,141 | 22,107,351 | ||||||
| HUYA ADR* | 2,809,872 | 6,237,916 | ||||||
| iQIYI ADR*(A) | 11,728,126 | 31,783,222 | ||||||
| JOYY ADR | 1,573,106 | 40,900,756 | ||||||
| Kanzhun ADR* | 9,993,093 | 168,683,410 | ||||||
| Kingsoft | 36,195,800 | 96,369,663 | ||||||
| Kuaishou Technology, Cl B* | 23,575,000 | 153,014,210 | ||||||
| NetEase | 19,060,205 | 287,727,779 | ||||||
| Tencent Holdings | 13,749,775 | 466,622,512 | ||||||
| Tencent Music Entertainment Group ADR* | 19,425,571 | 78,867,818 | ||||||
| Weibo ADR* | 2,388,027 | 40,835,262 | ||||||
| XD*(A) | 9,578,000 | 19,522,287 | ||||||
| Zhihu ADR*(A) | 16,964,700 | 17,982,582 | ||||||
| 1,881,933,062 | ||||||||
| Consumer Discretionary — 47.8% | ||||||||
| Alibaba Group Holding* | 47,910,164 | 475,750,937 | ||||||
| Alibaba Health Information Technology* | 174,398,000 | 79,979,720 | ||||||
| Dada Nexus ADR* | 2,757,956 | 13,045,132 | ||||||
| JD Health International* | 40,135,900 | 230,592,630 | ||||||
| JD.com, Cl A* | 15,335,290 | 387,978,018 | ||||||
| Meituan, Cl B* | 20,247,400 | 427,135,306 | ||||||
The accompanying notes are an integral part of the financial statements.
6
Schedule of Investments (Unaudited) September 30, 2022
KraneShares CSI China Internet ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Consumer Discretionary (continued) | ||||||||
| Pinduoduo ADR* | 4,671,697 | $ | 292,354,798 | |||||
| Ping An Healthcare and Technology*(A) | 18,359,100 | 34,613,776 | ||||||
| TAL Education Group ADR* | 12,976,621 | 64,104,508 | ||||||
| Tongcheng Travel Holdings* | 42,829,800 | 84,023,863 | ||||||
| Trip.com Group* | 10,239,200 | 274,961,893 | ||||||
| Vipshop Holdings ADR* | 13,263,367 | 111,544,916 | ||||||
| 2,476,085,497 | ||||||||
| Financials — 3.1% | ||||||||
| 360 DigiTech ADR | 2,958,142 | 37,923,381 | ||||||
| Lufax Holding ADR | 26,290,073 | 66,776,785 | ||||||
| ZhongAn Online P&C Insurance, Cl H*(A) | 23,614,500 | 52,945,286 | ||||||
| 157,645,452 | ||||||||
| Health Care — 0.2% | ||||||||
| Yidu Tech* | 18,958,600 | 11,640,970 | ||||||
| Industrials — 3.9% | ||||||||
| Full Truck Alliance ADR*(A) | 31,144,385 | 203,995,722 | ||||||
| Information Technology — 2.5% | ||||||||
| Agora ADR* | 2,664,693 | 9,672,836 | ||||||
| Chindata Group Holdings ADR* | 5,167,068 | 41,749,909 | ||||||
| Kingsoft Cloud Holdings ADR*(A) | 4,227,072 | 8,411,873 | ||||||
| Ming Yuan Cloud Group Holdings(A) | 38,095,000 | 22,566,116 | ||||||
| Vnet Group ADR* | 3,838,158 | 21,109,869 | ||||||
| Weimob*(A) | 68,315,000 | 24,193,391 | ||||||
| 127,703,994 | ||||||||
| Real Estate — 5.8% | ||||||||
| KE Holdings ADR* | 17,258,512 | 302,369,130 | ||||||
| TOTAL CHINA | 5,161,373,827 | |||||||
| Hong Kong — 0.4% | ||||||||
| Communication Services — 0.4% | ||||||||
| Alibaba Pictures Group* | 416,384,000 | 21,482,506 | ||||||
| TOTAL HONG KONG | 21,482,506 | |||||||
| TOTAL
COMMON STOCK (Cost $8,258,063,205) |
5,182,856,333 | |||||||
The accompanying notes are an integral part of the financial statements.
7
Schedule of Investments (Unaudited) September 30, 2022
KraneShares CSI China Internet ETF (concluded)
| Shares | Value | |||||||
| SHORT-TERM INVESTMENT — 1.6% | ||||||||
| Invesco Government & Agency Portfolio, Cl Institutional, 1.380%(B)(C) | 84,950,213 | $ | 84,950,213 | |||||
| TOTAL SHORT-TERM INVESTMENT (Cost $84,950,213) |
84,950,213 | |||||||
| TOTAL INVESTMENTS — 101.6% (Cost $8,343,013,418) |
5,267,806,546 | |||||||
| OTHER ASSETS LESS LIABILITIES — (1.6)% | (84,420,854 | ) | ||||||
| NET ASSETS — 100% | $ | 5,183,385,692 | ||||||
| ‡ | 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, 2022. The total market value of securities on loan at September 30, 2022 was $79,478,249. |
| (B) | The rate shown is the 7-day effective yield as of September 30, 2022. |
| (C) | This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2022 was $84,950,213. |
ADR — American Depositary Receipt
Cl — Class
As of September 30, 2022, 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.
The accompanying notes are an integral part of the financial statements.
8
Schedule of Investments (Unaudited) September 30, 2022
KraneShares Bosera MSCI China A 50 Connect Index ETF
| Shares | Value | |||||||
| COMMON STOCK — 99.6%‡ | ||||||||
| CHINA — 99.6% | ||||||||
| Communication Services — 1.1% | ||||||||
| China United Network Communications, Cl A | 7,903,500 | $ | 3,713,869 | |||||
| Focus Media Information Technology, Cl A | 3,683,702 | 2,852,238 | ||||||
| 6,566,107 | ||||||||
| Consumer Discretionary — 6.4% | ||||||||
| BYD, Cl A | 573,689 | 20,279,467 | ||||||
| China Tourism Group Duty Free, Cl A | 617,632 | 17,175,336 | ||||||
| 37,454,803 | ||||||||
| Consumer Staples — 17.4% | ||||||||
| Foshan Haitian Flavouring & Food, Cl A | 560,250 | 6,508,474 | ||||||
| Inner Mongolia Yili Industrial Group, Cl A | 928,412 | 4,294,906 | ||||||
| Jiangsu Yanghe Brewery JSC, Cl A | 218,718 | 4,851,946 | ||||||
| Kweichow Moutai, Cl A | 182,389 | 47,905,206 | ||||||
| Luzhou Laojiao, Cl A | 213,746 | 6,915,642 | ||||||
| Muyuan Foods, Cl A | 772,245 | 5,905,725 | ||||||
| Shanxi Xinghuacun Fen Wine Factory, Cl A | 177,216 | 7,529,223 | ||||||
| Tongwei, Cl A | 653,193 | 4,302,609 | ||||||
| Wuliangye Yibin, Cl A | 563,179 | 13,368,604 | ||||||
| 101,582,335 | ||||||||
| Energy — 3.6% | ||||||||
| China Shenhua Energy, Cl A | 2,303,747 | 10,224,298 | ||||||
| Shaanxi Coal Industry, Cl A | 3,395,116 | 10,843,760 | ||||||
| 21,068,058 | ||||||||
The accompanying notes are an integral part of the financial statements.
9
Schedule of Investments (Unaudited) September 30, 2022
KraneShares Bosera MSCI China A 50 Connect Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Financials — 17.6% | ||||||||
| Agricultural Bank of China, Cl A | 18,145,207 | $ | 7,279,310 | |||||
| Bank of Communications, Cl A | 8,366,199 | 5,421,661 | ||||||
| Bank of Ningbo, Cl A | 1,408,618 | 6,233,829 | ||||||
| China Merchants Bank, Cl A | 4,397,058 | 20,754,367 | ||||||
| China Pacific Insurance Group, Cl A | 1,459,214 | 4,161,201 | ||||||
| CITIC Securities, Cl A | 2,610,422 | 6,378,537 | ||||||
| East Money Information, Cl A | 2,816,596 | 6,961,337 | ||||||
| Industrial & Commercial Bank of China, Cl A | 13,408,526 | 8,181,493 | ||||||
| Industrial Bank, Cl A | 4,428,122 | 10,341,798 | ||||||
| Ping An Bank, Cl A | 4,136,371 | 6,869,631 | ||||||
| Ping An Insurance Group of China, Cl A | 2,315,298 | 13,503,727 | ||||||
| Shanghai Pudong Development Bank, Cl A | 6,256,446 | 6,178,209 | ||||||
| 102,265,100 | ||||||||
| Health Care — 8.8% | ||||||||
| Aier Eye Hospital Group, Cl A | 2,021,967 | 8,131,374 | ||||||
| Chongqing Zhifei Biological Products, Cl A | 460,870 | 5,587,341 | ||||||
| Jiangsu Hengrui Medicine, Cl A | 1,836,439 | 9,041,612 | ||||||
| Shenzhen Mindray Bio-Medical Electronics, Cl A | 350,194 | 14,687,306 | ||||||
| WuXi AppTec, Cl A | 738,082 | 7,422,077 | ||||||
| Zhangzhou Pientzehuang Pharmaceutical, Cl A | 173,950 | 6,509,873 | ||||||
| 51,379,583 | ||||||||
| Industrials — 15.1% | ||||||||
| China State Construction Engineering, Cl A | 13,024,558 | 9,408,762 | ||||||
| Contemporary Amperex Technology, Cl A | 726,153 | 40,833,406 | ||||||
| COSCO SHIPPING Holdings, Cl A | 3,931,460 | 6,077,119 | ||||||
| Eve Energy, Cl A | 589,770 | 6,998,666 | ||||||
| NARI Technology, Cl A | 2,079,236 | 7,253,403 | ||||||
| SF Holding, Cl A | 1,520,259 | 10,069,451 | ||||||
| Sungrow Power Supply, Cl A | 461,538 | 7,161,490 | ||||||
| 87,802,297 | ||||||||
| Information Technology — 12.0% | ||||||||
| BOE Technology Group, Cl A | 26,879,345 | 12,329,024 | ||||||
| LONGi Green Energy Technology, Cl A | 5,433,144 | 36,512,340 | ||||||
| Luxshare Precision Industry, Cl A | 5,076,841 | 20,936,454 | ||||||
| 69,777,818 | ||||||||
| Materials — 12.2% | ||||||||
| Wanhua Chemical Group, Cl A | 2,326,277 | 30,052,687 | ||||||
| Yunnan Energy New Material, Cl A | 828,343 | 20,231,175 | ||||||
| Zijin Mining Group, Cl A | 19,111,392 | 21,016,995 | ||||||
| 71,300,857 | ||||||||
The accompanying notes are an integral part of the financial statements.
10
Schedule of Investments (Unaudited) September 30, 2022
KraneShares Bosera MSCI China A 50 Connect Index ETF (concluded)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Real Estate — 2.0% | ||||||||
| China Vanke, Cl A | 2,106,800 | $ | 5,269,105 | |||||
| Poly Developments and Holdings Group, Cl A | 2,593,477 | 6,548,128 | ||||||
| 11,817,233 | ||||||||
| Utilities — 3.4% | ||||||||
| China Three Gorges Renewables Group, Cl A | 5,848,900 | 4,618,967 | ||||||
| China Yangtze Power, Cl A | 4,659,994 | 14,864,081 | ||||||
| 19,483,048 | ||||||||
| TOTAL CHINA | 580,497,239 | |||||||
| TOTAL COMMON STOCK (Cost $752,053,254) |
580,497,239 | |||||||
| RIGHT — 0.0% | ||||||||
| CHINA — 0.0% | ||||||||
| Health Care — 0.0% | ||||||||
| Kangmei Pharma‡‡(A) | 66,139 | — | ||||||
| TOTAL CHINA | — | |||||||
| TOTAL RIGHT (Cost $—) |
— | |||||||
| TOTAL INVESTMENTS — 99.6% (Cost $752,053,254) |
580,497,239 | |||||||
| OTHER ASSETS LESS LIABILITIES — 0.4% | 2,173,920 | |||||||
| NET ASSETS — 100% | $ | 582,671,159 | ||||||
| ‡ | Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. |
| ‡‡ | Expiration date not available. |
| (A) | Level 3 security in accordance with fair value hierarchy. |
Cl — Class
JSC — Joint-Stock Company
The following summarizes the market value of the Fund’s investments used as of September 30, 2022, based on the inputs used to value them:
| Investments in Securities | Level 1 | Level 2 | Level 3^ | Total | ||||||||||||
| Common Stock | ||||||||||||||||
| China | $ | 580,497,239 | $ | — | $ | — | $ | 580,497,239 | ||||||||
| Total Common Stock | 580,497,239 | — | — | 580,497,239 | ||||||||||||
| Right | — | — | — | ‡‡ | — | |||||||||||
| Total Investments in Securities | $ | 580,497,239 | $ | — | $ | — | $ | 580,497,239 | ||||||||
| ^ | 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. |
The accompanying notes are an integral part of the financial statements.
11
Schedule of Investments (Unaudited) September 30, 2022
KraneShares Bloomberg China Bond Inclusion Index ETF
| Face Amount(A) | Value | |||||||
| GLOBAL BONDS — 74.1% | ||||||||
| CHINA — 74.1% | ||||||||
| Agricultural Development Bank of China | ||||||||
| 3.350%, 03/24/2026 | 930,000 | $ | 134,036 | |||||
| 3.060%, 08/05/2023 | 3,500,000 | 495,360 | ||||||
| China Development Bank | ||||||||
| 4.040%, 04/10/2027 | 1,650,000 | 244,099 | ||||||
| 4.040%, 07/06/2028 | 1,650,000 | 246,167 | ||||||
| 3.430%, 01/14/2027 | 3,450,000 | 498,342 | ||||||
| 3.300%, 03/03/2026 | 2,360,000 | 339,530 | ||||||
| 3.090%, 06/18/2030 | 820,000 | 115,853 | ||||||
| China Government Bond | ||||||||
| 4.080%, 10/22/2048 | 1,190,000 | 193,014 | ||||||
| 4.050%, 07/24/2047 | 930,000 | 148,959 | ||||||
| 3.530%, 10/18/2051 | 2,700,000 | 401,867 | ||||||
| 3.390%, 03/16/2050 | 1,560,000 | 224,723 | ||||||
| 3.290%, 05/23/2029 | 1,600,000 | 233,375 | ||||||
| 3.020%, 10/22/2025 | 2,500,000 | 357,686 | ||||||
| 2.840%, 04/08/2024 | 2,600,000 | 368,803 | ||||||
| 2.800%, 03/24/2029 | 4,000,000 | 563,258 | ||||||
| 2.760%, 05/15/2032 | 4,100,000 | 572,209 | ||||||
| 2.750%, 06/15/2029 | 4,000,000 | 562,551 | ||||||
| 2.750%, 02/17/2032 | 4,500,000 | 626,343 | ||||||
| 2.680%, 05/21/2030 | 1,800,000 | 251,095 | ||||||
| 2.480%, 04/15/2027 | 4,500,000 | 629,034 | ||||||
| 2.470%, 09/02/2024 | 3,800,000 | 536,450 | ||||||
| 2.370%, 01/20/2027 | 4,500,000 | 626,813 | ||||||
| 2.260%, 02/24/2025 | 3,000,000 | 420,641 | ||||||
| 2.240%, 05/25/2025 | 4,300,000 | 601,601 | ||||||
| 1.990%, 04/09/2025 | 1,710,000 | 237,989 | ||||||
The accompanying notes are an integral part of the financial statements.
12
Schedule of Investments (Unaudited) September 30, 2022
KraneShares Bloomberg China Bond Inclusion Index ETF (concluded)
| Face Amount(A) | Value | |||||||
| GLOBAL BONDS (continued) | ||||||||
| CHINA (continued) | ||||||||
| Export-Import Bank of China | ||||||||
| 3.860%, 05/20/2029 | 1,030,000 | $ | 152,627 | |||||
| 3.230%, 03/23/2030 | 1,160,000 | 165,480 | ||||||
| 3.180%, 03/11/2032 | 1,000,000 | 141,756 | ||||||
| 2.930%, 03/02/2025 | 1,240,000 | 176,184 | ||||||
| 10,265,845 | ||||||||
| TOTAL
GLOBAL BONDS (Cost $11,087,359) |
10,265,845 | |||||||
| CORPORATE OBLIGATIONS — 12.7% | ||||||||
| CHINA — 9.7% | ||||||||
| Basic Materials — 4.1% | ||||||||
| China Baowu Steel Group, MTN | ||||||||
| 2.370%, 05/22/2023 | 4,000,000 | 561,868 | ||||||
| Utilities — 5.6% | ||||||||
| China Southern Power Grid, MTN | ||||||||
| 3.300%, 01/17/2023 | 1,500,000 | 211,239 | ||||||
| State Power Investment, MTN | ||||||||
| 3.550%, 10/22/2022 | 4,000,000 | 561,610 | ||||||
| 772,849 | ||||||||
| TOTAL CHINA | 1,334,717 | |||||||
| SUPRANATIONAL — 3.0% | ||||||||
| Government — 3.0% | ||||||||
| New Development Bank | ||||||||
| 2.450%, 01/27/2025 | 3,000,000 | 419,308 | ||||||
| TOTAL
CORPORATE OBLIGATIONS (Cost $1,932,499) |
1,754,025 | |||||||
| TOTAL
INVESTMENTS — 86.8% (Cost $13,019,858) |
12,019,870 | |||||||
| OTHER ASSETS LESS LIABILITIES — 13.2% | 1,831,289 | |||||||
| NET ASSETS — 100% | $ | 13,851,159 | ||||||
| (A) | In CNY unless otherwise indicated. |
MTN — Medium Term Note
As of September 30, 2022, 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.
The accompanying notes are an integral part of the financial statements.
13
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF
| Shares | Value | |||||||
| COMMON STOCK — 99.9%‡ | ||||||||
| CHINA — 99.4% | ||||||||
| Communication Services — 9.9% | ||||||||
| Autohome ADR | 343 | $ | 9,865 | |||||
| Baidu, Cl A* | 4,450 | 64,682 | ||||||
| Bilibili, Cl Z* | 840 | 12,798 | ||||||
| Focus Media Information Technology, Cl A | 8,800 | 6,814 | ||||||
| iQIYI ADR* | 1,764 | 4,780 | ||||||
| JOYY ADR | 132 | 3,432 | ||||||
| Kingsoft | 9,600 | 25,559 | ||||||
| Oriental Pearl Group, Cl A | 14,440 | 12,396 | ||||||
| Tencent Holdings | 10,358 | 351,517 | ||||||
| Tencent Music Entertainment Group ADR* | 2,428 | 9,858 | ||||||
| Weibo ADR* | 120 | 2,052 | ||||||
| 503,753 | ||||||||
| Consumer Discretionary — 23.7% | ||||||||
| Alibaba Group Holding* | 27,824 | 276,294 | ||||||
| Alibaba Health Information Technology* | 12,000 | 5,503 | ||||||
| ANTA Sports Products | 2,800 | 29,677 | ||||||
| Brilliance China Automotive Holdings*(A) | 28,000 | 15,118 | ||||||
| BYD, Cl A | 1,400 | 49,489 | ||||||
| BYD, Cl H | 2,000 | 49,529 | ||||||
| China Grand Automotive Services Group, Cl A* | 5,100 | 1,538 | ||||||
| China Tourism Group Duty Free, Cl A | 1,500 | 41,713 | ||||||
| Chongqing Changan Automobile, Cl A | 18,638 | 32,836 | ||||||
| Dongfeng Motor Group, Cl H | 10,000 | 5,350 | ||||||
| Fuyao Glass Industry Group, Cl A | 5,500 | 27,627 | ||||||
| Geely Automobile Holdings | 14,000 | 19,297 | ||||||
The accompanying notes are an integral part of the financial statements.
14
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Consumer Discretionary (continued) | ||||||||
| Great Wall Motor, Cl H | 11,500 | $ | 13,214 | |||||
| Guangzhou Automobile Group, Cl H | 12,000 | 8,561 | ||||||
| H World Group ADR* | 520 | 17,441 | ||||||
| Haier Smart Home, Cl A | 5,600 | 19,457 | ||||||
| Haier Smart Home, Cl H | 7,600 | 23,284 | ||||||
| Huayu Automotive Systems, Cl A | 3,000 | 6,952 | ||||||
| JD.com, Cl A* | 3,672 | 92,895 | ||||||
| Li Auto ADR* | 2,137 | 49,172 | ||||||
| Meituan, Cl B* | 7,300 | 153,999 | ||||||
| New Oriental Education & Technology Group* | 3,900 | 9,887 | ||||||
| NIO ADR* | 3,067 | 48,367 | ||||||
| Pinduoduo ADR* | 924 | 57,824 | ||||||
| SAIC Motor, Cl A | 4,857 | 9,743 | ||||||
| Shenzhen Overseas Chinese Town, Cl A | 18,200 | 12,280 | ||||||
| Shenzhou International Group Holdings | 2,500 | 19,538 | ||||||
| TAL Education Group ADR* | 728 | 3,596 | ||||||
| Trip.com Group ADR* | 1,290 | 35,230 | ||||||
| Vipshop Holdings ADR* | 1,225 | 10,302 | ||||||
| XPeng ADR, Cl A* | 1,438 | 17,184 | ||||||
| Yum China Holdings | 812 | 38,432 | ||||||
| 1,201,329 | ||||||||
| Consumer Staples — 11.4% | ||||||||
| Anhui Gujing Distillery, Cl A | 800 | 30,517 | ||||||
| China Mengniu Dairy | 8,000 | 31,746 | ||||||
| China Resources Beer Holdings | 4,000 | 27,847 | ||||||
| Foshan Haitian Flavouring & Food, Cl A | 3,179 | 36,928 | ||||||
| Guangdong Haid Group, Cl A | 3,300 | 27,903 | ||||||
| Henan Shuanghui Investment & Development, Cl A | 3,300 | 11,322 | ||||||
| Inner Mongolia Yili Industrial Group, Cl A | 5,100 | 23,593 | ||||||
| Jiangsu Yanghe Brewery JSC, Cl A | 1,000 | 22,183 | ||||||
| Kweichow Moutai, Cl A | 700 | 183,858 | ||||||
| Luzhou Laojiao, Cl A | 1,500 | 48,532 | ||||||
| Muyuan Foods, Cl A | 5,702 | 43,606 | ||||||
| New Hope Liuhe, Cl A* | 9,000 | 17,548 | ||||||
| Shanxi Xinghuacun Fen Wine Factory, Cl A | 1,060 | 45,035 | ||||||
| Tingyi Cayman Islands Holding | 8,000 | 13,799 | ||||||
| Want Want China Holdings | 15,000 | 9,803 | ||||||
| Yonghui Superstores, Cl A | 11,800 | 5,181 | ||||||
| 579,401 | ||||||||
The accompanying notes are an integral part of the financial statements.
15
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Energy — 3.7% | ||||||||
| China Oilfield Services, Cl H | 10,000 | $ | 9,924 | |||||
| China Petroleum & Chemical, Cl A | 31,100 | 18,714 | ||||||
| China Petroleum & Chemical, Cl H | 64,500 | 27,690 | ||||||
| China Shenhua Energy, Cl H | 7,500 | 22,405 | ||||||
| Offshore Oil Engineering, Cl A | 11,700 | 7,303 | ||||||
| PetroChina, Cl A | 14,700 | 10,578 | ||||||
| PetroChina, Cl H | 47,984 | 19,683 | ||||||
| Shaanxi Coal Industry, Cl A | 8,000 | 25,551 | ||||||
| Shanxi Lu’an Environmental Energy Development, Cl A | 4,900 | 11,602 | ||||||
| Yankuang Energy Group, Cl H | 10,000 | 36,370 | ||||||
| 189,820 | ||||||||
| Financials — 20.9% | ||||||||
| Agricultural Bank of China, Cl A | 44,000 | 17,651 | ||||||
| Agricultural Bank of China, Cl H | 70,397 | 21,075 | ||||||
| AVIC Industry-Finance Holdings, Cl A | 14,100 | 5,953 | ||||||
| Bank of Beijing, Cl A | 18,600 | 10,723 | ||||||
| Bank of China, Cl A | 22,800 | 9,882 | ||||||
| Bank of China, Cl H | 161,396 | 52,840 | ||||||
| Bank of Communications, Cl A | 29,200 | 18,923 | ||||||
| Bank of Communications, Cl H | 21,000 | 11,075 | ||||||
| Bank of Hangzhou, Cl A | 9,500 | 18,989 | ||||||
| Bank of Jiangsu, Cl A | 14,800 | 15,445 | ||||||
| Bank of Nanjing, Cl A | 9,300 | 13,723 | ||||||
| Bank of Ningbo, Cl A | 4,800 | 21,242 | ||||||
| Bank of Shanghai, Cl A | 12,304 | 10,096 | ||||||
| Changjiang Securities, Cl A | 13,800 | 10,085 | ||||||
| China Cinda Asset Management, Cl H | 67,504 | 7,481 | ||||||
| China CITIC Bank, Cl H | 21,000 | 8,347 | ||||||
| China Construction Bank, Cl A | 7,800 | 6,039 | ||||||
| China Construction Bank, Cl H | 186,000 | 107,573 | ||||||
| China Everbright Bank, Cl A | 36,500 | 14,438 | ||||||
| China Galaxy Securities, Cl H | 25,000 | 11,561 | ||||||
| China Life Insurance, Cl H | 15,483 | 19,842 | ||||||
| China Merchants Bank, Cl A | 12,100 | 57,113 | ||||||
| China Merchants Bank, Cl H | 9,000 | 41,848 | ||||||
| China Merchants Securities, Cl A | 6,400 | 11,078 | ||||||
| China Minsheng Banking, Cl A | 33,800 | 16,072 | ||||||
| China Minsheng Banking, Cl H | 19,000 | 5,446 | ||||||
| China Pacific Insurance Group, Cl A | 4,800 | 13,688 | ||||||
| China Pacific Insurance Group, Cl H | 7,200 | 13,263 | ||||||
| China Taiping Insurance Holdings | 4,000 | 3,368 | ||||||
The accompanying notes are an integral part of the financial statements.
16
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Financials (continued) | ||||||||
| CITIC Securities, Cl A | 10,645 | $ | 26,011 | |||||
| CITIC Securities, Cl H | 5,000 | 8,497 | ||||||
| Everbright Securities, Cl A | 6,900 | 12,727 | ||||||
| Far East Horizon | 9,000 | 6,077 | ||||||
| Founder Securities, Cl A | 11,200 | 10,290 | ||||||
| GF Securities, Cl A | 6,600 | 13,211 | ||||||
| GF Securities, Cl H | 10,000 | 10,892 | ||||||
| Guosen Securities, Cl A | 7,200 | 8,685 | ||||||
| Guotai Junan Securities, Cl A | 5,400 | 10,354 | ||||||
| Haitong Securities, Cl A | 8,400 | 10,204 | ||||||
| Huatai Securities, Cl A | 8,000 | 13,601 | ||||||
| Huatai Securities, Cl H | 6,000 | 6,604 | ||||||
| Huaxia Bank, Cl A | 12,200 | 8,608 | ||||||
| Industrial & Commercial Bank of China, Cl A | 44,900 | 27,397 | ||||||
| Industrial & Commercial Bank of China, Cl H | 143,441 | 67,245 | ||||||
| Industrial Bank, Cl A | 13,500 | 31,529 | ||||||
| Industrial Securities, Cl A* | 18,369 | 14,043 | ||||||
| New China Life Insurance, Cl A | 1,500 | 5,668 | ||||||
| New China Life Insurance, Cl H | 2,400 | 4,580 | ||||||
| Orient Securities, Cl A | 9,400 | 10,140 | ||||||
| People’s Insurance Group of China, Cl H | 19,452 | 5,650 | ||||||
| PICC Property & Casualty, Cl H | 17,510 | 18,157 | ||||||
| Ping An Bank, Cl A | 13,291 | 22,074 | ||||||
| Ping An Insurance Group of China, Cl A | 6,800 | 39,660 | ||||||
| Ping An Insurance Group of China, Cl H | 12,500 | 62,421 | ||||||
| Shanghai Pudong Development Bank, Cl A | 19,200 | 18,960 | ||||||
| Shenwan Hongyuan Group, Cl A | 21,700 | 11,749 | ||||||
| 1,059,893 | ||||||||
| Health Care — 6.0% | ||||||||
| 3SBio | 5,000 | 3,548 | ||||||
| BeiGene ADR* | 143 | 19,279 | ||||||
| Beijing Tongrentang, Cl A | 1,244 | 7,948 | ||||||
| Changchun High & New Technology Industry Group, Cl A | 800 | 19,116 | ||||||
| China Medical System Holdings | 6,000 | 7,162 | ||||||
| China Traditional Chinese Medicine Holdings | 12,000 | 4,189 | ||||||
| CSPC Pharmaceutical Group | 27,520 | 27,275 | ||||||
| Dong-E-E-Jiao, Cl A | 2,000 | 9,087 | ||||||
| Genscript Biotech* | 8,000 | 17,488 | ||||||
| Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 1,500 | 5,462 | ||||||
| Huadong Medicine, Cl A | 1,880 | 10,580 | ||||||
| Hualan Biological Engineering, Cl A | 3,980 | 10,138 | ||||||
The accompanying notes are an integral part of the financial statements.
17
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Health Care (continued) | ||||||||
| Hutchmed China ADR* | 665 | $ | 5,892 | |||||
| Jiangsu Hengrui Medicine, Cl A | 3,816 | 18,788 | ||||||
| Meinian Onehealth Healthcare Holdings, Cl A* | 8,860 | 5,307 | ||||||
| Shanghai Fosun Pharmaceutical Group, Cl A | 2,600 | 10,780 | ||||||
| Shanghai Fosun Pharmaceutical Group, Cl H | 2,000 | 4,851 | ||||||
| Shanghai Pharmaceuticals Holding, Cl A | 5,000 | 11,579 | ||||||
| Sichuan Kelun Pharmaceutical, Cl A | 900 | 2,782 | ||||||
| Sinopharm Group, Cl H | 4,000 | 8,020 | ||||||
| Tasly Pharmaceutical Group, Cl A | 1,500 | 2,054 | ||||||
| Tonghua Dongbao Pharmaceutical, Cl A | 9,800 | 11,863 | ||||||
| Wuxi Biologics Cayman* | 6,000 | 36,230 | ||||||
| Yunnan Baiyao Group, Cl A | 1,240 | 9,105 | ||||||
| Zai Lab ADR* | 244 | 8,345 | ||||||
| Zhangzhou Pientzehuang Pharmaceutical, Cl A | 400 | 14,970 | ||||||
| Zhejiang NHU, Cl A | 4,632 | 14,417 | ||||||
| 306,255 | ||||||||
| Industrials — 6.6% | ||||||||
| AECC Aviation Power, Cl A | 2,600 | 15,299 | ||||||
| AVIC Electromechanical Systems, Cl A | 4,300 | 6,840 | ||||||
| Beijing Capital International Airport, Cl H* | 8,000 | 4,331 | ||||||
| China Conch Venture Holdings | 5,000 | 7,975 | ||||||
| China Eastern Airlines, Cl A* | 16,200 | 11,089 | ||||||
| China Energy Engineering | 53,137 | 16,696 | ||||||
| China Everbright Environment Group | 10,323 | 4,287 | ||||||
| China Merchants Port Holdings | 10,494 | 13,195 | ||||||
| China Railway Group, Cl H | 15,000 | 7,357 | ||||||
| China Southern Airlines, Cl A* | 15,400 | 14,343 | ||||||
| CITIC | 10,780 | 10,162 | ||||||
| COSCO SHIPPING Holdings, Cl A | 16,320 | 25,227 | ||||||
| Daqin Railway, Cl A | 10,200 | 9,686 | ||||||
| Fosun International | 7,500 | 4,653 | ||||||
| Guangzhou Baiyun International Airport, Cl A* | 13,000 | 26,003 | ||||||
| Jiangsu Expressway, Cl H | 10,000 | 7,503 | ||||||
| Metallurgical Corp of China, Cl A | 26,900 | 11,282 | ||||||
| Power Construction Corp of China, Cl A | 12,300 | 12,025 | ||||||
| Sany Heavy Industry, Cl A | 9,000 | 17,522 | ||||||
| Shanghai International Airport, Cl A* | 1,000 | 8,105 | ||||||
| Shanghai International Port Group, Cl A | 8,200 | 6,395 | ||||||
| Shenzhen International Holdings | 9,923 | 7,585 | ||||||
| Weichai Power, Cl A | 11,388 | 15,367 | ||||||
| Xinjiang Goldwind Science & Technology, Cl A | 6,949 | 11,053 | ||||||
The accompanying notes are an integral part of the financial statements.
18
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Industrials (continued) | ||||||||
| Yutong Bus, Cl A | 12,644 | $ | 12,433 | |||||
| Zhejiang Chint Electrics, Cl A | 2,500 | 9,391 | ||||||
| Zhuzhou CRRC Times Electric, Cl H | 2,000 | 8,408 | ||||||
| Zoomlion Heavy Industry Science and Technology, Cl A | 10,600 | 8,237 | ||||||
| ZTO Express Cayman ADR* | 942 | 22,636 | ||||||
| 335,085 | ||||||||
| Information Technology — 5.6% | ||||||||
| AAC Technologies Holdings* | 2,500 | 3,911 | ||||||
| Aisino, Cl A | 1,600 | 2,190 | ||||||
| BOE Technology Group, Cl A | 31,700 | 14,540 | ||||||
| DHC Software, Cl A | 10,700 | 8,000 | ||||||
| GDS Holdings, Cl A* | 2,400 | 5,259 | ||||||
| Hanergy Thin Film Power Group*(A) | 4,364 | — | ||||||
| Hengtong Optic-electric, Cl A | 2,100 | 5,361 | ||||||
| Iflytek, Cl A | 2,100 | 9,668 | ||||||
| Kingboard Holdings | 3,000 | 8,484 | ||||||
| Kingdee International Software Group* | 10,000 | 13,096 | ||||||
| Lenovo Group | 20,000 | 13,911 | ||||||
| LONGi Green Energy Technology, Cl A* | 6,529 | 43,875 | ||||||
| Luxshare Precision Industry, Cl A | 7,874 | 32,472 | ||||||
| NavInfo, Cl A | 4,400 | 7,122 | ||||||
| OFILM Group, Cl A* | 3,682 | 2,722 | ||||||
| Sanan Optoelectronics, Cl A | 11,000 | 26,971 | ||||||
| Sunny Optical Technology Group | 1,900 | 18,189 | ||||||
| Tianma Microelectronics, Cl A | 4,200 | 5,014 | ||||||
| TravelSky Technology, Cl H | 4,000 | 6,125 | ||||||
| Unigroup Guoxin Microelectronics, Cl A | 1,520 | 30,702 | ||||||
| Yonyou Network Technology, Cl A | 3,525 | 8,702 | ||||||
| Zhejiang Dahua Technology, Cl A | 3,500 | 6,309 | ||||||
| ZTE, Cl H | 5,000 | 8,968 | ||||||
| 281,591 | ||||||||
| Materials — 4.3% | ||||||||
| Anhui Conch Cement, Cl A | 2,500 | 10,103 | ||||||
| Anhui Conch Cement, Cl H | 2,500 | 7,930 | ||||||
| Baoshan Iron & Steel, Cl A | 18,900 | 13,945 | ||||||
| BBMG, Cl A | 17,800 | 6,217 | ||||||
| China National Building Material, Cl H | 12,000 | 9,187 | ||||||
| China Northern Rare Earth Group High-Tech, Cl A | 7,100 | 26,451 | ||||||
| China Resources Cement Holdings | 10,000 | 4,637 | ||||||
| CMOC Group, Cl H | 36,000 | 14,079 | ||||||
| Ganfeng Lithium Group, Cl A | 2,020 | 21,206 | ||||||
The accompanying notes are an integral part of the financial statements.
19
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (continued)
| Shares | Value | |||||||
| COMMON STOCK (continued) | ||||||||
| Materials (continued) | ||||||||
| Hesteel, Cl A | 20,300 | $ | 6,407 | |||||
| Inner Mongolia BaoTou Steel Union, Cl A | 42,300 | 10,917 | ||||||
| Rongsheng Petrochemical, Cl A | 8,250 | 16,004 | ||||||
| Shandong Hualu Hengsheng Chemical, Cl A | 3,640 | 14,894 | ||||||
| Sinopec Shanghai Petrochemical, Cl A | 21,600 | 9,029 | ||||||
| Tianqi Lithium, Cl A* | 940 | 13,238 | ||||||
| Zhejiang Huayou Cobalt, Cl A | 1,104 | 9,964 | ||||||
| Zhejiang Longsheng Group, Cl A | 9,000 | 11,374 | ||||||
| Zijin Mining Group, Cl A | 11,800 | 12,977 | ||||||
| 218,559 | ||||||||
| Real Estate — 4.3% | ||||||||
| China Evergrande Group*(A) | 13,000 | 1,893 | ||||||
| China Jinmao Holdings Group | 20,000 | 4,076 | ||||||
| China Merchants Shekou Industrial Zone Holdings, Cl A | 5,900 | 13,523 | ||||||
| China Overseas Land & Investment | 11,839 | 30,842 | ||||||
| China Resources Land | 8,214 | 32,333 | ||||||
| China Vanke, Cl A | 7,043 | 17,615 | ||||||
| China Vanke, Cl H | 6,100 | 11,112 | ||||||
| CIFI Holdings Group | 22,203 | 2,263 | ||||||
| Country Garden Holdings | 34,612 | 8,025 | ||||||
| Gemdale, Cl A | 6,900 | 11,121 | ||||||
| Greenland Holdings, Cl A* | 15,906 | 6,225 | ||||||
| Longfor Group Holdings | 5,000 | 14,363 | ||||||
| Poly Developments and Holdings Group, Cl A | 8,500 | 21,461 | ||||||
| Seazen Holdings, Cl A* | 4,300 | 10,543 | ||||||
| Shimao Group Holdings*(A) | 17,500 | 6,726 | ||||||
| Sunac China Holdings*(A) | 13,000 | 5,178 | ||||||
| Xinhu Zhongbao, Cl A* | 54,700 | 18,798 | ||||||
| 216,097 | ||||||||
| Utilities — 3.0% | ||||||||
| Beijing Enterprises Water Group | 20,000 | 4,611 | ||||||
| China Gas Holdings | 7,400 | 8,870 | ||||||
| China Longyuan Power Group, Cl H | 10,000 | 12,548 | ||||||
| China Resources Gas Group | 5,000 | 15,892 | ||||||
| China Resources Power Holdings | 8,000 | 12,433 | ||||||
| ENN Energy Holdings | 1,582 | 21,161 | ||||||
| Guangdong Investment | 10,000 | 8,013 | ||||||
| Huadian Power International, Cl A | 33,900 | 28,293 | ||||||
| Huaneng Power International, Cl H* | 27,077 | 11,797 | ||||||
| SDIC Power Holdings, Cl A | 8,900 | 13,408 | ||||||
| Sichuan Chuantou Energy, Cl A | 9,000 | 15,187 | ||||||
| 152,213 | ||||||||
| TOTAL CHINA | 5,043,996 | |||||||
The accompanying notes are an integral part of the financial statements.
20
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (continued)
| Shares | Value | |||||||
| HONG KONG — 0.5% | ||||||||
| Communication Services — 0.1% | ||||||||
| Alibaba Pictures Group* | 100,000 | $ | 5,159 | |||||
| Health Care — 0.2% | ||||||||
| Sino Biopharmaceutical | 23,500 | 11,047 | ||||||
| Materials — 0.2% | ||||||||
| Nine Dragons Paper Holdings | 16,000 | 9,947 | ||||||
| TOTAL HONG KONG | 26,153 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $7,824,792) | 5,070,149 | |||||||
| RIGHT — 0.0% | ||||||||
| CHINA — 0.0% | ||||||||
| Health Care — 0.0% | ||||||||
| Kangmei Pharma‡‡(A) | 480 | — | ||||||
| TOTAL CHINA | — | |||||||
| TOTAL RIGHT | ||||||||
| (Cost $—) | — | |||||||
| TOTAL INVESTMENTS — 99.9% | ||||||||
| (Cost $7,824,792) | 5,070,149 | |||||||
| OTHER ASSETS LESS LIABILITIES — 0.1% | 4,574 | |||||||
| NET ASSETS — 100% | $ | 5,074,723 | ||||||
| ‡ | 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. |
ADR — American Depositary Receipt
Cl — Class
JSC — Joint-Stock Company
The accompanying notes are an integral part of the financial statements.
21
Schedule of Investments (Unaudited) September 30, 2022
KraneShares MSCI All China Index ETF (concluded)
The following summarizes the market value of the Fund’s investments used as of September 30, 2022, based on the inputs used to value them:
| Investments in Securities | Level 1 | Level 2 | Level 3^ | Total | ||||||||||||
| Common Stock | ||||||||||||||||
| China | ||||||||||||||||
| Communication Services | $ | 503,753 | $ | — | $ | — | $ | 503,753 | ||||||||
| Consumer Discretionary | 1,184,673 | 1,538 | 15,118 | 1,201,329 | ||||||||||||
| Consumer Staples | 579,401 | — | — | 579,401 | ||||||||||||
| Energy | 189,820 | — | — | 189,820 | ||||||||||||
| Financials | 1,059,893 | — | — | 1,059,893 | ||||||||||||
| Health Care | 304,201 | 2,054 | — | 306,255 | ||||||||||||
| Industrials | 335,085 | — | — | 335,085 | ||||||||||||
| Information Technology | 281,591 | — | — | ‡‡ | 281,591 | |||||||||||
| Materials | 218,559 | — | — | 218,559 | ||||||||||||
| Real Estate | 202,300 | — | 13,797 | 216,097 | ||||||||||||
| Utilities | 152,213 | — | — | 152,213 | ||||||||||||
| Hong Kong | 26,153 | — | — | 26,153 | ||||||||||||
| Total Common Stock | 5,037,642 | 3,592 | 28,915 | 5,070,149 | ||||||||||||
| Right | — | — | — | ‡‡ | — | |||||||||||
| Total Investments in Securities | $ | 5,037,642 | $ | 3,592 | $ | 28,915 | $ | 5,070,149 | ||||||||