Exhibit (h)(9)

KRANESHARES TRUST

FEE WAIVER AGREEMENT

THIS FEE WAIVER AGREEMENT (the “Agreement”) is effective as of May 28, 2020, by and between KRANESHARES TRUST, a Delaware statutory trust (the “Trust”), on behalf of its series listed in Appendix A, as amended from time to time (each a “Fund”), and the investment adviser of the Funds, KRANE FUNDS ADVISORS, LLC (the “Adviser”) and replaces and terminates the current Fee Waiver Agreement with respect to each Fund.

WITNESSETH:

WHEREAS, the Adviser serves as investment adviser to each Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Adviser dated October 5, 2017, as amended from time to time (the “Investment Advisory Agreement”);

WHEREAS, the Adviser is entitled to compensation under the Investment Advisory Agreement in exchange for providing advisory and other services, and paying all of the Trust’s expenses except those specifically excluded therein; and

WHEREAS, the Adviser desires to waive a portion the Advisory Fee specified in Schedule A of the Investment Advisory Agreement (“Advisory Fee”) of each Fund listed in Appendix A hereto for the period described herein pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of each Fund) desires to allow the Adviser to implement such waivers;

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intended to be legally bound hereby, mutually agree as follows:

1.       Advisory Fee Waiver. The Adviser hereby agrees to waive a portion of its current Advisory Fee for each Fund by an annual rate, expressed as a percentage of average annual net assets, listed in Appendix A hereto (the “Annual Waiver”).

2.       Term. This Agreement shall become effective with respect to a Fund on the date set forth in Appendix A hereto and shall remain in effect with respect to such Fund until the date set forth in Appendix A hereto.

3.       Termination. This Agreement may be terminated at any time with respect to any Fund, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund. This Agreement will automatically terminate with respect to any Fund listed in Appendix A if the Investment Advisory Agreement for that Fund is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement’s termination for that Fund.

4.       Assignment. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

5.       Severability. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

6.       Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940 and the Investment Advisers Act of 1940, and any rules and regulations promulgated thereunder.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

KRANESHARES TRUST		KRANE FUNDS ADVISORS, LLC
By:	/s/Jonathan Krane	By:	/s/Jonathan Krane
Print Name:	Jonathan Krane	Print Name:	Jonathan Krane
Title:	Principal Executive Officer and	Title:	President
	Principal Financial Officer

Appendix A

Fund	Effective Period	Annual Waiver
KraneShares Bosera MSCI China A Share ETF	May 28, 2020 through August 1, 2021	0.20%
KraneShares E Fund China Commercial Paper ETF	May 28, 2020 through August 1, 2021	0.12%
KraneShares Asia Robotics and Artificial Intelligence Index ETF	May 28, 2020 through August 1, 2021	0.10%
KraneShares Bloomberg Barclays China Aggregate Bond Inclusion Index ETF	May 28, 2020 through August 1, 2021	0.12%
Quadratic Interest Rate Volatility and Inflation Hedge ETF	May 28, 2020 through August 1, 2021	0.05%
KraneShares MSCI All China Index ETF	May 28, 2020 through August 1, 2021	0.20%
KraneShares MSCI Emerging Markets ex China Index ETF	May 28, 2020 through August 1, 2021	0.10%
KraneShares MSCI All China Health Care Index ETF	May 28, 2020 through August 1, 2021	0.14%