Schedule of Investments (Unaudited) December 31, 2019

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 99.9%
Communication Services — 0.7%
China South Publishing & Media Group, Cl A		35,700	$	61,199
G-bits Network Technology Xiamen, Cl A		2,000		85,710
				146,909
Consumer Discretionary — 10.0%
Chongqing Department Store, Cl A		12,500		53,570
Dashang, Cl A		7,600		29,887
Great Wall Motor, Cl A		60,900		77,380
Guangdong Xinbao Electrical Appliances Holdings, Cl A		16,200		38,354
Haier Smart Home, Cl A		176,700		494,699
Hisense Home Appliances Group, Cl A		21,200		37,529
Jason Furniture Hangzhou, Cl A		8,500		55,807
Joyoung, Cl A		14,800		53,462
KingClean Electric, Cl A		3,700		12,574
Lao Feng Xiang, Cl A		6,400		43,747
Loncin Motor, Cl A		51,700		27,687
Markor International Home Furnishings, Cl A		64,000		40,705
Midea Group, Cl A		132,976		1,112,086
Shandong Linglong Tyre, Cl A		23,900		78,681
Wuchan Zhongda Group, Cl A		88,000		66,330
Zhejiang Hangmin, Cl A		27,296		24,807
Zhejiang Meida Industrial, Cl A		12,800		24,552
				2,271,857
Consumer Staples — 11.9%
Chacha Food, Cl A		12,800		62,427
Heilongjiang Agriculture, Cl A		36,300		50,761
Henan Shuanghui Investment & Development, Cl A		47,900		199,642
Inner Mongolia Yili Industrial Group, Cl A		269,800		1,198,483
New Hope Liuhe, Cl A		110,500		316,501
Wens Foodstuffs Group		182,500		880,383
				2,708,197
Energy — 2.1%
China Shenhua Energy, Cl A		167,601		439,146
Huolinhe Opencut Coal Industry of Inner Mongolia, Cl A		28,600		35,559
				474,705
Financials — 43.3%
Agricultural Bank of China, Cl A		1,927,300		1,021,046
Bank of China, Cl A		1,054,700		558,759
Bank of Communications, Cl A		1,373,100		1,109,890
China Construction Bank, Cl A		333,400		346,078
China Life Insurance, Cl A		82,167		411,357
China Merchants Bank, Cl A		208,200		1,123,329

1

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
CITIC Securities, Cl A		355,032	$	1,289,607
GF Securities, Cl A		148,100		322,560
Huatai Securities, Cl A		184,498		537,986
Industrial & Commercial Bank of China, Cl A		1,081,900		913,343
Industrial Bank, Cl A		394,700		1,122,024
Ping An Insurance Group of China, Cl A		88,159		1,081,681
				9,837,660
Health Care — 1.1%
China Animal Healthcare *(A)(B)(C)		4,000		—
Guangxi Liuzhou Pharmaceutical, Cl A		9,200		44,434
Shandong Buchang Pharmaceuticals, Cl A		29,210		86,475
Yifan Pharmaceutical, Cl A		35,800		83,523
Zhejiang Jingxin Pharmaceutical, Cl A		29,200		45,025
				259,457
Industrials — 15.1%
China Gezhouba Group, Cl A		135,700		130,145
China National Chemical Engineering, Cl A		97,500		90,149
China Railway Construction, Cl A		227,900		331,781
China Railway Group, Cl A		412,000		351,361
China Southern Airlines, Cl A		180,800		186,377
China State Construction Engineering, Cl A		1,055,900		851,978
Daqin Railway, Cl A		301,179		355,007
Fujian Longma Environmental Sanitation Equipment, Cl A		14,800		23,203
Hangxiao Steel Structure, Cl A		67,400		27,288
Hefei Meiya Optoelectronic Technology, Cl A		13,300		74,662
Henan Zhongyuan Expressway, Cl A		44,600		28,175
Jiangsu Expressway, Cl A		25,100		40,433
Shanghai Construction Group, Cl A		224,000		113,847
Shanghai International Port Group, Cl A		165,384		137,006
Shanghai Pudong Road & Bridge Construction, Cl A		40,000		36,467
Shanghai Tongji Science & Technology Industrial, Cl A		25,900		34,619
Shanghai Tunnel Engineering, Cl A		94,900		82,295
Sieyuan Electric, Cl A		26,700		52,785
TangShan Port Group, Cl A		149,200		55,694
TBEA, Cl A		188,000		179,494
Titan Wind Energy Suzhou, Cl A		44,700		40,560
Zhejiang Yankon Group, Cl A		42,100		28,711
Zhengzhou Yutong Bus, Cl A		68,500		140,144
Zhuzhou Kibing Group, Cl A		81,200		64,003
				3,456,184
Information Technology — 1.3%
Hanergy Thin Film Power Group *(A)(B)(C)		65,064		—
Hangzhou First Applied Material, Cl A		5,200		36,284

2

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
MLS, Cl A		19,200	$	37,517
Shengyi Technology, Cl A		59,600		179,010
Skyworth Digital, Cl A		19,800		34,084
				286,895
Materials — 2.8%
China Lumena New Materials *(A)(B)(C)		28,720		—
CSG Holding		61,147		43,983
Jiangsu Yangnong Chemical, Cl A		9,300		91,636
Shenzhen Jinjia Group, Cl A		42,730		69,998
Tianhe Chemicals Group *(A)(B)(C)		40,000		—
Zhejiang Yongtai Technology, Cl A		31,500		44,773
Zijin Mining Group, Cl A		591,800		389,993
				640,383
Real Estate — 10.4%
China Fortune Land Development, Cl A		76,200		313,983
China Vanke, Cl A		243,400		1,124,543
Financial Street Holdings, Cl A		60,432		70,452
Hangzhou Binjiang Real Estate Group, Cl A		79,600		56,227
Huafa Industrial Zhuhai, Cl A		85,100		95,667
Oceanwide Holdings, Cl A		78,400		51,215
RiseSun Real Estate Development, Cl A		88,547		124,968
Seazen Holdings, Cl A		45,400		252,383
Shanghai Lujiazui Finance & Trade Zone Development, Cl A		44,900		87,091
Zhejiang China Commodities City Group, Cl A		137,377		76,330
Zhongtian Financial Group, Cl A		214,550		102,575
				2,355,434
Utilities — 1.2%
Guangxi Guiguan Electric Power, Cl A		119,700		84,037
Hubei Energy Group, Cl A		97,400		58,313
Shenergy, Cl A		123,200		102,768
Shenzhen Gas, Cl A		29,400		33,051
				278,169
TOTAL COMMON STOCK
(Cost $21,515,139)				22,715,850
TOTAL INVESTMENTS — 99.9%
(Cost $21,515,139)				22,715,850
OTHER ASSETS LESS LIABILITIES – 0.1%				21,396
NET ASSETS - 100%			$	22,737,246

3

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CICC China Leaders 100 Index ETF

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of December 31, 2019 was $0 and represents 0.0% of Net Assets.

(B) Level 3 security in accordance with fair value hierarchy.

(C) Security considered illiquid. The total value of such securities as of December 31, 2019 was $0 and represents 0.0% of Net Assets.

Cl — Class

The following summarizes the market value of the Fund’s investments used as of December 31, 2019, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	146,909	$	—	$	—	$	146,909
Consumer Discretionary		2,271,857		—		—		2,271,857
Consumer Staples		2,708,197		—		—		2,708,197
Energy		474,705		—		—		474,705
Financials		9,837,660		—		—		9,837,660
Health Care		259,457		—		—		259,457
Industrials		3,456,184		—		—		3,456,184
Information Technology		286,895		—		—		286,895
Materials		640,383		—		—		640,383
Real Estate		2,355,434		—		—		2,355,434
Utilities		278,169		—		—		278,169
Total Common Stock		22,715,850		—		—		22,715,850
Total Investments in Securities	$	22,715,850	$	—	$	—	$	22,715,850

^ 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, 2019, there have been no transfers in or out of Level 3.

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.

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

KRS-QH-001-1300

4

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 86.8%
Communication Services — 45.9%
58.com ADR *		1,070,643	$	69,302,721
Autohome ADR *		600,741		48,065,287
Baidu ADR *		1,076,215		136,033,576
Bilibili ADR * (A)		2,338,895		43,550,225
Bitauto Holdings ADR *		384,315		5,703,235
DouYu International Holdings ADR		1,538,607		13,032,001
HUYA ADR * (A)		757,118		13,590,268
iQIYI ADR * (A)		3,119,115		65,844,518
JOYY ADR *		696,917		36,790,249
Momo ADR		1,808,138		60,572,623
NetEase ADR		239,717		73,506,821
Qutoutiao ADR (A)		1,557,178		5,309,977
SINA *		732,818		29,261,423
Sogou ADR * (A)		1,253,906		5,705,272
So-Young International ADR		656,950		8,027,929
Tencent Holdings		3,568,075		171,997,352
Tencent Music Entertainment Group ADR *		3,487,544		40,943,766
Weibo ADR * (A)		732,456		33,949,336
				861,186,579
Consumer Discretionary — 34.4%
Alibaba Group Holding ADR *		891,659		189,120,874
Baozun ADR * (A)		458,790		15,195,125
GSX Techedu ADR		1,008,245		22,040,236
JD.com ADR *		3,235,216		113,976,660
Pinduoduo ADR *		1,904,949		72,045,171
TAL Education Group ADR *		1,590,421		76,658,292
Trip.com Group ADR		2,168,986		72,747,791
Uxin ADR (A)		2,835,373		6,407,943
Vipshop Holdings ADR *		5,062,314		71,732,989
Yunji ADR (A)		1,095,535		5,017,550
				644,942,631
Financials — 3.9%
360 Finance ADR		727,181		7,104,558
Fanhua ADR (A)		584,562		15,181,075
FinVolution Group ADR		2,008,977		5,323,789
LexinFintech Holdings ADR *		1,247,518		17,328,025
Qudian ADR * (A)		2,799,497		13,185,631
ZhongAn Online P&C Insurance, Cl H * (A)		3,966,000		14,302,805
				72,425,883

5

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — continued
Industrials — 1.5%
51job ADR *		327,642	$	27,816,806
Information Technology — 1.1%
Kingsoft		8,064,000		20,905,670
TOTAL CHINA				1,627,277,569
HONG KONG — 13.1%
Communication Services — 2.6%
Alibaba Pictures Group *		141,754,000		24,924,020
China Literature * (A)		4,154,200		17,327,383
NetDragon Websoft Holdings		2,803,315		6,591,125
				48,842,528
Consumer Discretionary — 9.8%
Koolearn Technology Holding * (A)		3,858,000		9,209,528
Maoyan Entertainment * (A)		6,477,000		11,920,247
Meituan Dianping, Cl B *		11,166,000		146,027,285
Tongcheng-Elong Holdings *		9,576,000		17,181,201
				184,338,261
Financials — 0.3%
Yixin Group *		26,584,500		5,902,511
Information Technology — 0.4%
Weimob *		16,062,000		6,988,139
TOTAL HONG KONG				246,071,439
TOTAL COMMON STOCK
(Cost $1,772,582,799)				1,873,349,008
SHORT-TERM INVESTMENT(B)(C) — 7.3%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500%		137,367,872		137,367,872
TOTAL SHORT-TERM INVESTMENT
(Cost $137,367,872)				137,367,872
TOTAL INVESTMENTS — 107.2%
(Cost $1,909,950,671)				2,010,716,880
OTHER ASSETS LESS LIABILITIES – (7.2)%				(134,829,652	)
NET ASSETS - 100%			$	1,875,887,228

6

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CSI China Internet ETF

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $132,187,378.

(B) The rate shown is the 7-day effective yield as of December 31, 2019.

(C) This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2019 was $137,367,872.

ADR — American Depositary Receipt

Cl — Class

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-002-1300

7

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — 100.0%‡
CHINA — 100.0%
Communication Services — 2.5%
Beijing Enlight Media, Cl A		442,860	$	750,271
China Film, Cl A		234,821		513,123
China South Publishing & Media Group, Cl A		235,048		402,931
China United Network Communications, Cl A		4,685,720		3,962,426
Chinese Universe Publishing and Media Group, Cl A		208,036		406,505
CITIC Guoan Information Industry, Cl A		591,671		300,714
Focus Media Information Technology, Cl A		2,215,729		1,991,409
G-bits Network Technology Xiamen, Cl A		10,808		463,175
Giant Network Group, Cl A		203,680		528,124
Mango Excellent Media, Cl A		223,934		1,123,986
NanJi E-Commerce, Cl A *		370,620		580,528
Oriental Pearl Group, Cl A		518,206		696,382
Perfect World, Cl A		195,134		1,236,616
Wanda Film Holding, Cl A		313,750		817,579
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A		318,804		1,232,621
Youzu Interactive, Cl A		134,127		448,107
				15,454,497
Consumer Discretionary — 6.7%
BAIC BluePark New Energy Technology, Cl A *		527,400		442,204
BTG Hotels Group, Cl A		149,075		441,116
BYD, Cl A		273,604		1,872,566
Changzhou Xingyu Automotive Lighting Systems, Cl A		41,701		568,654
China Grand Automotive Services Group, Cl A		1,231,811		576,542
China International Travel Service, Cl A		294,707		3,763,621
Chongqing Changan Automobile, Cl A		588,820		847,916
Fuyao Glass Industry Group, Cl A		302,389		1,041,516
Gree Electric Appliances of Zhuhai, Cl A		454,077		4,275,338
Guangzhou Automobile Group, Cl A		359,196		602,859
Haier Smart Home, Cl A		920,468		2,576,991
Hangzhou Robam Appliances, Cl A		143,226		695,243
HLA, Cl A		333,433		367,654
Huayu Automotive Systems, Cl A		475,879		1,775,711
Liaoning Cheng Da, Cl A *		230,909		504,906
Midea Group, Cl A		523,740		4,380,071
NavInfo, Cl A		296,279		684,851
Ningbo Joyson Electronic, Cl A *		196,275		504,415
Oppein Home Group, Cl A		42,291		710,401
SAIC Motor, Cl A		1,175,827		4,026,255
Shandong Linglong Tyre, Cl A		162,195		533,963
Shanghai Jinjiang International Hotels Development, Cl A		100,900		415,905
Shanghai Yuyuan Tourist Mart Group, Cl A		488,269		549,598
Shenzhen Overseas Chinese Town, Cl A		1,238,175		1,384,806

8

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Songcheng Performance Development, Cl A		219,236	$	972,927
Suning.com, Cl A		1,405,433		2,040,003
Suofeiya Home Collection, Cl A		137,684		414,130
TCL, Cl A		2,045,400		1,312,669
Visual China Group, Cl A		105,800		261,874
Wanxiang Qianchao, Cl A		415,573		320,399
Weifu High-Technology Group, Cl A		126,274		345,365
Wuchan Zhongda Group, Cl A		764,130		575,965
Zhejiang Semir Garment, Cl A		226,700		321,246
Zhejiang Supor, Cl A		82,594		910,471
Zhejiang Wanfeng Auto Wheel, Cl A		330,166		331,818
				41,349,969
Consumer Staples — 14.2%
Angel Yeast, Cl A		91,081		401,062
Anhui Gujing Distillery, Cl A		57,950		1,130,853
Anhui Kouzi Distillery, Cl A		90,600		714,248
Beijing Dabeinong Technology Group, Cl A		640,500		457,950
Beijing Shunxin Agriculture, Cl A		111,926		846,538
Beijing Yanjing Brewery, Cl A		425,424		398,235
By-health, Cl A		238,919		558,781
Chongqing Brewery, Cl A		73,081		545,184
Chongqing Fuling Zhacai Group, Cl A		119,200		457,451
Foshan Haitian Flavouring & Food, Cl A		331,958		5,123,910
Fujian Sunner Development, Cl A		155,889		538,941
Guangdong Haid Group, Cl A		188,121		972,320
Heilongjiang Agriculture, Cl A		206,400		288,628
Henan Shuanghui Investment & Development, Cl A		415,109		1,730,130
Inner Mongolia Yili Industrial Group, Cl A		906,060		4,024,823
Jiangsu King’s Luck Brewery JSC, Cl A		189,407		889,772
Jiangsu Yanghe Brewery Joint-Stock, Cl A		227,509		3,609,361
Jiangxi Zhengbang Technology, Cl A		369,061		858,386
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A		108,851		614,960
Juewei Food, Cl A		78,300		522,176
Kweichow Moutai, Cl A		189,248		32,142,938
Laobaixing Pharmacy Chain JSC, Cl A		43,229		397,711
Luzhou Laojiao, Cl A		221,075		2,751,237
Muyuan Foodstuff, Cl A		262,308		3,343,837
New Hope Liuhe, Cl A		636,392		1,822,792
Shanghai Jahwa United, Cl A		101,300		449,986
Shanxi Xinghuacun Fen Wine Factory, Cl A		131,526		1,693,845
Sichuan Swellfun, Cl A		73,763		548,048
Tech-Bank Food, Cl A		175,024		315,363
Toly Bread, Cl A		72,640		442,610
Tongwei, Cl A		586,080		1,104,819
Tsingtao Brewery, Cl A		96,424		706,033

9

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Consumer Staples — continued
Wens Foodstuffs Group		788,729	$	3,804,842
Wuliangye Yibin, Cl A		585,933		11,189,271
Yifeng Pharmacy Chain, Cl A		51,000		536,129
Yonghui Superstores, Cl A		1,444,751		1,563,989
Yuan Longping High-tech Agriculture, Cl A		164,688		347,812
				87,844,971
Energy — 2.2%
China Merchants Energy Shipping, Cl A		915,800		1,086,051
China Petroleum & Chemical, Cl A		3,737,184		2,741,794
China Shenhua Energy, Cl A		602,378		1,578,343
COSCO SHIPPING Energy Transportation, Cl A		413,004		378,307
Guanghui Energy, Cl A		1,025,605		487,391
Offshore Oil Engineering, Cl A		605,287		641,338
PetroChina, Cl A		2,369,495		1,983,325
Shaanxi Coal Industry, Cl A		1,209,269		1,560,818
Shandong Xinchao Energy, Cl A *		1,026,600		309,521
Shanxi Lu’an Environmental Energy Development, Cl A		451,562		470,678
Shanxi Meijin Energy, Cl A *		618,800		837,783
Shanxi Xishan Coal & Electricity Power, Cl A		475,646		418,614
Yantai Jereh Oilfield Services Group, Cl A		144,606		767,340
Yanzhou Coal Mining, Cl A		372,400		564,603
				13,825,906
Financials — 26.8%
Agricultural Bank of China, Cl A		10,992,707		5,823,721
Anxin Trust, Cl A		825,631		526,306
Avic Capital, Cl A		1,355,052		943,555
Bank of Beijing, Cl A		3,191,652		2,602,756
Bank of Chengdu, Cl A		545,300		710,088
Bank of China, Cl A		5,186,200		2,747,547
Bank of Communications, Cl A		5,848,514		4,727,412
Bank of Guiyang, Cl A		485,727		666,684
Bank of Hangzhou, Cl A		774,379		1,018,400
Bank of Jiangsu, Cl A		1,742,664		1,811,431
Bank of Nanjing, Cl A		1,280,409		1,612,196
Bank of Ningbo, Cl A		849,616		3,433,765
Bank of Shanghai, Cl A		2,144,486		2,921,857
Bohai Leasing, Cl A *		933,600		509,347
Caitong Securities, Cl A		541,809		882,122
Changjiang Securities, Cl A		834,705		855,659
China CITIC Bank, Cl A		856,706		758,903
China Construction Bank, Cl A		1,388,926		1,441,740
China Everbright Bank, Cl A		6,009,584		3,804,981
China Life Insurance, Cl A		419,139		2,098,358
China Merchants Bank, Cl A		3,114,027		16,801,524

10

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
China Merchants Securities, Cl A		863,329	$	2,267,042
China Minsheng Banking, Cl A		5,284,510		4,787,443
China Pacific Insurance Group, Cl A		949,038		5,155,897
CITIC Securities, Cl A		1,485,143		5,394,589
CSC Financial, Cl A		417,700		1,823,088
Dongxing Securities, Cl A		416,280		785,327
East Money Information, Cl A		1,013,720		2,295,193
Everbright Securities, Cl A		589,733		1,109,165
First Capital Securities, Cl A		528,708		628,515
Founder Securities, Cl A		1,242,661		1,546,825
GF Securities, Cl A		893,528		1,946,092
Guosen Securities, Cl A		618,916		1,115,180
Guotai Junan Securities, Cl A		1,134,581		3,011,910
Guoyuan Securities, Cl A		508,023		676,134
Haitong Securities, Cl A		1,221,587		2,711,461
Hithink RoyalFlush Information Network, Cl A		81,200		1,272,009
Huaan Securities, Cl A		546,654		572,934
Huatai Securities, Cl A		1,110,695		3,238,726
Huaxi Securities, Cl A		396,231		626,333
Huaxia Bank, Cl A		1,935,687		2,131,572
Hubei Biocause Pharmaceutical, Cl A		745,841		753,856
Industrial & Commercial Bank of China, Cl A		8,047,826		6,793,998
Industrial Bank, Cl A		3,135,958		8,914,664
Industrial Securities, Cl A		1,010,853		1,027,521
Jiangsu Changshu Rural Commercial Bank, Cl A		413,749		541,159
Nanjing Securities, Cl A		497,940		922,939
New China Life Insurance, Cl A		314,766		2,221,165
Northeast Securities, Cl A		353,300		471,733
Orient Securities, Cl A		900,635		1,391,332
Pacific Securities, Cl A		1,029,000		559,918
Ping An Bank, Cl A		2,591,948		6,121,554
Ping An Insurance Group of China, Cl A		1,635,230		20,063,711
SDIC Capital, Cl A		531,765		1,155,886
Sealand Securities, Cl A		636,367		487,886
Shanghai AJ Group, Cl A		244,800		337,406
Shanghai Pudong Development Bank, Cl A		4,430,797		7,869,028
Shanxi Securities, Cl A		427,045		508,274
Shenwan Hongyuan Group, Cl A		3,401,881		2,500,683
Sinolink Securities, Cl A		456,500		609,527
SooChow Securities, Cl A		452,887		649,568
Southwest Securities, Cl A		852,200		635,007
Western Securities, Cl A		528,625		743,778
Zheshang Securities, Cl A		419,300		670,023
				165,744,403

11

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 8.5%
Aier Eye Hospital Group, Cl A		456,596	$	2,593,331
Asymchem Laboratories Tianjin, Cl A		31,500		585,666
Autobio Diagnostics, Cl A		42,300		585,325
Beijing SL Pharmaceutical, Cl A		155,050		292,730
Beijing Tiantan Biological Products, Cl A		141,928		569,330
Beijing Tongrentang, Cl A		191,881		776,323
Betta Pharmaceuticals, Cl A		60,500		570,677
BGI Genomics, Cl A		60,420		595,946
Changchun High & New Technology Industry Group, Cl A		25,681		1,648,121
Chengdu Kanghong Pharmaceutical Group, Cl A		110,139		584,602
China National Accord Medicines, Cl A		56,330		366,845
China National Medicines, Cl A		113,900		446,269
China Resources Double Crane Pharmaceutical, Cl A		157,466		295,030
China Resources Sanjiu Medical & Pharmaceutical, Cl A		147,747		672,006
Chongqing Zhifei Biological Products, Cl A		201,272		1,435,025
Dong-E-E-Jiao, Cl E		98,688		501,151
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		212,239		1,085,092
Guangzhou Kingmed Diagnostics Group, Cl A		69,137		508,416
Guizhou Bailing Group Pharmaceutical, Cl A		212,989		266,345
Hangzhou Tigermed Consulting, Cl A		113,250		1,026,789
Huadong Medicine, Cl A		264,142		924,572
Hualan Biological Engineering, Cl A		211,790		1,068,810
Hubei Jumpcan Pharmaceutical, Cl A		122,980		426,934
Jafron Biomedical, Cl A		63,152		651,363
Jiangsu Hengrui Medicine, Cl A		662,565		8,325,404
Jiangsu Yuyue Medical Equipment & Supply, Cl A		151,336		441,505
Jilin Aodong Pharmaceutical Group, Cl A		175,555		416,635
Jinyu Bio-Technology, Cl A		145,955		392,278
Joincare Pharmaceutical Group Industry, Cl A		292,534		434,697
Jointown Pharmaceutical Group, Cl A		251,677		511,292
Lepu Medical Technology Beijing, Cl A		268,911		1,277,155
Livzon Pharmaceutical Group, Cl A		92,811		449,054
Meinian Onehealth Healthcare Holdings, Cl A		565,412		1,208,730
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		90,400		538,365
Ovctek China, Cl A		61,000		414,511
Shandong Buchang Pharmaceuticals, Cl A		172,360		510,263
Shanghai Fosun Pharmaceutical Group, Cl A		303,524		1,159,162
Shanghai Pharmaceuticals Holding, Cl A		290,259		765,534
Shenzhen Hepalink Pharmaceutical Group, Cl A		156,900		439,491
Shenzhen Kangtai Biological Products, Cl A		97,408		1,227,748
Shenzhen Mindray Bio-Medical Electronics, Cl A		58,648		1,531,635
Shenzhen Salubris Pharmaceuticals, Cl A		131,565		376,647
Shijiazhuang Yiling Pharmaceutical, Cl A		182,069		324,920
Sichuan Kelun Pharmaceutical, Cl A		217,369		733,078
Tasly Pharmaceutical Group, Cl A		228,341		505,519

12

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Tonghua Dongbao Pharmaceutical, Cl A		307,071	$	557,698
Topchoice Medical, Cl A		48,306		711,085
Walvax Biotechnology, Cl A		232,053		1,080,781
Winning Health Technology Group, Cl A		245,200		527,353
WuXi AppTec, Cl A		221,579		2,930,569
Yifan Pharmaceutical, Cl A		185,821		433,529
Yunnan Baiyao Group, Cl A		182,351		2,341,321
Zhangzhou Pientzehuang Pharmaceutical, Cl A		87,150		1,374,726
Zhejiang Conba Pharmaceutical, Cl A		402,600		355,483
Zhejiang Huahai Pharmaceutical, Cl A		199,611		494,646
Zhejiang NHU, Cl A		324,322		1,083,068
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		69,026		437,535
				52,788,115
Industrials — 12.8%
AECC Aero-Engine Control, Cl A		172,900		324,444
AECC Aviation Power, Cl A		339,605		1,057,068
Air China, Cl A		601,536		836,864
AVIC Aircraft, Cl A		417,934		982,859
AVIC Electromechanical Systems, Cl A		544,790		542,823
AVIC Shenyang Aircraft, Cl A *		140,938		639,418
AVICOPTER, Cl A		89,000		609,634
Beijing New Building Materials, Cl A		255,081		932,042
Beijing Originwater Technology, Cl A		477,739		521,283
Centre Testing International Group, Cl A		250,200		535,592
China Aerospace Times Electronics, Cl A *		410,502		352,440
China Avionics Systems, Cl A		221,325		452,491
China Communications Construction, Cl A		413,784		544,175
China Eastern Airlines, Cl A		1,409,200		1,175,488
China Gezhouba Group, Cl A		695,071		666,615
China International Marine Containers Group, Cl A		229,895		324,124
China Meheco, Cl A		161,300		302,214
China National Chemical Engineering, Cl A		677,839		626,732
China Railway Construction, Cl A		1,736,442		2,527,946
China Railway Group, Cl A		2,813,300		2,399,231
China Railway Hi-tech Industry, Cl A		335,385		553,747
China Shipbuilding Industry, Cl A		3,453,799		2,598,351
China Southern Airlines, Cl A		1,298,302		1,338,350
China Spacesat, Cl A		178,472		547,576
China State Construction Engineering, Cl A		6,337,206		5,113,328
Contemporary Amperex Technology, Cl A		331,299		5,060,941
COSCO SHIPPING Development, Cl A		1,197,378		445,247
COSCO SHIPPING Holdings, Cl A *		974,064		737,000
CRRC, Cl A		3,672,428		3,764,619
Dalian Port PDA, Cl A		1,167,800		340,357
Daqin Railway, Cl A		2,126,010		2,505,982

13

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Dongfang Electric, Cl A		415,240	$	547,878
Eve Energy, Cl A		146,300		1,053,589
Fangda Carbon New Material, Cl A *		410,718		717,046
Guangshen Railway, Cl A		853,206		374,839
Guangzhou Baiyun International Airport, Cl A		312,409		782,688
Guoxuan High-Tech, Cl A		171,590		358,447
Hefei Meiya Optoelectronic Technology, Cl A		102,000		572,594
Hongfa Technology, Cl A		112,400		555,936
Inner Mongolia First Machinery Group, Cl A		255,072		389,283
Jiangsu Hengli Hydraulic, Cl A		133,137		950,958
Jiangsu Zhongtian Technology, Cl A		462,796		551,489
Juneyao Airlines, Cl A *		247,320		532,623
Metallurgical Corp of China, Cl A		2,694,921		1,083,362
NARI Technology, Cl A		697,733		2,121,704
Ningbo Zhoushan Port, Cl A		1,325,641		723,234
Power Construction Corp of China, Cl A		1,924,546		1,199,189
Sany Heavy Industry, Cl A		1,263,453		3,092,808
SF Holding, Cl A		244,387		1,304,890
Shanghai Construction Group, Cl A		1,216,411		618,234
Shanghai Electric Group, Cl A		1,225,660		876,332
Shanghai International Airport, Cl A		145,489		1,644,941
Shanghai International Port Group, Cl A		1,282,708		1,062,608
Shanghai M&G Stationery, Cl A		125,839		880,583
Shanghai Mechanical and Electrical Industry, Cl A		121,737		289,611
Shanghai Tunnel Engineering, Cl A		474,653		411,607
Shanghai Waigaoqiao Free Trade Zone Group, Cl A		117,632		293,356
Shenzhen Airport, Cl A		309,526		434,171
Shenzhen Inovance Technology, Cl A		250,915		1,103,786
Siasun Robot & Automation, Cl A		235,483		473,323
Sinochem International, Cl A		408,786		311,058
Sinotrans, Cl A		661,122		404,353
Spring Airlines, Cl A		138,339		871,726
Sunwoda Electronic, Cl A		233,600		654,670
Suzhou Gold Mantis Construction Decoration, Cl A		404,041		511,639
TangShan Port Group, Cl A		894,540		333,920
TBEA, Cl A		560,699		535,329
Tian Di Science & Technology, Cl A		624,700		286,109
Tus Environmental Science And Technology Development, Cl A		215,952		284,623
Weichai Power, Cl A		904,369		2,061,891
XCMG Construction Machinery, Cl A		1,182,487		928,653
Xiamen C & D, Cl A		428,018		552,448
Xinjiang Goldwind Science & Technology, Cl A		521,000		893,872
Yunda Holding, Cl A		224,108		1,071,448
Zhejiang Chint Electrics, Cl A		308,351		1,186,451

14

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Zhejiang Dingli Machinery, Cl A		52,300	$	536,880
Zhejiang Sanhua Intelligent Controls, Cl A		417,485		1,038,745
Zhejiang Weixing New Building Materials, Cl A		237,515		449,103
Zhengzhou Yutong Bus, Cl A		334,236		683,813
Zhongji Innolight, Cl A		89,800		672,357
Zoomlion Heavy Industry Science and Technology, Cl A		968,541		928,889
				79,558,067
Information Technology — 11.3%
360 Security Technology, Cl A		204,199		689,248
Accelink Technologies, Cl A		102,200		436,964
Aisino, Cl A		281,188		935,389
AVIC Jonhon Optronic Technology, Cl A		158,300		887,734
Beijing Shiji Information Technology, Cl A		134,285		751,903
Beijing Sinnet Technology, Cl A		232,800		670,811
BOE Technology Group, Cl A		5,111,680		3,331,878
Chaozhou Three-Circle Group, Cl A		263,103		841,609
China Greatwall Technology Group, Cl A		442,000		987,419
China National Software & Service, Cl A		74,642		768,265
China TransInfo Technology, Cl A		224,400		581,204
Dawning Information Industry, Cl A		135,937		674,889
DHC Software, Cl A		470,330		696,870
Fiberhome Telecommunication Technologies, Cl A		176,879		697,089
Foxconn Industrial Internet, Cl A		599,112		1,571,506
GCL System Integration Technology, Cl A *		767,200		650,977
Gigadevice Semiconductor Beijing, Cl A		48,467		1,425,727
Glodon, Cl A		170,189		830,280
GoerTek, Cl A		489,814		1,400,845
GRG Banking Equipment, Cl A		363,654		501,743
Guangdong LY Intelligent Manufacturing, Cl A *		861,300		1,341,695
Guangzhou Haige Communications Group, Cl A		347,965		541,045
Hangzhou Hikvision Digital Technology, Cl A		1,411,157		6,633,207
Hangzhou Silan Microelectronics, Cl A		198,100		439,991
Hengtong Optic-electric, Cl A		287,415		670,964
Holitech Technology, Cl A		470,410		374,834
Hubei Kaile Science & Technology, Cl A		151,060		294,306
Hundsun Technologies, Cl A		121,284		1,353,511
Hytera Communications, Cl A		277,289		334,810
Iflytek, Cl A		332,170		1,644,361
Inspur Electronic Information Industry, Cl A		194,600		840,967
Lens Technology, Cl A		494,018		980,213
Leyard Optoelectronic, Cl A		383,850		422,694
LONGi Green Energy Technology, Cl A		547,057		1,950,199
Luxshare Precision Industry, Cl A		807,483		4,231,514
NAURA Technology Group, Cl A		74,017		935,155
Newland Digital Technology, Cl A		157,647		359,423

15

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Ninestar, Cl A		160,500	$	758,585
OFILM Group, Cl A		409,505		917,177
Sanan Optoelectronics, Cl A		615,631		1,622,791
Sangfor Technologies, Cl A		50,710		832,820
Shanghai 2345 Network Holding Group, Cl A		871,084		403,954
Shanghai Baosight Software, Cl A		127,218		600,916
Shengyi Technology, Cl A		343,616		1,032,059
Shennan Circuits, Cl A		51,245		1,045,479
Shenzhen Goodix Technology, Cl A		57,300		1,697,162
Shenzhen Kingdom Sci-Tech, Cl A		129,900		383,817
Shenzhen Sunway Communication, Cl A		146,245		952,829
Suzhou Dongshan Precision Manufacturing, Cl A		242,492		805,968
Tianjin Zhonghuan Semiconductor, Cl A		420,400		712,824
Tianma Microelectronics, Cl A		309,178		723,101
Tunghsu Optoelectronic Technology, Cl A		827,245		399,064
Unigroup Guoxin Microelectronics, Cl A		91,559		668,307
Unisplendour, Cl A		257,022		1,166,076
Universal Scientific Industrial Shanghai, Cl A		219,000		604,635
Venustech Group, Cl A		135,408		657,099
Visionox Technology, Cl A *		206,460		471,306
Wangsu Science & Technology, Cl A		367,199		502,417
Westone Information Industry, Cl A		126,600		468,764
Will Semiconductor, Cl A		86,916		1,789,445
Wuhan Guide Infrared, Cl A		141,363		426,211
WUS Printed Circuit Kunshan, Cl A		260,350		830,187
Wuxi Lead Intelligent Equipment, Cl A		133,105		858,810
Yealink Network Technology, Cl A		75,400		783,862
Yonyou Network Technology, Cl A		375,261		1,530,105
Zhejiang Dahua Technology, Cl A		452,463		1,291,424
ZTE, Cl A *		518,895		2,636,511
				70,254,944
Materials — 7.9%
Aluminum Corp of China, Cl A *		1,974,300		1,003,427
Angang Steel, Cl A		804,411		386,894
Anhui Conch Cement, Cl A		603,773		4,750,330
Baoshan Iron & Steel, Cl A		2,725,900		2,246,422
BBMG, Cl A		1,258,812		674,123
Beijing Oriental Yuhong Waterproof Technology, Cl A		225,191		850,631
Beijing Sanju Environmental Protection and New Material, Cl A		354,690		321,837
China Jushi, Cl A		528,696		827,374
China Molybdenum, Cl A		2,666,691		1,669,278
China Northern Rare Earth Group High-Tech, Cl A		548,400		853,486
Ganfeng Lithium, Cl A		164,865		824,426
GEM, Cl A		626,400		437,976

16

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Guangdong HEC Technology Holding, Cl A		455,000	$	668,930
Hengli Petrochemical, Cl A		885,502		2,044,302
Hengyi Petrochemical, Cl A		428,931		857,228
Hesteel, Cl A		1,433,559		531,012
Huaxin Cement, Cl A		205,560		780,019
Hunan Valin Steel, Cl A *		637,282		437,350
Inner Mongolia BaoTou Steel Union, Cl A		6,881,300		1,304,109
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A		1,273,745		572,396
Jiangsu Yangnong Chemical, Cl A		46,800		461,136
Jiangxi Copper, Cl A		313,271		761,459
Jinduicheng Molybdenum, Cl A		350,779		403,400
Lomon Billions Group, Cl A		306,782		677,857
Luxi Chemical Group, Cl A		221,109		333,640
Maanshan Iron & Steel, Cl A		900,900		397,086
Nanjing Iron & Steel, Cl A		668,500		331,123
Pangang Group Vanadium Titanium & Resources, Cl A *		1,296,631		543,587
Rongsheng Petro Chemical, Cl A		598,197		1,064,106
Sansteel Minguang Fujian, Cl A		370,095		497,346
Shandong Gold Mining, Cl A		378,931		1,774,654
Shandong Hualu Hengsheng Chemical, Cl A		245,557		700,519
Shandong Nanshan Aluminum, Cl A		1,804,000		580,168
Shandong Sinocera Functional Material, Cl A		145,400		477,002
Shandong Sun Paper Industry JSC, Cl A		391,238		552,721
Shanxi Taigang Stainless Steel, Cl A		859,900		504,941
Shanying International Holding, Cl A		692,100		374,610
Shenghe Resources Holding, Cl A		264,995		345,076
Shenzhen Zhongjin Lingnan Nonfemet, Cl A		538,893		332,691
Sichuan Hebang Biotechnology		1,333,100		283,266
Sinopec Shanghai Petrochemical, Cl A		808,840		449,410
Tangshan Jidong Cement, Cl A		203,419		496,782
Tianqi Lithium, Cl A		218,409		946,366
Tongkun Group, Cl A		278,919		600,274
Tongling Nonferrous Metals Group, Cl A		1,589,000		531,556
Transfar Zhilian, Cl A		491,779		492,828
Wanhua Chemical Group, Cl A		465,808		3,756,478
Weihai Guangwei Composites, Cl A		78,220		510,974
Xiamen Tungsten, Cl A		212,280		397,426
Xinjiang Zhongtai Chemical, Cl A		324,000		315,853
Xinxing Ductile Iron Pipes, Cl A		497,300		297,731
Xinyu Iron & Steel, Cl A		481,400		354,563
Yintai Resources, Cl A		299,447		585,124
Yunnan Energy New Material		101,337		734,732
Yunnan Tin, Cl A *		251,870		377,526
Zhejiang Huayou Cobalt, Cl A (A)(B)(C)		162,859		921,016

17

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
Zhejiang Jiahua Energy Chemical Industry, Cl A		216,273	$	349,321
Zhejiang Juhua, Cl A		414,400		433,132
Zhejiang Longsheng Group, Cl A		491,071		1,020,193
Zhongjin Gold, Cl A		520,940		634,239
Zijin Mining Group, Cl A		2,860,742		1,885,215
				49,528,677
Real Estate — 4.6%
Beijing Capital Development, Cl A		389,426		445,608
China Enterprise		613,478		409,564
China Fortune Land Development, Cl A		453,144		1,867,186
China Merchants Shekou Industrial Zone Holdings, Cl A		1,173,096		3,346,578
China Vanke, Cl A		1,467,872		6,781,781
Financial Street Holdings, Cl A		451,181		525,989
Gemdale, Cl A		681,507		1,418,756
Grandjoy Holdings Group, Cl A		493,883		509,117
Greenland Holdings, Cl A		1,224,508		1,221,844
Jiangsu Zhongnan Construction Group, Cl A		560,050		848,299
Jinke Properties Group, Cl A		806,020		888,744
Oceanwide Holdings, Cl A		522,963		341,627
Poly Developments and Holdings Group, Cl A		1,795,814		4,171,665
RiseSun Real Estate Development, Cl A		656,378		926,354
Seazen Holdings, Cl A		340,660		1,893,765
Shanghai Zhangjiang High-Tech Park Development, Cl A		233,816		513,948
Sichuan Languang Development, Cl A		454,388		480,799
Tahoe Group, Cl A		375,680		331,713
Xinhu Zhongbao, Cl A		1,298,068		704,464
Yango Group, Cl A		611,354		746,073
				28,373,874
Utilities — 2.5%
Chengdu Xingrong Environment, Cl A		450,733		299,619
China National Nuclear Power, Cl A		1,958,066		1,405,616
China Yangtze Power, Cl A		3,090,267		8,154,757
GD Power Development, Cl A		2,781,600		934,502
Huadian Power International, Cl A		1,024,685		539,916
Huaneng Power International, Cl A		719,410		576,342
Hubei Energy Group, Cl A		234,928		140,650
Inner Mongolia MengDian HuaNeng Thermal Power, Cl A		876,800		346,181
SDIC Power Holdings, Cl A		1,024,369		1,350,108
Shanghai Electric Power, Cl A		341,560		394,759
Shenergy, Cl A		301,532		251,524
Shenzhen Energy Group, Cl A		498,747		444,674

18

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Sichuan Chuantou Energy, Cl A		469,936	$	664,576
				15,503,224
TOTAL COMMON STOCK
(Cost $588,479,750)				620,226,647
TOTAL INVESTMENTS — 100.0%
(Cost $588,479,750)				620,226,647
OTHER ASSETS LESS LIABILITIES – 0.0%				(121,229	)
NET ASSETS - 100%			$	620,105,418

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of December 31, 2019 was $921,016 and represents 0.1% 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, 2019 was $921,016 and represents 0.1% of Net Assets.

Cl — Class

The following summarizes the market value of the Fund’s investments used as of December 31, 2019, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	15,454,497	$	—	$	—	$	15,454,497
Consumer Discretionary		41,349,969		—		—		41,349,969
Consumer Staples		87,844,971		—		—		87,844,971
Energy		13,825,906		—		—		13,825,906
Financials		165,744,403		—		—		165,744,403
Health Care		52,788,115		—		—		52,788,115
Industrials		79,558,067		—		—		79,558,067
Information Technology		70,254,944		—		—		70,254,944
Materials		48,607,661		—		921,016		49,528,677
Real Estate		28,373,874		—		—		28,373,874
Utilities		15,503,224		—		—		15,503,224
Total Common Stock		619,305,631		—		921,016		620,226,647
Total Investments in Securities	$	619,305,631	$	—	$	921,016	$	620,226,647

19

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Bosera MSCI China A Share ETF

^ 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, 2019, there have been no transfers in or out of Level 3.

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-003-1200

20

Schedule of Investments (Unaudited) December 31, 2019

KraneShares E Fund China Commercial Paper ETF

	Face
	Amount(A)		Value
COMMERCIAL PAPER — 82.1%
CHINA— 82.1%
Energy — 5.2%
Chongqing Water Asset Management
3.250%, 02/11/2020		3,000,000	$	430,740
GD Power Development
3.280%, 05/22/2020		3,000,000		431,065
				861,805
Industrials — 20.2%
Beijing Urban Contrustion
3.500%, 03/06/2020		5,000,000		718,001
Cahngchun Urban Developement
3.400%, 07/21/2020		5,000,000		717,691
Shaanxi Non-ferrous Metals Holding Group
2.850%, 01/18/2020		5,000,000		717,748
Tianjin Infrastructure Construction & Investment Group
3.300%, 01/09/2020		5,000,000		717,865
Wuxi Industry Developement
3.230%, 10/28/2020		3,000,000		430,578
				3,301,883
Materials — 42.7%
Aluminum Corportation of China
2.650%, 04/30/2020		4,000,000		573,342
China National Chemical
2.650%, 03/25/2020		5,000,000		717,204
Huaneng Renewables
2.450%, 03/17/2020		5,000,000		717,070
Jiangxi Copper
2.350%, 05/11/2020		7,000,000		1,002,423
Luan Mining Group
3.490%, 03/20/2020		5,000,000		718,259
Rizhao Port Group
3.800%, 03/02/2020		3,000,000		431,146
Shanghair Electric Power
2.330%, 04/17/2020		6,000,000		859,631
Shougang Group
3.210%, 05/19/2020		6,000,000		861,732
Sinochem Fertilizer
2.950%, 04/13/2020		6,000,000		860,582
Wuchan Zhongda
2.450%, 06/19/2020		2,000,000		286,172
				7,027,561

21

Schedule of Investments (Unaudited) December 31, 2019

KraneShares E Fund China Commercial Paper ETF

	Face Amount(A) / Shares		Value
Transportation — 14.0%
China Eastern Airlines
3.100%, 02/21/2020		5,000,000	$	717,962
Xiamen Iport Group
2.500%, 05/15/2020		6,000,000		859,618
Zhejiang Airport Group
3.190%, 04/22/2020		5,000,000		718,110
				2,295,690
TOTAL COMMERCIAL PAPER
(Cost $13,416,100)				13,486,939
CORPORATE OBLIGATIONS — 14.0%
CHINA — 14.0%
Industrials — 14.0%
Anhui Publishing Group
3.550%, 01/21/2020		10,000,000		1,436,007
Qingdao City Construction Investment Group
3.000%, 04/07/2020		6,000,000		860,923
TOTAL CORPORATE OBLIGATIONS
(Cost $2,344,894)				2,296,930
SHORT-TERM INVESTMENTS(B)(C) — 2.0%
China Universal Express Income Money Market Fund, 2.247%		390		56
E Fund Money Market Fund, 2.432%*		2,113,971		303,507
Fortune SGAM Xianjin Tianyi Money Market Fund, 2.342%		164,084		23,556
Xianjinbao Real-Time Redemption Money Market Fund, 1.989%		3,547		509
TOTAL SHORT-TERM INVESTMENTS
(Cost $308,396)				327,628
TOTAL INVESTMENTS — 98.1%
(Cost $16,069,390)				16,111,497
OTHER ASSETS LESS LIABILITIES – 1.9%				319,237
NET ASSETS - 100%			$	16,430,734

* 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, 2019 are as follows:

Value of Shares Held as of 3/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value of Shares Held as of 12/31/19		Number of Shares Held as of 12/31/19		Dividend Income		Capital Gains Distributions
E Fund Money Market Fund
$	384,215	$	1,147,837	$	(1,239,955	)	$	6,651	$	4,759	$	303,507		2,113,971	$	4,648	$	-

(A) In CNY unless otherwise indicated.

(B) The rate shown is the 7-day effective yield as of December 31, 2019.

22

Schedule of Investments (Unaudited) December 31, 2019

KraneShares E Fund China Commercial Paper ETF

(C) Class not available

CNY — Chinese Yuan

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-004-1100

23

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 99.8%‡
CHINA — 89.4%
Communication Services — 14.9%
58.com ADR *		296	$	19,160
Autohome ADR *		178		14,242
Baidu ADR *		720		91,008
China Mobile		15,972		134,265
China Telecom, Cl H		36,000		14,831
China Unicom Hong Kong		14,000		13,188
Focus Media Information Technology, Cl A		11,500		10,336
iQIYI ADR *		1,000		21,110
JOYY ADR *		171		9,027
Momo ADR		380		12,730
NetEase ADR		259		79,420
Oriental Pearl Group, Cl A		6,740		9,058
SINA *		240		9,583
Tencent Holdings		14,858		716,223
Tencent Music Entertainment Group ADR *		1,000		11,740
Weibo ADR *		176		8,157
				1,174,078
Consumer Discretionary — 20.8%
Alibaba Group Holding ADR *		3,783		802,374
ANTA Sports Products		3,000		26,855
BAIC Motor, Cl H		9,500		5,389
BYD, Cl A		1,900		13,004
BYD, Cl H		3,000		14,958
China Grand Automotive Services Group, Cl A		10,200		4,774
China International Travel Service, Cl A		1,800		22,987
Chongqing Changan Automobile, Cl A		12,700		18,288
Dongfeng Motor Group, Cl H		12,000		11,289
Fuyao Glass Industry Group, Cl A		6,600		22,733
Geely Automobile Holdings		13,000		25,427
Great Wall Motor, Cl H		18,500		13,676
Gree Electric Appliances of Zhuhai, Cl A		3,000		28,246
Guangzhou Automobile Group, Cl H		14,000		17,428
Haier Smart Home, Cl A		6,700		18,758
Huayu Automotive Systems, Cl A		3,700		13,806
Huazhu Group ADR		411		16,469
JD.com ADR *		3,517		123,904
Midea Group, Cl A		5,000		41,815
NavInfo, Cl A		5,400		12,482
New Oriental Education & Technology Group ADR *		539		65,354
NIO ADR *		8,200		32,964
Pinduoduo ADR *		500		18,910
SAIC Motor, Cl A		5,557		19,028
Shenzhen Overseas Chinese Town, Cl A		14,400		16,105

24

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Shenzhou International Group Holdings		3,000	$	43,854
Suning.com, Cl A		10,300		14,951
Suofeiya Home Collection, Cl A		2,500		7,520
TAL Education Group ADR *		1,052		50,706
Trip.com Group ADR		1,565		52,490
Vipshop Holdings ADR *		1,543		21,865
Yum China Holdings		889		42,681
				1,641,090
Consumer Staples — 6.5%
Anhui Gujing Distillery, Cl A		700		13,660
China Mengniu Dairy		7,000		28,299
China Resources Beer Holdings		8,000		44,252
Foshan Haitian Flavouring & Food, Cl A		1,900		29,327
Guangdong Haid Group, Cl A		3,700		19,124
Henan Shuanghui Investment & Development, Cl A		3,700		15,421
Inner Mongolia Yili Industrial Group, Cl A		6,000		26,653
Jiangsu Yanghe Brewery Joint-Stock, Cl A		1,200		19,038
Kweichow Moutai, Cl A		1,000		169,845
Luzhou Laojiao, Cl A		1,800		22,401
Muyuan Foodstuff, Cl A		2,900		36,968
New Hope Liuhe, Cl A		10,800		30,934
Shanxi Xinghuacun Fen Wine Factory, Cl A		700		9,015
Tingyi Cayman Islands Holding		10,000		17,069
Want Want China Holdings		18,000		16,818
Yonghui Superstores, Cl A		12,600		13,640
				512,464
Energy — 2.7%
China Oilfield Services, Cl H		12,000		18,820
China Petroleum & Chemical, Cl A		22,200		16,287
China Petroleum & Chemical, Cl H		50,500		30,397
China Shenhua Energy, Cl H		9,000		18,804
CNOOC		37,826		62,915
Offshore Oil Engineering, Cl A		15,100		15,999
PetroChina, Cl A		11,500		9,626
PetroChina, Cl H		51,984		26,086
Shaanxi Coal Industry, Cl A		9,600		12,391
Shanxi Lu’an Environmental Energy Development, Cl A		6,000		6,254
				217,579
Financials — 19.0%
Agricultural Bank of China, Cl A		21,000		11,125
Agricultural Bank of China, Cl H		84,397		37,152
Anxin Trust, Cl A		9,567		6,099
Avic Capital, Cl A		18,100		12,604

25

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Bank of Beijing, Cl A		23,400	$	19,082
Bank of China, Cl A		24,700		13,086
Bank of China, Cl H		175,396		74,959
Bank of Communications, Cl A		36,000		29,099
Bank of Communications, Cl H		5,000		3,555
Bank of Hangzhou, Cl A		11,500		15,124
Bank of Jiangsu, Cl A		18,700		19,438
Bank of Nanjing, Cl A		12,100		15,235
Bank of Ningbo, Cl A		5,500		22,229
Bank of Shanghai, Cl A		15,704		21,397
Changjiang Securities, Cl A		17,500		17,939
China CITIC Bank, Cl H		25,000		14,984
China Construction Bank, Cl A		10,300		10,692
China Construction Bank, Cl H		257,000		221,978
China Everbright Bank, Cl A		45,000		28,492
China Life Insurance, Cl H		18,483		51,356
China Merchants Bank, Cl A		12,000		64,745
China Merchants Securities, Cl A		7,800		20,482
China Minsheng Banking, Cl A		22,800		20,655
China Pacific Insurance Group, Cl A		4,300		23,361
CITIC Securities, Cl A		9,000		32,691
Everbright Securities, Cl A		8,400		15,799
Founder Securities, Cl A		14,400		17,925
GF Securities, Cl A		4,300		9,365
Guosen Securities, Cl A		9,600		17,298
Guotai Junan Securities, Cl A		6,600		17,521
Haitong Securities, Cl A		10,200		22,640
Huatai Securities, Cl A		4,900		14,288
Huaxia Bank, Cl A		15,700		17,289
Hubei Biocause Pharmaceutical, Cl A		10,300		10,411
Industrial & Commercial Bank of China, Cl A		42,000		35,457
Industrial Bank, Cl A		16,300		46,336
Industrial Securities, Cl A		22,169		22,535
New China Life Insurance, Cl A		1,800		12,702
New China Life Insurance, Cl H		3,700		15,908
Noah Holdings ADR *		371		13,122
Orient Securities, Cl A		11,400		17,611
PICC Property & Casualty, Cl H		15,510		18,691
Ping An Bank, Cl A		16,891		39,892
Ping An Insurance Group of China, Cl A		7,200		88,341
Ping An Insurance Group of China, Cl H		15,000		177,302
Shanghai Pudong Development Bank, Cl A		24,000		42,624
Shenwan Hongyuan Group, Cl A		27,100		19,921
				1,500,537

26

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 5.4%
3SBio *		6,000	$	7,777
Alibaba Health Information Technology *		14,000		16,171
Beijing Tongrentang, Cl A		3,044		12,316
Changchun High & New Technology Industry Group, Cl A		500		32,088
China Medical System Holdings		7,000		10,080
China Traditional Chinese Medicine Holdings		14,000		6,756
CSPC Pharmaceutical Group		12,000		28,615
Dong-E-E-Jiao, Cl E		2,400		12,187
Genscript Biotech *		10,000		22,716
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		1,900		9,714
Huadong Medicine, Cl A		2,280		7,981
Hualan Biological Engineering, Cl A		3,600		18,168
Hutchison China MediTech ADR *		821		20,582
Jiangsu Hengrui Medicine, Cl A		3,600		45,235
Meinian Onehealth Healthcare Holdings, Cl A		5,760		12,314
Shanghai Fosun Pharmaceutical Group, Cl A		3,100		11,839
Shanghai Fosun Pharmaceutical Group, Cl H		2,500		7,540
Shanghai Pharmaceuticals Holding, Cl A		6,000		15,824
Sichuan Kelun Pharmaceutical, Cl A		1,900		6,408
Sino Biopharmaceutical		18,000		25,180
Sinopharm Group, Cl H		4,800		17,526
Tasly Pharmaceutical Group, Cl A		3,000		6,642
Tonghua Dongbao Pharmaceutical, Cl A		4,200		7,628
Wuxi Biologics Cayman *		2,500		31,652
Yunnan Baiyao Group, Cl A		1,200		15,408
Zhangzhou Pientzehuang Pharmaceutical, Cl A		600		9,465
Zhejiang NHU, Cl A		3,600		12,022
				429,834
Industrials — 7.4%
51job ADR *		113		9,594
AECC Aviation Power, Cl A		3,100		9,649
AVIC Aircraft, Cl A		4,300		10,113
AVIC Electromechanical Systems, Cl A		6,000		5,978
AVIC Shenyang Aircraft, Cl A *		1,900		8,620
Beijing Capital International Airport, Cl H		10,000		9,690
China Communications Construction, Cl H		24,000		19,559
China Conch Venture Holdings		6,000		26,181
China Eastern Airlines, Cl A		20,500		17,100
China Gezhouba Group, Cl A		8,500		8,152
China Merchants Port Holdings		10,741		18,169
China Railway Construction, Cl A		8,500		12,374
China Railway Construction, Cl H		9,500		10,400
China Railway Group, Cl H		18,000		11,112
China Southern Airlines, Cl A		7,900		8,144
China State Construction Engineering, Cl A		33,000		26,627

27

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
China State Construction International Holdings		12,000	$	10,904
CITIC		12,780		17,091
COSCO SHIPPING Development, Cl A		49,200		18,295
COSCO SHIPPING Holdings, Cl A *		22,800		17,251
CRRC, Cl A		16,800		17,222
CRRC, Cl H		13,000		9,477
Daqin Railway, Cl A		13,900		16,384
Fosun International		9,000		13,121
Guangzhou Baiyun International Airport, Cl A		6,000		15,032
Jiangsu Expressway, Cl H		12,000		16,448
Metallurgical Corp of China, Cl A		34,200		13,748
Ningbo Zhoushan Port, Cl A		6,500		3,546
Power Construction Corp of China, Cl A		15,700		9,783
Sany Heavy Industry, Cl A		10,800		26,437
Shanghai Electric Group, Cl H		38,000		12,485
Shanghai International Airport, Cl A		1,200		13,567
Shanghai International Port Group, Cl A		10,800		8,947
Suzhou Gold Mantis Construction Decoration, Cl A		6,700		8,484
Weichai Power, Cl A		13,488		30,751
Xinjiang Goldwind Science & Technology, Cl A		8,449		14,496
Zhejiang Chint Electrics, Cl A		3,000		11,543
Zhejiang Sanhua Intelligent Controls, Cl A		6,240		15,526
Zhengzhou Yutong Bus, Cl A		5,444		11,138
Zhuzhou CRRC Times Electric, Cl H		2,400		8,686
Zoomlion Heavy Industry Science and Technology, Cl A		13,700		13,139
ZTO Express Cayman ADR		700		16,345
				581,308
Information Technology — 4.7%
AAC Technologies Holdings		3,000		26,181
Aisino, Cl A		3,100		10,312
BOE Technology Group, Cl A		39,100		25,486
DHC Software, Cl A		7,900		11,705
GDS Holdings ADR *		233		12,018
Hanergy Thin Film Power Group *(A)(B)(C)		4,364		—
Hangzhou Hikvision Digital Technology, Cl A		8,309		39,057
Hengtong Optic-electric, Cl A		3,100		7,237
Iflytek, Cl A		2,500		12,376
Kingdee International Software Group		12,000		11,997
Kingsoft		6,000		15,555
Lenovo Group		14,000		9,397
LONGi Green Energy Technology, Cl A		4,680		16,684
Luxshare Precision Industry, Cl A		7,150		37,468
OFILM Group, Cl A		5,382		12,054
Sanan Optoelectronics, Cl A		6,600		17,397
Sunny Optical Technology Group		1,900		32,895

28

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Tianma Microelectronics, Cl A		6,000	$	14,033
TravelSky Technology, Cl H		5,000		12,205
Unigroup Guoxin Microelectronics, Cl A		1,300		9,489
Yonyou Network Technology, Cl A		3,250		13,252
Zhejiang Dahua Technology, Cl A		4,200		11,988
ZTE, Cl H		6,000		18,365
				377,151
Materials — 2.9%
Angang Steel, Cl A		19,470		9,364
Anhui Conch Cement, Cl A		3,000		23,603
Anhui Conch Cement, Cl H		3,000		21,869
Baoshan Iron & Steel, Cl A		15,100		12,444
BBMG, Cl A		23,400		12,532
China Molybdenum, Cl H		39,000		16,718
China National Building Material, Cl H		14,000		15,632
China Northern Rare Earth Group High-Tech, Cl A		8,500		13,229
Ganfeng Lithium, Cl A		1,800		9,001
Hesteel, Cl A		26,400		9,779
Inner Mongolia BaoTou Steel Union, Cl A		52,900		10,025
Rongsheng Petro Chemical, Cl A		6,100		10,851
Shandong Hualu Hengsheng Chemical, Cl A		3,600		10,270
Sinopec Shanghai Petrochemical, Cl A		27,100		15,058
Tianqi Lithium, Cl A		2,340		10,139
Zhejiang Huayou Cobalt, Cl A (A)(B)(C)		780		4,411
Zhejiang Longsheng Group, Cl A		9,000		18,697
Zijin Mining Group, Cl A		15,100		9,951
				233,573
Real Estate — 3.4%
China Fortune Land Development, Cl A		3,600		14,834
China Merchants Shekou Industrial Zone Holdings, Cl A		7,200		20,540
China Overseas Land & Investment		12,839		50,009
China Resources Land		10,214		50,861
China Vanke, Cl A		7,143		33,002
China Vanke, Cl H		3,700		15,789
Gemdale, Cl A		8,400		17,487
Greenland Holdings, Cl A		14,400		14,369
Poly Developments and Holdings Group, Cl A		10,300		23,927
Seazen Holdings, Cl A		2,400		13,342
Xinhu Zhongbao, Cl A		25,300		13,730
				267,890
Utilities — 1.7%
China National Nuclear Power, Cl A		19,300		13,855
China Yangtze Power, Cl A		9,600		25,333

29

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
ENN Energy Holdings		482	$	5,267
Guangdong Investment		12,000		25,103
Huadian Power International, Cl A		20,400		10,749
Huaneng Power International, Cl H		13,077		6,613
Hubei Energy Group, Cl A		21,100		12,632
SDIC Power Holdings, Cl A		10,800		14,234
Sichuan Chuantou Energy, Cl A		10,900		15,415
				129,201
TOTAL CHINA				7,064,705
HONG KONG — 10.4%
Communication Services — 0.3%
Alibaba Pictures Group *		120,000		21,099
Consumer Discretionary — 0.8%
Brilliance China Automotive Holdings		14,000		14,518
China First Capital Group *		14,000		485
Haier Electronics Group		6,000		18,750
Meituan Dianping, Cl B *		2,500		32,695
				66,448
Consumer Staples — 0.1%
Sun Art Retail Group		9,000		10,915
Energy — 0.1%
Yanzhou Coal Mining, Cl H		12,000		10,781
Financials — 4.3%
China Cinda Asset Management, Cl H		4,504		1,023
China Galaxy Securities, Cl H		30,500		17,967
China Huarong Asset Management, Cl H		49,000		7,735
China International Capital, Cl H		5,200		10,024
China Merchants Bank, Cl H		9,500		48,830
China Minsheng Banking, Cl H		27,500		20,788
China Pacific Insurance Group, Cl H		8,600		33,884
China Taiping Insurance Holdings		5,000		12,398
CITIC Securities, Cl H		6,000		13,691
Far East Horizon		7,000		6,558
GF Securities, Cl H		12,000		14,616
Huatai Securities, Cl H		7,400		13,087
Industrial & Commercial Bank of China, Cl H		171,441		132,016
People’s Insurance Group of China, Cl H		19,452		8,088
				340,705
Industrials — 0.3%
China Everbright International		12,323		9,885

30

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Shenzhen International Holdings		7,016	$	15,415
				25,300
Information Technology — 0.7%
Kingboard Holdings		3,500		11,095
Semiconductor Manufacturing International *		15,000		22,986
Xiaomi, Cl B *		18,000		24,903
				58,984
Materials — 0.4%
China Resources Cement Holdings		12,000		15,278
Nine Dragons Paper Holdings		12,000		12,475
				27,753
Real Estate — 2.5%
China Evergrande Group		6,000		16,633
China Jinmao Holdings Group		24,000		18,697
CIFI Holdings Group		25,195		21,309
Country Garden Holdings		25,612		41,022
Guangzhou R&F Properties		5,200		9,597
KWG Group Holdings		6,773		9,492
Longfor Group Holdings		6,000		28,106
Shimao Property Holdings		3,500		13,566
Sunac China Holdings		6,000		35,845
				194,267
Utilities — 0.9%
Beijing Enterprises Water Group		24,000		12,136
China Gas Holdings		5,000		18,738
China Longyuan Power Group, Cl H		12,000		7,593
China Resources Gas Group		2,000		10,986
China Resources Power Holdings		10,000		14,040
				63,493
TOTAL HONG KONG				819,745
TOTAL COMMON STOCK
(Cost $6,985,424)				7,884,450
TOTAL INVESTMENTS — 99.8%
(Cost $6,985,424)				7,884,450
OTHER ASSETS LESS LIABILITIES – 0.2%				12,882
NET ASSETS - 100%			$	7,897,332

31

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Index ETF

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of December 31, 2019 was $4,411 and represents 0.1% 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, 2019 was $4,411 and represents 0.1% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following summarizes the market value of the Fund’s investments used as of December 31, 2019, based on the inputs used to value them:  

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	1,174,078	$	—	$	—	$	1,174,078
Consumer Discretionary		1,641,090		—		—		1,641,090
Consumer Staples		512,464		—		—		512,464
Energy		217,579		—		—		217,579
Financials		1,500,537		—		—		1,500,537
Health Care		429,834		—		—		429,834
Industrials		581,308		—		—		581,308
Information Technology		377,151		—		—		377,151
Materials		229,162		—		4,411		233,573
Real Estate		267,890		—		—		267,890
Utilities		129,201		—		—		129,201
Hong Kong		819,745		—		—		819,745
Total Common Stock		7,880,039		—		4,411		7,884,450
Total Investments in Securities	$	7,880,039	$	—	$	4,411	$	7,884,450

^ 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, 2019, there have been no transfers in or out of Level 3.

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-011-0400

32

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 98.2%‡
CHINA — 37.0%
Energy — 0.2%
Guanghui Energy, Cl A		53,700	$	25,519
Financials — 4.5%
Bank of Chengdu, Cl A		28,100		36,592
Bank of Guiyang, Cl A		25,127		34,488
Bank of Hangzhou, Cl A		40,000		52,605
Bank of Jiangsu, Cl A		90,255		93,817
Bank of Nanjing, Cl A		66,091		83,217
Bank of Ningbo, Cl A		44,446		179,630
Chongqing Rural Commercial Bank, Cl H		63,425		32,397
Jiangsu Changshu Rural Commercial Bank, Cl A		21,700		28,382
				541,128
Industrials — 17.6%
Beijing New Building Materials, Cl A		13,108		47,896
China Communications Construction, Cl H		117,000		95,350
China Conch Venture Holdings		42,000		183,270
China Gezhouba Group, Cl A		35,950		34,479
China Lesso Group Holdings		28,000		35,899
China Railway Construction, Cl H		52,000		56,926
China Railway Group, Cl H		100,500		62,040
China Railway Hi-tech Industry, Cl A		17,476		28,854
China State Construction Engineering, Cl A		321,779		259,635
Contemporary Amperex Technology, Cl A		17,400		265,803
CRRC, Cl H		115,850		84,451
Daqin Railway, Cl A		117,032		137,949
Dongfang Electric, Cl A		21,400		28,236
Eve Energy, Cl A		7,700		55,452
Hefei Meiya Optoelectronic Technology, Cl A		5,400		30,314
Jiangsu Expressway, Cl H		32,000		43,861
Metallurgical Corp of China, Cl A		139,100		55,918
NARI Technology, Cl A		36,600		111,295
Ningbo Zhoushan Port, Cl A		68,901		37,591
Shanghai Construction Group, Cl A		69,800		35,476
Shanghai International Port Group, Cl A		66,910		55,429
Shenzhen Inovance Technology, Cl A		13,100		57,627
TBEA, Cl A		29,175		27,855
XCMG Construction Machinery, Cl A		61,148		48,022
Xinjiang Goldwind Science & Technology, Cl A		27,144		46,571
Yangzijiang Shipbuilding Holdings		60,000		49,976
Zhejiang Expressway, Cl H		38,000		34,626
Zhengzhou Yutong Bus, Cl A		17,497		35,797
Zhuzhou CRRC Times Electric, Cl H		14,400		52,116

33

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Zoomlion Heavy Industry Science and Technology		36,600	$	30,673
				2,129,387
Materials — 4.4%
Anhui Conch Cement, Cl H		32,000		233,271
BBMG, Cl A		63,500		34,006
Beijing Oriental Yuhong Waterproof Technology, Cl A		11,424		43,153
China National Building Material, Cl H		103,000		115,005
China Northern Rare Earth Group High-Tech, Cl A		28,524		44,392
Huaxin Cement, Cl A		10,500		39,843
Yintai Resources, Cl A		15,600		30,483
				540,153
Utilities — 10.3%
Beijing Enterprises Holdings		13,000		59,646
CGN Power, Cl H		279,875		74,712
China National Nuclear Power, Cl A		102,042		73,251
China Yangtze Power, Cl A		172,443		455,052
ENN Energy Holdings		20,700		226,213
GD Power Development, Cl A		154,800		52,006
Huadian Power International, Cl A		53,342		28,107
Huaneng Power International, Cl H		99,000		50,060
Kunlun Energy		92,000		81,234
SDIC Power Holdings, Cl A		52,606		69,334
Shenergy, Cl A		38,719		32,298
Sichuan Chuantou Energy, Cl A		34,684		49,050
				1,250,963
TOTAL CHINA				4,487,150
HONG KONG — 5.8%
Industrials — 1.2%
China Communications Services, Cl H		64,000		46,654
Shenzhen International Holdings		25,310		55,611
Sinotruk Hong Kong		18,000		38,394
				140,659
Materials — 0.7%
China Resources Cement Holdings		66,000		84,027
Utilities — 3.9%
China Gas Holdings		48,200		180,631
China Longyuan Power Group, Cl H		84,000		53,148
China Resources Gas Group		23,500		129,084
China Resources Power Holdings		48,635		68,286

34

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Huaneng Renewables, Cl H		126,860	$	49,332
				480,481
TOTAL HONG KONG				705,167
INDIA — 2.6%
Industrials — 0.5%
AIA Engineering		2,617		60,477
Materials — 2.1%
Hindalco Industries		82,843		250,868
TOTAL INDIA				311,345
INDONESIA — 4.5%
Energy — 1.3%
Adaro Energy		1,011,200		113,266
Bukit Asam		240,900		46,158
				159,424
Materials — 3.2%
Barito Pacific *		1,888,100		205,369
Indah Kiat Pulp & Paper		193,500		107,326
Pabrik Kertas Tjiwi Kimia		101,400		75,050
				387,745
TOTAL INDONESIA				547,169
ISRAEL — 1.9%
Materials — 1.9%
Israel Chemicals		50,325		236,764
TOTAL ISRAEL				236,764
JORDAN — 0.4%
Financials — 0.4%
Arab Bank		5,868		47,590
TOTAL JORDAN				47,590
KUWAIT — 1.5%
Industrials — 1.5%
Agility Public Warehousing KSC		68,435		184,569
TOTAL KUWAIT				184,569

35

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
MALAYSIA — 4.6%
Energy — 0.3%
Sapura Energy		506,400	$	33,426
Industrials — 0.9%
Sime Darby		193,300		104,908
Materials — 3.4%
Petronas Chemicals Group		168,800		303,307
Press Metal Aluminium Holdings		99,400		112,996
				416,303
TOTAL MALAYSIA				554,637
PHILIPPINES — 4.2%
Industrials — 4.2%
International Container Terminal Services		70,170		178,179
JG Summit Holdings		208,280		332,294
TOTAL PHILIPPINES				510,473
POLAND — 2.1%
Materials — 2.1%
KGHM Polska Miedz		9,863		248,912
TOTAL POLAND				248,912
RUSSIA — 11.2%
Energy — 6.1%
Rosneft		78,780		570,386
Surgutneftegas		219,000		177,954
				748,340
Materials — 5.1%
MMC Norilsk Nickel PJSC		2,006		616,935
TOTAL RUSSIA				1,365,275
SINGAPORE — 8.6%
Financials — 5.4%
Oversea-Chinese Banking		80,412		656,620
Industrials — 3.2%
Keppel		36,000		181,252
Singapore Airlines		13,400		90,087
Singapore Technologies Engineering		38,800		113,689
				385,028
TOTAL SINGAPORE				1,041,648

36

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued
SOUTH AFRICA — 8.8%
Materials — 8.8%
Anglo American Platinum		3,806	$	355,827
Impala Platinum Holdings *		56,379		578,647
Kumba Iron Ore		4,546		135,582
TOTAL SOUTH AFRICA				1,070,056
THAILAND — 3.3%
Energy — 0.8%
IRPC		818,800		100,595
Materials — 2.5%
PTT Global Chemical		159,600		303,708
TOTAL THAILAND				404,303
TURKEY — 0.8%
Industrials — 0.8%
Turk Hava Yollari AO *		38,819		94,324
TOTAL TURKEY				94,324
UNITED ARAB EMIRATES — 0.6%
Industrials — 0.6%
Air Arabia PJSC		160,132		70,188
TOTAL UNITED ARAB EMIRATES				70,188
UNITED KINGDOM — 0.3%
Energy — 0.3%
NAC Kazatomprom JSC GDR		2,743		35,659
TOTAL UNITED KINGDOM				35,659
TOTAL COMMON STOCK
(Cost $11,517,619)				11,915,229
PREFERRED STOCK — 1.8%
RUSSIA— 1.8%
Energy — 1.8%
Surgutneftegas PJSC(A)		209,500		127,246
Transneft(A)		32		91,062
TOTAL RUSSIA				218,308
TOTAL PREFERRED STOCK
(Cost $210,765)				218,308
TOTAL INVESTMENTS — 100.0%
(Cost $11,728,384)				12,133,537
OTHER ASSETS LESS LIABILITIES – 0%				6,013
NET ASSETS - 100%			$	12,139,550

37

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI One Belt One Road Index ETF

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Currently, no stated interest rate.

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

The following summarizes the market value of the Fund’s investments used as of December 31, 2019, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China	$	4,487,150	$	—	$	—	$	4,487,150
Hong Kong		705,167		—		—		705,167
India		311,345		—		—		311,345
Indonesia		547,169		—		—		547,169
Israel		236,764		—		—		236,764
Jordan		47,590		—		—		47,590
Kuwait		184,569		—		—		184,569
Malaysia		554,637		—		—		554,637
Philippines		510,473		—		—		510,473
Poland		248,912		—		—		248,912
Russia		1,365,275		—		—		1,365,275
Singapore		1,041,648		—		—		1,041,648
South Africa		1,070,056		—		—		1,070,056
Thailand		404,303		—		—		404,303
Turkey		94,324		—		—		94,324
United Arab Emirates		70,188		—		—		70,188
United Kingdom		35,659		—		—		35,659
Total Common Stock		11,915,229		—		—		11,915,229
Preferred Stock		127,246		91,062		—		218,308
Total Investments in Securities	$	12,042,475	$	91,062	$	—	$	12,133,537

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 March 31, 2019	$	293,832
Accrued discounts/premiums		—
Realized gain/(loss)		(236,811	)
Change in unrealized appreciation/(depreciation)		36,175
Purchases		—
Sales		(93,196	)
Transfer into Level 3		—
Transfer out of Level 3		—
Ending balance as of December 31, 2019	$	—

38

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI One Belt One Road Index ETF

For the period ended December 31, 2019, there have been no transfers in or out of Level 3.

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-006-0500

39

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.0%‡
ARGENTINA — 3.2%
Consumer Discretionary — 3.2%
MercadoLibre *		1,091	$	623,986
TOTAL ARGENTINA				623,986
BRAZIL — 6.4%
Communication Services — 0.7%
Smiles Fidelidade		14,600		142,527
Consumer Discretionary — 3.3%
B2W Cia Digital *		30,270		473,009
CVC Brasil Operadora e Agencia de Viagens		13,326		145,096
				618,105
Information Technology — 2.4%
Cielo		221,080		459,999
TOTAL BRAZIL				1,220,631
CHINA — 39.2%
Communication Services — 23.0%
58.com ADR *		7,337		474,924
Autohome ADR *		6,237		499,023
Baidu ADR *		5,503		695,579
China Telecom, Cl H		1,172,000		482,831
iQIYI ADR *		22,266		470,035
NetEase ADR		2,012		616,960
Tencent Holdings		14,675		707,401
Weibo ADR *		10,460		484,821
				4,431,574
Consumer Discretionary — 16.2%
Alibaba Group Holding ADR *		3,077		652,632
JD.com ADR *		19,149		674,619
New Oriental Education & Technology Group ADR *		5,211		631,833
TAL Education Group ADR *		9,829		473,758
Trip.com Group ADR		19,830		665,098
				3,097,940
TOTAL CHINA				7,529,514

40

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued
GREECE — 5.0%
Communication Services — 2.6%
Hellenic Telecommunications Organization		30,683	$	491,137
Consumer Discretionary — 2.4%
OPAP		35,655		463,863
TOTAL GREECE				955,000
INDIA — 0.7%
Consumer Discretionary — 0.7%
MakeMyTrip *		5,678		130,026
TOTAL INDIA				130,026
MALAYSIA — 3.1%
Communication Services — 2.4%
Telekom Malaysia		496,000		463,200
Information Technology — 0.7%
My EG Services		520,000		139,836
TOTAL MALAYSIA				603,036
MEXICO — 2.4%
Communication Services — 2.4%
Grupo Televisa		198,100		465,038
TOTAL MEXICO				465,038
POLAND — 3.2%
Communication Services — 3.2%
Cyfrowy Polsat		63,808		470,730
Orange Polska		77,357		145,429
TOTAL POLAND				616,159
PUERTO RICO — 0.8%
Information Technology — 0.8%
EVERTEC		4,321		147,087
TOTAL PUERTO RICO				147,087
RUSSIA — 3.3%
Communication Services — 2.7%
Mail.Ru Group GDR *		23,170		516,691
Information Technology — 0.6%
QIWI ADR		6,555		126,905
TOTAL RUSSIA				643,596

41

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued
SOUTH AFRICA — 3.9%
Consumer Discretionary — 3.9%
Naspers, Cl N		4,570	$	748,662
TOTAL SOUTH AFRICA				748,662
SOUTH KOREA — 20.5%
Communication Services — 16.6%
Com2uSCorp		1,529		142,131
Kakao		3,576		474,656
KT ADR		40,512		469,939
NAVER *		4,396		708,940
NCSoft *		987		461,729
Netmarble * (A)		6,224		497,296
NHN *		2,486		143,599
Pearl Abyss * (A)		860		137,725
Studio Dragon *		2,076		145,228
				3,181,243
Consumer Discretionary — 0.8%
DoubleUGames *		3,415		147,207
Consumer Staples — 0.8%
Orion Holdings *		9,684		149,056
Financials — 0.7%
Daou Technology *		8,834		145,139
Health Care — 0.8%
Celltrion Pharm *		4,672		160,781
Information Technology — 0.8%
Douzone Bizon *		2,210		154,793
TOTAL SOUTH KOREA				3,938,219
TAIWAN — 2.2%
Information Technology — 2.2%
Wistron NeWeb		56,000		141,042
WPG Holdings		107,880		140,711
WT Microelectronics		102,000		143,250
TOTAL TAIWAN				425,003
THAILAND — 2.3%
Communication Services — 2.3%
Intouch Holdings, Cl F		231,237		441,959
TOTAL THAILAND				441,959

42

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
UNITED STATES — 2.8%
Information Technology — 2.8%
Pagseguro Digital, Cl A *		15,576	$	532,076
TOTAL UNITED STATES				532,076
TOTAL COMMON STOCK
(Cost $19,468,484)				19,019,992
PREFERRED STOCK — 0.7%
BRAZIL— 0.7%
Communication Services — 0.7%
Oi *(B)		450,000		137,594
TOTAL PREFERRED STOCK
(Cost $168,796)				137,594
SHORT-TERM INVESTMENT(C)(D) — 3.3%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500%		624,929		624,929
TOTAL SHORT-TERM INVESTMENT
(Cost $624,929)				624,929
TOTAL INVESTMENTS — 103.0%
(Cost $20,262,209)				19,782,515
OTHER ASSETS LESS LIABILITIES – (3.0)%				(568,919	)
NET ASSETS - 100%			$	19,213,596

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $595,135.

(B) Currently, no stated interest rate.

(C) The rate shown is the 7-day effective yield as of December 31, 2019.

(D) This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2019 was $624,929.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-007-0500

43

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI China Environment Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 42.9%
Consumer Discretionary — 15.3%
BYD, Cl A		4,300	$	29,429
BYD, Cl H		26,000		129,636
NIO ADR *		31,131		125,147
				284,212
Industrials — 18.4%
China Conch Venture Holdings		38,500		167,997
Contemporary Amperex Technology, Cl A		5,900		90,129
Tus Environmental Science And Technology Development, Cl A		5,900		7,776
Xinjiang Goldwind Science & Technology, Cl A		12,735		21,849
Xinjiang Goldwind Science & Technology, Cl H		47,404		55,059
				342,810
Information Technology — 9.2%
JinkoSolar Holding ADR *		2,274		51,142
LONGi Green Energy Technology, Cl A		15,030		53,581
Sanan Optoelectronics, Cl A		16,900		44,548
Wuxi Lead Intelligent Equipment, Cl A		3,500		22,583
				171,854
TOTAL CHINA				798,876
HONG KONG — 56.5%
Consumer Discretionary — 2.9%
Tianneng Power International		45,885		34,921
Yadea Group Holdings		72,694		19,125
				54,046
Industrials — 9.8%
China Everbright International		172,216		138,139
China High Speed Transmission Equipment Group		28,000		19,872
CT Environmental Group *(A)(B)(C)		329,000		1,055
Dynagreen Environmental Protection Group, Cl H		24,000		10,134
Fullshare Holdings *		612,500		14,150
				183,350
Information Technology — 10.2%
China Railway Signal & Communication, Cl H *		102,000		56,945
GCL-Poly Energy Holdings *		955,000		36,157
Wasion Holdings		35,000		17,114
Xinyi Solar Holdings		111,588		79,196
				189,412

44

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI China Environment Index ETF

	Shares		Value
COMMON STOCK — continued
Real Estate — 16.3%
China Merchants Land *		86,000	$	13,465
Shimao Property Holdings		42,000		162,787
SOHO China		143,000		53,957
Yuexiu Real Estate Investment Trust †		108,000		73,185
				303,394
Utilities — 17.3%
Beijing Enterprises Water Group		154,500		78,124
Canvest Environmental Protection Group		42,000		19,405
China Datang Renewable Power, Cl H		164,000		16,628
China Everbright Greentech		24,000		12,998
China Longyuan Power Group, Cl H		130,800		82,759
Concord New Energy Group		410,000		19,996
GCL New Energy Holdings *		392,000		7,949
Huaneng Renewables, Cl H		198,000		76,996
Panda Green Energy Group *		264,000		6,505
				321,360
TOTAL HONG KONG				1,051,562
SINGAPORE — 0.5%
Utilities — 0.5%
China Everbright Water		39,357		9,366
TOTAL SINGAPORE				9,366
TOTAL COMMON STOCK
(Cost $1,737,791)				1,859,804
TOTAL INVESTMENTS — 99.9%
(Cost $1,737,791)				1,859,804
OTHER ASSETS LESS LIABILITIES – 0.1%				1,094
NET ASSETS - 100%			$	1,860,898

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

† Real Estate Investment Trust

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee appointed by the Board of Trustees. The total value of such securities as of December 31, 2019 was $1,055 and represents 0.1% 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, 2019 was $1,055 and represents 0.1% of Net Assets.

ADR — American Depositary Receipt 

Cl — Class

45

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI China Environment Index ETF

The following summarizes the market value of the Fund’s investments used as of December 31, 2019, based on the inputs used to value them: 

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China	$	798,876	$	—	$	—	$	798,876
Hong Kong
Consumer Discretionary		54,046		—		—		54,046
Industrials		182,295		—		1,055		183,350
Information Technology		189,412		—		—		189,412
Real Estate		303,394		—		—		303,394
Utilities		321,360		—		—		321,360
Singapore		9,366		—		—		9,366
Total Common Stock		1,858,749		—		1,055		1,859,804
Total Investments in Securities	$	1,858,749	$	—	$	1,055	$	1,859,804

^ 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, 2019, there have been no transfers in or out of Level 3.

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-008-0500

46

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 95.8%‡
AUSTRIA — 1.0%
Information Technology — 1.0%
ams *		5,344	$	216,718
TOTAL AUSTRIA				216,718
CANADA — 1.5%
Materials — 1.5%
First Quantum Minerals		31,493		319,848
TOTAL CANADA				319,848
CHILE — 2.6%
Materials — 2.6%
Antofagasta		25,892		314,467
Sociedad Quimica y Minera de Chile ADR		8,821		235,432
TOTAL CHILE				549,899
CHINA — 21.2%
Communication Services — 2.1%
Baidu ADR *		3,488		440,883
Consumer Discretionary — 13.3%
Aerospace Hi-Tech Holdings Grp, Cl A		149,650		240,638
BYD, Cl H(A)		65,500		326,584
Great Wall Motor, Cl H		320,000		236,556
Guangdong Dongfang Precision Science & Technology, Cl A *		381,200		232,601
Huizhou Desay Sv Automotive, Cl A		55,900		243,419
Kuang-Chi Technologies, Cl A *		155,792		204,661
Ningbo Joyson Electronic, Cl A *		101,900		261,877
NIO ADR * (A)		96,279		387,042
SAIC Motor, Cl A		126,100		431,789
Zotye Automobile, Cl A *		627,626		264,021
				2,829,188
Industrials — 4.7%
Camel Group, Cl A		185,305		249,551
Guoxuan High-Tech, Cl A		124,589		260,263
Shenzhen Center Power Tech, Cl A *		67,300		259,725
Zhejiang Narada Power Source, Cl A *		158,100		244,692
				1,014,231
Information Technology — 1.1%
Shanghai Belling, Cl A		105,200		237,884
TOTAL CHINA				4,522,186

47

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
FRANCE — 2.2%
Consumer Discretionary — 1.4%
Valeo		8,659	$	305,296
Information Technology — 0.8%
STMicroelectronics		6,168		165,958
TOTAL FRANCE				471,254
GERMANY — 10.3%
Consumer Discretionary — 8.3%
Bayerische Motoren Werke		8,893		730,111
Daimler		13,268		735,283
Hella GmbH & KGaA		5,773		319,732
				1,785,126
Information Technology — 2.0%
Infineon Technologies		18,346		418,251
TOTAL GERMANY				2,203,377
HONG KONG — 1.4%
Consumer Discretionary — 1.4%
Brilliance China Automotive Holdings		294,000		304,874
TOTAL HONG KONG				304,874
JAPAN — 2.8%
Industrials — 1.1%
GS Yuasa		10,700		232,855
Materials — 1.7%
Hitachi Chemical		8,800		370,462
TOTAL JAPAN				603,317
NETHERLANDS — 2.1%
Information Technology — 2.1%
NXP Semiconductors		3,458		440,065
TOTAL NETHERLANDS				440,065
PERU — 2.1%
Materials — 2.1%
Southern Copper		10,425		442,854
TOTAL PERU				442,854

48

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA — 2.1%
Information Technology — 2.1%
Samsung SDI		2,150	$	438,757
TOTAL SOUTH KOREA				438,757
SWITZERLAND — 1.2%
Information Technology — 1.2%
STMicroelectronics		9,598		258,247
TOTAL SWITZERLAND				258,247
TAIWAN — 1.2%
Information Technology — 1.2%
Parade Technologies		12,000		246,189
TOTAL TAIWAN				246,189
UNITED KINGDOM — 1.1%
Information Technology — 1.1%
Dialog Semiconductor *		4,686		237,280
TOTAL UNITED KINGDOM				237,280
UNITED STATES — 43.0%
Communication Services — 3.5%
Alphabet, Cl A *		552		739,343
Consumer Discretionary — 11.7%
Aptiv		4,526		429,834
General Motors		20,829		762,341
Gentherm *		5,357		237,797
Tesla *		1,972		824,947
Visteon *		2,628		227,559
				2,482,478
Industrials — 2.2%
EnerSys		3,188		238,558
Plug Power * (A)		75,322		238,018
				476,576
Information Technology — 22.4%
Advanced Micro Devices *		17,760		814,473
Ambarella *		4,220		255,563
Analog Devices		6,327		751,901
Cirrus Logic *		3,079		253,740

49

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Maxim Integrated Products		7,107	$	437,152
MaxLinear, Cl A *		11,375		241,378
NVIDIA		3,341		786,136
Skyworks Solutions		3,799		459,223
Texas Instruments		5,919		759,349
				4,758,915
Materials — 3.2%
Albemarle		4,869		355,632
FMC		3,239		323,317
				678,949
TOTAL UNITED STATES				9,136,261
TOTAL COMMON STOCK
(Cost $20,233,190)				20,391,126
PREFERRED STOCK — 3.4%
GERMANY— 3.4%
Consumer Discretionary — 3.4%
Volkswagen (B)		3,704		732,759
TOTAL PREFERRED STOCK
(Cost $649,056)				732,759
SHORT-TERM INVESTMENT(C) (D) — 4.2%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500%		900,270		900,270
TOTAL SHORT-TERM INVESTMENT
(Cost $900,270)				900,270
TOTAL INVESTMENTS — 103.4%
(Cost $21,782,516)				22,024,155
OTHER ASSETS LESS LIABILITIES – (3.4)%				(733,554	)
NET ASSETS - 100%			$	21,290,601

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

(A) This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $869,067.

(B) Currently, no stated interest rate.

(C) The rate shown is the 7-day effective yield as of December 31, 2019.

(D) This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2019 was $900,270.

ADR — American Depositary Receipt 

Cl — Class

50

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Electric Vehicles and Future Mobility Index ETF

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-009-0400

51

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 96.1%
Health Care — 96.1%
3SBio *		168,000	$	217,767
Aier Eye Hospital Group, Cl A		122,805		697,496
Alibaba Health Information Technology *		462,000		533,638
Asymchem Laboratories Tianjin, Cl A		9,400		174,770
Autobio Diagnostics, Cl A		11,000		152,212
Beijing SL Pharmaceutical, Cl A		40,727		76,891
Beijing Tiantan Biological Products, Cl A		42,123		168,972
Beijing Tongrentang, Cl A		53,868		217,943
Betta Pharmaceuticals, Cl A		15,800		149,036
BGI Genomics, Cl A *		16,000		157,814
Changchun High & New Technology Industry Group, Cl A		6,700		429,983
Chengdu Kanghong Pharmaceutical Group, Cl A		29,510		156,635
China Medical System Holdings		179,000		257,756
China National Accord Medicines, Cl A		14,632		95,290
China National Medicines, Cl A		29,755		116,582
China Reform Health Management and Services Group, Cl A *		35,500		87,257
China Resources Double Crane Pharmaceutical, Cl A		41,307		77,393
China Resources Pharmaceutical Group		208,500		193,467
China Resources Sanjiu Medical & Pharmaceutical, Cl A		39,278		178,650
China Traditional Chinese Medicine Holdings		300,000		144,768
Chongqing Zhifei Biological Products, Cl A		53,500		381,444
CSPC Pharmaceutical Group		624,000		1,487,964
Dong-E-E-Jiao, Cl A		3,600		18,281
Dong-E-E-Jiao, Cl E		22,014		111,790
Genscript Biotech *		124,000		281,681
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		55,246		282,450
Guangzhou Kingmed Diagnostics Group, Cl A		18,800		138,251
Guizhou Bailing Group Pharmaceutical, Cl A		55,900		69,904
Hangzhou Tigermed Consulting, Cl A		29,950		271,544
Huadong Medicine, Cl A		68,422		239,496
Hualan Biological Engineering, Cl A		57,164		288,481
Hubei Jumpcan Pharmaceutical, Cl A		32,375		112,392
Hutchison China MediTech ADR *		7,892		197,852
Jafron Biomedical, Cl A		16,500		170,184
Jiangsu Hengrui Medicine, Cl A		149,609		1,879,903
Jiangsu Yuyue Medical Equipment & Supply, Cl A		40,810		119,058
Jilin Aodong Pharmaceutical Group, Cl A		45,431		107,819
Jinyu Bio-Technology, Cl A		45,668		122,740
Joincare Pharmaceutical Group Industry, Cl A		77,748		115,531
Jointown Pharmaceutical Group, Cl A		73,850		150,029
Lepu Medical Technology Beijing, Cl A		71,100		337,680
Livzon Pharmaceutical Group, Cl A		24,940		120,669
Luye Pharma Group (A)		150,500		112,801
Meinian Onehealth Healthcare Holdings, Cl A		150,911		322,617

52

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — continued
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		23,700	$	141,142
Ovctek China, Cl A		16,400		111,442
Shandong Buchang Pharmaceuticals, Cl A		44,869		132,832
Shandong Weigao Group Medical Polymer, Cl H		272,000		326,045
Shanghai Fosun Pharmaceutical Group, Cl A		79,559		303,837
Shanghai Fosun Pharmaceutical Group, Cl H		69,000		208,103
Shanghai Pharmaceuticals Holding, Cl A		74,294		195,944
Shanghai Pharmaceuticals Holding, Cl H		109,300		212,658
Shenzhen Hepalink Pharmaceutical Group, Cl A		40,428		113,242
Shenzhen Kangtai Biological Products, Cl A		25,600		322,668
Shenzhen Mindray Bio-Medical Electronics, Cl A		16,053		419,237
Shenzhen Salubris Pharmaceuticals, Cl A		34,957		100,075
Shijiazhuang Yiling Pharmaceutical, Cl A		48,372		86,325
Sichuan Kelun Pharmaceutical, Cl A		57,900		195,268
Sino Biopharmaceutical		904,500		1,265,311
Sinopharm Group, Cl H		159,200		581,283
SSY Group		204,000		165,204
Tasly Pharmaceutical Group, Cl A		60,692		134,365
Tonghua Dongbao Pharmaceutical, Cl A		78,291		142,191
Topchoice Medical, Cl A *		12,800		188,422
Walvax Biotechnology, Cl A		61,600		286,900
Winning Health Technology Group, Cl A		66,600		143,237
WuXi AppTec, Cl A		57,305		757,907
WuXi AppTec, Cl H		20,700		256,764
Wuxi Biologics Cayman *		74,500		943,225
Yifan Pharmaceutical, Cl A		49,239		114,877
Yunnan Baiyao Group, Cl A		51,065		655,656
Zhangzhou Pientzehuang Pharmaceutical, Cl A		23,723		374,212
Zhejiang Conba Pharmaceutical, Cl A		106,913		94,401
Zhejiang Huahai Pharmaceutical, Cl A *		53,616		132,863
Zhejiang NHU, Cl A		84,533		282,297
Zhejiang Wolwo Bio-Pharmaceutical, Cl A		22,500		142,621
TOTAL CHINA				21,255,435
HONG KONG — 3.8%
Health Care — 3.8%
Hansoh Pharmaceutical Group *		62,000		206,088
Innovent Biologics *		96,000		327,114
Ping An Healthcare and Technology * (A)		43,400		316,652
TOTAL HONG KONG				849,854
TOTAL COMMON STOCK
(Cost $19,300,459)				22,105,289

53

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
SHORT-TERM INVESTMENT(B)(C) — 1.8%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500%		406,597	$	406,597
TOTAL SHORT-TERM INVESTMENT
(Cost $406,597)				406,597
TOTAL INVESTMENTS — 101.7%
(Cost $19,707,056)				22,511,886
OTHER ASSETS LESS LIABILITIES – (1.7)%				(384,995	)
NET ASSETS - 100%			$	22,126,891

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $386,739.
(B)	The rate shown is the 7-day effective yield as of December 31, 2019.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of December 31, 2019 was $406,597.

ADR — American Depositary Receipt

Cl — Class

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-010-0400

54

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 95.8%
CHINA — 64.9%
Consumer Discretionary — 3.1%
CAR
8.875%, 05/10/2022	$	200,000	$	182,020
Golden Eagle Retail Group
4.625%, 05/21/2023		200,000		196,500
				378,520
Financials — 21.2%
CFLD Cayman Investment
8.600%, 04/08/2024		200,000		205,755
China Reinsurance Finance
3.375%, 03/09/2022		400,000		401,260
Fortune Star BVI
5.950%, 01/29/2023		200,000		201,022
GLP China Holdings
4.974%, 02/26/2024		200,000		211,223
Guotai Junan Holdings
3.875%, 03/11/2022		200,000		204,273
Kunming Traffic Investment
6.200%, 06/27/2022		300,000		302,770
KWG Group Holdings
7.875%, 09/01/2023		200,000		209,593
Poly Real Estate Finance
4.750%, 09/17/2023		200,000		211,239
Ronshine China Holdings
8.750%, 10/25/2022		200,000		208,491
Sino-Ocean Land Treasure IV
5.250%, 04/30/2022		200,000		207,712
Westwood Group Holdings
5.375%, 10/19/2023		200,000		213,492
				2,576,830
Industrials — 4.1%
CNAC HK Synbridge
5.000%, 05/05/2020		300,000		302,211
Lee & Man Paper Manufacturing
5.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+8.280%‡		200,000		199,542
				501,753
Materials — 2.1%
Chinalco Capital Holdings
4.250%, 04/21/2022		250,000		253,564

55

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Real Estate — 30.8%
Agile Group Holdings
8.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+11.254%‡	$	200,000	$	208,720
Chengdu Economic & Technological Development Zone State-Owned Assets Investment
7.500%, 02/12/2022		200,000		202,579
China Aoyuan Group
7.950%, 09/07/2021		200,000		207,000
China Evergrande Group
7.500%, 06/28/2023		400,000		347,950
Country Garden Holdings
8.000%, 01/27/2024		400,000		437,910
Easy Tactic
8.625%, 02/27/2024		200,000		206,957
Fantasia Holdings Group
15.000%, 12/18/2021		200,000		217,239
Franshion Brilliant
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.859%‡		200,000		198,100
Kaisa Group Holdings
8.500%, 06/30/2022		200,000		196,491
Logan Property Holdings
5.250%, 02/23/2023		200,000		199,742
Shimao Property Holdings
6.125%, 02/21/2024		300,000		319,489
Shui On Development Holding
6.400%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.627%‡		200,000		199,459
Sunac China Holdings
8.350%, 04/19/2023		200,000		212,472
Times China Holdings
6.600%, 03/02/2023		200,000		202,464
Well Hope Development
3.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.927%‡		200,000		199,594
Yuzhou Properties
8.500%, 02/04/2023		200,000		211,975
				3,768,141
Utilities — 3.6%
Lenovo Group
4.750%, 03/29/2023		200,000		204,747
Nuoxi Capital
5.350%, 01/24/2023		200,000		72,094

56

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Utilities — continued
Tsinghua Unic
5.375%, 01/31/2023	$	200,000	$	156,094
				432,935
TOTAL CHINA				7,911,743
HONG KONG — 30.9%
Consumer Discretionary — 1.3%
Li & Fung
5.250%‡		200,000		156,100
Financials — 15.2%
AIA Group
3.125%, 03/13/2023		200,000		203,734
Bank of East Asia
5.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.834%‡		250,000		252,627
China CITIC Bank International
7.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.151%‡		200,000		216,754
CMB Wing Lung Bank
6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.948%8‡		250,000		264,999
FWD Group
0.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.865%‡		300,000		245,397
Industrial & Commercial Bank of China Asia
4.250%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.135%‡		300,000		303,906
Nanyang Commercial Bank
5.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.205%‡		350,000		351,064
				1,838,481
Industrials — 3.3%
Celestial Miles
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+8.205%‡		200,000		210,418
China Water Affairs Group
5.250%, 02/07/2022		200,000		200,760
				411,178
Real Estate — 6.9%
HLP Finance
4.750%, 06/25/2022		200,000		209,162
Metropolitan Light
5.500%, 11/21/2022		180,000		185,961

57

Schedule of Investments (Unaudited) December 31, 2019

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — continued
Real Estate — continued
Nan Fung Treasury
4.500%, 09/20/2022	$	200,000	$	207,686
NWD Finance BVI
5.750%‡		250,000		249,750
				852,559
Utilities — 4.2%
OVPH
5.875%‡		500,000		511,975
TOTAL HONG KONG				3,770,293
TOTAL CORPORATE OBLIGATIONS
(Cost $11,540,932)				11,682,036
TOTAL INVESTMENTS — 95.8%
(Cost $11,540,932)				11,682,036
OTHER ASSETS LESS LIABILITIES – 4.2%				517,635
NET ASSETS - 100%			$	12,199,671

‡ Perpetual security with no stated maturity date.

VAR — Variable Rate

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-012-0400

58

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
BRAZIL — 10.3%
Health Care — 10.3%
Fleury		1,300	$	9,866
Hapvida Participacoes e Investimentos		3,100		49,243
Notre Dame Intermedica Participacoes		2,200		37,326
Odontoprev		2,200		9,226
Qualicorp Consultoria e Corretora de Seguros		1,100		10,145
TOTAL BRAZIL				115,806
CHINA — 32.7%
Health Care — 32.7%
3SBio *		4,500		5,833
Aier Eye Hospital Group, Cl A		4,916		27,922
Autobio Diagnostics, Cl A		600		8,302
Beijing Tongrentang, Cl A		2,200		8,901
Changchun High & New Technology Industry Group, Cl A		300		19,253
China Biologic Products Holdings *		62		7,215
China Medical System Holdings		4,000		5,760
Chongqing Zhifei Biological Products, Cl A		2,613		18,630
Genscript Biotech *		2,000		4,543
Hangzhou Tigermed Consulting, Cl A		1,200		10,880
Huadong Medicine, Cl A		2,840		9,941
Hualan Biological Engineering, Cl A		2,300		11,607
Jiangsu Hengrui Medicine, Cl A		3,690		46,362
Lepu Medical Technology Beijing, Cl A		2,622		12,453
Luye Pharma Group		5,500		4,122
Shandong Weigao Group Medical Polymer, Cl H		8,000		9,590
Shanghai RAAS Blood Products, Cl A *		8,600		9,162
Shenzhen Kangtai Biological Products, Cl A		900		11,344
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,800		47,008
Topchoice Medical, Cl A *		500		7,360
Walvax Biotechnology, Cl A		2,400		11,178
WuXi AppTec, Cl H		280		3,473
Wuxi Biologics Cayman *		2,000		25,322
Yunnan Baiyao Group, Cl A		1,800		23,111
Zai Lab ADR *		100		4,159
Zhangzhou Pientzehuang Pharmaceutical, Cl A		1,000		15,774
TOTAL CHINA				369,205
HONG KONG — 4.6%
Health Care — 4.6%
Hansoh Pharmaceutical Group *		8,000		26,592
Innovent Biologics *		2,000		6,815
Jinxin Fertility Group *		2,000		2,674
Microport Scientific		3,000		3,554

59

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — continued
Ping An Healthcare and Technology *		1,600	$	11,674
TOTAL HONG KONG				51,309
HUNGARY — 1.4%
Health Care — 1.4%
Richter Gedeon Nyrt		731		15,917
TOTAL HUNGARY				15,917
INDIA — 10.4%
Health Care — 10.4%
Apollo Hospitals Enterprise		553		11,172
Aurobindo Pharma		2,267		14,510
Biocon		4,679		19,253
Fortis Healthcare *		3,315		6,125
Piramal Enterprises		825		17,609
Sun Pharmaceutical Industries		8,034		48,686
TOTAL INDIA				117,355
INDONESIA — 2.9%
Health Care — 2.9%
Kalbe Farma		190,300		22,207
Mitra Keluarga Karyasehat		55,500		10,674
TOTAL INDONESIA				32,881
MALAYSIA — 6.8%
Health Care — 6.8%
Hartalega Holdings		13,500		18,086
IHH Healthcare		35,200		47,071
Top Glove		10,100		11,605
TOTAL MALAYSIA				76,762
MEXICO — 0.4%
Health Care — 0.4%
Genomma Lab Internacional, Cl B *		4,200		4,170
TOTAL MEXICO				4,170
SOUTH AFRICA — 2.9%
Health Care — 2.9%
Aspen Pharmacare Holdings *		1,789		15,253
Life Healthcare Group Holdings		5,659		9,975
Netcare		5,165		7,188
TOTAL SOUTH AFRICA				32,416

60

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — continued
SOUTH KOREA — 20.9%
Consumer Discretionary — 1.4%
HLB *		164	$	16,294
Health Care — 19.5%
Celltrion *		333		52,096
Celltrion Healthcare *		608		27,862
Daewoong Pharmaceutical		45		5,350
Genexine *		96		5,188
Green Cross		44		5,041
Hanall Biopharma *		203		6,372
Hanmi Pharm		46		11,768
Hanmi Science		269		8,930
Helixmith *		81		6,493
Hugel *		20		6,878
Medy-Tox		24		6,164
Mezzion Pharma *		40		6,617
Samsung Biologics *		149		55,789
SillaJen *		261		3,284
Yuhan		55		11,166
				218,998
TOTAL SOUTH KOREA				235,292
THAILAND — 6.6%
Health Care — 6.6%
Bangkok Chain Hospital		9,900		5,652
Bangkok Dusit Medical Services, Cl F		63,700		55,292
Bumrungrad Hospital		2,800		13,741
TOTAL THAILAND				74,685
TOTAL COMMON STOCK
(Cost $1,044,958)				1,125,798
RIGHTS — 0.0%
Piramal Enterprises, Expires 01/20/2020*
(Cost $–)		109		341
TOTAL INVESTMENTS — 99.9%
(Cost $1,044,958)				1,126,139
OTHER ASSETS LESS LIABILITIES – 0.1%				1,326
NET ASSETS - 100%			$	1,127,465

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

ADR — American Depositary Receipt

61

Schedule of Investments (Unaudited) December 31, 2019

KraneShares Emerging Markets Healthcare Index ETF

Cl — Class

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-018-0100

62

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 93.4%‡
BRAZIL — 6.9%
Consumer Discretionary — 0.7%
Cogna Educacao		1,000	$	2,841
Lojas Renner		550		7,683
Magazine Luiza		800		9,486
				20,010
Consumer Staples — 1.1%
Ambev *		3,800		17,636
BRF *		300		2,625
JBS		600		3,848
Raia Drogasil *		200		5,551
				29,660
Energy — 1.0%
Petroleo Brasileiro *		3,100		24,660
Ultrapar Participacoes		600		3,800
				28,460
Financials — 1.6%
B3 - Brasil Bolsa Balcao		1,400		14,955
Banco Bradesco *		800		6,776
Banco do Brasil *		700		9,191
Banco Santander Brasil		300		3,693
BB Seguridade Participacoes		500		4,686
IRB Brasil Resseguros S		300		2,905
				42,206
Industrials — 0.8%
CCR		800		3,775
Embraer		500		2,452
Localiza Rent a Car		420		4,950
Rumo *		800		5,191
WEG		600		5,170
				21,538
Information Technology — 0.1%
Cielo		800		1,665
Materials — 1.4%
Klabin		500		2,288
Suzano		400		3,945
Vale *		2,400		31,800
				38,033
Utilities — 0.2%
Cia de Saneamento Basico do Estado de Sao Paulo *		200		3,011

63

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Utilities — continued
Equatorial Energia		500	$	2,833
				5,844
TOTAL BRAZIL				187,416
CHILE — 1.0%
Consumer Discretionary — 0.1%
SACI Falabella		514		2,215
Energy — 0.1%
Empresas COPEC *		268		2,406
Financials — 0.3%
Banco de Chile		17,262		1,830
Banco de Credito e Inversiones		33		1,497
Banco Santander Chile		45,657		2,611
				5,938
Industrials — 0.1%
Latam Airlines Group		207		2,077
Materials — 0.1%
Empresas CMPC		867		2,122
Utilities — 0.3%
Enel Americas		19,579		4,348
Enel Chile		19,330		1,812
				6,160
TOTAL CHILE				20,918
COLOMBIA — 0.2%
Energy — 0.1%
Ecopetrol		3,338		3,372
Financials — 0.1%
Bancolombia		154		2,065
TOTAL COLOMBIA				5,437
CZECH REPUBLIC — 0.2%
Financials — 0.1%
Komercni banka as		51		1,869
Utilities — 0.1%
CEZ		109		2,453
TOTAL CZECH REPUBLIC				4,322

64

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
EGYPT — 0.2%
Financials — 0.2%
Commercial International Bank Egypt SAE		906	$	4,686
TOTAL EGYPT				4,686
GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization		166		2,657
TOTAL GREECE				2,657
HUNGARY — 0.4%
Energy — 0.1%
MOL Hungarian Oil & Gas		248		2,475
Financials — 0.3%
OTP Bank Nyrt		152		7,961
TOTAL HUNGARY				10,436
INDIA — 13.4%
Communication Services — 0.4%
Bharti Airtel *		1,540		9,834
Consumer Discretionary — 0.8%
Bajaj Auto		56		2,499
Eicher Motors		9		2,839
Mahindra & Mahindra		503		3,746
Maruti Suzuki India		85		8,775
Tata Motors *		1,250		3,242
Titan		214		3,561
				24,662
Consumer Staples — 1.4%
Dabur India		361		2,318
Godrej Consumer Products		248		2,378
Hindustan Unilever		625		16,838
ITC		3,000		9,991
Nestle India		16		3,314
				34,839
Energy — 2.2%
Bharat Petroleum		522		3,595
Indian Oil		1,500		2,638
Oil & Natural Gas		961		1,734
Reliance Industries		2,308		48,957
				56,924

65

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — 3.9%
Axis Bank		1,900	$	20,073
Bajaj Finance		160		9,493
Bajaj Finserv		26		3,422
Housing Development Finance		1,369		46,272
ICICI Bank		2,000		15,100
State Bank of India *		1,500		7,014
				101,374
Health Care — 0.4%
Aurobindo Pharma		180		1,152
Dr Reddy’s Laboratories		78		3,141
Piramal Enterprises		55		1,174
Sun Pharmaceutical Industries		750		4,545
				10,012
Industrials — 0.3%
Larsen & Toubro		400		7,275
Information Technology — 2.7%
HCL Technologies		900		7,163
Infosys ADR		3,160		32,611
Tata Consultancy Services		750		22,714
Tech Mahindra		318		3,396
Wipro		1,250		4,305
				70,189
Materials — 0.9%
Asian Paints		212		5,301
Grasim Industries		226		2,355
Hindalco Industries		816		2,471
JSW Steel		592		2,240
UltraTech Cement		80		4,535
UPL		373		3,054
Vedanta		909		1,941
				21,897
Utilities — 0.4%
GAIL India		1,400		2,374
NTPC		1,800		3,002
Power Grid Corp of India		1,600		4,265
				9,641
TOTAL INDIA				346,647

66

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
INDONESIA — 3.0%
Communication Services — 0.5%
Telekomunikasi Indonesia Persero		46,000	$	13,155
Consumer Discretionary — 0.4%
Astra International		20,000		9,977
Consumer Staples — 0.2%
Charoen Pokphand Indonesia		6,300		2,950
Unilever Indonesia		1,300		3,933
				6,883
Energy — 0.1%
United Tractors		1,500		2,326
Financials — 1.8%
Bank Central Asia		8,700		20,947
Bank Mandiri Persero		18,000		9,951
Bank Negara Indonesia Persero		6,700		3,789
Bank Rakyat Indonesia Persero		50,000		15,847
				50,534
TOTAL INDONESIA				82,875
MALAYSIA — 2.7%
Communication Services — 0.2%
DiGi.Com		3,000		3,271
Maxis		3,000		3,902
				7,173
Consumer Discretionary — 0.1%
Genting		2,000		2,958
Consumer Staples — 0.1%
Sime Darby Plantation		2,300		3,064
Financials — 1.5%
CIMB Group Holdings		8,000		10,072
Hong Leong Bank		500		2,115
Malayan Banking		5,616		11,862
Public Bank		2,600		12,356
				36,405

67

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.1%
IHH Healthcare		2,000	$	2,674
Materials — 0.2%
Petronas Chemicals Group		3,000		5,391
Utilities — 0.5%
Petronas Gas		500		2,032
Tenaga Nasional		3,700		11,994
				14,026
TOTAL MALAYSIA				71,691
MEXICO — 3.8%
Communication Services — 1.1%
America Movil		28,000		22,389
Grupo Televisa		2,000		4,695
				27,084
Consumer Staples — 1.1%
Fomento Economico Mexicano		1,700		16,054
Grupo Bimbo, Ser A		1,100		2,007
Wal-Mart de Mexico		4,300		12,361
				30,422
Financials — 0.6%
Grupo Financiero Banorte, Cl O		2,200		12,298
Grupo Financiero Inbursa, Cl O		1,500		1,843
				14,141
Industrials — 0.3%
Alfa, Cl A		2,200		1,824
Grupo Aeroportuario del Pacifico, Cl B		200		2,380
Grupo Aeroportuario del Sureste, Cl B		145		2,720
				6,924
Materials — 0.5%
Cemex		12,500		4,687
Grupo Mexico		2,900		7,983
				12,670
Real Estate — 0.2%
Fibra Uno Administracion †		2,800		4,341
TOTAL MEXICO				95,582

68

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
PERU — 1.2%
Financials — 0.6%
Credicorp		72	$	15,345
Materials — 0.6%
Cia de Minas Buenaventura SAA ADR		571		8,622
Southern Copper		169		7,179
				15,801
TOTAL PERU				31,146
PHILIPPINES — 1.5%
Financials — 0.2%
BDO Unibank		2,100		6,551
Industrials — 0.6%
Ayala		300		4,653
JG Summit Holdings		3,500		5,584
SM Investments		300		6,178
				16,415
Real Estate — 0.7%
Ayala Land		10,500		9,433
SM Prime Holdings		14,000		11,639
				21,072
TOTAL PHILIPPINES				44,038
POLAND — 1.4%
Communication Services — 0.2%
CD Projekt		60		4,428
Consumer Discretionary — 0.1%
LPP		1		2,329
Energy — 0.2%
Polski Koncern Naftowy ORLEN		280		6,345
Financials — 0.8%
Bank Polska Kasa Opieki		165		4,376
Powszechna Kasa Oszczednosci Bank Polski		825		7,507
Powszechny Zaklad Ubezpieczen		600		6,341
Santander Bank Polska		32		2,597
				20,821
Materials — 0.1%
KGHM Polska Miedz *		115		2,902
TOTAL POLAND				36,825

69

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
QATAR — 1.3%
Financials — 1.1%
Masraf Al Rayan QSC		3,750	$	4,079
Qatar Islamic Bank SAQ		1,100		4,631
Qatar National Bank QPSC		3,900		22,054
				30,764
Industrials — 0.2%
Industries Qatar QSC		1,750		4,941
TOTAL QATAR				35,705
RUSSIA — 6.6%
Communication Services — 0.1%
Mobile TeleSystems PJSC ADR		348		3,532
Consumer Discretionary — 0.1%
X5 Retail Group GDR		83		2,852
Energy — 4.1%
Gazprom PJSC		8,300		34,263
LUKOIL PJSC		345		34,266
Novatek PJSC GDR		70		14,350
Rosneft		950		6,878
Tatneft PJSC		1,530		18,714
				108,471
Financials — 1.3%
Sberbank of Russia PJSC		9,190		37,692
Materials — 1.0%
Alrosa PJSC		1,750		2,376
MMC Norilsk Nickel PJSC		62		19,068
Novolipetsk Steel PJSC		820		1,897
Severstal PJSC		140		2,113
				25,454
TOTAL RUSSIA				178,001
SOUTH AFRICA — 7.1%
Communication Services — 0.5%
Group		1,400		8,259
MultiChoice Group *		284		2,366
Vodacom Group		425		3,504
				14,129
Consumer Discretionary — 2.6%
Absa Group		600		6,407
Mr Price Group		162		2,114

70

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Consumer Discretionary — continued
Naspers, Cl N		345	$	56,519
Woolworths Holdings		658		2,287
				67,327
Consumer Staples — 0.6%
Bid		280		6,612
Clicks Group		168		3,083
Shoprite Holdings		281		2,530
Tiger Brands		109		1,642
				13,867
Energy — 0.1%
Exxaro Resources		174		1,632
Financials — 2.1%
Capitec Bank Holdings		26		2,689
Discovery		244		2,105
FirstRand		2,800		12,575
Nedbank Group		335		5,134
Old Mutual		3,300		4,640
Remgro		355		4,950
RMB Holdings		467		2,686
Sanlam		1,216		6,878
Standard Bank Group		1,100		13,241
				54,898
Industrials — 0.4%
Bidvest Group		224		3,280
Sasol		465		10,092
				13,372
Materials — 0.5%
Anglo American Platinum		35		3,272
AngloGold Ashanti		330		7,469
Gold Fields		541		3,709
				14,450
Real Estate — 0.3%
Growthpoint Properties †		1,998		3,159
NEPI Rockcastle		269		2,382
Redefine Properties †		3,614		1,954
				7,495
TOTAL SOUTH AFRICA				187,170
SOUTH KOREA — 18.4%
Communication Services — 1.3%
Kakao		34		4,513
NAVER		125		20,159

71

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Communication Services — continued
NCSoft		15	$	7,017
SK Telecom		13		2,675
				34,364
Consumer Discretionary — 1.9%
Fila Korea		32		1,467
Hyundai Mobis		57		12,618
Hyundai Motor		125		13,024
Kangwon Land		81		2,073
Kia Motors		250		9,577
LG Electronics		95		5,923
Woongjin Coway		36		2,898
				47,580
Consumer Staples — 0.8%
Amorepacific		21		3,632
E-MART		13		1,433
KT&G		95		7,705
LG Household & Health Care		8		8,724
				21,494
Energy — 0.4%
SK Innovation		53		6,874
S-Oil		31		2,555
				9,429
Financials — 2.1%
DB Insurance		34		1,538
Hana Financial Group		300		9,572
Industrial Bank of Korea		174		1,775
KB Financial Group		358		14,751
Samsung Fire & Marine Insurance		26		5,475
Samsung Life Insurance		47		3,028
Shinhan Financial Group		383		14,357
Woori Financial Group		327		3,280
				53,776
Health Care — 0.7%
Celltrion *		74		11,503
Celltrion Healthcare *		35		1,588
Helixmith *		10		802
Samsung Biologics *		10		3,744
				17,637
Industrials — 1.0%
Hyundai Engineering & Construction		54		1,975
Hyundai Heavy Industries Holdings		6		1,754
Korea Shipbuilding & Offshore Engineering *		26		2,843

72

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
LG		85	$	5,424
Samsung C&T		70		6,568
Samsung Heavy Industries *		299		1,880
SK Holdings		26		5,890
				26,334
Information Technology — 8.8%
LG Display *		148		2,080
Samsung Electro-Mechanics		50		5,404
Samsung Electronics		3,732		180,073
Samsung SDI		45		9,183
Samsung SDS		23		3,868
SK Hynix		469		38,162
				238,770
Materials — 1.2%
Hyundai Steel		54		1,469
Korea Zinc		5		1,838
LG Chemical		40		10,982
Lotte Chemical		12		2,324
POSCO		68		13,906
				30,519
Utilities — 0.2%
Korea Electric Power *		275		6,611
TOTAL SOUTH KOREA				486,514
TAIWAN — 19.1%
Communication Services — 0.8%
Chunghwa Telecom		4,000		14,678
Far EasTone Telecommunications		1,000		2,405
Taiwan Mobile		1,000		3,736
				20,819
Consumer Staples — 0.8%
President Chain Store		1,000		10,141
Uni-President Enterprises		4,000		9,902
				20,043
Energy — 0.1%
Formosa Petrochemical		1,000		3,252
Financials — 3.0%
Cathay Financial Holding		6,000		8,516
Chailease Holding		1,030		4,742
Chang Hwa Commercial Bank		4,080		3,090
China Development Financial Holding		9,000		2,921
CTBC Financial Holding		12,000		8,967

73

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
E.Sun Financial Holding		7,497	$	6,978
First Financial Holding		7,070		5,590
Fubon Financial Holding		6,000		9,286
Hua Nan Financial Holdings		5,272		3,869
Mega Financial Holding		8,000		8,166
Shanghai Commercial & Savings Bank		2,000		3,469
Shin Kong Financial Holding *		7,000		2,417
SinoPac Financial Holdings		7,000		3,036
Taishin Financial Holding		7,145		3,456
Taiwan Cooperative Financial Holding		6,180		4,278
Yuanta Financial Holding		7,000		4,717
				83,498
Industrials — 0.1%
Far Eastern New Century		2,000		1,992
Information Technology — 12.5%
ASE Technology Holding		2,000		5,551
Asustek Computer		1,000		7,723
AU Optronics		6,000		2,012
Catcher Technology		1,000		7,572
Delta Electronics		2,000		10,108
Hon Hai Precision Industry		11,000		33,319
Innolux		6,000		1,667
Lite-On Technology		1,000		1,646
MediaTek		1,000		14,795
Novatek Microelectronics		1,000		7,306
Pegatron		1,000		2,282
Quanta Computer		2,000		4,290
Taiwan Semiconductor Manufacturing		20,000		220,835
United Microelectronics		8,000		4,390
				323,496
Materials — 1.8%
Asia Cement		2,000		3,199
China Steel		9,000		7,176
Formosa Chemicals & Fibre		2,000		5,838
Formosa Plastics		4,000		13,317
Nan Ya Plastics		5,000		12,143
Taiwan Cement		3,210		4,679
				46,352
TOTAL TAIWAN				499,452

74

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
THAILAND — 3.1%
Communication Services — 0.3%
Advanced Info Service		1,000	$	7,111
Consumer Staples — 0.5%
CP ALL		5,000		12,060
Energy — 0.8%
PTT		10,500		15,424
PTT Exploration & Production		1,400		5,819
				21,243
Financials — 0.6%
Kasikornbank		1,800		9,074
Siam Commercial Bank		1,800		7,331
				16,405
Health Care — 0.1%
Bangkok Dusit Medical Services		3,500		3,039
Industrials — 0.4%
Airports of Thailand		4,300		10,659
Materials — 0.3%
PTT Global Chemical		2,300		4,377
Siam Cement		400		5,234
				9,611
Real Estate — 0.1%
Central Pattana		1,300		2,702
TOTAL THAILAND				82,830
TURKEY — 1.0%
Consumer Staples — 0.2%
BIM Birlesik Magazalar		700		5,488
Energy — 0.2%
Tupras Turkiye Petrol Rafinerileri		200		4,261
Financials — 0.6%
Akbank T.A.S. *		5,000		6,814
Turkiye Garanti Bankasi *		4,000		7,488
				14,302
TOTAL TURKEY				24,051

75

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — continued
UNITED ARAB EMIRATES — 0.7%
Communication Services — 0.2%
Emirates Telecommunications Group PJSC		1,165	$	5,189
Financials — 0.4%
Abu Dhabi Commercial Bank PJSC		1,392		3,001
First Abu Dhabi Bank PJSC		1,901		7,846
				10,847
Real Estate — 0.1%
Emaar Properties PJSC		2,352		2,574
TOTAL UNITED ARAB EMIRATES				18,610
UNITED KINGDOM — 0.1%
Consumer Staples — 0.1%
Magnit PJSC GDR		242		2,917
TOTAL UNITED KINGDOM				2,917
TOTAL COMMON STOCK
(Cost $2,339,320)				2,459,926
PREFERRED STOCK(A) — 6.0%
BRAZIL— 4.6%
Communication Services — 0.2%
Telefonica Brasil		400		5,765
Consumer Discretionary — 0.1%
Lojas Americanas*		500		3,220
Consumer Staples — 0.1%
Cia Brasileira de Distribuicao*		100		2,179
Energy — 1.0%
Petroleo Brasileiro		3,400		25,508
Financials — 3.0%
Banco Bradesco*		3,400		30,571
Itau Unibanco Holding		3,900		35,969
Itausa - Investimentos Itau		3,600		12,609
				79,149
Materials — 0.1%
Gerdau		700		3,480
Utilities — 0.1%
Cia Energetica de Minas Gerais		600		2,057
TOTAL BRAZIL				121,358
CHILE— 0.1%
Materials — 0.1%
Sociedad Quimica y Minera de Chile		83		2,220

76

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
PREFERRED STOCK — continued
COLOMBIA— 0.2%
Financials — 0.2%
Bancolombia		307	$	4,285
RUSSIA— 0.1%
Energy — 0.1%
Surgutneftegas PJSC		4,700		2,855
SOUTH KOREA— 1.0%
Information Technology — 1.0%
Samsung Electronics		700		27,481
TOTAL PREFERRED STOCK
(Cost $145,185)				158,199
RIGHTS — 0.0%
Piramal Enterprises, Expires 01/20/2020*
(Cost $–)		7		22
TOTAL INVESTMENTS — 99.4%
(Cost $2,484,505)				2,618,147
OTHER ASSETS LESS LIABILITIES – 0.6%				15,687
NET ASSETS - 100%			$	2,633,834

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

† Real Estate Investment Trust

(A) Currently, no stated interest rate.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

Ser — Series 

77

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

The following summarizes the market value of the Fund’s investments used as of December 31, 2019, based on the inputs used to value them: 

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Brazil	$	187,416	$	—	$	—	$	187,416
Chile
Consumer Discretionary		—		2,215		—		2,215
Energy		—		2,406		—		2,406
Financials		—		5,938		—		5,938
Industrials		2,077		—		—		2,077
Materials		2,122		—		—		2,122
Utilities		—		6,160		—		6,160
Colombia		5,437		—		—		5,437
Czech Republic		4,322		—		—		4,322
Egypt		4,686		—		—		4,686
Greece		2,657		—		—		2,657
Hungary		10,436		—		—		10,436
India		346,647		—		—		346,647
Indonesia		82,875		—		—		82,875
Malaysia		71,691		—		—		71,691
Mexico		95,582		—		—		95,582
Peru		31,146		—		—		31,146
Philippines		44,038		—		—		44,038
Poland		36,825		—		—		36,825
Qatar		35,705		—		—		35,705
Russia		178,001		—		—		178,001
South Africa		187,170		—		—		187,170
South Korea		486,514		—		—		486,514
Taiwan		499,452		—		—		499,452
Thailand		82,830		—		—		82,830
Turkey		24,051		—		—		24,051
United Arab Emirates		18,610		—		—		18,610
United Kingdom		2,917		—		—		2,917
Total Common Stock		2,443,207		16,719		—		2,459,926
Preferred Stock
Brazil
Communication Services		5,765		—		—		5,765
Consumer Discretionary		3,220		—		—		3,220
Consumer Staples		—		2,179		—		2,179
Energy		25,508		—		—		25,508
Financials		79,149		—		—		79,149
Materials		3,480		—		—		3,480
Utilities		2,057		—		—		2,057
Chile		2,220		—		—		2,220
Colombia		4,285		—		—		4,285
Russia		2,855		—		—		2,855
South Korea		27,481		—		—		27,481
Total Preferred Stock		156,020		2,179		—		158,199
Rights		22		—		—		22
Total Investments in Securities	$	2,599,249	$	18,898	$	—	$	2,618,147

78

Schedule of Investments (Unaudited) December 31, 2019

KraneShares MSCI Emerging Markets ex China Index ETF

For the period ended December 31, 2019, there have been no transfers in or out of Level 3.

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-014-0200

79

Schedule of Investments (Unaudited) December 31, 2019

Quadratic Interest Rate Volatility and Inflation Hedge ETF

	Shares		Value
EXCHANGE - TRADED FUND — 87.2%
UNITED STATES — 87.2%
Schwab US TIPS ETF		1,264,983	$	71,635,987
TOTAL EXCHANGE - TRADED FUND
(Cost $71,247,222)				71,635,987
PURCHASED OPTIONS(A) — 3.8%
TOTAL PURCHASED OPTIONS
(Cost $4,414,375)				3,138,815
TOTAL INVESTMENTS — 91.0%
(Cost $75,661,597)				74,774,802
OTHER ASSETS LESS LIABILITIES – 9.0%				7,363,343
NET ASSETS - 100%			$	82,138,145

† Represents cost.

(A) Refer to option table below.

	Number of		Notional		Exercise		Expiration
Description	Contracts		Amount†		Price		Date	Value
PURCHASED OPTIONS — 3.8%
Call Options
Constant Maturity Spread		65,000	$	982,500	$	0.21	12/21/20	$	1,165,662
Constant Maturity Spread		25,000		370,000		0.27	07/27/20		257,006
Constant Maturity Spread		35,000		495,250		0.32	07/06/20		250,968
Constant Maturity Spread		45,000		710,000		0.37	07/17/20		249,619
Constant Maturity Spread		40,000		580,000		0.30	05/13/21		646,533
Constant Maturity Spread		25,000		440,625		0.14	08/11/20		476,353
Constant Maturity Spread		60,000		836,000		0.50	06/03/20		92,674
Total Purchased Options			$	4,414,375				$	3,138,815

ETF — Exchange-Traded Fund 

TIPS — Treasury Inflation Protected Security

The following summarizes the market value of the Fund’s investments used as of December 31, 2019, based on the inputs used to value them: 

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange - Traded Fund	$	71,635,987	$	—	$	—	$	71,635,987
Purchased Options		—		3,138,815		—		3,138,815
Total Investments in Securities	$	71,635,987	$	3,138,815	$	—	$	74,774,802

For the period ended December 31, 2019, there have been no transfers in or out of Level 3.

80

Schedule of Investments (Unaudited) December 31, 2019

Quadratic Interest Rate Volatility and Inflation Hedge ETF

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-015-0200

81

Schedule of Investments (Unaudited) December 31, 2019

KFA Large Cap Quality Dividend Index ETF

	Shares		Value
COMMON STOCK — 97.4%‡
UNITED STATES — 97.4%
Communication Services — 2.0%
AT&T		13,937	$	544,658
Verizon Communications		8,704		534,426
				1,079,084
Consumer Discretionary — 11.0%
Home Depot		2,487		543,111
Leggett & Platt		10,035		510,079
Lowe’s		4,577		548,142
NIKE, Cl B		5,488		555,989
Polaris		5,570		566,469
Ross Stores		4,678		544,613
Target		4,264		546,687
Tiffany		3,992		533,531
TJX		8,904		543,678
VF		5,890		586,998
Williams-Sonoma		7,570		555,940
				6,035,237
Consumer Staples — 12.6%
Brown-Forman, Cl B		8,400		567,840
Casey’s General Stores		3,034		482,376
Coca-Cola		9,792		541,987
Costco Wholesale		1,808		531,407
General Mills		9,988		534,957
Hershey		3,569		524,572
Kellogg		8,036		555,769
Kimberly-Clark		3,887		534,657
McCormick		3,098		525,824
PepsiCo		3,883		530,690
Procter & Gamble		4,286		535,321
Sysco		6,433		550,279
Walmart		4,448		528,600
				6,944,279
Energy — 2.0%
Exxon Mobil		7,676		535,631
ONEOK		7,458		564,347
				1,099,978
Financials — 12.7%
Aflac		10,041		531,169
Ameriprise Financial		3,233		538,553
Assurant		4,046		530,350
BlackRock, Cl A		1,076		540,905
Brown & Brown		13,877		547,864
Cincinnati Financial		5,059		531,954

82

Schedule of Investments (Unaudited) December 31, 2019

KFA Large Cap Quality Dividend Index ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Eaton Vance		11,286	$	526,943
Globe Life		5,158		542,880
Moody’s		2,302		546,518
RenaissanceRe Holdings		2,818		552,383
S&P Global		1,942		530,263
T Rowe Price Group		4,302		524,156
WR Berkley		7,599		525,091
				6,969,029
Health Care — 4.9%
Bristol-Myers Squibb		8,882		570,136
Chemed		1,222		536,776
Medtronic		4,705		533,782
STERIS		3,450		525,849
West Pharmaceutical Services		3,606		542,090
				2,708,633
Industrials — 21.7%
Carlisle		3,360		543,782
Cintas		2,080		559,686
Cummins		2,958		529,364
Dover		4,733		545,526
Eaton		5,731		542,840
Emerson Electric		7,103		541,675
Honeywell International		3,036		537,372
Hubbell, Cl B		3,625		535,848
IDEX		3,263		561,236
JB Hunt Transport Services		4,660		544,195
L3Harris Technologies		2,767		547,506
Lockheed Martin		1,377		536,176
Nordson		3,180		517,831
Northrop Grumman		1,545		531,434
Parker-Hannifin		2,635		542,336
Raytheon		2,454		539,242
Roper Technologies		1,539		545,160
Stanley Black & Decker		3,357		556,389
Toro		6,763		538,808
United Parcel Service, Cl B		4,536		530,984
United Technologies		3,627		543,180
Waste Management		4,775		544,159
				11,914,729
Information Technology — 6.9%
Analog Devices		4,601		546,783
Jack Henry & Associates		3,541		515,817
Microsoft		3,516		554,473
QUALCOMM		6,357		560,878
Texas Instruments		4,357		558,960

83

Schedule of Investments (Unaudited) December 31, 2019

KFA Large Cap Quality Dividend Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Visa, Cl A		2,923	$	549,232
Western Union		19,813		530,592
				3,816,735
Materials — 6.9%
Air Products & Chemicals		2,299		540,242
Celanese, Cl A		4,256		523,999
Linde		2,592		551,836
PPG Industries		4,024		537,164
RPM International		7,150		548,834
Sherwin-Williams		922		538,024
Silgan Holdings		17,423		541,507
				3,781,606
Real Estate — 4.7%
Equity LifeStyle Properties †		7,404		521,168
Essex Property Trust †		1,711		514,771
Omega Healthcare Investors †		12,553		531,619
Realty Income †		7,014		516,441
WP Carey †		6,527		522,421
				2,606,420
Utilities — 12.0%
Alliant Energy		10,031		548,896
American Electric Power		5,757		544,094
Aqua America		11,754		551,733
CMS Energy		8,663		544,383
Edison International		7,462		562,709
Eversource Energy		6,560		558,059
MDU Resources Group		18,156		539,415
NextEra Energy		2,272		550,188
Sempra Energy		3,652		553,205
Southern		8,573		546,100
WEC Energy Group		5,974		550,982
Xcel Energy		8,593		545,570
				6,595,334
TOTAL COMMON STOCK
(Cost $50,845,628)				53,551,064
TOTAL INVESTMENTS — 97.4%
(Cost $50,845,628)				53,551,064
OTHER ASSETS LESS LIABILITIES – 2.6%				1,456,444
NET ASSETS - 100%			$	55,007,508

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

† Real Estate Investment Trust

Cl — Class

84

Schedule of Investments (Unaudited) December 31, 2019

KFA Large Cap Quality Dividend Index ETF

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-017-0200

85

Schedule of Investments (Unaudited) December 31, 2019

KFA Small Cap Quality Dividend Index ETF

	Shares		Value
COMMON STOCK — 99.8%‡
UNITED STATES — 99.8%
Consumer Discretionary — 4.3%
Aaron’s		11,624	$	663,847
Group 1 Automotive		6,607		660,700
				1,324,547
Consumer Staples — 13.4%
Calavo Growers		7,695		697,089
Inter Parfums		9,393		682,965
J&J Snack Foods		3,639		670,559
Lancaster Colony		4,335		694,034
Tootsie Roll Industries		19,158		654,054
Vector Group		51,020		683,158
				4,081,859
Financials — 13.8%
BancFirst		11,408		712,316
Community Bank System		10,065		714,011
RLI		7,470		672,449
Southside Bancshares		19,099		709,337
Tompkins Financial		7,801		713,792
United Bankshares		18,008		696,189
				4,218,094
Health Care — 9.2%
Atrion		968		727,452
Ensign Group		15,714		712,944
National HealthCare		8,021		693,255
Utah Medical Products		6,389		689,373
				2,823,024
Industrials — 15.8%
Brady, Cl A		11,833		677,558
Franklin Electric		12,283		704,061
Gorman-Rupp		18,619		698,213
Hillenbrand		20,864		694,980
Matthews International, Cl A		17,537		669,387
McGrath RentCorp		8,954		685,339
MSA Safety		5,415		684,239
				4,813,777
Information Technology — 4.7%
Badger Meter		11,201		727,281
Cass Information Systems		12,073		697,095
				1,424,376
Materials — 9.1%
Balchem		6,678		678,685

86

Schedule of Investments (Unaudited) December 31, 2019

KFA Small Cap Quality Dividend Index ETF

	Shares		Value
COMMON STOCK — continued
Materials — continued
HB Fuller		13,374	$	689,697
Sensient Technologies		10,667		704,982
Stepan		7,002		717,285
				2,790,649
Real Estate — 6.7%
National Health Investors †		8,382		682,965
Universal Health Realty Income Trust †		5,606		657,920
Urstadt Biddle Properties, Cl A †		27,928		693,732
				2,034,617
Utilities — 22.8%
American States Water		7,915		685,756
Avista		14,502		697,401
Black Hills		8,922		700,734
California Water Service Group		13,202		680,695
Chesapeake Utilities		7,368		706,075
Middlesex Water		10,790		685,919
Northwest Natural Holding		10,058		741,577
NorthWestern		9,553		684,664
Portland General Electric		12,377		690,513
SJW Group		9,561		679,405
				6,952,739
TOTAL COMMON STOCK
(Cost $29,198,167)				30,463,682
TOTAL INVESTMENTS — 99.8%
(Cost $29,198,167)				30,463,682
OTHER ASSETS LESS LIABILITIES – 0.2%				67,872
NET ASSETS - 100%			$	30,531,554

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

† Real Estate Investment Trust

Cl — Class

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-016-0200

87

Schedule of Investments (Unaudited) December 31, 2019

KFA Dynamic Fixed Income ETF

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 99.0%
U.S. Treasury Notes
3.125%, 11/15/2028	$	1,015,000	$	1,116,778
2.875%, 08/15/2028		1,015,000		1,093,226
2.875%, 05/15/2028		1,040,000		1,121,657
2.750%, 02/15/2028		1,025,000		1,092,786
2.375%, 05/15/2029		1,025,000		1,066,120
2.375%, 05/15/2027		1,025,000		1,063,237
2.250%, 08/15/2027		1,030,000		1,059,411
1.625%, 08/15/2029		1,040,000		1,013,959
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $8,673,537)				8,627,174
TOTAL INVESTMENTS — 99.0%
(Cost $8,673,537)				8,627,174
OTHER ASSETS LESS LIABILITIES – 1.0%				84,729
NET ASSETS - 100%			$	8,711,903

As of December 31, 2019, 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, 2019, there have been no transfers in or out of Level 3.

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-019-0100

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