N-Q 1 s116261_nq.htm N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-22698

KraneShares Trust

(Exact name of registrant as specified in charter)

1270 Avenue of the Americas

22^nd Floor

New York, New York, 10020

(Address of principal executive offices) (Zip code)

Jonathan Krane

KraneShares Trust

1270 Avenue of the Americas

22^nd Floor

New York, New York, 10020

(Name and address of agent for service)

Copy to:

Stacy L. Fuller

K&L Gates LLP

1601 K Street NW

Washington, D.C. 20006-1600

Registrant’s telephone number, including area code: (855) 857-2638

Date of fiscal year end: March 31, 2019

Date of reporting period: December 31, 2018

Item 1. Schedule of Investments

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — 99.7%‡

CHINA — 99.7%
Communication Services — 2.2%
China Film, Cl A		319,730	$	666,870
China South Publishing & Media Group, Cl A		178,321		324,659
China United Network Communications, Cl A		4,109,133		3,094,254
Chinese Universe Publishing and Media, Cl A		215,885		409,086
CITIC Guoan Information Industry, Cl A		178,597		87,664
Giant Network Group, Cl A ^(A)(B)(C)		120,053		338,702
Perfect World, Cl A		60,196		244,179
Shanghai Oriental Pearl Group, Cl A		485,604		724,265
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology, Cl A		110,000		151,245
				6,040,924
Consumer Discretionary — 8.9%
BYD, Cl A		212,721		1,580,140
China Grand Automotive Services, Cl A		827,117		489,112
China International Travel Service, Cl A		251,348		2,203,876
China Shipbuilding Industry Group Power, Cl A		190,000		616,296
Chongqing Changan Automobile, Cl A		328,822		315,618
Fuyao Glass Industry Group, Cl A		297,137		985,883
Gree Electric Appliances of Zhuhai, Cl A *		407,127		2,116,370
Guangzhou Automobile Group, Cl A		209,691		314,276
Hangzhou Robam Appliances, Cl A		67,838		199,491
HLA, Cl A		211,833		261,640
Huayu Automotive Systems, Cl A		424,714		1,138,229
Liaoning Cheng Da, Cl A		247,201		376,615
Midea Group, Cl A ^(A)(B)(C)		840,386		4,511,795
Oppein Home Group, Cl A		42,158		489,511
Qingdao Haier, Cl A		720,976		1,454,406
SAIC Motor, Cl A		992,970		3,857,219
Shandong Linglong Tyre, Cl A		167,740		333,491
Shenzhen Overseas Chinese Town, Cl A		1,117,681		1,033,729
Suning.com, Cl A		1,117,278		1,602,923
TCL, Cl A		1,450,100		517,463
Wanxiang Qianchao, Cl A		134,807		100,531
Weifu High-Technology Group, Cl A		159,950		411,424
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology, Cl A		171,753		236,152
Zhejiang Semir Garment, Cl A		355,500		461,870
				25,608,060
Consumer Staples — 11.1%
Beijing Dabeinong Technology Group, Cl A		347,200		161,825

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Foshan Haitian Flavouring & Food, Cl A		277,612	$	2,781,902
Henan Shuanghui Investment & Development, Cl A		318,674		1,094,938
Inner Mongolia Yili Industrial Group, Cl A		754,840		2,515,510
Jiangsu Yanghe Brewery Joint-Stock, Cl A		194,261		2,680,048
Kweichow Moutai, Cl A		156,784		13,473,372
Luzhou Laojiao, Cl A		197,147		1,167,543
Muyuan Foodstuff, Cl A		175,758		735,984
New Hope Liuhe, Cl A		606,687		643,297
Shanxi Xinghuacun Fen Wine Factory, Cl A		124,600		636,094
Tongwei, Cl A		413,900		499,161
Tsingtao Brewery, Cl A		53,500		271,641
Wuliangye Yibin, Cl A		495,776		3,674,072
Yonghui Superstores, Cl A		1,101,986		1,263,182
				31,598,569
Energy — 2.7%
China Petroleum & Chemical, Cl A		3,392,394		2,495,243
China Shenhua Energy, Cl A		523,028		1,368,190
Offshore Oil Engineering, Cl A		386,200		275,628
PetroChina, Cl A		1,978,288		2,077,495
Shaanxi Coal Industry, Cl A		789,347		855,374
Shanxi Lu'an Environmental Energy Development, Cl A		285,700		277,140
Shanxi Xishan Coal & Electricity Power, Cl A		286,846		229,370
				7,578,440
Financials — 34.2%
Agricultural Bank of China, Cl A		9,130,307		4,787,437
Anxin Trust, Cl A		461,760		293,909
AVIC Capital, Cl A		1,257,000		776,276
Bank of Beijing, Cl A		2,584,884		2,112,122
Bank of China, Cl A		6,294,400		3,309,609
Bank of Communications, Cl A		4,997,580		4,214,572
Bank of Guiyang, Cl A		231,854		360,663
Bank of Hangzhou, Cl A		718,713		774,644
Bank of Jiangsu, Cl A		1,341,600		1,166,574
Bank of Nanjing, Cl A		967,845		910,654
Bank of Ningbo, Cl A		596,770		1,409,850
Bank of Shanghai, Cl A		1,426,876		2,325,581
Changjiang Securities, Cl A		573,828		430,432
China CITIC Bank, Cl A		816,134		647,848
China Construction Bank, Cl A		1,104,300		1,024,570
China Everbright Bank, Cl A		5,296,384		2,854,279
China Life Insurance, Cl A		313,700		931,637
China Merchants Bank, Cl A		2,596,536		9,530,377

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Merchants Securities, Cl A		757,673	$	1,478,774
China Minsheng Banking, Cl A		4,526,278		3,777,557
China Pacific Insurance Group, Cl A		804,711		3,332,207
CITIC Securities, Cl A		1,259,229		2,916,198
Dongxing Securities, Cl A		348,400		485,122
Everbright Securities, Cl A		419,500		535,854
First Capital Securities, Cl A		203,900		160,965
Founder Securities, Cl A		913,800		706,742
GF Securities, Cl A		691,539		1,277,177
Guosen Securities, Cl A		440,388		536,878
Guotai Junan Securities, Cl A		960,247		2,142,679
Guoyuan Securities, Cl A		505,231		513,642
Haitong Securities, Cl A		942,349		1,207,840
Huaan Securities, Cl A		326,500		224,461
Huatai Securities, Cl A		851,445		2,009,032
Huaxia Bank, Cl A		1,537,005		1,654,379
Hubei Biocause Pharmaceutical, Cl A		617,090		504,227
Industrial & Commercial Bank of China, Cl A		6,836,198		5,267,269
Industrial Bank, Cl A		2,630,334		5,723,698
Industrial Securities, Cl A		707,923		478,431
New China Life Insurance, Cl A		287,164		1,766,726
Orient Securities, Cl A		669,291		776,942
Ping An Bank, Cl A		2,157,804		2,948,018
Ping An Insurance Group of China, Cl A		1,384,233		11,310,642
Shanghai Pudong Development Bank, Cl A		3,606,368		5,147,677
Shanxi Securities, Cl A		303,200		261,436
Shenwan Hongyuan Group, Cl A		2,196,962		1,302,364
Sinolink Securities, Cl A		460,200		479,927
SooChow Securities, Cl A		285,217		278,333
Western Securities, Cl A		360,123		402,310
				97,468,541
Health Care — 5.3%
Beijing Tongrentang, Cl A		149,780		599,931
China Resources Sanjiu Medical & Pharmaceutical, Cl A		185,260		670,808
Dong-E-E-Jiao, Cl A		9,500		54,725
Dong-E-E-Jiao, Cl E		57,489		331,167
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		205,645		1,071,102
Huadong Medicine, Cl A		203,746		785,225
Jiangsu Hengrui Medicine, Cl A		468,420		3,598,927
Jointown Pharmaceutical Group, Cl A		194,503		413,613
Kangmei Pharmaceutical, Cl A		618,445		829,614
Meinian Onehealth Healthcare Holdings, Cl A		335,140		729,764
Shandong Buchang Pharmaceuticals, Cl A		133,560		491,778

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Shanghai Fosun Pharmaceutical Group, Cl A		221,900	$	752,088
Shanghai Pharmaceuticals Holding, Cl A		274,040		678,544
Shenzhen Salubris Pharmaceuticals, Cl A		80,848		245,993
Sichuan Kelun Pharmaceutical, Cl A		207,900		625,302
Tasly Pharmaceutical Group, Cl A		218,985		612,394
Tonghua Dongbao Pharmaceutical, Cl A		238,693		483,247
Yunnan Baiyao Group, Cl A ^(A)(B)(C)		119,034		1,282,281
Zhangzhou Pientzehuang Pharmaceutical, Cl A		66,550		839,908
				15,096,411
Industrials — 13.6%
AECC Aviation Power, Cl A		307,631		973,207
Air China, Cl A		504,100		560,951
AVIC Aircraft, Cl A		389,468		751,060
AVIC Shenyang Aircraft, Cl A *		137,023		553,026
China Avionics Systems, Cl A		138,500		261,842
China Communications Construction, Cl A		252,700		414,437
China Eastern Airlines, Cl A		898,046		621,308
China Gezhouba Group, Cl A		667,221		614,189
China International Marine Containers Group, Cl A		213,904		329,625
China National Chemical Engineering, Cl A		724,285		565,444
China Railway Construction, Cl A		1,489,500		2,358,226
China Shipbuilding Industry, Cl A		2,739,500		1,695,803
China Southern Airlines, Cl A		971,136		939,212
China Spacesat, Cl A		113,010		285,089
China State Construction Engineering, Cl A		5,302,336		4,402,073
COSCO Shipping Development, Cl A *		734,601		243,951
COSCO Shipping Holdings, Cl A *		671,237		394,977
CRRC, Cl A		2,484,905		3,264,611
Daqin Railway, Cl A		1,972,103		2,363,984
Dongfang Electric, Cl A		494,200		567,930
Fangda Carbon New Material, Cl A		187,969		457,486
Guangshen Railway, Cl A		888,875		409,113
Han's Laser Technology Industry Group, Cl A		109,723		485,193
Luxshare Precision Industry, Cl A		610,290		1,249,789
Metallurgical Corp of China, Cl A		2,386,419		1,080,991
NARI Technology, Cl A		539,638		1,456,442
Power Construction Corp of China, Cl A		1,099,390		778,221
Sany Heavy Industry, Cl A		1,039,599		1,262,836
SF Holding, Cl A		124,700		594,830
Shanghai Electric Group, Cl A		859,500		618,426
Shanghai International Airport, Cl A		108,894		805,083
Shanghai International Port Group, Cl A		945,289		713,197
Shanghai Tunnel Engineering, Cl A		488,327		445,246

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Spring Airlines, Cl A		113,929	$	527,853
Suzhou Gold Mantis Construction Decoration, Cl A		402,310		474,637
TBEA, Cl A		605,673		598,995
Tus-Sound Environmental Resources, Cl A		91,251		138,092
Weichai Power, Cl A		831,352		932,376
XCMG Construction Machinery, Cl A		1,158,100		544,834
Xiamen C & D, Cl A *		547,900		562,608
Xinjiang Goldwind Science & Technology, Cl A		366,288		532,971
Zhejiang Chint Electrics, Cl A		292,633		1,033,168
Zhengzhou Yutong Bus, Cl A		198,373		342,386
Zoomlion Heavy Industry Science and Technology, Cl A		961,320		498,463
				38,704,181
Information Technology — 6.4%
360 Security Technology, Cl A		197,600		586,264
Aisino, Cl A		257,031		856,932
Beijing Shiji Information Technology, Cl A		88,602		335,014
Beijing Xinwei Technology Group, Cl A ^(A)(B)(C)		23,600		45,167
BOE Technology Group, Cl A		4,077,300		1,561,865
DHC Software, Cl A		472,700		478,504
Dongxu Optoelectronic Technology, Cl A		811,545		531,912
Focus Media Information Technology, Cl A		1,461,612		1,115,523
GoerTek, Cl A		270,063		270,625
Guangzhou Haige Communications Group, Cl A		364,082		413,627
Hangzhou Hikvision Digital Technology, Cl A		1,128,456		4,233,950
Hengtong Optic-electric, Cl A		203,733		505,942
Hundsun Technologies, Cl A		64,500		488,328
Iflytek, Cl A		229,550		823,822
LONGi Green Energy Technology, Cl A		270,307		686,624
Ninestar, Cl A		62,500		208,646
O-film Tech, Cl A		463,005		619,750
Sanan Optoelectronics, Cl A		457,565		753,756
Shanghai 2345 Network Holding Group, Cl A		906,734		487,328
Tianma Microelectronics, Cl A		314,533		449,418
Unisplendour, Cl A		66,360		302,142
Yonyou Network Technology, Cl A		305,330		947,249
Zhejiang Dahua Technology, Cl A		293,650		490,151
ZTE, Cl A *		384,600		1,097,385
				18,289,924
Materials — 5.8%
Angang Steel, Cl A		768,366		574,117
Anhui Conch Cement, Cl A		538,378		2,296,009
Baoshan Iron & Steel, Cl A		2,295,844		2,173,556

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
BBMG, Cl A		1,040,943	$	530,652
China Molybdenum, Cl A		2,358,049		1,291,386
China Northern Rare Earth Group High-Tech, Cl A		344,700		440,308
Hengli Petrochemical, Cl A		228,710		441,383
Hesteel, Cl A		1,119,300		462,999
Inner Mongolia BaoTou Steel Union, Cl A		4,076,780		878,809
Jiangxi Copper, Cl A		303,279		581,318
Jiangxi Ganfeng Lithium, Cl A		106,265		341,747
Jinduicheng Molybdenum, Cl A		433,700		373,962
Maanshan Iron & Steel, Cl A		1,139,100		574,054
Qinghai Salt Lake Industry, Cl A		47,700		48,494
Rongsheng Petro Chemical, Cl A		268,693		394,878
Shandong Gold Mining, Cl A		189,500		834,929
Shenzhen Zhongjin Lingnan Nonfemet, Cl A		682,850		393,854
Sinopec Shanghai Petrochemical, Cl A		725,204		527,079
Tianqi Lithium, Cl A		116,506		497,539
Tongling Nonferrous Metals Group, Cl A		1,607,900		461,360
Zhejiang Huayou Cobalt, Cl A		82,480		361,721
Zhejiang Longsheng Group, Cl A		516,700		726,242
Zhongjin Gold, Cl A		257,247		321,479
Zijin Mining Group, Cl A		2,332,200		1,134,560
				16,662,435
Real Estate — 5.5%
China Fortune Land Development, Cl A		365,155		1,353,569
China Merchants Shekou Industrial Zone Holdings, Cl A		803,490		2,030,463
China Vanke, Cl A		1,237,742		4,294,248
Financial Street Holdings, Cl A		202,251		189,711
Gemdale, Cl A		624,000		874,329
Greenland Holdings, Cl A		1,106,641		984,834
Jinke Properties Group, Cl A		760,200		685,384
Poly Developments and Holdings Group, Cl A		1,528,600		2,624,961
RiseSun Real Estate Development, Cl A		615,100		712,242
Seazen Holdings, Cl A		306,359		1,057,087
Xinhu Zhongbao, Cl A		787,368		332,576
Youngor Group, Cl A		288,001		301,605
Zhejiang China Commodities City Group, Cl A		450,301		228,898
Zhongtian Financial Group, Cl A ^(A)(B)(C)		151,500		103,270
				15,773,177
Utilities — 4.0%
Beijing Capital, Cl A		539,325		269,439
China National Nuclear Power, Cl A		1,183,940		908,773
China Yangtze Power, Cl A		1,844,860		4,267,063

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
GD Power Development, Cl A		2,219,700	$	827,655
Huadian Power International, Cl A		1,271,244		879,504
Huaneng Power International, Cl A		484,787		521,102
Hubei Energy Group, Cl A		380,700		203,500
SDIC Power Holdings, Cl A		919,622		1,078,252
Shenergy, Cl A		686,116		487,678
Shenzhen Energy Group, Cl A		521,127		398,491
Sichuan Chuantou Energy, Cl A		481,300		607,785
Zhejiang Zheneng Electric Power, Cl A		1,255,142		864,707
				11,313,949
TOTAL COMMON STOCK
(Cost $367,331,395)				284,134,611
TOTAL INVESTMENTS — 99.7%
(Cost $367,331,395)				284,134,611
OTHER ASSETS LESS LIABILITIES – 0.3%				983,532
NET ASSETS - 100%			$	285,118,143

‡	Narrow industries are utilized for compliance purposes, whereas broad 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 December 31, 2018 was $6,281,215 and represents 2.2% 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 December 31, 2018 was $6,281,215 and represents 2.2% of Net Assets.

Cl — Class

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Bosera MSCI China A Share ETF

The following is a list of the level of inputs used as of December 31, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China
Communication Services	$	5,702,222	$	—	$	338,702	$	6,040,924
Consumer Discretionary		21,096,265		—		4,511,795		25,608,060
Consumer Staples		31,598,569		—		—		31,598,569
Energy		7,578,440		—		—		7,578,440
Financials		97,468,541		—		—		97,468,541
Health Care		13,814,130		—		1,282,281		15,096,411
Industrials		38,704,181		—		—		38,704,181
Information Technology		18,244,757		—		45,167		18,289,924
Materials		16,662,435		—		—		16,662,435
Real Estate		15,669,907		—		103,270		15,773,177
Utilities		11,313,949		—		—		11,313,949
Total Common Stock		277,853,396		—		6,281,215		284,134,611
Total Investments in Securities	$	277,853,396	$	—	$	6,281,215	$	284,134,611

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Common Stock
Beginning balance as of April 1, 2018	$	6,103,566
Accrued discounts/premiums		—
Realized gain/(loss)		308,745
Change in unrealized appreciation/(depreciation)		(457,776	)
Purchases		47,553
Sales		(5,516,877	)
Transfer into Level 3		6,132,777
Transfer out of Level 3		(336,773	)
Ending balance as of December 31, 2018	$	6,281,215

For the period ended December 31, 2018 there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, the transfers in and out of Level 3 occurred due to a halt in trading of these securities. Transfers between levels are recognized at period end.

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

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

KRS-QH-003-1000

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — 97.5%‡
CHINA — 97.5%
Communication Services — 1.1%
China Film, Cl A		4,000	$	8,343
Shanghai Oriental Pearl Group, Cl A		10,700		15,959
				24,302
Consumer Discretionary — 20.2%
Beijing WKW Automotive Parts, Cl A		2,900		1,592
Changchun Faway Automobile Components, Cl A		2,200		3,198
Changzhou Xingyu Automotive Lighting Systems, Cl A		800		5,535
Chongqing Department Store, Cl A		1,300		5,358
Dashang, Cl A		900		3,171
Fangda Special Steel Technology, Cl A		3,900		5,675
Fuyao Glass Industry Group, Cl A		7,500		24,885
Gree Electric Appliances of Zhuhai, Cl A *		19,700		102,407
Hang Zhou Great Star Industrial, Cl A		2,900		4,004
HLA, Cl A		9,600		11,857
Huangshan Tourism Development, Cl A		1,400		1,913
Huayu Automotive Systems, Cl A		8,400		22,512
Jason Furniture Hangzhou, Cl A		700		4,588
Joyoung, Cl A		1,700		3,964
Lao Feng Xiang, Cl A		700		4,588
Loncin Motor, Cl A		5,500		3,276
Luolai Lifestyle Technology, Cl A		1,700		2,142
Luthai Textile		2,400		3,394
Midea Group, Cl A ^(A)(B)(C)		19,400		104,153
Rainbow Department Store, Cl A		2,600		4,154
SAIC Motor, Cl A		18,700		72,641
Shandong Linglong Tyre, Cl A		2,600		5,169
Shanghai Jinjiang International Hotels Development, Cl A		900		2,792
TCL, Cl A		57,800		20,626
Wangfujing Group, Cl A		1,700		3,358
Weifu High-Technology Group, Cl A		3,200		8,231
Wuchan Zhongda Group, Cl A		9,200		6,137
Zhejiang Meida Industrial, Cl A		1,100		1,597
Zhejiang Semir Garment, Cl A		2,900		3,768
				446,685
Consumer Staples — 9.1%
By-health, Cl A		4,700		11,631
Henan Shuanghui Investment & Development, Cl A		5,300		18,210
Jiangsu Yanghe Brewery Joint-Stock, Cl A		3,300		45,527
Luzhou Laojiao, Cl A		4,000		23,689
Shanghai Jahwa United, Cl A		1,800		7,157

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Shanxi Xinghuacun Fen Wine Factory, Cl A		1,400	$	7,147
Tsingtao Brewery, Cl A		1,900		9,647
Wuliangye Yibin, Cl A		10,400		77,072
				200,080
Energy — 1.4%
Cangzhou Mingzhu Plastic, Cl A		5,300		3,250
China Shenhua Energy, Cl A		10,600		27,729
				30,979
Financials — 34.1%
Agricultural Bank of China, Cl A		204,000		106,967
Bank of China, Cl A		112,200		58,995
Bank of Communications, Cl A		132,700		111,909
China Merchants Bank, Cl A		26,100		95,798
Industrial & Commercial Bank of China, Cl A		114,900		88,530
Industrial Bank, Cl A		48,300		105,102
Ping An Insurance Group of China, Cl A		11,800		96,418
Shanghai Pudong Development Bank, Cl A		62,600		89,354
				753,073
Health Care — 3.4%
China Animal Healthcare *^(A)(B)(C)		4,000		—
Harbin Gloria Pharmaceuticals, Cl A ^(A)(B)(C)		4,700		1,917
Hualan Biological Engineering, Cl A		3,000		14,332
Hubei Jumpcan Pharmaceutical, Cl A		1,600		7,814
Kangmei Pharmaceutical, Cl A		15,900		21,329
Shanghai Pharmaceuticals Holding, Cl A		6,200		15,352
Xiamen Kingdomway Group, Cl A		1,400		2,451
Zhejiang NHU, Cl A		4,600		10,056
				73,251
Industrials — 9.3%
China Meheco, Cl A		2,900		5,309
China State Construction Engineering, Cl A		111,800		92,818
CNHTC Jinan Truck, Cl A		1,500		2,434
Daqin Railway, Cl A		31,700		37,999
Fujian Longking, Cl A		4,000		5,913
Henan Pinggao Electric, Cl A		4,400		5,178
Jiangsu Guotai International Group Guomao, Cl A		4,200		3,426
Jiangsu Linyang Energy, Cl A		5,700		4,018
Juneyao Airlines, Cl A		2,900		5,293
Shanghai International Port Group, Cl A		17,300		13,052
Shanghai Tunnel Engineering, Cl A		10,100		9,209

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shenzhen Desay Battery Technology, Cl A		700	$	2,924
Sieyuan Electric, Cl A		2,500		3,594
Zhejiang Chint Electrics, Cl A		4,600		16,241
				207,408
Information Technology — 1.4%
Beijing Zhong Ke San Huan High-Tech, Cl A		4,600		4,911
Hanergy Thin Film Power Group *^(A)(B)(C)		65,064		83
Shengyi Technology, Cl A		5,700		8,352
Shenzhen Sunlord Electronics, Cl A		3,500		7,055
Victory Giant Technology Huizhou, Cl A		2,500		4,260
Wuhu Token Science, Cl A		9,800		5,924
				30,585
Materials — 4.2%
Anhui Conch Cement, Cl A		10,700		45,632
China Lumena New Materials *^(A)(B)(C)		28,720		—
Guangdong Tapai Group, Cl A		2,000		2,931
Jiangxi Wannianqing Cement, Cl A		2,000		3,172
Kingfa Sci & Tech, Cl A		10,200		7,354
Shenzhen Jinjia Group, Cl A		4,800		5,460
Tianhe Chemicals Group *^(A)(B)(C)		40,000		—
Zhejiang Longsheng Group, Cl A		13,900		19,537
Zhejiang Runtu, Cl A		3,700		4,850
Zhejiang Weixing New Building Materials, Cl A		2,800		6,326
				95,262
Real Estate — 11.2%
Beijing Urban Construction Investment & Development, Cl A		5,100		5,883
China Merchants Shekou Industrial Zone Holdings, Cl A		12,700		32,093
China Vanke, Cl A		25,900		89,858
Cinda Real Estate, Cl A		4,600		2,633
Gemdale, Cl A		12,100		16,954
Jinke Properties Group, Cl A		14,300		12,893
Oceanwide Holdings, Cl A		8,400		5,714
Poly Developments and Holdings Group, Cl A		38,000		65,255
RiseSun Real Estate Development, Cl A		9,300		10,769
Shanghai SMI Holding, Cl A		6,800		5,418
				247,470
Utilities — 2.1%
SDIC Power Holdings, Cl A		21,700		25,443
Shanghai Electric Power, Cl A		5,600		6,607

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Zhejiang Zheneng Electric Power, Cl A		21,800	$	15,019
				47,069
TOTAL COMMON STOCK
(Cost $2,262,481)				2,156,164

TOTAL INVESTMENTS — 97.5%
(Cost $2,262,481)				2,156,164
OTHER ASSETS LESS LIABILITIES – 2.5%				54,597
NET ASSETS - 100%			$	2,210,761

‡	Narrow industries are utilized for compliance purposes, whereas broad 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 December 31, 2018 was $106,153 and represents 4.8% 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 December 31, 2018 was $106,153 and represents 4.8% of Net Assets.

Cl — Class

The following is a list of the level of inputs used as of December 31, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China
Communication Services	$	24,302	$	—	$	—	$	24,302
Consumer Discretionary		342,532		—		104,153		446,685
Consumer Staples		200,080		—		—		200,080
Energy		30,979		—		—		30,979
Financials		753,073		—		—		753,073
Health Care		71,334		—		1,917		73,251
Industrials		207,408		—		—		207,408
Information Technology		30,502		—		83		30,585
Materials		95,262		—		—		95,262
Real Estate		247,470		—		—		247,470
Utilities		47,069		—		—		47,069
Total Common Stock		2,050,011		—		106,153		2,156,164
Total Investments in Securities	$	2,050,011	$	—	$	106,153	$	2,156,164

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CICC China Leaders 100 Index ETF

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Common Stock
Beginning balance as of April 1, 2018	$	97
Accrued discounts/premiums		—
Realized gain/(loss)		(1,315	)
Change in unrealized appreciation/(depreciation)		4,806
Purchases		131,380
Sales		(28,815	)
Transfer into Level 3		—
Transfer out of Level 3		—
Ending balance as of December 31, 2018	$	106,153

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, the transfers in and out of Level 3 occurred due to a halt in trading of these securities. Transfers between levels are recognized at period end.

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

KRS-QH-001-1100

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.7%‡

CHINA — 87.6%
Communication Services — 53.6%
58.com ADR *		1,089,834	$	59,079,901
Autohome ADR ^(A)		638,311		49,935,070
Baidu ADR *		774,710		122,869,006
Bilibili ADR *		1,895,902		27,661,210
Bitauto Holdings ADR *		319,445		7,912,653
Changyou.com ADR ^(A)		238,303		4,356,179
Fang Holdings ADR * ^(A)		2,772,262		3,964,335
HUYA ADR * ^(A)		686,863		10,632,639
iQIYI ADR * ^(A)		3,342,183		49,698,261
Momo ADR *		1,775,547		42,169,241
NetEase ADR		390,962		92,020,726
SINA *		817,603		43,856,225
Sogou ADR * ^(A)		849,434		4,459,528
Sohu.com ADR *		360,812		6,285,345
Tencent Holdings		3,946,775		158,287,387
Tencent Music Entertainment Group ADR * ^(A)		4,463,195		59,003,438
Tian Ge Interactive Holdings		14,548,000		5,685,897
Weibo ADR *		710,609		41,520,884
YY ADR *		557,438		33,368,239
				822,766,164
Consumer Discretionary — 28.2%
Alibaba Group Holding ADR *		1,001,703		137,303,430
Baozun ADR * ^(A)		440,592		12,869,692
Cogobuy Group * ^(A)		8,095,818		2,740,192
Ctrip.com International ADR *		2,310,793		62,530,059
JD.com ADR *		2,894,083		60,573,157
Pinduoduo ADR *		2,806,097		62,968,817
Secoo Holding ADR * ^(A)		413,625		3,751,579
TAL Education Group ADR *		2,323,986		62,003,946
Tuniu ADR * ^(A)		516,231		2,508,883
Vipshop Holdings ADR *		4,797,240		26,192,930
				433,442,685
Financials — 2.8%
Fanhua ADR ^(A)		481,086		10,559,837
LexinFintech Holdings ADR *		933,900		6,770,775
PPDAI Group ADR *		1,031,001		3,711,604
Qudian ADR *		1,594,197		6,839,105
Yirendai ADR ^(A)		157,843		1,696,812
ZhongAn Online P&C Insurance, Cl H * ^(A)		4,290,700		13,728,092
				43,306,225

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.3%
51job ADR *		319,063	$	19,922,294
HC International		444,000		256,895
				20,179,189
Information Technology — 1.7%
21Vianet Group ADR *		868,791		7,506,354
Aurora Mobile ADR *		260,086		1,825,804
Cheetah Mobile ADR *		480,594		2,936,429
Kingsoft		8,646,000		12,456,574
Xunlei ADR * ^(A)		500,527		1,701,792
				26,426,953
TOTAL CHINA				1,346,121,216

HONG KONG — 12.1%
Communication Services — 3.6%
Alibaba Pictures Group *		171,294,000		28,879,547
China Literature * ^(A)		4,600,000		21,327,441
Inke *		2,117,000		540,786
NetDragon Websoft Holdings		3,195,315		4,897,441
				55,645,215
Consumer Discretionary — 7.2%
Meituan Dianping, Cl B * ^(A)		19,670,600		110,295,151

Financials — 1.0%
51 Credit Card *		1,389,500		766,684
Chong Sing Holdings FinTech Gr		219,200,000		2,771,724
Yixin Group * ^(A)		50,469,500		11,280,838
				14,819,246
Industrials — 0.2%
HC Group ^(A)		5,897,900		3,412,478
Information Technology — 0.1%
Huifu Payment * ^(A)		5,324,000		2,196,417
TOTAL HONG KONG				186,368,507
TOTAL COMMON STOCK
(Cost $1,877,846,500)				1,532,489,723

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CSI China Internet ETF

	Shares		Value
SHORT-TERM INVESTMENT(B) — 18.9%
Invesco Government & Agency Portfolio, Cl Institutional, 2.012%^(C)		290,145,287	$	290,145,287
TOTAL SHORT-TERM INVESTMENT
(Cost $290,145,287)				290,145,287
TOTAL INVESTMENTS — 118.6%
(Cost $2,167,991,787)				1,822,635,010
OTHER ASSETS LESS LIABILITIES – (18.6)%				(286,131,038	)
NET ASSETS - 100%			$	1,536,503,972

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at December 31, 2018. The total market value of securities on loan at December 31, 2018 was $278,592,635.
(B)	The rate shown is the 7-day effective yield as of December 31, 2018.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2018 was $290,145,287.

ADR — American Depositary Receipt

Cl — Class

As of December 31, 2018, 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 December 31, 2018, there have been no transfers between Level 1 and Level 2 and Level 3 investments. Transfers between levels are recognized at period end.

KRS-QH-002-1100

Schedule of Investments (Unaudited) December 31, 2018

KraneShares E Fund China Commercial Paper ETF

	Face Amount^(A)		Value
COMMERCIAL PAPER — 83.2%^‡
CHINA— 83.2%
Communication Services — 3.7%
China Telecom Corp., Ltd.
3.050%, 04/26/2019		3,000,000	$	436,723

Energy — 5.0%
China Datang Corporation
3.450%, 07/19/2019		4,000,000		581,781

Financials — 17.4%
Central Huijin Investment Co., Ltd.
3.430%, 08/06/2019		4,000,000		582,401
Lianyungang City Construction Investment Group Ltd.
5.490%, 01/12/2019		4,000,000		582,989
Ping An Real Estate Ltd.
4.850%, 02/01/2019		3,000,000		437,352
Shanghai Lujiazui Group Co., Ltd.
3.600%, 06/14/2019		3,000,000		436,962
				2,039,704
Industrials — 33.5%
Aluminum Corporation of China
3.770%, 07/09/2019		4,000,000		582,712
China Eastern Airlines
3.650%, 05/30/2019		3,000,000		437,213
China Heavy Duty Truck
3.850%, 06/17/2019		3,000,000		437,218
Guangzhou Metro Group
4.200%, 03/11/2019		2,000,000		291,646
Guangzhou Metro Group Co., Ltd.
3.200%, 05/20/2019		4,000,000		581,578
Henan Pinggao Electric Ltd.
4.510%, 04/19/2019		4,000,000		583,749
Shaanxi Construction Engineering Group Co., Ltd.
3.750%, 09/09/2019		7,000,000		1,020,131
				3,934,247
Materials — 8.7%
Shandong Hongqiao New Material Ltd.
6.250%, 03/16/2019		4,000,000		582,586
TCL
4.800%, 01/18/2019		3,000,000		436,980
				1,019,566

Schedule of Investments (Unaudited) December 31, 2018

KraneShares E Fund China Commercial Paper ETF

	Face Amount^(A)		Value
CHINA— continued
Utilities — 14.9%
Anhui Province Energy Group Ltd.
3.700%, 05/13/2019		3,000,000	$	437,149
GD Power Development Co., Ltd.
4.100%, 04/12/2019		6,000,000		875,923
Zhejiang Provincial Energy Group Ltd.
3.380%, 03/15/2019		3,000,000		436,304
				1,749,376
TOTAL COMMERCIAL PAPER
(Cost $9,891,918)				9,761,397
CORPORATE OBLIGATIONS — 16.2%
CHINA — 16.2%
HBIS Group
4.870%, 04/04/2019		5,000,000		729,909
Nanjing Yangzi State-owned Assets Investment Group
4.450%, 07/19/2019		3,000,000		438,708
Ningbo Development & Investment Group Co., Ltd
3.870%, 06/18/2019		3,000,000		437,335
Shougang Group
4.750%, 02/22/2019		2,000,000		296,301
TOTAL CORPORATE OBLIGATIONS
(Cost $1,974,160)				1,902,253
SHORT-TERM INVESTMENTS^(B)(C) — 3.4%
China Universal Express Income Money Market Fund, 3.660%		381		55
E Fund Money Market Fund, 4.985%*		2,556,537		372,416
Fortune SGAM Xianjin Tianyi Money Market Fund, 4.204%		159,616		23,253
Xianjinbao Real-Time Redemption Money Market Fund, 3.814%		3,466		505
TOTAL SHORT-TERM INVESTMENTS
(Cost $393,489)				396,229
TOTAL INVESTMENTS — 102.8%
(Cost $12,259,567)				12,059,879
OTHER ASSETS LESS LIABILITIES – (2.8)%				(325,342	)
NET ASSETS - 100%			$	11,734,537

* Affiliated investment is a Chinese investment company which is managed by E Fund Management (Hong Kong) Co., Limited (the “Sub-Adviser”) or an affiliate of the Sub-Adviser or which is distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the period ended December 31, 2018 are as follows:

Schedule of Investments (Unaudited) December 31, 2018

KraneShares E Fund China Commercial Paper ETF

Value of
Shares Held
as of 3/29/18

Purchases
at Cost

Proceeds
from Sales

Change in
Unrealized
Appreciation
(Depreciation)

Realized
Gain (Loss)

Value of
Shares Held

as of 12/31/18

Number of
Shares Held
as of 12/31/18

Dividend
Income

E Fund Money Market Fund

23,714

439,363

(77,022

)

(26,504

)

12,865

372,416

2,556,537

—

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
(A)	In CNY unless otherwise indicated.
(B)	The rate shown is the 7-day effective yield as of December 31, 2018.
(C)	Class not available.

CNY. — Chinese Yuan

Ltd. — Limited

The following summarizes the market value of the Fund’s investments, as of December 31, 2018, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	9,761,397	$	—	$	9,761,397
Corporate Obligations		—		1,902,253		—		1,902,253
Short-Term Investments		396,229		—		—		396,229
Total Investments in Securities	$	396,229	$	11,663,650	$	—	$	12,059,879

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, there were no Level 3 investments.

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

KRS-QH-004-0900

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 99.0%‡
CHINA — 88.9%
Communication Services — 16.9%
58.com ADR *		96	$	5,204
Autohome ADR		58		4,537
Baidu ADR *		248		39,333
China Mobile		4,972		47,851
China Telecom, Cl H		12,000		6,131
China Unicom Hong Kong		6,000		6,406
NetEase ADR		70		16,476
Shanghai Oriental Pearl Group, Cl A		2,340		3,490
SINA *		80		4,291
Tencent Holdings		5,258		210,875
Weibo ADR *		56		3,272
YY ADR *		51		3,053
				350,919
Consumer Discretionary — 16.0%
Alibaba Group Holding ADR *		1,145		156,945
ANTA Sports Products		2,000		9,592
BAIC Motor, Cl H		3,500		1,846
Brilliance China Automotive Holdings		6,000		4,468
BYD, Cl A		700		5,200
BYD, Cl H		1,000		6,380
China Grand Automotive Services, Cl A		3,400		2,011
China International Travel Service, Cl A		600		5,261
Chongqing Changan Automobile, Cl A		5,300		5,087
Ctrip.com International ADR *		395		10,689
Dongfeng Motor Group, Cl H		4,000		3,627
Fuyao Glass Industry Group, Cl A		2,200		7,299
Geely Automobile Holdings		5,000		8,813
Great Wall Motor, Cl H		6,500		3,728
Gree Electric Appliances of Zhuhai, Cl A *		1,000		5,198
Guangzhou Automobile Group, Cl H		6,000		5,985
Huayu Automotive Systems, Cl A		1,300		3,484
Huazhu Group ADR		131		3,751
JD.com ADR *		500		10,465
Midea Group, Cl A ^(A)(B)(C)		1,800		9,664
NavInfo, Cl A		1,200		2,466
New Oriental Education & Technology Group ADR *		128		7,016
Qingdao Haier, Cl A		2,300		4,640
SAIC Motor, Cl A		1,957		7,602
Shenzhen Overseas Chinese Town, Cl A		4,800		4,439
Shenzhou International Group Holdings		1,000		11,336
Suning.com, Cl A		3,500		5,021

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Suofeiya Home Collection, Cl A	900	$	2,196
TAL Education Group ADR *	312		8,324
Vipshop Holdings ADR *	503		2,746
Yum China Holdings	316		10,595
			335,874
Consumer Staples — 5.3%
Angel Yeast, Cl A	800		2,940
Anhui Gujing Distillery, Cl A	300		2,358
China Mengniu Dairy	3,000		9,349
China Resources Beer Holdings	2,000		6,987
Foshan Haitian Flavouring & Food, Cl A	700		7,015
Guangdong Haid Group, Cl A	1,300		4,387
Henan Shuanghui Investment & Development, Cl A	1,300		4,467
Inner Mongolia Yili Industrial Group, Cl A	2,000		6,665
Jiangsu Yanghe Brewery Joint-Stock, Cl A	400		5,518
Kweichow Moutai, Cl A	400		34,374
Luzhou Laojiao, Cl A	600		3,553
Muyuan Foodstuff, Cl A	1,000		4,187
New Hope Liuhe, Cl A	5,700		6,044
Shanxi Xinghuacun Fen Wine Factory, Cl A	300		1,532
Tingyi Cayman Islands Holding	2,000		2,672
Want Want China Holdings	6,000		4,200
Yonghui Superstores, Cl A	4,200		4,814
			111,062
Energy — 3.6%
China Oilfield Services, Cl H	4,000		3,438
China Petroleum & Chemical, Cl A	7,400		5,443
China Petroleum & Chemical, Cl H	18,500		13,209
China Shenhua Energy, Cl H	3,000		6,575
CNOOC	13,826		21,368
Offshore Oil Engineering, Cl A	5,100		3,640
PetroChina, Cl A	3,900		4,095
PetroChina, Cl H	19,984		12,456
Shaanxi Coal Industry, Cl A	3,200		3,468
Shanxi Lu’an Environmental Energy Development, Cl A	2,000		1,940
			75,632
Financials — 19.3%
Agricultural Bank of China, Cl A	7,000		3,670
Agricultural Bank of China, Cl H	28,397		12,441
Anxin Trust, Cl A	3,200		2,037
AVIC Capital, Cl A	6,100		3,767

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank of Beijing, Cl A	7,800	$	6,373
Bank of China, Cl A	8,300		4,364
Bank of China, Cl H	59,396		25,642
Bank of Communications, Cl A	12,000		10,120
Bank of Communications, Cl H	1,000		780
Bank of Hangzhou, Cl A	3,900		4,204
Bank of Jiangsu, Cl A	6,300		5,478
Bank of Nanjing, Cl A	4,100		3,858
Bank of Ningbo, Cl A	1,900		4,489
Bank of Shanghai, Cl A	4,100		6,682
Changjiang Securities, Cl A	5,900		4,426
China CITIC Bank, Cl H	9,000		5,472
China Construction Bank, Cl A	3,500		3,247
China Construction Bank, Cl H	81,000		66,833
China Everbright Bank, Cl A	15,000		8,084
China Life Insurance, Cl H	8,483		18,029
China Merchants Bank, Cl A	4,000		14,682
China Merchants Securities, Cl A	2,600		5,075
China Minsheng Banking, Cl A	7,600		6,343
China Pacific Insurance Group, Cl A	1,500		6,211
CITIC Securities, Cl A	3,000		6,948
Everbright Securities, Cl A	2,800		3,577
Founder Securities, Cl A	4,800		3,712
GF Securities, Cl A	1,500		2,770
Guosen Securities, Cl A	3,200		3,901
Guotai Junan Securities, Cl A	2,200		4,909
Haitong Securities, Cl A	3,400		4,358
Huatai Securities, Cl A	1,700		4,011
Huaxia Bank, Cl A	5,300		5,705
Hubei Biocause Pharmaceutical, Cl A	3,500		2,860
Industrial & Commercial Bank of China, Cl A	14,000		10,787
Industrial Bank, Cl A	5,500		11,968
Industrial Securities, Cl A	7,400		5,001
New China Life Insurance, Cl A	600		3,691
New China Life Insurance, Cl H	1,300		5,164
Noah Holdings ADR *	51		2,209
Orient Securities, Cl A	3,800		4,411
PICC Property & Casualty, Cl H	7,510		7,683
Ping An Bank, Cl A	5,700		7,787
Ping An Insurance Group of China, Cl A	2,400		19,611
Ping An Insurance Group of China, Cl H	3,500		30,913
Shanghai Pudong Development Bank, Cl A	8,000		11,419

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Shenwan Hongyuan Group, Cl A	9,100	$	5,394
			401,096
Health Care — 5.0%
3SBio	2,000		2,565
Alibaba Health Information Technology *	6,000		4,866
Beijing Tongrentang, Cl A	1,100		4,406
Changchun High & New Technology Industry Group, Cl A	100		2,549
China Medical System Holdings	3,000		2,790
China Traditional Chinese Medicine Holdings	6,000		3,495
CSPC Pharmaceutical Group	4,000		5,773
Dong-E-E-Jiao, Cl E	800		4,608
Genscript Biotech *	2,000		2,697
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A	700		3,646
Huadong Medicine, Cl A	700		2,698
Hualan Biological Engineering, Cl A	800		3,822
Jiangsu Hengrui Medicine, Cl A	1,000		7,683
Kangmei Pharmaceutical, Cl A	1,900		2,549
Meinian Onehealth Healthcare Holdings, Cl A	1,600		3,484
Shanghai Fosun Pharmaceutical Group, Cl A	1,100		3,728
Shanghai Fosun Pharmaceutical Group, Cl H	500		1,469
Shanghai Pharmaceuticals Holding, Cl A	2,000		4,952
Sichuan Kelun Pharmaceutical, Cl A	700		2,105
Sino Biopharmaceutical	6,000		3,954
Sinopharm Group, Cl H	1,600		6,723
Tasly Pharmaceutical Group, Cl A	1,000		2,797
Tong Ren Tang Technologies, Cl H	3,000		3,931
Tonghua Dongbao Pharmaceutical, Cl A	1,400		2,834
Wuxi Biologics Cayman *	500		3,203
Yunnan Baiyao Group, Cl A ^(A)(B)(C)	400		4,309
Zhangzhou Pientzehuang Pharmaceutical, Cl A	200		2,524
Zhejiang NHU, Cl A	1,200		2,624
			102,784
Industrials — 9.2%
51job ADR *	33		2,061
AECC Aviation Power, Cl A	1,100		3,480
AVIC Aircraft, Cl A	1,500		2,893
AVIC Electromechanical Systems, Cl A	2,000		1,896
AVIC Shenyang Aircraft, Cl A *	700		2,825
Beijing Capital International Airport, Cl H	2,000		2,123
China Communications Construction, Cl H	8,000		7,561
China Conch Venture Holdings	2,000		5,952
China Eastern Airlines, Cl A	6,900		4,774

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China Everbright International	4,323	$	3,876
China Gezhouba Group, Cl A	2,900		2,670
China Merchants Port Holdings	2,000		3,602
China Railway Construction, Cl A	2,900		4,591
China Railway Construction, Cl H	3,500		4,855
China Railway Group, Cl H	6,000		5,464
China Southern Airlines, Cl A	2,700		2,611
China State Construction Engineering, Cl A	11,000		9,132
China State Construction International Holdings	4,000		3,178
CITIC	4,780		7,497
COSCO Shipping Development, Cl A *	16,400		5,446
COSCO Shipping Holdings, Cl A *	7,600		4,472
CRRC, Cl A	5,600		7,357
CRRC, Cl H	5,000		4,879
Daqin Railway, Cl A	4,700		5,634
Fosun International	3,000		4,368
Guangzhou Baiyun International Airport, Cl A	2,000		2,928
Han’s Laser Technology Industry Group, Cl A	700		3,096
Jiangsu Expressway, Cl H	4,000		5,579
Luxshare Precision Industry, Cl A	1,900		3,891
Metallurgical Corp of China, Cl A	11,400		5,164
Ningbo Zhoushan Port, Cl A	6,500		3,162
Power Construction Corp of China, Cl A	5,300		3,752
Sany Heavy Industry, Cl A	3,600		4,373
Shanghai Electric Group, Cl H	14,000		4,470
Shanghai International Airport, Cl A	400		2,957
Shanghai International Port Group, Cl A	3,600		2,716
Suzhou Gold Mantis Construction Decoration, Cl A	2,300		2,713
Weichai Power, Cl A	7,000		7,851
Xinjiang Goldwind Science & Technology, Cl A	2,500		3,638
Zhejiang Chint Electrics, Cl A	1,000		3,530
Zhejiang Sanhua Intelligent Controls, Cl A	1,600		2,957
Zhengzhou Yutong Bus, Cl A	1,900		3,279
Zhuzhou CRRC Times Electric, Cl H	800		4,435
Zoomlion Heavy Industry Science and Technology, Cl A	10,200		5,289
			188,977
Information Technology — 3.7%
AAC Technologies Holdings	1,000		5,805
Aisino, Cl A	1,100		3,667
BOE Technology Group, Cl A	13,100		5,018
DHC Software, Cl A	2,700		2,733
Focus Media Information Technology, Cl A	3,900		2,977

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
GDS Holdings ADR *	73	$	1,686
Hanergy Thin Film Power Group *^(A)(B)(C)	4,364		6
Hangzhou Hikvision Digital Technology, Cl A	2,800		10,505
Hengtong Optic-electric, Cl A	1,100		2,732
Iflytek, Cl A	900		3,230
Kingdee International Software Group	4,000		3,535
Kingsoft	2,000		2,882
Lenovo Group	6,000		4,054
LONGi Green Energy Technology, Cl A	1,500		3,810
O-film Tech, Cl A	1,800		2,409
Sanan Optoelectronics, Cl A	2,200		3,624
Sunny Optical Technology Group	700		6,223
Tianma Microelectronics, Cl A	2,000		2,858
TravelSky Technology, Cl H	1,000		2,561
Unigroup Guoxin Microelectronics, Cl A	500		2,105
Yonyou Network Technology, Cl A	900		2,792
Zhejiang Dahua Technology, Cl A	1,400		2,337
			77,549
Materials — 3.5%
Angang Steel, Cl A	5,000		3,736
Anhui Conch Cement, Cl A	1,000		4,265
Anhui Conch Cement, Cl H	1,000		4,853
Baoshan Iron & Steel, Cl A	5,100		4,828
BBMG, Cl A	7,800		3,976
China Molybdenum, Cl H	15,000		5,518
China National Building Material, Cl H	6,000		4,108
China Northern Rare Earth Group High-Tech, Cl A	2,900		3,704
Hesteel, Cl A	8,800		3,640
Inner Mongolia BaoTou Steel Union, Cl A	17,700		3,816
Jiangxi Ganfeng Lithium, Cl A	600		1,930
Rongsheng Petro Chemical, Cl A	2,100		3,086
Shandong Gold Mining, Cl A	1,400		6,168
Shandong Hualu Hengsheng Chemical, Cl A	1,200		2,110
Sinopec Shanghai Petrochemical, Cl A	9,100		6,614
Tianqi Lithium, Cl A	600		2,562
Zhejiang Huayou Cobalt, Cl A	300		1,316
Zhejiang Longsheng Group, Cl A	3,000		4,217
Zijin Mining Group, Cl A	5,100		2,481
			72,928
Real Estate — 3.9%
China Fortune Land Development, Cl A	1,200		4,448
China Merchants Shekou Industrial Zone Holdings, Cl A	2,400		6,065

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — continued
China Overseas Land & Investment	4,839	$	16,626
China Resources Land	4,214		16,201
China Vanke, Cl A	2,400		8,327
China Vanke, Cl H	1,300		4,417
Gemdale, Cl A	2,800		3,923
Greenland Holdings, Cl A	4,800		4,272
Poly Developments and Holdings Group, Cl A	3,500		6,010
Seazen Holdings, Cl A	800		2,760
Xinhu Zhongbao, Cl A	8,500		3,590
Zhejiang China Commodities City Group, Cl A	8,400		4,270
			80,909
Utilities — 2.5%
Beijing Enterprises Water Group	8,000		4,077
China Longyuan Power Group, Cl H	4,000		2,723
China National Nuclear Power, Cl A	6,500		4,989
China Yangtze Power, Cl A	3,200		7,402
ENN Energy Holdings	82		727
Guangdong Investment	4,000		7,735
Huadian Power International, Cl A	6,800		4,705
Huaneng Power International, Cl H	5,077		3,229
Hubei Energy Group, Cl A	7,100		3,795
SDIC Power Holdings, Cl A	3,600		4,221
Sichuan Chuantou Energy, Cl A	3,700		4,672
Zhejiang Zheneng Electric Power, Cl A	5,000		3,445
			51,720
TOTAL CHINA			1,849,450
HONG KONG — 10.1%
Communication Services — 0.3%
Alibaba Pictures Group *	40,000		6,744
Consumer Discretionary — 0.4%
China First Capital Group *	6,000		3,410
Haier Electronics Group	2,000		4,920
			8,330
Consumer Staples — 0.2%
Sun Art Retail Group	3,000		3,058
Energy — 0.2%
Yanzhou Coal Mining, Cl H	4,000		3,229
Financials — 4.7%
China Cinda Asset Management, Cl H	504		122

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Galaxy Securities, Cl H	10,500	$	4,747
China Huarong Asset Management, Cl H	17,000		3,105
China International Capital, Cl H	2,000		3,755
China Merchants Bank, Cl H	3,500		12,830
China Minsheng Banking, Cl H	9,500		6,552
China Pacific Insurance Group, Cl H	3,000		9,714
China Taiping Insurance Holdings	1,800		4,943
CITIC Securities, Cl H	2,000		3,449
Far East Horizon	3,000		3,027
GF Securities, Cl H	4,000		5,426
Huatai Securities, Cl H	1,800		2,851
Industrial & Commercial Bank of China, Cl H	49,441		35,300
People’s Insurance Group of China, Cl H	7,452		2,998
			98,819
Industrials — 0.3%
Fullshare Holdings	10,000		2,299
Shenzhen International Holdings	2,500		4,815
			7,114
Information Technology — 0.5%
Kingboard Holdings	1,500		4,004
Meitu *	5,000		1,399
Semiconductor Manufacturing International *	5,000		4,374
			9,777
Materials — 0.4%
China Resources Cement Holdings	4,000		3,602
Nine Dragons Paper Holdings	4,000		3,704
			7,306
Real Estate — 2.2%
China Evergrande Group	2,000		5,990
China Jinmao Holdings Group	8,000		3,597
CIFI Holdings Group	8,000		4,251
Country Garden Holdings	9,000		10,955
Guangzhou R&F Properties	2,000		3,025
KWG Group Holdings	2,500		2,213
Longfor Group Holdings	2,000		5,977
Shimao Property Holdings	1,500		4,004
Sunac China Holdings	2,000		6,514
			46,526
Utilities — 0.9%
China Gas Holdings	1,800		6,414

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
China Resources Gas Group	2,000	$	7,919
China Resources Power Holdings	2,000		3,847
			18,180
TOTAL HONG KONG			209,083
TOTAL COMMON STOCK
(Cost $2,323,169)			2,058,533
TOTAL INVESTMENTS — 99.0%
(Cost $2,323,169)			2,058,533
OTHER ASSETS LESS LIABILITIES – 1.0%			21,757
NET ASSETS - 100%		$	2,080,290

‡	Narrow industries are utilized for compliance purposes, whereas broad 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 December 31, 2018 was $13,979 and represents 0.7% 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 December 31, 2018 was $13,979 and represents 0.7% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Index ETF

The following is a list of the level of inputs used as of December 31, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3**		Total
Common Stock
China
Communication Services	$	350,919	$	—	$	—	$	350,919
Consumer Discretionary		326,210		—		9,664		335,874
Consumer Staples		111,062		—		—		111,062
Energy		75,632		—		—		75,632
Financials		401,096		—		—		401,096
Health Care		98,475		—		4,309		102,784
Industrials		188,977		—		—		188,977
Information Technology		77,543		—		6		77,549
Materials		72,928		—		—		72,928
Real Estate		80,909		—		—		80,909
Utilities		51,720		—		—		51,720
Hong Kong		209,083		—		—		209,083
Total Common Stock		2,044,554		—		13,979		2,058,533
Total Investments in Securities	$	2,044,554	$	—	$	13,979	$	2,058,533

**	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 December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 3 investments. Transfers between levels are recognized at period end.

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

KRS-QH-011-0200

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 101.4%‡

CHINA — 39.7%
Energy — 0.3%
Guanghui Energy, Cl A		112,500	$	61,611
Financials — 3.7%
Bank of Guiyang, Cl A		38,805		60,363
Bank of Hangzhou, Cl A		86,400		93,124
Bank of Jiangsu, Cl A		194,355		168,999
Bank of Nanjing, Cl A		142,791		134,353
Bank of Ningbo, Cl A		84,846		200,446
Chongqing Rural Commercial Bank, Cl H		141,425		75,867
				733,152
Industrials — 19.7%
Beijing New Building Materials, Cl A		29,008		58,137
China Conch Venture Holdings		91,000		270,814
China Gezhouba Group, Cl A		76,050		70,005
China Railway Construction, Cl H		111,000		153,967
China Railway Group, Cl H		211,500		192,608
China Railway Hi-tech Industry, Cl A		38,376		58,690
China Shipbuilding Industry, Cl A		386,300		239,127
China State Construction Engineering, Cl A		709,079		588,688
CRRC, Cl H		232,850		227,219
Daqin Railway, Cl A		248,932		298,398
Han’s Laser Technology Industry Group, Cl A		18,100		80,037
Inner Mongolia First Machinery Group, Cl A		28,500		43,171
Jiangsu Expressway, Cl H		70,000		97,633
Jiangsu Zhongnan Construction Group, Cl A		62,100		50,742
Jiangsu Zhongtian Technology, Cl A		51,849		61,548
Metallurgical Corp of China, Cl A		300,000		135,893
NARI Technology, Cl A		76,100		205,388
Ningbo Zhoushan Port, Cl A		103,301		50,253
Shanghai Construction Group, Cl A		145,900		64,389
Shanghai Electric Group, Cl H		150,000		47,897
Shanghai International Port Group, Cl A		143,610		108,350
Shanghai Tunnel Engineering, Cl A		52,100		47,504
Suzhou Gold Mantis Construction Decoration, Cl A		45,019		53,112
TBEA, Cl A		61,175		60,500
XCMG Construction Machinery, Cl A		133,248		62,687
Xinjiang Goldwind Science & Technology, Cl A		49,200		71,589
Yangzijiang Shipbuilding Holdings		113,000		103,632
Zhejiang Expressway, Cl H		80,000		69,380
Zhengzhou Yutong Bus, Cl A		36,997		63,856

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Zhuzhou CRRC Times Electric, Cl H		30,700	$	170,178
Zoomlion Heavy Industry Science and Technology, Cl A		108,557		56,289
				3,861,681
Materials — 4.1%
Anhui Conch Cement, Cl H		69,500		337,320
BBMG, Cl A		137,800		70,248
Beijing Oriental Yuhong Waterproof Technology, Cl A		25,724		48,520
China National Building Material, Cl H		217,000		148,559
China Northern Rare Earth Group High-Tech, Cl A		61,224		78,205
Jiangxi Ganfeng Lithium, Cl A		18,900		60,782
Yunnan Chihong Zinc & Germanium, Cl A		85,959		51,333
				794,967
Utilities — 11.9%
Beijing Enterprises Holdings		28,500		151,066
CGN Power, Cl H		594,875		141,323
China Longyuan Power Group, Cl H		178,000		121,177
China National Nuclear Power, Cl A		175,042		134,360
China Yangtze Power, Cl A		242,943		561,914
ENN Energy Holdings		44,200		392,075
GD Power Development, Cl A		330,200		123,121
Huadian Power International, Cl A		138,342		95,711
Huaneng Power International, Cl H		239,000		152,020
Huaneng Renewables, Cl H		266,860		71,578
SDIC Power Holdings, Cl A		114,206		133,906
Shenergy, Cl A		76,219		54,175
Sichuan Chuantou Energy, Cl A		73,384		92,669
Zhejiang Zheneng Electric Power, Cl A		151,441		104,333
				2,329,428
TOTAL CHINA				7,780,839

HONG KONG — 5.7%
Industrials — 0.8%
Shenzhen International Holdings		53,663		103,360
Sinotruk Hong Kong		39,000		58,779
				162,139
Materials — 0.6%
China Resources Cement Holdings		136,000		122,462
Utilities — 4.3%
China Gas Holdings		99,800		355,639

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
China Power International Development		248,000	$	56,382
China Resources Gas Group		51,500		203,912
China Resources Power Holdings		108,635		208,963
				824,896
TOTAL HONG KONG				1,109,497

INDIA — 4.3%
Industrials — 0.7%
AIA Engineering		5,940		142,695
Materials — 3.6%
Hindalco Industries		183,955		596,013
PI Industries		8,676		107,178
				703,191
TOTAL INDIA				845,886

INDONESIA — 4.4%
Energy — 1.7%
Adaro Energy		2,340,500		197,755
Bukit Asam		450,700		134,771
				332,526
Materials — 2.7%
Indah Kiat Pulp & Paper		432,300		347,223
Pabrik Kertas Tjiwi Kimia		225,900		174,373
				521,596
TOTAL INDONESIA				854,122

ISRAEL — 3.2%
Materials — 3.2%
Israel Chemicals		109,886		623,425

TOTAL ISRAEL				623,425

JORDAN — 0.6%
Financials — 0.6%
Arab Bank		12,852		112,473
TOTAL JORDAN				112,473

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued

KAZAKHSTAN — 1.5%
Energy — 1.5%
KazMunaiGas Exploration Production GDR *^(A)(B)(C)		27,720	$	293,832
TOTAL KAZAKHSTAN				293,832

KUWAIT — 1.8%
Industrials — 1.8%
Agility Public Warehousing KSC		134,781		355,983
TOTAL KUWAIT				355,983

MALAYSIA — 6.8%
Industrials — 1.1%
Sime Darby		378,600		219,877
Materials — 5.7%
Petronas Chemicals Group		380,300		854,927
Press Metal Aluminium Holdings		223,000		260,639

				1,115,566
TOTAL MALAYSIA				1,335,443

PHILIPPINES — 4.0%
Industrials — 4.0%
DMCI Holdings		640,700		155,713
International Container Terminal Services		76,990		146,410
JG Summit Holdings		461,010		488,319
TOTAL PHILIPPINES				790,442

POLAND — 2.7%
Materials — 2.7%
KGHM Polska Miedz *		22,181		524,775
TOTAL POLAND				524,775

RUSSIA — 6.4%
Energy — 6.4%
Rosneft		174,660		1,088,910
Transneft		71		175,012
TOTAL RUSSIA				1,263,922

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued

SINGAPORE — 9.9%
Financials — 6.2%
Oversea-Chinese Banking		147,000	$	1,214,395
Industrials — 3.7%
Hutchison Port Holdings Trust, Cl U		246,800		60,466
Keppel		69,100		299,619
Singapore Airlines		25,200		174,163
Singapore Technologies Engineering		72,700		186,150
				720,398
TOTAL SINGAPORE				1,934,793

SOUTH AFRICA — 4.1%
Materials — 4.1%
Anglo American Platinum		8,528		318,906
Impala Platinum Holdings *		110,359		281,402
Kumba Iron Ore		10,185		200,408
TOTAL SOUTH AFRICA				800,716

THAILAND — 5.0%
Energy — 1.4%
IRPC		1,596,900		282,008
Materials — 3.6%
PTT Global Chemical		319,200		698,495
TOTAL THAILAND				980,503

TURKEY — 1.3%
Industrials — 1.3%
Turk Hava Yollari AO *		87,280		264,306
TOTAL TURKEY				264,306
TOTAL COMMON STOCK
(Cost $22,737,906)				19,870,957
TOTAL INVESTMENTS — 101.4%
(Cost $22,737,906)				19,870,957
OTHER ASSETS LESS LIABILITIES – (1.4)%				(271,260	)
NET ASSETS - 100%			$	19,599,697

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

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI One Belt One Road Index ETF

(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 December 31, 2018 was $293,832 and represents 1.5% 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 December 31, 2018 was $293,832 and represents 1.5% of Net Assets.

Cl — Class

GDR — Global Depositary Receipt

The following is a list of the level of inputs used as of December 31, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China	$	7,780,839	$	—	$	—	$	7,780,839
Hong Kong		1,109,497		—		—		1,109,497
India		845,886		—		—		845,886
Indonesia		854,122		—		—		854,122
Israel		623,425		—		—		623,425
Jordan		112,473		—		—		112,473
Kazakhstan		—		—		293,832		293,832
Kuwait		355,983		—		—		355,983
Malaysia		1,335,443		—		—		1,335,443
Philippines		790,442		—		—		790,442
Poland		524,775		—		—		524,775
Russia		1,263,922		—		—		1,263,922
Singapore		1,934,793		—		—		1,934,793
South Africa		800,716		—		—		800,716
Thailand		980,503		—		—		980,503
Turkey		264,306		—		—		264,306
Total Common Stock		19,577,125		—		293,832		19,870,957
Total Investments in Securities	$	19,577,125	$	—	$	293,832	$	19,870,957

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Common Stock
Beginning balance as of April 1, 2018	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		(21,922	)
Change in unrealized appreciation/(depreciation)		(36,175	)
Purchases		34,496
Sales		(168,767	)
Transfer into Level 3		486,300
Transfer out of Level 3		—
Ending balance as of December 31, 2018	$	293,932

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI One Belt One Road Index ETF

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, the transfer in and out of level 3 occurred due to a halt in trading of these securities. Transfer between levels are recognized at period end.

KRS-QH-006-0300

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.6%‡

ARGENTINA — 3.9%
Consumer Discretionary — 3.9%
MercadoLibre		3,326	$	974,019
TOTAL ARGENTINA				974,019

BRAZIL — 4.2%
Consumer Discretionary — 1.7%
B2W Cia Digital *		20,170		218,679
CVC Brasil Operadora e Agencia de Viagens		12,926		204,041
				422,720
Information Technology — 2.5%
Cielo		273,980		628,441
TOTAL BRAZIL				1,051,161

CHINA — 36.9%
Communication Services — 19.6%
58.com ADR *		10,520		570,289
Autohome ADR		6,911		540,647
Baidu ADR *		4,476		709,894
iQIYI ADR * ^(A)		24,624		366,159
NetEase ADR		5,007		1,178,498
Tencent Holdings		22,675		909,392
Weibo ADR *		10,142		592,597
				4,867,476
Consumer Discretionary — 17.3%
Alibaba Group Holding ADR *		5,925		812,139
Ctrip.com International ADR *		27,215		736,438
JD.com ADR *		34,074		713,169
New Oriental Education & Technology Group ADR *		14,115		773,643
TAL Education Group ADR *		23,975		639,653
Vipshop Holdings ADR *		115,565		630,985
				4,306,027
TOTAL CHINA				9,173,503

EGYPT — 0.8%
Communication Services — 0.8%
Telecom Egypt		292,873		207,234
TOTAL EGYPT				207,234

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued

GREECE — 4.7%
Communication Services — 2.3%
Hellenic Telecommunications Organization		53,145	$	578,363
Consumer Discretionary — 2.4%
OPAP		68,301		593,002
TOTAL GREECE				1,171,365

INDIA — 1.7%
Consumer Discretionary — 1.7%
Infibeam Avenues		334,728		227,499
MakeMyTrip *		7,991		194,421
TOTAL INDIA				421,920

MALAYSIA — 2.7%
Communication Services — 2.7%
Telekom Malaysia		1,038,000		668,138
TOTAL MALAYSIA				668,138

MEXICO — 2.5%
Consumer Discretionary — 2.5%
Grupo Televisa		247,600		621,208
TOTAL MEXICO				621,208

POLAND — 3.5%
Communication Services — 0.8%
Orange Polska		155,183		197,864
Consumer Discretionary — 2.7%
Cyfrowy Polsat		110,477		663,436
TOTAL POLAND				861,300

PUERTO RICO — 0.8%
Information Technology — 0.8%
EVERTEC		7,187		206,267
TOTAL PUERTO RICO				206,267

RUSSIA — 2.6%
Information Technology — 2.6%
Mail.Ru Group GDR *		27,647		648,599
TOTAL RUSSIA				648,599

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued

SOUTH AFRICA — 3.7%
Consumer Discretionary — 3.7%
Naspers, Cl N		4,520	$	908,798
TOTAL SOUTH AFRICA				908,798

SOUTH KOREA — 24.0%
Communication Services — 2.8%
KT ADR		49,282		700,790
Consumer Discretionary — 2.5%
CJ ENM *		3,440		622,456
Financials — 0.8%
Daou Technology *		11,961		202,066
Health Care — 0.9%
Celltrion Pharm *		3,746		213,184
Information Technology — 17.0%
Com2uSCorp		1,630		188,448
DoubleUGames *		3,866		207,194
Douzone Bizon *		4,293		199,683
Kakao		6,782		626,049
NAVER *		7,590		829,880
NCSoft *		1,843		770,532
Netmarble * ^(A)		7,011		700,597
NHN Entertainment *		3,922		201,408
Pearl Abyss *		1,246		232,159
Webzen *		13,954		266,374
				4,222,324
TOTAL SOUTH KOREA				5,960,820

TAIWAN — 2.3%
Information Technology — 2.3%
Accton Technology		61,000		195,680
Holy Stone Enterprise		53,000		179,328
WPG Holdings		162,880		195,803
TOTAL TAIWAN				570,811

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued

THAILAND — 2.4%
Communication Services — 2.4%
Intouch Holdings		409,037	$	599,862
TOTAL THAILAND				599,862

UNITED STATES — 2.9%
Consumer Discretionary — 0.7%
Despegar.com *		13,837		171,717
Information Technology — 2.2%
Pagseguro Digital, Cl A * ^(A)		29,953		561,020
TOTAL UNITED STATES				732,737
TOTAL COMMON STOCK
(Cost $32,506,817)				24,777,742
SHORT-TERM INVESTMENT(B) — 4.9%
Invesco Government & Agency Portfolio, Cl Institutional, 2.012%^(C)		1,219,323		1,219,323
TOTAL SHORT-TERM INVESTMENT
(Cost $1,219,323)				1,219,323
TOTAL INVESTMENTS — 104.5%
(Cost $33,726,140)				25,997,065
OTHER ASSETS LESS LIABILITIES – (4.5)%				(1,113,897	)
NET ASSETS - 100%			$	24,883,168

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at December 31, 2018. The total market value of securities on loan at December 31, 2018 was $1,179,351.
(B)	The rate shown is the 7-day effective yield as of December 31, 2018.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2018 was $1,219,323.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of December 31, 2018, 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 December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, there were no Level 3 investments.

KRS-QH-007-0300

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI China Environment Index ETF

	Shares		Value
COMMON STOCK — 99.8%‡

CHINA — 77.1%
Consumer Discretionary — 17.8%
BYD, Cl A		2,900	$	21,542
BYD, Cl H		66,000		421,069
Chaowei Power Holdings		207,000		80,110
TCL Electronics Holdings		233,000		89,279
Tianneng Power International		225,885		188,397
Yadea Group Holdings		360,694		139,130
				939,527
Consumer Staples — 0.8%
NVC Lighting Holding		680,000		42,558

Industrials — 16.2%
Beijing Urban Construction Design & Development Group, Cl H		102,000		35,436
Capital Environment Holdings *		1,746,000		38,580
China Everbright International		540,216		484,372
China Singyes Solar Technologies Holdings ^(A)(B)(C)		126,000		36,049
Dynagreen Environmental Protection Group, Cl H		128,000		52,152
Tus-Sound Environmental Resources, Cl A		7,800		11,804
Xinjiang Goldwind Science & Technology, Cl A		14,700		21,389
Xinjiang Goldwind Science & Technology, Cl H		205,800		182,423
				862,205
Information Technology — 7.7%
JinkoSolar Holding ADR *		9,359		92,561
LONGi Green Energy Technology, Cl A		13,600		34,546
Sanan Optoelectronics, Cl A		21,200		34,923
Xinyi Solar Holdings		692,000		243,060
				405,090
Real Estate — 13.7%
China Vanke, Cl A		16,100		55,858
China Vanke, Cl H		124,700		423,665
Shui On Land		1,118,000		248,465
				727,988
Utilities — 20.9%
Beijing Enterprises Water Group		908,500		462,990
China Datang Renewable Power, Cl H		826,000		99,171
China Everbright Water		65,827		14,489
China Longyuan Power Group, Cl H		334,800		227,922
China Power Clean Energy Development		138,000		41,774
CT Environmental Group		787,000		31,664

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI China Environment Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Huaneng Renewables, Cl H	846,000	$	226,915
			1,104,925
TOTAL CHINA			4,082,293

HONG KONG — 22.7%
Industrials — 3.3%
China High Speed Transmission Equipment Group	42,000		40,233
Fullshare Holdings	580,000		133,345
			173,578
Information Technology — 12.2%
China Goldjoy Group	2,580,000		158,174
China Railway Signal & Communication, Cl H	328,000		229,577
GCL-Poly Energy Holdings *	2,932,000		177,882
Wasion Holdings	167,000		81,267
			646,900
Materials — 0.7%
Chiho Environmental Group *	142,000		35,911

Utilities — 6.5%
Canvest Environmental Protection Group	246,000		129,451
Concord New Energy Group	2,010,000		79,585
GCL New Energy Holdings *	1,526,000		57,498
Panda Green Energy Group *	1,362,000		80,022
			346,556
TOTAL HONG KONG			1,202,945
TOTAL COMMON STOCK
(Cost $5,934,593)			5,285,238

TOTAL INVESTMENTS — 99.8%
(Cost $5,934,593)			5,285,238
OTHER ASSETS LESS LIABILITIES – 0.2%			9,327
NET ASSETS - 100%		$	5,294,565

‡	Narrow industries are utilized for compliance purposes, whereas broad 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 December 31, 2018 was $36,049 and represents 0.7% 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 December 31, 2018 was $36,049 and represents 0.7% of Net Assets.

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI China Environment Index ETF

ADR — American Depositary Receipt

Cl — Class

The following is a list of the level of inputs used as of December 31, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Consumer Discretionary	$	939,527	$	—	$	—	$	939,527
Consumer Staples		42,558		—		—		42,558
Industrials		826,156		—		36,049		862,205
Information Technology		405,090		—		—		405,090
Real Estate		727,988		—		—		727,988
Utilities		1,104,925		—		—		1,104,925
Hong Kong		1,202,945		—		—		1,202,945
Total Common Stock		5,249,189		—		36,049		5,285,238
Total Investments in Securities	$	5,249,189	$	—	$	36,049	$	5,285,238

^ 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 December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 3 investments.

For the period ended December 31, 2018, the transfer in and out of level 3 occurred due to halt in trading of these securities. Transfers between levels are recognized at period end.

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

KRS-QH-008-0300

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 96.2%‡

AUSTRIA — 1.2%
Information Technology — 1.2%
ams		14,042	$	335,595
TOTAL AUSTRIA				335,595

BELGIUM — 1.2%
Information Technology — 1.2%
Melexis		5,867		341,378
TOTAL BELGIUM				341,378

CANADA — 1.5%
Materials — 1.5%
First Quantum Minerals		52,420		423,720
TOTAL CANADA				423,720

CHILE — 3.0%
Materials — 3.0%
Antofagasta		43,027		429,185
Sociedad Quimica y Minera de Chile ADR ^(A)		10,770		412,491
TOTAL CHILE				841,676

CHINA — 22.4%
Communication Services — 3.4%
Baidu ADR *		5,953		944,146
Consumer Discretionary — 11.0%
Aerospace Hi-Tech Holdings Grp, Cl A		233,300		300,388
BYD, Cl H		61,500		392,361
Changzhou Xingyu Automotive Lighting Systems, Cl A		45,536		315,039
China Shipbuilding Industry Group Power, Cl A		154,946		502,591
Dongfeng Motor Group, Cl H		360,000		326,464
Great Wall Motor, Cl H		537,000		307,960
Haima Automobile Group, Cl A *		883,400		274,064
Kuang-Chi Technologies, Cl A		207,282		298,890
Ningbo Joyson Electronic, Cl A		88,856		302,326
				3,020,083
Industrials — 5.4%
Guangdong Dongfang Precision Science & Technology, Cl A		520,900		284,512
Guoxuan High-Tech, Cl A		180,810		304,436
Jiangxi Special Electric Motor, Cl A		325,700		278,465
Shaanxi J&R Optimum Energy, Cl A		1,502,400		297,605
Zhejiang Narada Power Source, Cl A		162,800		337,186
				1,502,204

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 2.6%
GoerTek, Cl A		424,128	$	425,011
Shanghai Belling, Cl A		224,100		304,862
				729,873
TOTAL CHINA				6,196,306

FRANCE — 0.7%
Information Technology — 0.7%
STMicroelectronics		13,175		188,036
TOTAL FRANCE				188,036

GERMANY — 10.8%
Consumer Discretionary — 8.7%
Bayerische Motoren Werke		12,132		980,512
Daimler		18,878		990,750
Hella GmbH & KGaA		11,252		447,621
				2,418,883
Information Technology — 2.1%
Infineon Technologies		29,280		581,229
TOTAL GERMANY				3,000,112

JAPAN — 1.1%
Industrials — 1.1%
GS Yuasa		14,600		299,146
TOTAL JAPAN				299,146

NETHERLANDS — 1.9%
Information Technology — 1.9%
NXP Semiconductors		7,341		537,948
TOTAL NETHERLANDS				537,948

PERU — 2.0%
Materials — 2.0%
Southern Copper		18,321		563,737
TOTAL PERU				563,737

SOUTH KOREA — 2.2%
Information Technology — 2.2%
Samsung SDI		3,143		616,882
TOTAL SOUTH KOREA				616,882

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued

SWEDEN — 1.5%
Consumer Discretionary — 1.5%
Autoliv		6,021	$	422,855
TOTAL SWEDEN				422,855

SWITZERLAND — 1.5%
Information Technology — 1.5%
STMicroelectronics		28,826		403,006
TOTAL SWITZERLAND				403,006

TAIWAN — 2.2%
Consumer Discretionary — 1.1%
Cub Elecparts		38,497		301,844
Information Technology — 1.1%
Parade Technologies		22,000		307,772
TOTAL TAIWAN				609,616

UNITED KINGDOM — 1.1%
Information Technology — 1.1%
Dialog Semiconductor *		12,239		315,356
TOTAL UNITED KINGDOM				315,356

UNITED STATES — 41.9%
Communication Services — 3.7%
Alphabet, Cl A *		981		1,025,106
Consumer Discretionary — 11.0%
Delphi Automotive *		8,957		551,483
Ford Motor		118,293		904,941
Gentherm *		7,802		311,924
Tesla *		2,882		959,130
Visteon *		5,379		324,246
				3,051,724
Industrials — 1.2%
EnerSys		4,327		335,818
Information Technology — 22.5%
Advanced Micro Devices *		29,240		539,770
Ambarella *		8,567		299,674
Analog Devices		11,514		988,247
Cirrus Logic *		8,895		295,136
Integrated Device Technology *		9,011		436,403

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Knowles *		23,238	$	309,298
Maxim Integrated Products		10,992		558,943
MaxLinear, Cl A *		17,831		313,826
NVIDIA		6,806		908,601
Skyworks Solutions		8,406		563,370
Texas Instruments		10,617		1,003,307
				6,216,575
Materials — 3.5%
Albemarle		5,382		414,791
FMC		7,509		555,365
				970,156
TOTAL UNITED STATES				11,599,379
TOTAL COMMON STOCK
(Cost $33,320,731)				26,694,748
PREFERRED STOCK — 3.5%

GERMANY— 3.5%
Consumer Discretionary — 3.5%
Volkswagen^(D)
TOTAL PREFERRED STOCK
(Cost $1,131,171)		6,131		973,637
SHORT-TERM INVESTMENT^(B)(C) — 1.3%
Invesco Government & Agency Portfolio, Cl Institutional, 2.012%		354,445		354,445
TOTAL SHORT-TERM INVESTMENT
(Cost $354,445)				354,445
TOTAL INVESTMENTS — 101.0%
(Cost $34,806,347)				28,022,830
OTHER ASSETS LESS LIABILITIES – (1.0)%				(271,518	)
NET ASSETS - 100%			$	27,751,312

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at December 31, 2018. The total market value of securities on loan at December 31, 2018 was $347,256.
(B)	The rate shown is the 7-day effective yield as of December 31, 2018.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2018 was $354,445.
(D)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

As of December 31, 2018, 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 December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

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

KRS-QH-009-0200

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡

CHINA — 99.9%
Health Care — 99.9%
3SBio		437,500	$	561,030
Alibaba Health Information Technology *		1,172,000		950,551
Beijing SL Pharmaceutical, Cl A		68,035		245,852
Beijing Tiantan Biological Products, Cl A		87,265		270,094
Beijing Tongrentang, Cl A		135,668		543,407
Changchun High & New Technology Industry Group, Cl A		17,100		435,862
Chengdu Kanghong Pharmaceutical Group, Cl A		45,300		224,794
China Medical System Holdings		458,000		425,864
China National Accord Medicines, Cl A		37,532		226,536
China National Medicines, Cl A		76,755		259,923
China Resources Double Crane Pharmaceutical, Cl A		104,907		184,734
China Resources Pharmaceutical Group		532,500		695,096
China Resources Sanjiu Medical & Pharmaceutical, Cl A		97,109		351,622
China Traditional Chinese Medicine Holdings		818,000		476,423
CSPC Pharmaceutical Group		1,610,000		2,323,691
Dong-E-E-Jiao, Cl A		7,200		41,476
Dong-E-E-Jiao, Cl E		58,214		335,343
Genscript Biotech *		328,000		442,397
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		139,946		728,909
Guizhou Bailing Group Pharmaceutical, Cl A		142,800		181,992
Huadong Medicine, Cl A		146,935		566,279
Hualan Biological Engineering, Cl A		93,576		447,047
Hubei Jumpcan Pharmaceutical, Cl A		67,175		328,062
Humanwell Healthcare Group, Cl A		134,670		198,895
Hutchison China MediTech ADR *		17,305		399,572
Jiangsu Hengrui Medicine, Cl A		369,199		2,836,599
Jiangsu Yuyue Medical Equipment & Supply, Cl A		100,260		286,365
Jilin Aodong Pharmaceutical Group, Cl A		116,311		244,457
Jinyu Bio-Technology, Cl A		117,968		285,225
Joincare Pharmaceutical Group Industry, Cl A		197,948		192,306
Jointown Pharmaceutical Group, Cl A		186,550		396,701
Kangmei Pharmaceutical, Cl A		508,895		682,658
Livzon Pharmaceutical Group, Cl A		47,326		173,362
Luye Pharma Group		392,000		272,871
Meinian Onehealth Healthcare Holdings, Cl A		311,292		677,836
Realcan Pharmaceutical, Cl A		152,871		155,193
Shandong Buchang Pharmaceuticals, Cl A		88,792		326,939
Shandong Weigao Group Medical Polymer, Cl H		672,000		544,168
Shanghai Fosun Pharmaceutical Group, Cl A		202,659		686,875
Shanghai Fosun Pharmaceutical Group, Cl H		188,500		553,750
Shanghai Pharmaceuticals Holding, Cl A		189,894		470,192

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Shanghai Pharmaceuticals Holding, Cl H		291,500	$	592,729
Shenzhen Hepalink Pharmaceutical Group, Cl A		103,928		348,914
Shenzhen Salubris Pharmaceuticals, Cl A		86,543		263,321
Shijiazhuang Yiling Pharmaceutical, Cl A		120,425		183,469
Sichuan Kelun Pharmaceutical, Cl A		144,500		434,613
Sihuan Pharmaceutical Holdings Group		1,284,000		224,678
Sino Biopharmaceutical		2,374,500		1,564,934
Sinopharm Group, Cl H		388,000		1,630,428
SSY Group		508,000		376,328
Tasly Pharmaceutical Group, Cl A		151,816		424,555
Tong Ren Tang Technologies, Cl H		188,000		246,365
Tonghua Dongbao Pharmaceutical, Cl A		209,391		423,924
Wuxi Biologics Cayman *		161,500		1,034,470
Yifan Pharmaceutical, Cl A		122,739		191,285
Yunnan Baiyao Group, Cl A ^(A)(B)(C)		103,165		1,111,334
Zhangzhou Pientzehuang Pharmaceutical, Cl A		59,523		751,223
Zhejiang Conba Pharmaceutical, Cl A		267,000		230,612
Zhejiang Huahai Pharmaceutical, Cl A		125,916		202,839
Zhejiang NHU, Cl A		215,033		470,112
TOTAL COMMON STOCK
(Cost $41,218,191)				31,337,081
TOTAL INVESTMENTS — 99.9%
(Cost $41,218,191)				31,337,081
OTHER ASSETS LESS LIABILITIES – 0.1%				25,356
NET ASSETS - 100%			$	31,362,437

‡	Narrow industries are utilized for compliance purposes, whereas broad 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 December 31, 2018 was $1,111,334 and represents 3.5% 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 December 31, 2018 was $1,111,334 and represents 3.5% of Net Assets.

Cl — Class

Schedule of Investments (Unaudited) December 31, 2018

KraneShares MSCI All China Health Care Index ETF

The following is a list of the level of inputs used as of December 31, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China
Health Care	$	30,225,747	$	—	$	1,111,334	$	31,337,081
Total Common Stock		30,225,747		—		1,111,334		31,337,081
Total Investments in Securities	$	30,225,747	$	—	$	1,111,334	$	31,337,081

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Common Stock
Beginning balance as of April 1, 2018	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales		—
Transfer into Level 3		1,111,334
Transfer out of Level 3		—
Ending balance as of December 31, 2018	$	1,111,334

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, the transfers in and out of Level 3 occurred due to a halt in trading of these securities. Transfers between levels are recognized at period end.

KRS-QH-010-0200

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 92.0%

CHINA — 69.4%
Agile Group Holdings
9.000%, 05/21/2020	$	200,000	$	205,313
Bank of Communications
5.000%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.344% 12/29/2049		600,000		593,700
CAR
6.000%, 02/11/2021		200,000		182,896
CCB Life Insurance
4.500%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.680% 04/21/2077		300,000		263,118
Central China Real Estate
8.750%, 01/23/2021		200,000		200,435
Central Plaza Development
7.125%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+10.532% 06/02/2167		200,000		201,981
CFLD Cayman Investment
6.500%, 12/21/2020		200,000		176,738
China Construction Bank
4.650%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.974% 12/16/2166		600,000		587,880
China Evergrande Group
8.250%, 03/23/2022		300,000		287,813
China Life Insurance
4.000%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.294% 07/03/2075		200,000		186,600
China Reinsurance Finance
3.375%, 03/09/2022		400,000		385,593
China SCE Group Holdings
10.000%, 07/02/2020		200,000		205,979
Chinalco Capital Holdings
4.250%, 04/21/2022		250,000		238,716
Chong Hing Bank
6.500%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.628% 03/25/2167		300,000		302,236
CIFI Holdings Group
7.750%, 06/05/2020		200,000		202,031
CNAC HK Synbridge
5.000%, 05/05/2020		300,000		301,848
Fantasia Holdings Group
7.950%, 07/05/2022		200,000		139,685

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CHINA— continued
Fortune Star BVI
5.375%, 12/05/2020	$	200,000	$	191,969
Franshion Brilliant
5.750%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.859% 07/17/2166		200,000		176,500
Greenland Global Investment
5.250%, 02/12/2021		200,000		183,765
Huaneng Hong Kong Capital
4.300%,, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+8.159% 07/25/2167		200,000		199,674
Huzhou City Investment Development Group
4.875%, 12/20/2020		200,000		196,824
Industrial & Commercial Bank of China
6.000%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.382% 12/10/2166		600,000		606,167
Kaisa Group Holdings
7.250%, 06/30/2020		200,000		170,876
Lenovo Group
4.750%, 03/29/2023		200,000		189,069
Logan Property Holdings
5.250%, 02/23/2023		200,000		172,489
Shui On Development Holding
6.400%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.627% 12/31/2049		200,000		183,878
Sunac China Holdings
7.950%, 08/08/2022		200,000		187,365
Times China Holdings
6.250%, 01/17/2021		200,000		191,985
Unigroup International Holdings
6.000%, 12/10/2020		200,000		198,307
Westwood Group Holdings
4.875%, 04/19/2021		200,000		199,787
Wuhan Real Estate Development & Investment Group
5.700%, 08/09/2021		250,000		248,885
Yuzhou Properties
6.000%, 01/25/2022		200,000		184,574
				8,144,676

HONG KONG — 22.6%
Bank of East Asia
8.500%,, VAR ICE LIBOR USD 3 Month+7.361% 05/05/2167		250,000		258,200

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

		Face Amount		Value
HONG KONG— continued
Baoxin Auto Finance I
8.750%,, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+12.616% 12/29/2049	$	200,000	$	193,004
China CITIC Bank International
4.250%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.107% 04/11/2167		200,000		186,237
HLP Finance
4.750%, 06/25/2022		200,000		205,509
Nanyang Commercial Bank
5.000%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.205% 12/31/2166		350,000		319,476
NWD Finance BVI
5.750%, 04/05/2167		250,000		215,136
OVPH
5.875%, 09/01/2166		250,000		233,000
Shimao Property Holdings
8.375%, 02/10/2022		350,000		362,578
Studio City Finance
8.500%, 12/01/2020		300,000		300,000
Sun Hung Kai & BVI
4.650%, 09/08/2022		200,000		187,610
WTT Investment
5.500%, 11/21/2022		200,000		194,491
Total Hong Kong				2,655,241
TOTAL CORPORATE OBLIGATIONS
(Cost $11,039,142)				10,799,917

TOTAL INVESTMENTS — 92.0%
(Cost $11,039,142)				10,799,917
OTHER ASSETS LESS LIABILITIES – 8.0%				943,509
NET ASSETS - 100%			$	11,743,426

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

USD — United States Dollar

VAR — Variable Rate Security

As of December 31, 2018, 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.

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

Schedule of Investments (Unaudited) December 31, 2018

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments. For the period ended December 31, 2018, there were no Level 3 investments.

KRS-QH-012-0200

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — 98.2%‡

BRAZIL — 4.2%
Health Care — 4.2%
Fleury		4,200	$	21,435
Hapvida Participacoes e Investimentos		8,500		68,425
Notre Dame Intermedica Participacoes *		6,300		47,269
Odontoprev		6,600		23,415
Qualicorp Consultoria e Corretora de Seguros		3,600		11,973
TOTAL BRAZIL				172,517

CHINA — 32.3%
Health Care — 32.3%
3SBio		34,500		44,241
Aier Eye Hospital Group, Cl A		31,305		119,918
Beijing Tongrentang, Cl A		17,750		71,096
China Medical System Holdings		31,000		28,825
China Shineway Pharmaceutical Group		10,000		9,720
Chongqing Zhifei Biological Products, Cl A		20,713		116,934
Genscript Biotech *		24,000		32,371
Huadong Medicine, Cl A		20,300		78,235
Hualan Biological Engineering, Cl A		12,300		58,762
iKang Healthcare Group ADR *		846		17,242
Jiangsu Hengrui Medicine, Cl A		21,208		162,944
Kangmei Pharmaceutical, Cl A		64,100		85,987
Lepu Medical Technology Beijing, Cl A		24,922		75,539
Luye Pharma Group		44,000		30,628
Shandong Weigao Group Medical Polymer, Cl H		56,000		45,347
Shanghai Fosun Pharmaceutical Group, Cl H		7,000		20,564
Shanghai Pharmaceuticals Holding, Cl H		12,200		24,807
Sichuan Kelun Pharmaceutical, Cl A		19,493		58,629
Sihuan Pharmaceutical Holdings Group		117,000		20,473
Wuxi Biologics Cayman *		15,500		99,283
Yunnan Baiyao Group, Cl A ^(A)(B)(C)		2,100		22,622
Zhangzhou Pientzehuang Pharmaceutical, Cl A		7,600		95,917
TOTAL CHINA				1,320,084

HONG KONG — 4.3%
Health Care — 4.3%
BeiGene *		9,800		105,268
Microport Scientific		23,000		22,620
Ping An Healthcare and Technology *		13,700		48,295
TOTAL HONG KONG				176,183

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — continued

HUNGARY — 1.1%
Health Care — 1.1%
Richter Gedeon Nyrt		2,407	$	46,574
TOTAL HUNGARY				46,574

INDIA — 15.0%
Health Care — 15.0%
Aurobindo Pharma		7,550		79,263
Biocon		7,850		70,731
Cipla		10,316		76,762
Dr Reddy's Laboratories ADR		2,000		75,400
Lupin		5,750		69,537
Piramal Enterprises		2,346		80,034
Sun Pharmaceutical Industries		25,986		160,238
TOTAL INDIA				611,965

INDONESIA — 1.5%
Health Care — 1.5%
Kalbe Farma		580,700		61,381
TOTAL INDONESIA				61,381

MALAYSIA — 6.3%
Health Care — 6.3%
Hartalega Holdings		42,200		62,700
IHH Healthcare		102,500		133,691
KPJ Healthcare		56,000		14,093
Top Glove		32,900		44,583
TOTAL MALAYSIA				255,067

SOUTH AFRICA — 3.1%
Health Care — 3.1%
Aspen Pharmacare Holdings		6,133		57,480
Life Healthcare Group Holdings		18,987		34,846
Netcare		18,565		34,110
TOTAL SOUTH AFRICA				126,436

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — continued

SOUTH KOREA — 24.0%
Consumer Discretionary — 0.9%
HLB *		515	$	36,878

Health Care — 23.1%
Bukwang Pharmaceutical		829		18,423
Celltrion *		976		194,579
Celltrion Healthcare *		1,509		101,822
Daewoong Pharmaceutical *		149		25,172
Genexine *		264		17,177
Green Cross *		145		17,673
Hanall Biopharma *		625		20,277
Hanmi Pharm *		150		62,227
Hanmi Science ltd *		823		58,274
Hugel *		57		19,489
Komipharm International *		744		13,530
Medy-Tox		77		39,749
Samsung Biologics *		645		223,420
SillaJen *		868		57,177
ViroMed *		198		45,073
Yuhan *		157		28,820
				942,882
TOTAL SOUTH KOREA				979,760

THAILAND — 5.5%
Health Care — 5.5%
Bangkok Chain Hospital		34,100		17,490
Bangkok Dusit Medical Services		198,200		150,963
Bumrungrad Hospital		9,700		55,858
TOTAL THAILAND				224,311

UNITED STATES — 0.9%
Health Care — 0.9%
China Biologic Products Holdings *		473		35,906
TOTAL UNITED STATES				35,906
TOTAL COMMON STOCK
(Cost $4,296,982)				4,010,184
TOTAL INVESTMENTS — 98.2%
(Cost $4,296,982)				4,010,184
OTHER ASSETS LESS LIABILITIES – 1.8%				74,262
NET ASSETS - 100%			$	4,084,446

Schedule of Investments (Unaudited) December 31, 2018

KraneShares Emerging Markets Healthcare Index ETF

‡	Narrow industries are utilized for compliance purposes, whereas broad 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 December 31, 2018 was $22,622 and represents 0.6% 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 December 31, 2018 was $22,622 and represents 0.6% of Net Assets.

ADR — American Depository Receipt

Cl — Class

The following summarizes the market value of the Fund’s investments, as of December 31, 2018, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Brazil	$	172,517	$	—	$	—	$	172,517
China		1,297,462		—		22,622		1,320,084
Hong Kong		176,183		—		—		176,183
Hungary		46,574		—		—		46,574
India		611,965		—		—		611,965
Indonesia		61,381		—		—		61,381
Malaysia		255,067		—		—		255,067
South Africa		126,436		—		—		126,436
South Korea		979,760		—		—		979,760
Thailand		224,311		—		—		224,311
United States		35,906		—		—		35,906
Total Common Stock		3,987,562		—		22,622		4,010,184
Total Investments in Securities	$	3,987,562	$	—	$	22,622	$	4,010,184

For the period ended December 31, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended December 31, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended December 31, 2018, the transfers in and out of Level 3 occurred due to a halt in trading of these securities. Transfers between levels are recognized at period end.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual financial statements.

KRS-QH-013-0100

Item 2. Controls and Procedures

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) A certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act, as amended (17 CFR 270.30a-2(a)), is filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

KraneShares Trust

By	/s/ Jonathan Krane
	Jonathan Krane
	Trustee and Principal Executive Officer

Date: February 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Jonathan Krane
	Jonathan Krane
	Trustee and Principal Executive Officer
Date: February 28, 2019

By	/s/ Jonathan Krane
	Jonathan Krane
	Principal Financial Officer
Date: February 28, 2019