Form N-Q Krane Shares Trust For: Jun 30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-22698

KraneShares Trust

(Exact name of registrant as specified in charter)

1270 Avenue of the Americas

22^nd Floor

New York, New York, 10020

(Address of principal executive offices) (Zip code)

Jonathan Krane

KraneShares Trust

1270 Avenue of the Americas

22^nd Floor

New York, New York, 10020

(Name and address of agent for service)

Copy to:

Stacy L. Fuller

K&L Gates LLP

1601 K Street NW

Washington, D.C. 20006-1600

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

Date of fiscal year end: March 31, 2019

Date of reporting period: June 30, 2018

Item 1.

Schedule of Investments

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — 99.7%‡

CHINA — 99.7%
Consumer Discretionary — 10.7%
BYD, Cl A		262,321	$	1,887,834
China Film, Cl A		201,600		488,078
China Grand Automotive Services, Cl A		1,112,017		983,566
China International Travel Service, Cl A		351,348		3,415,743
China Shipbuilding Industry Group Power, Cl A		386,653		1,018,383
China South Publishing & Media Group, Cl A		161,321		307,774
Chinese Universe Publishing and Media, Cl A		346,423		671,900
Chongqing Changan Automobile, Cl A		478,522		650,038
CITIC Guoan Information Industry, Cl A		326,997		233,453
Fuyao Glass Industry Group, Cl A		262,913		1,020,255
Gree Electric Appliances of Zhuhai, Cl A *		537,027		3,821,837
Guangzhou Automobile Group, Cl A		366,594		616,404
Hangzhou Robam Appliances, Cl A		106,638		492,847
Heilan Home, Cl A		517,033		994,219
Huayu Automotive Systems, Cl A		592,014		2,119,537
Liaoning Cheng Da, Cl A		155,101		355,370
Midea Group, Cl A		1,060,886		8,361,805
Qingdao Haier, Cl A		925,876		2,691,557
SAIC Motor, Cl A		1,342,294		7,089,017
Shanghai Oriental Pearl Group, Cl A		492,957		1,120,543
Shenzhen Overseas Chinese Town, Cl A		1,590,181		1,735,319
Suning.com, Cl A		1,415,478		3,008,155
Wanda Film Holding, Cl A ^(A)(B)(C)		43,600		351,943
Wanxiang Qianchao, Cl A		196,407		201,586
Weifu High-Technology Group, Cl A		217,750		726,677
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology, Cl A		134,500		246,657
Zhejiang Century Huatong Group, Cl A ^(A)(B)(C)		295,800		1,358,163
				45,968,660
Consumer Staples — 12.9%
Beijing Dabeinong Technology Group, Cl A		1,039,600		648,054
Foshan Haitian Flavouring & Food, Cl A		351,103		3,902,498
Henan Shuanghui Investment & Development, Cl A		524,300		2,089,983
Inner Mongolia Yili Industrial Group, Cl A		948,040		3,992,319
Jiangsu Yanghe Brewery Joint-Stock, Cl A		263,361		5,231,206
Kweichow Moutai, Cl A		209,984		23,183,085
Luzhou Laojiao, Cl A		270,447		2,484,326
Muyuan Foodstuff, Cl A		122,999		825,402
New Hope Liuhe, Cl A		964,587		923,050
Shanxi Xinghuacun Fen Wine Factory, Cl A		173,300		1,645,032

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued

Consumer Staples — continued
Tongwei, Cl A		921,500	$	959,708
Tsingtao Brewery, Cl A		76,000		502,782
Wuliangye Yibin, Cl A		652,976		7,490,405
Yonghui Superstores, Cl A		1,372,486		1,582,690
				55,460,540
Energy — 2.3%
China Petroleum & Chemical, Cl A		4,507,794		4,415,737
Offshore Oil Engineering, Cl A		392,700		311,775
PetroChina, Cl A		2,454,588		2,856,455
Shaanxi Coal Industry, Cl A		911,047		1,130,335
Shanxi Lu’an Environmental Energy Development, Cl A		557,431		779,106
Shanxi Xishan Coal & Electricity Power, Cl A		291,846		330,817
				9,824,225
Financials — 31.6%
Agricultural Bank of China, Cl A		10,259,107		5,326,752
Anxin Trust, Cl A		1,142,160		1,248,131
Avic Capital, Cl A		1,857,900		1,309,585
Bank of Beijing, Cl A		3,221,684		2,932,207
Bank of China, Cl A		8,641,300		4,708,481
Bank of Communications, Cl A		6,232,980		5,400,103
Bank of Guiyang, Cl A		516,754		964,044
Bank of Hangzhou, Cl A		450,501		754,088
Bank of Jiangsu, Cl A		1,651,200		1,597,542
Bank of Nanjing, Cl A		1,633,540		1,905,916
Bank of Ningbo, Cl A		740,770		1,821,373
Bank of Shanghai, Cl A		1,187,165		2,823,981
Changjiang Securities, Cl A		587,128		481,201
China CITIC Bank, Cl A		1,220,334		1,143,839
China Construction Bank, Cl A		1,351,700		1,336,337
China Everbright Bank, Cl A		6,167,063		3,406,857
China Life Insurance, Cl A		531,900		1,807,977
China Merchants Bank, Cl A		3,429,036		13,684,469
China Merchants Securities, Cl A		820,812		1,694,823
China Minsheng Banking, Cl A		5,121,615		5,411,273
China Pacific Insurance Group, Cl A		1,093,211		5,255,425
CITIC Securities, Cl A		1,730,029		4,326,835
Dongxing Securities, Cl A		256,800		505,437
Everbright Securities, Cl A		809,466		1,341,515
First Capital Securities, Cl A		339,800		347,221
Founder Securities, Cl A		1,070,600		1,081,055

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued

Financials — continued
GF Securities, Cl A		856,239	$	1,714,985
Guosen Securities, Cl A		572,288		786,050
Guotai Junan Securities, Cl A		1,364,447		3,035,628
Guoyuan Securities, Cl A		316,931		353,990
Haitong Securities, Cl A		1,155,849		1,652,135
Huaan Securities, Cl A		292,300		252,359
Huatai Securities, Cl A *		1,019,670		2,303,965
Huaxia Bank, Cl A		2,358,305		2,651,860
Hubei Biocause Pharmaceutical, Cl A		559,490		592,822
Industrial & Commercial Bank of China, Cl A		9,268,745		7,442,640
Industrial Bank, Cl A		3,339,534		7,258,432
Industrial Securities, Cl A		783,697		623,381
New China Life Insurance, Cl A		383,864		2,484,429
Orient Securities, Cl A		805,491		1,110,007
Ping An Bank, Cl A		2,676,104		3,671,650
Ping An Insurance Group of China, Cl A		1,828,839		16,170,345
SDIC Capital, Cl A		517,947		725,484
Shanghai Pudong Development Bank, Cl A		4,701,768		6,784,432
Shanxi Securities, Cl A		444,700		452,399
Shenwan Hongyuan Group, Cl A		2,715,062		1,790,836
Sinolink Securities, Cl A		690,500		741,016
SooChow Securities, Cl A		231,017		238,155
Western Securities, Cl A		346,855		395,266
				135,848,733
Health Care — 7.0%
Beijing Tongrentang, Cl A		180,280		959,999
China Resources Sanjiu Medical & Pharmaceutical, Cl A		226,160		950,000
Dong-E-E-Jiao, Cl A		1,000		8,122
Dong-E-E-Jiao, Cl E		75,889		616,363
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		277,300		1,592,571
Hainan Haiyao, Cl A ^(A)(B)(C)		33,300		71,271
Hengkang Medical Group, Cl A *^(A)(B)(C)		167,500		266,471
Huadong Medicine, Cl A		204,746		1,491,102
Jiangsu Hengrui Medicine, Cl A		588,725		6,732,043
Jointown Pharmaceutical Group, Cl A		414,303		1,060,568
Kangmei Pharmaceutical, Cl A		750,845		2,592,989
Meinian Onehealth Healthcare Holdings, Cl A		437,485		1,492,333
Shandong Buchang Pharmaceuticals, Cl A		90,600		585,147
Shanghai Fosun Pharmaceutical Group, Cl A		293,800		1,835,447

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued

Health Care — continued
Shanghai Pharmaceuticals Holding, Cl A		324,040	$	1,168,937
Shenzhen Salubris Pharmaceuticals, Cl A		189,186		1,061,392
Sichuan Kelun Pharmaceutical, Cl A		297,400		1,440,921
Tasly Pharmaceutical Group, Cl A		321,868		1,254,378
Tonghua Dongbao Pharmaceutical, Cl A		265,473		960,468
Yunnan Baiyao Group, Cl A		156,134		2,520,655
Zhangzhou Pientzehuang Pharmaceutical, Cl A		84,150		1,421,658
				30,082,835
Industrials — 12.7%
AECC Aviation Power, Cl A		294,181		991,068
Air China, Cl A		513,600		689,162
AVIC Aircraft, Cl A		544,100		1,284,428
Beijing Orient Landscape & Environment, Cl A ^(A)(B)(C)		391,335		799,173
China Avionics Systems, Cl A		296,400		584,273
China Communications Construction, Cl A		308,900		531,051
China Eastern Airlines, Cl A		1,123,946		1,123,047
China Gezhouba Group, Cl A		520,821		566,785
China International Marine Containers Group, Cl A		341,604		684,724
China National Chemical Engineering, Cl A		584,385		593,620
China Nuclear Engineering, Cl A		87,106		103,865
China Railway Construction, Cl A		2,066,000		2,688,017
China Railway Group, Cl A ^(A)(B)(C)		2,571,500		2,608,256
China Southern Airlines, Cl A		1,328,236		1,694,051
China Spacesat, Cl A		285,510		823,094
China State Construction Engineering, Cl A		6,686,714		5,510,612
COSCO Shipping Development, Cl A *		616,101		213,550
COSCO Shipping Holdings, Cl A *		952,137		707,065
CRRC, Cl A		3,145,805		3,656,090
Daqin Railway, Cl A		2,667,303		3,305,293
Fangda Carbon New Material, Cl A		370,269		1,362,529
Guangshen Railway, Cl A		1,361,175		873,167
Hainan Airlines Holding, Cl A ^(A)(B)(C)		2,095,400		926,678
Han’s Laser Technology Industry Group, Cl A		210,423		1,689,342
Jihua Group, Cl A		183,284		111,210
Luxshare Precision Industry, Cl A		453,993		1,544,534
Metallurgical Corp of China, Cl A		2,739,019		1,376,682
Ningbo Zhoushan Port, Cl A		610,700		388,064
Power Construction Corp of China, Cl A		1,374,890		1,112,314

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued

Industrials — continued
Sany Heavy Industry, Cl A		1,483,999	$	2,009,188
Shanghai Electric Group, Cl A ^(A)(B)(C)		1,316,800		1,168,669
Shanghai International Airport, Cl A		127,894		1,070,980
Shanghai International Port Group, Cl A		869,166		781,886
Shanghai Tunnel Engineering, Cl A		220,917		197,066
Spring Airlines, Cl A		117,129		619,297
Suzhou Gold Mantis Construction Decoration, Cl A		288,710		440,127
TBEA, Cl A		739,667		773,684
Tus-Sound Environmental Resources		52,611		138,808
Tus-Sound Environmental Resources, Cl A		283,840		748,875
Weichai Power, Cl A		1,204,452		1,590,714
XCMG Construction Machinery, Cl A		1,596,200		1,021,522
Xiamen C & D, Cl A		647,700		878,877
Xinjiang Goldwind Science & Technology, Cl A		608,488		1,160,897
Zhejiang Chint Electrics, Cl A		427,833		1,441,328
Zhengzhou Yutong Bus, Cl A		284,473		823,968
Zoomlion Heavy Industry Science and Technology, Cl A		1,501,620		931,529
				54,357,159
Information Technology — 7.4%
Aisino, Cl A		293,731		1,120,339
Beijing Shiji Information Technology, Cl A		84,302		369,003
Beijing Xinwei Technology Group, Cl A *^(A)(B)(C)		23,600		54,571
BOE Technology Group, Cl A		5,136,800		2,744,672
DHC Software, Cl A		307,300		398,892
Dongxu Optoelectronic Technology, Cl A		967,945		885,356
Focus Media Information Technology, Cl A		1,857,012		2,682,384
Giant Network Group, Cl A		150,353		539,658
GoerTek, Cl A		707,063		1,087,494
Guangzhou Haige Communications Group, Cl A		576,982		699,315
Hangzhou Hikvision Digital Technology, Cl A		1,487,250		8,334,958
Hengtong Optic-electric, Cl A		398,393		1,325,913
Hundsun Technologies, Cl A		116,100		927,882
Iflytek, Cl A		154,950		750,041
Iflytek		136,300		659,765
LONGi Green Energy Technology, Cl A		578,007		1,456,076
Ninestar, Cl A		177,200		734,444
O-film Tech, Cl A		531,802		1,294,728
Perfect World, Cl A		91,296		427,315
Sanan Optoelectronics, Cl A		697,365		2,023,056
Shanghai 2345 Network Holding Group, Cl A		1,146,046		740,355

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued

Information Technology — continued
Tianma Microelectronics, Cl A		232,448	$	498,907
Unisplendour, Cl A		50,900		480,935
Zhejiang Dahua Technology, Cl A		400,550		1,363,320
				31,599,379
Materials — 6.1%
Angang Steel, Cl A		393,666		330,962
Anhui Conch Cement, Cl A		713,978		3,607,985
Baoshan Iron & Steel, Cl A		2,879,812		3,386,071
BBMG, Cl A		837,500		414,623
China Hainan Rubber Industry Group, Cl A *^(A)(B)(C)		394,594		359,138
China Molybdenum, Cl A		1,277,200		1,212,563
China Northern Rare Earth Group High-Tech, Cl A		450,900		774,492
Hesteel, Cl A		1,167,800		519,978
Hubei Biocause Pharmaceutical, Cl A		370,500		392,572
Inner Mongolia BaoTou Steel Union, Cl A		5,166,580		1,208,729
Jiangxi Copper, Cl A		448,179		1,072,199
Jiangxi Ganfeng Lithium, Cl A		230,665		1,343,193
Jinduicheng Molybdenum, Cl A		153,400		145,174
Maanshan Iron & Steel, Cl A		1,485,300		804,828
Qinghai Salt Lake Industry, Cl A *		300,849		491,327
Rongsheng Petro Chemical, Cl A		296,193		461,370
Shandong Gold Mining, Cl A		238,800		862,164
Shanxi Taigang Stainless Steel, Cl A ^(A)(B)(C)		918,100		748,304
Shenzhen Zhongjin Lingnan Nonfemet, Cl A		910,550		667,935
Sinopec Shanghai Petrochemical, Cl A		515,000		442,297
Tianqi Lithium, Cl A		191,435		1,432,880
Tongling Nonferrous Metals Group, Cl A		955,300		318,659
Zhejiang Huayou Cobalt, Cl A		117,000		1,721,279
Zhejiang Longsheng Group, Cl A		698,600		1,260,059
Zhongjin Gold, Cl A		330,147		339,849
Zijin Mining Group, Cl A		3,316,800		1,807,261
				26,125,891
Real Estate — 5.6%
China Fortune Land Development, Cl A		551,255		2,142,517
China Merchants Shekou Industrial Zone Holdings, Cl A		1,013,190		2,913,267
China Vanke, Cl A		1,681,142		6,242,146
Financial Street Holdings, Cl A		286,851		348,535
Future Land Holdings, Cl A		432,459		2,021,532
Gemdale, Cl A		912,000		1,402,695

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

	Shares		Value
COMMON STOCK — continued

Real Estate — continued
Greenland Holdings, Cl A		1,356,841	$	1,339,372
Jinke Properties Group, Cl A		1,243,700		901,055
Poly Real Estate Group, Cl A		1,841,100		3,390,250
RiseSun Real Estate Development, Cl A		912,100		1,201,852
Shanghai Zhangjiang High-Tech Park Development, Cl A		102,700		178,264
Xinhu Zhongbao, Cl A		1,869,368		1,077,836
Youngor Group, Cl A		395,672		459,855
Zhejiang China Commodities City Group, Cl A		496,401		322,927
Zhongtian Financial Group, Cl A ^(A)(B)(C)		151,500		113,877
				24,055,980
Telecommunication Services — 0.0%
Dr Peng Telecom & Media Group, Cl A		94,458		171,086
				171,086
Utilities — 3.4%
Beijing Capital, Cl A		427,225		272,122
China National Nuclear Power, Cl A		1,847,040		1,575,140
China Yangtze Power, Cl A		2,338,525		5,696,918
Huadian Power International, Cl A		1,806,444		1,068,821
Huaneng Power International, Cl A		534,487		513,084
Hubei Energy Group, Cl A		1,152,100		714,705
Kaidi Ecological and Environmental Technology, Cl A *^(A)(B)(C)		201,700		136,693
SDIC Power Holdings, Cl A		1,364,822		1,497,632
Shenergy, Cl A		968,045		733,489
Shenzhen Energy Group, Cl A		760,101		566,752
Sichuan Chuantou Energy, Cl A		537,400		707,308
Zhejiang Zheneng Electric Power, Cl A		1,828,242		1,285,920
				14,768,584
TOTAL COMMON STOCK
(Cost $474,327,207)				428,263,072

TOTAL INVESTMENTS — 99.7%
(Cost $474,327,207)				428,263,072
OTHER ASSETS LESS LIABILITIES – 0.3%				1,374,059
NET ASSETS - 100%			$	429,637,131

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2018 was $8,963,207 and represents 2.1% of Net Assets.

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered illiquid. The total value of such securities as of June 30, 2018 was $8,963,207 and represents 2.1% of Net Assets.
Cl —	Class

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share ETF

The following is a list of the level of inputs used as of June 30, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China
Consumer Discretionary	$	44,258,554	$	—	$	1,710,106	$	45,968,660
Consumer Staples		55,460,540		—		—		55,460,540
Energy		9,824,225		—		—		9,824,225
Financials		135,848,733		—		—		135,848,733
Health Care		29,745,093		—		337,742		30,082,835
Industrials		48,854,383		—		5,502,776		54,357,159
Information Technology		31,544,808		—		54,571		31,599,379
Materials		25,018,449		—		1,107,442		26,125,891
Real Estate		23,942,103		—		113,877		24,055,980
Telecommunication Services		171,086		—		—		171,086
Utilities		14,631,891		—		136,693		14,768,584
Total Common Stock		419,299,865		—		8,963,207		428,263,072
Total Investments in Securities	$	419,299,865	$	—	$	8,963,207	$	428,263,072

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

	Common Stock
Beginning balance as of April 1, 2018	$	6,103,566
Accrued discounts/premiums		—
Realized gain/(loss)		(67,202	)
Change in unrealized appreciation/(depreciation)		22,936
Purchases		484,372
Sales		(918,497	)
Transfer into Level 3		6,646,276
Transfer out of Level 3		(3,308,244	)
Ending balance as of June 30, 2018	$	8,963,207

For the period ended June 30, 2018 there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended June 30, 2018, the transfers in and out of Level 3 occurred due to a halt in trading of these securities. Transfers between levels are recognized at period end.

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

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Bosera MSCI China A Share 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-003-0900

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Zacks New China ETF

	Shares		Value
COMMON STOCK — 99.2%‡

CHINA — 70.8%
Consumer Discretionary — 14.6%
Changzhou Xingyu Automotive Lighting Systems, Cl A		5,400	$	48,814
China International Travel Service, Cl A		15,300		148,744
Guangzhou Holike Creative Home, Cl A		9,400		37,229
Huayu Automotive Systems, Cl A		35,300		126,382
Shanghai Jinjiang International Hotels Development, Cl A		15,600		87,026
Tianneng Power International		26,000		40,497
				488,692
Consumer Staples — 5.5%
COFCO Tunhe Sugar, Cl A		35,400		40,287
Foshan Haitian Flavouring & Food, Cl A		13,120		145,829
				186,116
Health Care — 2.7%
China Animal Healthcare *^(A)(B)(C)		4,000		—
China Resources Pharmaceutical Group		65,500		90,668
				90,668
Industrials — 8.8%
Anhui Heli, Cl A		54,200		74,281
CIMC Enric Holdings		46,000		43,799
Haitian International Holdings		30,000		70,818
Weichai Power, Cl H		76,736		105,830
				294,728
Information Technology — 19.1%
58.com ADR *		1,570		108,864
Baidu ADR *		573		139,239
Hanergy Thin Film Power Group *^(A)(B)(C)		65,064		83
Kingsoft		26,000		78,874
Tencent Holdings		2,542		127,595
Tian Ge Interactive Holdings		45,000		33,382
TravelSky Technology, Cl H		27,000		78,638
YY ADR *		724		72,740
				639,415
Materials — 0.0%
China Lumena New Materials *^(A)(B)(C)		28,720		—
China Shanshui Cement Group *^(A)(B)(C)		10,672		14
Tianhe Chemicals Group *^(A)(B)(C)		40,000		—
				14

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Zacks New China ETF

	Shares	Value
COMMON STOCK — continued
Utilities — 20.1%
China Yangtze Power, Cl A	48,787	$	118,851
Datang International Power Generation, Cl H	292,000		89,326
Guangxi Guiguan Electric Power, Cl A	92,800		79,979
Huadian Power International, Cl A	142,900		84,550
Huaneng Power International ADR	3,172		83,265
SDIC Power Holdings, Cl A	75,500		82,847
Shanghai Electric Power, Cl A	30,500		31,028
Zhejiang Zheneng Electric Power, Cl A	146,000		102,691
			672,537
TOTAL CHINA			2,372,170
HONG KONG — 23.2%
Consumer Discretionary — 6.3%
Fu Shou Yuan International Group	47,000		53,018
Fuyao Glass Industry Group, Cl H	21,200		71,608
Haier Electronics Group	25,000		85,559
			210,185
Consumer Staples — 2.9%
Sun Art Retail Group	75,000		98,082

Financials — 3.6%
People’s Insurance Group of China, Cl H	256,000		120,406

Health Care — 1.5%
Beijing Tong Ren Tang Chinese Medicine	24,000		49,190

Information Technology — 6.4%
ASM Pacific Technology	5,900		74,601
Kingboard Chemical Holdings	19,000		69,505
Kingboard Laminates Holdings	57,000		70,402
			214,508
Utilities — 2.5%
China Resources Power Holdings	48,000		84,554
TOTAL HONG KONG			776,925

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Zacks New China ETF

	Shares	Value
COMMON STOCK — continued

SINGAPORE — 1.3%
Industrials — 1.3%
China Yuchai International	2,010	$	43,617
TOTAL SINGAPORE			43,617

UNITED STATES — 3.9%
Information Technology — 3.9%
Broadcom	544		131,996
TOTAL UNITED STATES			131,996
TOTAL COMMON STOCK
(Cost $3,340,270)			3,324,708
TOTAL INVESTMENTS — 99.2%
(Cost $3,340,270)			3,324,708
OTHER ASSETS LESS LIABILITIES – 0.8%			25,302
NET ASSETS - 100%		$	3,350,010

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2018 was $97 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 June 30, 2018 was $97 and represents 0.0% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Zacks New China ETF

The following is a list of the level of inputs used as of June 30, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3**		Total
Common Stock
China
Consumer Discretionary	$	488,692	$	—	$	—	$	488,692
Consumer Staples		186,116		—		—		186,116
Health Care		90,668		—		—		90,668
Industrials		294,728		—		—		294,728
Information Technology		639,332		—		83		639,415
Materials		—		—		14		14
Utilities		672,537		—		—		672,537
Hong Kong		776,925		—		—		776,925
Singapore		43,617		—		—		43,617
United States		131,996		—		—		131,996
Total Common Stock		3,324,611		—		97		3,324,708
Total Investments in Securities	$	3,324,611	$	—	$	97	$	3,324,708

**	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 June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended June 30, 2018, the transfers in and out of Level 3 occurred due to a halt in trading of these securities. Transfers between levels are recognized at period end.

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

KRS-QH-001-1000

Schedule of Investments (Unaudited) June 30, 2018

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 100.6%‡

CHINA — 95.4%
Consumer Discretionary — 19.0%
500.com ADR, Cl A * ^(A)		41,252	$	606,817
Cogobuy Group		6,547,818		2,937,795
Ctrip.com International ADR *		1,343,353		63,983,903
JD.com ADR *		2,417,790		94,172,921
Secoo Holding ADR * ^(A)		291,615		2,356,249
TAL Education Group ADR *		1,370,220		50,424,096
Tuniu ADR * ^(A)		769,601		6,518,520
Vipshop Holdings ADR *		4,610,333		50,022,113
				271,022,414
Financials — 3.9%
China Rapid Finance ADR * ^(A)		—		—
Fanhua ADR ^(A)		523,155		14,909,917
Hexindai ADR * ^(A)		162,014		1,629,861
Jianpu Technology ADR * ^(A)		210,592		1,392,013
LexinFintech Holdings ADR * ^(A)		388,202		4,755,474
Qudian ADR * ^(A)		837,259		7,418,115
ZhongAn Online P&C Insurance, Cl H * ^(A)		4,031,100		25,459,471
				55,564,851
Industrials — 2.5%
51job ADR *		365,229		35,660,960
Information Technology — 70.0%
21Vianet Group ADR *		580,903		5,634,759
58.com ADR *		762,775		52,890,819
Alibaba Group Holding ADR *		687,120		127,481,374
Autohome ADR *		575,526		58,128,126
Baidu ADR *		468,995		113,965,785
Baozun ADR * ^(A)		418,493		22,891,567
Bitauto Holdings ADR * ^(A)		392,457		9,332,627
Changyou.com ADR *		78,118		1,302,227
Cheetah Mobile ADR * ^(A)		139,990		1,338,304
Fang Holdings ADR * ^(A)		2,027,576		7,866,995
HC International *		6,543,400		3,836,573
iQIYI ADR * ^(A)		2,033,512		65,682,438
Kingsoft		11,117,000		33,724,592
Momo ADR *		1,225,934		53,328,129
NetEase ADR		453,844		114,672,763
SINA *		660,845		55,966,963
Sogou ADR * ^(A)		770,283		8,804,335
Sohu.com ADR *		397,966		14,127,793
Tencent Holdings		2,804,875		140,789,856

Schedule of Investments (Unaudited) June 30, 2018

KraneShares CSI China Internet ETF

	Shares	Value
COMMON STOCK — continued
Information Technology — continued
Tian Ge Interactive Holdings	8,467,000	$	6,281,085
Weibo ADR *	406,245		36,058,306
Xunlei ADR * ^(A)	493,707		5,282,665
Yirendai ADR ^(A)	505,117		10,718,583
YY ADR *	466,458		46,865,035
			996,971,699
TOTAL CHINA			1,359,219,924
HONG KONG — 5.2%
Consumer Discretionary — 3.8%
Alibaba Pictures Group *	164,784,000		18,063,239
China Literature * ^(A)	3,873,400		36,386,642
			54,449,881
Financials — 0.9%
Yixin Group * ^(A)	31,821,000		13,344,179
Information Technology — 0.5%
NetDragon Websoft Holdings	3,110,252		6,874,274
TOTAL HONG KONG			74,668,334
TOTAL COMMON STOCK
(Cost $1,414,420,821)			1,433,888,258
SHORT-TERM INVESTMENT^(B)(C) — 10.7
Invesco Government & Agency Portfolio, Institutional Class, 1.823%			151,973,596
TOTAL SHORT-TERM INVESTMENT
(Cost $151,973,596)			151,973,596
TOTAL INVESTMENTS — 111.3%
(Cost $1,566,394,417)			1,585,861,854
OTHER ASSETS LESS LIABILITIES – (11.3)%			(161,285,034	)
NET ASSETS - 100%		$	1,424,576,820

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at June 30, 2018. The total value of securities on loan at June 30, 2018 was $145,203,882.
(B)	The rate shown is the 7-day effective yield as of July 31, 2018.

Schedule of Investments (Unaudited) June 30, 2018

KraneShares CSI China Internet ETF

(C)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of July 31, 2018 was $151,973,596.

ADR — American Depositary Receipt

Cl — Class

As of June 30, 2018, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended June 30, 2018, there were no Level 3 investments.

KRS-QH-002-1000

Schedule of Investments (Unaudited) June 30, 2018

KraneShares E Fund China Commercial Paper ETF

	Face Amount^(A)		Value
COMMERCIAL PAPER — 87.8%

CHINA— 87.8%
Consumer Staples — 3.7%
Sinopharm Group Ltd.
4.890%, 08/29/2018		3,000,000	$	453,197
Energy — 6.1%
Shaanxi Coal and Chemical
5.010%, 11/08/2018		5,000,000		755,018
Financials — 32.9%
Gemdale
5.300%, 12/02/2018		5,000,000		756,071
HeBei Transportation Investment Group
5.200%, 11/17/2018		4,000,000		604,473
Lianyungang City Construction Investment Group Ltd.
5.490%, 01/12/2019		4,000,000		605,816
New Jersey New Industrial Investment
4.950%, 12/22/2018		3,000,000		453,062
Ping An International Financial Leasing Ltd.
5.180%, 11/03/2018		3,000,000		453,764
Ping An Real Estate Ltd.
4.850%, 02/01/2019		3,000,000		451,964
Qingdao City Construction Investment Group Ltd.
4.520%, 11/08/2018		3,000,000		453,069
Shaanxi Provincial Communication Construction Group
5.350%, 10/27/2018		2,000,000		302,446
				4,080,665
Industrials — 15.8%
Beijing Haidian State-Owned Assets Operations and Management Center
4.850%, 12/18/2018		3,000,000		452,998
China National Building Material Ltd.
5.060%, 10/26/2018		2,000,000		302,236
4.730%, 07/20/2018		3,000,000		452,708
Jiangxi Provincial Expressway Investment Group Ltd.
4.850%, 11/26/2018		5,000,000		755,275
				1,963,217
Materials — 17.1%
Shandong Gold Group
4.480%, 01/10/2019		7,000,000		1,056,297

Schedule of Investments (Unaudited) June 30, 2018

KraneShares E Fund China Commercial Paper ETF

	Face Amount^(A)/Shares		Value
CHINA— continued
Materials — continued
Shandong Hongqiao New Material Ltd.
6.250%, 03/16/2019		4,000,000	$	605,721
TCL
4.800%, 01/18/2019		3,000,000		452,942
				2,114,960
Utilities — 12.2%
China Datang
4.900%, 08/01/2018		3,000,000		452,976
Shenzhen Energy Group Ltd.
4.990%, 08/12/2018		7,000,000		1,056,878
				1,509,854
TOTAL COMMERCIAL PAPER
(Cost $11,261,477)				10,876,911
CORPORATE OBLIGATIONS — 8.6%

CHINA — 8.6%
HBIS Group
4.870%, 04/04/2019		5,000,000		754,804
Shougang Group
4.750%, 02/22/2019		2,000,000		301,944
TOTAL CORPORATE OBLIGATIONS
(Cost $1,103,667)				1,056,748
SHORT-TERM INVESTMENTS^(B)(c) — 2.7%
China Universal Express Income Money Market Fund, 3.660%		377		57
E Fund Money Market Fund, 4.985%*		2,046,981		309,208
Fortune SGAM Xianjin Tianyi Money Market Fund, 4.204%		157,609		23,790
Xianjinbao Real-Time Redemption Money Market Fund, 3.814%		3,426		517
TOTAL SHORT-TERM INVESTMENTS
(Cost $314,942)				333,572
TOTAL INVESTMENTS — 99.1%
(Cost $12,680,086)				12,267,231
OTHER ASSETS LESS LIABILITIES – 0.9%				116,904
NET ASSETS - 100%			$	12,384,135

Schedule of Investments (Unaudited) June 30, 2018

KraneShares E Fund China Commercial Paper ETF

* 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 June 30, 2018 are as follows:

Value of Shares Held as of 3/31/18		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value of Shares Held as of 6/30/18		Balance of Shares Held as of 6/30/18		Dividend Income
E Fund Money Market Fund
$	23,714	$	296,659	$	—	$	(11,165	)	$	—	$	309,208		2,046,981	$	—

(A) In CNY unless otherwise indicated.

(B) Class is not available.

(C) The rate shown is the 7-day effective yield as of June 30, 2018.

CNY. — Chinese Yuan

Ltd. — Limited

Investments in Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	10,876,911	$	—	$	10,876,911
Corporate Obligations		—		1,056,748		—		1,056,748
Short-Term Investments		333,572		—		—		333,572
Total Investments in Securities	$	333,572	$	11,933,659	$	—	$	12,267,231

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended June 30, 2018, there were no Level 3 investments.

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

KRS-QH-004-0800

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — 82.6%‡

BRAZIL — 3.6%
Consumer Discretionary — 0.4%
Lojas Renner		1,210	$	9,102
Consumer Staples — 0.7%
Ambev		2,850		13,319
BRF *		900		4,208
				17,527
Energy — 0.5%
Petroleo Brasileiro *		1,298		6,545
Ultrapar Participacoes		427		5,094
				11,639
Financials — 0.6%
B3 - Brasil Bolsa Balcao *		1,720		9,183
BB Seguridade Participacoes		910		5,818
				15,001
Information Technology — 0.1%
Cielo		811		3,489
Materials — 1.0%
Vale *		2,000		25,669
Telecommunication Services — 0.3%
TIM Participacoes		2,193		7,444
TOTAL BRAZIL				89,871
CHILE — 0.9%
Energy — 0.3%
Empresas COPEC		456		7,004
Financials — 0.2%
Banco de Credito e Inversiones		1		67
Banco Santander Chile		56,610		4,448
				4,515
Utilities — 0.4%
Enel Americas		45,128		8,005
Enel Chile		26,919		2,666
				10,671
TOTAL CHILE				22,190

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

CHINA — 25.9%
Consumer Discretionary — 1.2%
BYD, Cl H		3,475	$	21,061
Ctrip.com International ADR *		188		8,955
Shanghai Jinjiang International Hotels Development		200		488
				30,504
Consumer Staples — 0.2%
Hengan International Group		560		5,389
Energy — 2.1%
China Petroleum & Chemical, Cl H		16,500		14,743
China Shenhua Energy, Cl H		4,701		11,157
CNOOC		9,826		16,958
PetroChina, Cl H		11,984		9,119
				51,977
Financials — 6.5%
Agricultural Bank of China, Cl H		26,397		12,348
Bank of China, Cl H		48,396		23,996
China CITIC Bank, Cl H		21,858		13,680
China Construction Bank, Cl H		57,296		52,947
China Life Insurance, Cl H		7,483		19,315
New China Life Insurance, Cl H		1,445		6,014
PICC Property & Casualty, Cl H		3,510		3,789
Ping An Insurance Group of China, Cl H		3,000		27,608
				159,697
Health Care — 0.3%
China Medical System Holdings		3,340		6,675
Industrials — 1.2%
Anhui Expressway, Cl H		15,512		9,352
China Communications Construction, Cl H		14,690		14,193
CITIC		3,780		5,329
				28,874
Information Technology — 12.1%
Alibaba Group Holding ADR *		418		77,552
Baidu ADR *		248		60,264
Hanergy Thin Film Power Group *^(A)(B)		4,364		6
NetEase ADR		130		32,847

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — continued
Tencent Holdings		2,558	$	128,398
				299,067
Real Estate — 0.7%
China Overseas Land & Investment		2,839		9,354
China Resources Land		2,214		7,465
				16,819
Telecommunication Services — 1.1%
China Mobile		2,972		26,404
Utilities — 0.6%
ENN Energy Holdings		882		8,673
Huaneng Power International, Cl H		9,077		6,016
				14,689
TOTAL CHINA				640,095
COLOMBIA — 1.5%
Energy — 0.6%
Ecopetrol		14,710		15,051
Financials — 0.5%
Bancolombia		507		6,025
Financiera Colombiana *		195		1,683
Grupo de Inversiones Suramericana		377		4,850
				12,558
Materials — 0.4%
Cementos Argos		1,089		3,615
Grupo Argos		940		6,337
				9,952
TOTAL COLOMBIA				37,561
CZECH REPUBLIC — 0.6%
Financials — 0.2%
Komercni banka as		130		5,458
Utilities — 0.4%
CEZ		461		10,903
TOTAL CZECH REPUBLIC				16,361

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

EGYPT — 2.2%
Financials — 1.2%
Commercial International Bank Egypt SAE		4,326	$	20,622
Egyptian Financial Group-Hermes Holding *		6,108		7,859
				28,481
Industrials — 0.5%
ElSewedy Electric		1,111		12,396
Real Estate — 0.3%
Talaat Moustafa Group		11,045		7,155
Telecommunication Services — 0.2%
Global Telecom Holding SAE *		19,879		5,234
TOTAL EGYPT				53,266
HONG KONG — 1.2%
Consumer Discretionary — 0.3%
Haier Electronics Group		2,056		7,036
Financials — 0.9%
China Cinda Asset Management, Cl H		13,504		4,337
Industrial & Commercial Bank of China, Cl H		19,441		14,546
People's Insurance Group of China, Cl H		6,452		3,035
				21,918
TOTAL HONG KONG				28,954
HUNGARY — 0.3%
Financials — 0.3%
OTP Bank Nyrt		210		7,606
TOTAL HUNGARY				7,606
INDIA — 15.6%
Consumer Discretionary — 0.7%
Tata Motors ADR *		900		17,595
Financials — 8.4%
HDFC Bank ADR		1,500		157,530
ICICI Bank ADR		6,168		49,529
				207,059

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

Health Care — 0.7%
Dr Reddy's Laboratories ADR		512	$	16,486
Information Technology — 4.2%
Infosys ADR		4,415		85,784
Wipro ADR		3,924		18,796
				104,580
Materials — 1.6%
Vedanta ADR		2,908		39,549
TOTAL INDIA				385,269
INDONESIA — 5.3%
Consumer Discretionary — 0.7%
Astra International		38,102		17,549
Consumer Staples — 0.6%
Indofood Sukses Makmur		12,428		5,767
Unilever Indonesia		2,784		8,956
				14,723
Energy — 0.6%
United Tractors		7,104		15,666
Financials — 2.5%
Bank Central Asia		12,820		19,212
Bank Mandiri Persero		25,444		12,163
Bank Negara Indonesia Persero		20,176		9,926
Bank Rakyat Indonesia Persero		104,205		20,652
				61,953
Materials — 0.2%
Semen Indonesia Persero		12,163		6,048
Telecommunication Services — 0.7%
Telekomunikasi Indonesia Persero		67,448		17,650
TOTAL INDONESIA				133,589

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

MALAYSIA — 1.3%
Consumer Discretionary — 0.1%
Genting		1,603	$	3,338
Industrials — 0.3%
Gamuda		7,674		6,212
Materials — 0.4%
Petronas Chemicals Group		4,820		10,035
Utilities — 0.5%
Petronas Gas		1,305		5,589
Tenaga Nasional		1,817		6,585
				12,174
TOTAL MALAYSIA				31,759
MEXICO — 3.9%
Consumer Discretionary — 0.3%
Grupo Televisa		1,774		6,799
Consumer Staples — 1.0%
Fomento Economico Mexicano		1,336		11,863
Grupo Bimbo, Ser A		1,430		2,816
Wal-Mart de Mexico		3,372		8,993
				23,672
Financials — 0.5%
Gentera		4,178		3,720
Grupo Financiero Banorte, Cl O		1,536		9,126
				12,846
Industrials — 0.4%
Grupo Aeroportuario del Sureste, Cl B		374		6,003
Promotora y Operadora de Infraestructura		412		3,726
				9,729
Materials — 0.8%
Cemex, Cl Preference *		12,627		8,396
Grupo Mexico		3,992		11,432
				19,828

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

Real Estate — 0.2%
Fibra Uno Administracion ^†		3,433	$	5,056
Telecommunication Services — 0.7%
America Movil		19,782		16,687
TOTAL MEXICO				94,617

PAKISTAN — 1.5%
Energy — 1.1%
Oil & Gas Development		10,465		13,409
Pakistan Petroleum		7,376		13,052
				26,461
Materials — 0.4%
Fauji Fertilizer		11,972		9,748
TOTAL PAKISTAN				36,209

PERU — 1.3%
Financials — 1.0%
Credicorp		105		23,638
Materials — 0.3%
Cia de Minas Buenaventura ADR		502		6,842
TOTAL PERU				30,480

PHILIPPINES — 1.3%
Consumer Staples — 0.1%
Universal Robina		1,150		2,607
Financials — 0.2%
Ayala		315		5,430
Industrials — 0.6%
International Container Terminal Services		3,777		5,471
SM Investments		510		8,362
				13,833
Real Estate — 0.3%
Ayala Land		9,000		6,392
Telecommunication Services — 0.1%
Globe Telecom		80		2,308
TOTAL PHILIPPINES				30,570

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

POLAND — 1.3%
Energy — 0.4%
Polski Koncern Naftowy ORLEN		466	$	10,462
Financials — 0.9%
Bank Polska Kasa Opieki		130		3,924
Powszechna Kasa Oszczednosci Bank Polski		698		6,896
Powszechny Zaklad Ubezpieczen		1,098		11,432
				22,252
TOTAL POLAND				32,714

RUSSIA — 6.2%
Consumer Staples — 0.3%
Magnit GDR		463		8,334
Energy — 3.9%
Gazprom		9,824		22,093
Lukoil		569		39,475
Novatek PJSC		130		1,768
Rosneft		1,064		6,722
Tatneft		2,482		26,757
				96,815
Financials — 1.4%
Sberbank of Russia		9,698		33,717
Materials — 0.6%
MMC Norilsk Nickel PJSC		88		15,998
TOTAL RUSSIA				154,864

SOUTH AFRICA — 1.6%
Consumer Discretionary — 0.8%
Naspers, Cl N		77		19,578
Steinhoff International Holdings *		506		48
				19,626

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

Financials — 0.4%
Remgro		634	$	9,450
Industrials — 0.0%
Novus Holdings		26		6
Information Technology — 0.4%
Sasol		244		8,952
TOTAL SOUTH AFRICA				38,034

TAIWAN — 2.5%
Energy — 0.2%
Formosa Petrochemical		1,447		5,814
Information Technology — 0.9%
Taiwan Semiconductor Manufacturing		3,163		22,460
Materials — 1.4%
Formosa Chemicals & Fibre		2,556		10,186
Formosa Plastics		3,312		12,221
Nan Ya Plastics		4,403		12,593
				35,000
TOTAL TAIWAN				63,274

THAILAND — 2.2%
Consumer Staples — 0.4%
CP ALL		4,096		9,087
Energy — 0.8%
PTT		8,650		12,533
Thai Oil		3,342		7,843
				20,376
Health Care — 0.2%
Bumrungrad Hospital		824		4,141
Industrials — 0.4%
Airports of Thailand		4,700		8,938
Telecommunication Services — 0.4%
Advanced Info Service		1,805		10,079
TOTAL THAILAND				52,621

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
COMMON STOCK — continued

TURKEY — 1.8%
Consumer Discretionary — 0.1%
Arcelik		986	$	3,282
Consumer Staples — 0.3%
BIM Birlesik Magazalar		496		7,270
Energy — 0.5%
Tupras Turkiye Petrol Rafinerileri		505		11,905
Financials — 0.4%
Akbank Turk		2,892		4,747
Turkiye Garanti Bankasi		3,481		6,368
				11,115
Industrials — 0.3%
KOC Holding		2,195		6,814
Telecommunication Services — 0.2%
Turkcell Iletisim Hizmetleri		2,250		5,977
TOTAL TURKEY				46,363

UNITED ARAB EMIRATES — 0.5%
Financials — 0.2%
Abu Dhabi Commercial Bank		1,164		2,237
First Abu Dhabi Bank		669		2,213
				4,450
Real Estate — 0.3%
Emaar Properties		5,130		6,871
Telecommunication Services — 0.0%
Emirates Telecommunications Group		186		818
TOTAL UNITED ARAB EMIRATES				12,139
TOTAL COMMON STOCK (Cost $1,820,608)				2,038,406

OTHER INVESTMENT COMPANY — 12.5%
KraneShares Bosera MSCI China A ETF **		10,342		308,812
TOTAL OTHER INVESTMENT COMPANY (Cost $380,590)				308,812

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

	Shares		Value
PREFERRED STOCK — 2.4%

BRAZIL— 2.4%
Energy — 0.6%
Petroleo Brasileiro*		3,200	$	14,281
Financials — 1.6%
Banco Bradesco*		1,916		13,336
Itau Unibanco Holding		1,672		17,448
Itausa - Investimentos Itau		3,730		8,910
				39,694
Telecommunication Services — 0.2%
Telefonica Brasil		500		5,959
TOTAL PREFERRED STOCK (Cost $58,946)				59,934
TOTAL INVESTMENTS — 97.5% (Cost $2,260,144)				2,407,152
OTHER ASSETS LESS LIABILITIES – 2.5%				61,877
NET ASSETS - 100%			$	2,469,029

^** Affiliated investment is a registered investment company which is managed by Krane Fund Advisors, LLC (the “Adviser”). Transactions with affiliated companies during the period ended June 30, 2018 are as follows:

Value of Shares Held as of 3/31/18		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value of Shares Held as of 6/30/18		Number of Shares Held as of 6/30/18		Dividend Income
KraneShares Bosera MSCI China A Share ETF
$	360,832	$	—	$	—	$	(52,020	)	$	—	$	308,812		10,342	$	—

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
†	Real Estate Investment Trust
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Security considered illiquid. The total value of such securities as of June 30, 2018 was $6 and represents 0.0% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

Ser — Series

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus ETF

The following is a list of the level of inputs used as of June 30, 2018, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Brazil	$	89,871	$	—	$	—	$	89,871
Chile		22,190		—		—		22,190
China
Consumer Discretionary		30,504		—		—		30,504
Consumer Staples		5,389		—		—		5,389
Energy		51,977		—		—		51,977
Financials		159,697		—		—		159,697
Health Care		6,675		—		—		6,675
Industrials		28,874		—		—		28,874
Information Technology		299,061		—		6		299,067
Real Estate		16,819		—		—		16,819
Telecommunication Services		26,404		—		—		26,404
Utilities		14,689		—		—		14,689
Colombia		37,561		—		—		37,561
Czech Republic		16,361		—		—		16,361
Egypt		53,266		—		—		53,266
Hong Kong		28,954		—		—		28,954
Hungary		7,606		—		—		7,606
India		385,269		—		—		385,269
Indonesia		133,589		—		—		133,589
Malaysia		31,759		—		—		31,759
Mexico		94,617		—		—		94,617
Pakistan		36,209		—		—		36,209
Peru		30,480		—		—		30,480
Philippines		30,570		—		—		30,570
Poland		32,714		—		—		32,714
Russia		154,864		—		—		154,864
South Africa		38,034		—		—		38,034
Taiwan		63,274		—		—		63,274
Thailand		52,621		—		—		52,621
Turkey		46,363		—		—		46,363
United Arab Emirates		12,139		—		—		12,139
Total Common Stock		2,038,400		—		6		2,038,406
Other Investment Company		308,812		—		—		308,812
Preferred Stock		59,934		—		—		59,934
Total Investments in Securities	$	2,407,146	$	—	$	6	$	2,407,152

Schedule of Investments (Unaudited) June 30, 2018

KraneShares FTSE Emerging Markets Plus 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 June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 3 investments. Transfers between levels are recognized at period end.

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

KRS-QH-011-0100

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 98.0%‡

CHINA — 38.2%
Financials — 3.8%
Bank of Guiyang, Cl A		56,105	$	104,668
Bank of Hangzhou, Cl A		90,000		150,650
Bank of Jiangsu, Cl A		281,855		272,696
Bank of Nanjing, Cl A		207,191		241,737
Bank of Ningbo, Cl A		123,745		304,259
Chongqing Rural Commercial Bank, Cl H		204,425		121,684
				1,195,694
Industrials — 17.8%
Beijing New Building Materials, Cl A		43,708		122,245
Changyuan Group		32,100		51,212
China Conch Venture Holdings		132,000		482,879
China Gezhouba Group, Cl A		112,650		122,592
China High-Speed Railway Technology, Cl A ^(A)(B)(C)		68,500		48,077
China Railway Construction, Cl H		160,000		162,132
China Railway Group, Cl H		308,500		232,787
China Railway Hi-tech Industry, Cl A		54,176		83,570
China State Construction Engineering, Cl A		1,025,580		845,194
CRRC, Cl H		336,850		261,478
Dalian Port PDA, Cl A		188,780		55,278
Daqin Railway, Cl A		363,732		450,732
Guangshen Railway, Cl A		138,000		88,525
Guoxuan High-Tech, Cl A		27,745		58,880
Han’s Laser Technology Industry Group, Cl A		26,000		208,736
Inner Mongolia First Machinery Group, Cl A		42,000		80,763
Jiangsu Expressway, Cl H		98,000		116,794
Jiangsu Zhongnan Construction Group, Cl A		90,800		86,479
Jiangsu Zhongtian Technology, Cl A		74,849		99,531
Metallurgical Corp of China, Cl A		435,800		219,042
Ningbo Zhoushan Port, Cl A		150,601		95,699
Northcom Group, Cl A *^(A)(B)(C)		25,840		68,722
Shanghai Construction Group, Cl A		218,800		100,396
Shanghai Electric Group, Cl H		218,000		73,357
Shanghai International Port Group, Cl A		170,410		153,298
Shanghai Tunnel Engineering, Cl A		76,700		68,419
Suzhou Gold Mantis Construction Decoration, Cl A		64,519		98,356
TangShan Port Group, Cl A		144,946		51,412
TBEA, Cl A		90,775		94,950
XCMG Construction Machinery, Cl A		171,048		109,466
Xinjiang Goldwind Science & Technology, Cl H		50,000		60,863
Yangzijiang Shipbuilding Holdings		224,200		148,809

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued

Industrials — continued
Zhejiang Expressway, Cl H		116,000	$	103,499
Zhengzhou Yutong Bus, Cl A		54,097		156,691
Zhuzhou CRRC Times Electric, Cl H		44,500		211,568
Zoomlion Heavy Industry Science and Technology, Cl A		156,357		96,996
				5,569,427
Materials — 5.4%
Anhui Conch Cement, Cl H		100,500		576,449
BBMG, Cl H		190,280		70,335
Beijing Oriental Yuhong Waterproof Technology, Cl A		36,725		94,288
China National Building Material, Cl H		315,000		311,971
China Northern Rare Earth Group High-Tech, Cl A		88,724		152,398
GEM, Cl A		93,200		85,107
Jiangxi Ganfeng Lithium, Cl A		27,000		157,225
Yintai Resources, Cl A		48,020		73,494
Yunnan Chihong Zinc & Germanium, Cl A		125,159		102,956
Yunnan Tin, Cl A *		40,900		74,141
				1,698,364
Utilities — 11.2%
Beijing Enterprises Holdings		41,000		199,631
CGN Power, Cl H		862,875		223,268
China Longyuan Power Group, Cl H		258,000		207,835
China National Nuclear Power, Cl A		317,142		270,456
China Yangtze Power, Cl A		358,843		874,183
Datang International Power Generation, Cl H		250,000		76,478
ENN Energy Holdings		61,700		606,741
Huadian Power International, Cl A		198,742		117,590
Huaneng Power International, Cl H		345,000		228,668
Huaneng Renewables, Cl H		388,860		129,365
SDIC Power Holdings, Cl A		166,006		182,160
Shenergy, Cl A		111,119		84,195
Sichuan Chuantou Energy, Cl A		107,484		141,467
Zhejiang Zheneng Electric Power, Cl A		221,441		155,753
				3,497,790
TOTAL CHINA				11,961,275

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued

HONG KONG — 5.0%
Industrials — 0.5%
Shenzhen International Holdings		74,600	$	154,421

Materials — 0.5%
China Resources Cement Holdings		160,000		162,132

Utilities — 4.0%
China Gas Holdings		141,800		570,240
China Power International Development		359,000		82,824
China Resources Gas Group		73,500		318,529
China Resources Power Holdings		156,635		275,917
				1,247,510
TOTAL HONG KONG				1,564,063

INDIA — 4.1%
Industrials — 0.6%
AIA Engineering		9,144		200,203

Materials — 3.5%
Hindalco Industries		282,136		949,170
PI Industries		13,330		146,510
				1,095,680
TOTAL INDIA				1,295,883

INDONESIA — 5.9%
Energy — 2.8%
Adaro Energy		3,478,500		434,509
Bumi Resources *		12,664,100		199,727
Indo Tambangraya Megah		82,000		128,036
Medco Energi Internasional *		1,713,500		115,389
				877,661
Materials — 3.1%
Aneka Tambang		2,032,000		126,202
Indah Kiat Pulp & Paper		661,000		857,962
				984,164
TOTAL INDONESIA				1,861,825

ISRAEL — 5.4%
Materials — 5.4%
Frutarom Industries		9,342		914,919

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued

Materials — continued
Israel Chemicals		169,899	$	775,106
TOTAL ISRAEL				1,690,025

KAZAKHSTAN — 0.9%
Energy — 0.9%
KazMunaiGas Exploration Production GDR		27,720		293,832
TOTAL KAZAKHSTAN				293,832

KUWAIT — 1.7%
Industrials — 1.7%
Agility Public Warehousing KSC		203,689		530,163
TOTAL KUWAIT				530,163

MALAYSIA — 6.9%
Energy — 0.8%
Bumi Armada *		637,000		113,539
Sapura Energy *		868,600		137,617
				251,156
Industrials — 1.1%
Sime Darby		575,000		348,744

Materials — 5.0%
Petronas Chemicals Group		579,400		1,206,276
Press Metal Aluminium Holdings		326,800		352,729
				1,559,005
TOTAL MALAYSIA				2,158,905

PHILIPPINES — 3.2%
Industrials — 3.2%
DMCI Holdings		962,000		189,273
International Container Terminal Services		103,540		149,972
JG Summit Holdings		692,560		648,859
TOTAL PHILIPPINES				988,104

POLAND — 2.5%
Materials — 2.5%
KGHM Polska Miedz *		33,897		796,735
TOTAL POLAND				796,735

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — continued

RUSSIA — 5.2%
Energy — 5.2%
Rosneft		257,570	$	1,627,309
TOTAL RUSSIA				1,627,309

SINGAPORE — 9.4%
Financials — 5.7%
Oversea-Chinese Banking		210,800		1,799,569

Industrials — 3.7%
Hutchison Port Holdings Trust, Cl U		350,200		98,056
Keppel		97,300		510,227
Singapore Airlines		36,200		283,812
Singapore Technologies Engineering		104,700		252,632
				1,144,727
TOTAL SINGAPORE				2,944,296

SOUTH AFRICA — 3.0%
Materials — 3.0%
Anglo American Platinum		13,062		342,126
Impala Platinum Holdings *		168,675		249,205
Kumba Iron Ore		15,657		336,712
TOTAL SOUTH AFRICA				928,043

THAILAND — 5.3%
Energy — 1.4%
IRPC		2,419,600		423,594
				423,594
Materials — 3.9%
PTT Global Chemical		556,600		1,226,435
				1,226,435
TOTAL THAILAND				1,650,029

TURKEY — 1.3%
Industrials — 1.3%
Turk Hava Yollari AO *		133,389		394,239
TOTAL TURKEY				394,239
TOTAL COMMON STOCK
(Cost $34,274,106)				30,684,726

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
PREFERRED STOCK — 0.9%

RUSSIA— 0.9%
Energy — 0.9%
Transneft(D)		102	$	270,688
TOTAL PREFERRED STOCK
(Cost $291,335)				270,688

TOTAL INVESTMENTS — 98.9%
(Cost $34,565,441)				30,955,414
OTHER ASSETS LESS LIABILITIES – 1.1%				359,518
NET ASSETS - 100%			$	31,314,932

‡	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
(A)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2018 was $116,799 and represents 0.4% 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 June 30, 2018 was $116,799 and represents 0.4% of Net Assets.
(D)	Currently, no stated interest rate.

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI One Belt One Road Index ETF

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China
Financials	$	1,195,694	$	—	$	—	$	1,195,694
Industrials		5,452,628		—		116,799		5,569,427
Materials		1,698,364		—		—		1,698,364
Utilities		3,497,790		—		—		3,497,790
Hong Kong		1,564,063		—		—		1,564,063
India		1,295,883		—		—		1,295,883
Indonesia		1,861,825		—		—		1,861,825
Israel		1,690,025		—		—		1,690,025
Kazakhstan		293,832		—		—		293,832
Kuwait		530,163		—		—		530,163
Malaysia		2,158,905		—		—		2,158,905
Philippines		988,104		—		—		988,104
Poland		796,735		—		—		796,735
Russia		1,627,309		—		—		1,627,309
Singapore		2,944,296		—		—		2,944,296
South Africa		928,043		—		—		928,043
Thailand		1,650,029		—		—		1,650,029
Turkey		394,239		—		—		394,239
Total Common Stock		30,567,927		—		116,799		30,684,726
Preferred Stock		270,688		—		—		270,688
Total Investments in Securities	$	30,838,615	$	—	$	116,799	$	30,955,414

^	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 June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended June 30, 2018, there were no Level 3 investments.

KRS-QH-006-0200

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.0%‡

ARGENTINA — 3.9%
Information Technology — 3.9%
MercadoLibre *		5,932	$	1,773,253
TOTAL ARGENTINA				1,773,253
BRAZIL — 6.4%
Consumer Discretionary — 3.5%
B2W Cia Digital *		174,670		1,216,706
CVC Brasil Operadora e Agencia de Viagens		29,626		346,281
				1,562,987
Information Technology — 2.9%
Cielo		302,580		1,301,580
TOTAL BRAZIL				2,864,567
CHINA — 34.9%
Consumer Discretionary — 15.3%
Ctrip.com International ADR *		32,961		1,569,933
JD.com ADR *		40,048		1,559,870
New Oriental Education & Technology Group ADR		16,089		1,522,985
TAL Education Group ADR *		30,278		1,114,230
Vipshop Holdings ADR *		104,744		1,136,472
				6,903,490
Information Technology — 19.6%
58.com ADR *		15,432		1,070,055
Alibaba Group Holding ADR *		8,011		1,486,281
Autohome ADR *		10,225		1,032,725
Baidu ADR *		6,129		1,489,347
NetEase ADR		5,284		1,335,108
Tencent Holdings		29,175		1,464,430
Weibo ADR *		10,976		974,230
				8,852,176
TOTAL CHINA				15,755,666
EGYPT — 0.8%
Telecommunication Services — 0.8%
Telecom Egypt		434,550		341,762
TOTAL EGYPT				341,762

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued

GREECE — 5.2%
Consumer Discretionary — 2.6%
OPAP		102,372	$	1,157,002
Telecommunication Services — 2.6%
Hellenic Telecommunications Organization		95,450		1,181,298
TOTAL GREECE				2,338,300
INDIA — 0.6%
Consumer Discretionary — 0.6%
MakeMyTrip *		7,149		258,436
TOTAL INDIA				258,436
MALAYSIA — 2.1%
Telecommunication Services — 2.1%
Telekom Malaysia		1,206,000		928,496
TOTAL MALAYSIA				928,496
MEXICO — 2.8%
Consumer Discretionary — 2.8%
Grupo Televisa		335,600		1,286,176
TOTAL MEXICO				1,286,176
POLAND — 3.3%
Consumer Discretionary — 2.6%
Cyfrowy Polsat *		189,528		1,171,404
Telecommunication Services — 0.7%
Orange Polska *		252,245		312,615
TOTAL POLAND				1,484,019
PUERTO RICO — 0.7%
Information Technology — 0.7%
EVERTEC *		15,539		339,527
TOTAL PUERTO RICO				339,527
RUSSIA — 2.9%
Information Technology — 2.9%
Mail.Ru Group GDR *		44,437		1,288,673
TOTAL RUSSIA				1,288,673

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued

SOUTH AFRICA — 3.6%
Consumer Discretionary — 3.6%
Naspers, Cl N		6,452	$	1,640,509
TOTAL SOUTH AFRICA				1,640,509
SOUTH KOREA — 18.9%
Consumer Discretionary — 1.7%
CJ O Shopping		1,656		415,449
Kakao M		4,219		340,700
				756,149
Financials — 0.7%
Daou Technology		14,723		305,821
Health Care — 0.8%
Celltrion Pharm *		4,279		348,233
Information Technology — 15.7%
Com2uSCorp		2,010		302,988
DoubleUGames		6,729		324,224
Douzone Bizon		6,978		388,188
Kakao		11,003		1,130,411
NAVER		2,448		1,675,930
NCSoft		3,417		1,137,467
Netmarble		8,302		1,135,985
NHN Entertainment *		5,436		316,551
Pearl Abyss *		1,855		374,495
Webzen *		13,783		299,281
				7,085,520
TOTAL SOUTH KOREA				8,495,723
TAIWAN — 2.3%
Information Technology — 2.3%
Accton Technology		114,000		329,790
Holy Stone Enterprise		46,000		369,648
WPG Holdings		235,000		332,978
TOTAL TAIWAN				1,032,416

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — continued

THAILAND — 2.4%
Telecommunication Services — 2.4%
Intouch Holdings		683,337	$	1,098,331
TOTAL THAILAND				1,098,331
UNITED STATES — 8.2%
Consumer Discretionary — 0.7%
Despegar.com *		15,267		320,149
Information Technology — 4.8%
iQIYI ADR *		34,144		1,102,851
Pagseguro Digital, Cl A *		38,725		1,074,619
				2,177,470
Telecommunication Services — 2.7%
KT ADR		92,548		1,229,037
TOTAL UNITED STATES				3,726,656
TOTAL COMMON STOCK
(Cost $46,967,473)				44,652,510
TOTAL INVESTMENTS — 99.0%
(Cost $46,967,473)				44,652,510
OTHER ASSETS LESS LIABILITIES – 1.0%				440,124
NET ASSETS - 100%			$	45,092,634

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

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

As of June 30, 2018, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Emerging Markets Consumer Technology Index ETF

For the period ended June 30, 2018, there were no Level 3 investments

KRS-QH-007-0200

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI China Environment Index ETF

	Shares		Value
COMMON STOCK — 100.1%‡

CHINA — 75.4%
Consumer Discretionary — 11.6%
Chaowei Power Holdings		207,000	$	105,539
TCL Electronics Holdings		241,000		114,887
Tianneng Power International		175,885		273,957
Yadea Group Holdings		352,694		130,820
				625,203
Consumer Staples — 0.7%
NVC Lighting Holding		442,000		37,183

Industrials — 11.7%
Beijing Urban Construction Design & Development Group, Cl H		90,000		40,380
Capital Environment Holdings *		1,508,000		43,248
China Everbright International		346,900		448,357
China Singyes Solar Technologies Holdings		147,000		44,969
Dynagreen Environmental Protection Group, Cl H *		111,000		54,047
				631,001
Information Technology — 7.6%
JA Solar Holdings ADR *		12,554		85,493
JinkoSolar Holding ADR *		9,262		127,538
Xinyi Solar Holdings		652,000		200,284
				413,315
Real Estate — 13.7%
China Vanke, Cl H		144,100		504,183
Shui On Land		934,500		237,036
				741,219
Utilities — 30.1%
Beijing Enterprises Water Group		900,500		491,258
China Datang Renewable Power, Cl H		815,000		139,202
China Everbright Water		106,927		31,368
China Longyuan Power Group, Cl H		630,800		508,149
China Power Clean Energy Development		124,500		60,778
CT Environmental Group		745,000		103,506
Huaneng Renewables, Cl H		684,000		227,551
Kangda International Environmental *		188,000		29,235
Yunnan Water Investment, Cl H		101,000		34,759
				1,625,806
TOTAL CHINA				4,073,727

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI China Environment Index ETF

	Shares		Value
COMMON STOCK — continued

HONG KONG — 24.7%
Industrials — 8.0%
China High Speed Transmission Equipment Group	164,000	$	252,937
Concord New Energy Group	1,930,000		84,871
FDG Electric Vehicles *	6,027,000		92,186
			429,994
Information Technology — 8.8%
China Goldjoy Group	2,636,000		144,476
GCL-Poly Energy Holdings *	2,546,000		240,144
Wasion Holdings	171,000		92,851
			477,471
Utilities — 7.9%
Canvest Environmental Protection Group	250,000		134,154
China Water Industry Group *	348,000		65,205
GCL New Energy Holdings *	2,204,000		89,897
Kong Sun Holdings *	1,887,000		43,053
Panda Green Energy Group *	1,308,000		95,031
			427,340
TOTAL HONG KONG			1,334,805
TOTAL COMMON STOCK
(Cost $5,863,098)			5,408,532

TOTAL INVESTMENTS — 100.1%
(Cost $5,863,098)			5,408,532
OTHER ASSETS LESS LIABILITIES – (0.1)%			(6,316	)
NET ASSETS - 100%		$	5,402,216

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

ADR — American Depositary Receipt

Cl — Class

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI China Environment Index ETF

The following is a list of the level of inputs used as of June 30, 2018, in valuing the Fund’s investments carried at value:

As of June 30, 2018, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 3 investments

For the period ended June 30, 2018, there were no Level 3 investments.

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

KRS-QH-008-0200

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 96.1%‡

AUSTRALIA — 1.0%
Materials — 1.0%
Galaxy Resources *		148,287	$	331,974
TOTAL AUSTRALIA				331,974

AUSTRIA — 1.4%
Information Technology — 1.4%
ams		5,891		437,724
TOTAL AUSTRIA				437,724

CANADA — 1.5%
Materials — 1.5%
First Quantum Minerals		32,513		478,754
TOTAL CANADA				478,754

CHILE — 3.6%
Materials — 3.6%
Antofagasta		50,993		666,505
Sociedad Quimica y Minera de Chile ADR		10,425		500,921
TOTAL CHILE				1,167,426

CHINA — 20.6%
Consumer Discretionary — 11.7%
Aerospace Hi-Tech Holdings Grp, Cl A *		201,000		303,989
BAIC Motor, Cl H		8,000		7,648
BYD, Cl H		77,500		469,715
Changzhou Xingyu Automotive Lighting Systems, Cl A		36,836		332,982
China Shipbuilding Industry Group Power, Cl A		182,946		481,851
Chongqing Sokon Industry Group, Cl A		103,200		269,320
Dongfeng Motor Group, Cl H		300,000		317,381
FAW CAR, Cl A		53,339		60,220
Great Wall Motor, Cl H		382,000		292,144
Haima Automobile Group, Cl A *		586,600		303,690
Jiangsu Yunyi Electric, Cl A		475,760		301,600
Kuang-Chi Technologies, Cl A		164,702		291,105
Tianneng Power International		204,000		317,749
				3,749,394
Industrials — 3.2%
Camel Group, Cl A		65,376		113,182
Guoxuan High-Tech, Cl A		155,810		330,655
Shaanxi J&R Optimum Energy, Cl A *		725,800		302,357
Zhejiang Narada Power Source, Cl A		151,700		274,307
				1,020,501

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued
Information Technology — 5.7%
AAC Technologies Holdings		1,000	$	14,085
Baidu ADR *		4,484		1,089,612
GoerTek, Cl A		288,728		444,076
Shanghai Belling, Cl A		168,700		294,862
				1,842,635
TOTAL CHINA				6,612,530

GERMANY — 10.1%
Consumer Discretionary — 8.2%
Bayerische Motoren Werke		12,233		1,108,767
Daimler		16,795		1,081,050
Hella GmbH & KGaA		7,856		440,271
				2,630,088
Information Technology — 1.9%
Infineon Technologies		23,856		608,036
TOTAL GERMANY				3,238,124

JAPAN — 1.1%
Industrials — 1.1%
GS Yuasa		75,000		341,940
TOTAL JAPAN				341,940

NETHERLANDS — 3.7%
Information Technology — 3.7%
NXP Semiconductors *		10,815		1,181,755
TOTAL NETHERLANDS				1,181,755

PERU — 3.6%
Materials — 3.6%
Southern Copper		24,806		1,162,657
TOTAL PERU				1,162,657

SOUTH KOREA — 3.0%
Information Technology — 3.0%
Samsung SDI		3,391		651,121
Silicon Works		10,025		324,722
TOTAL SOUTH KOREA				975,843

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued

SWEDEN — 1.4%
Consumer Discretionary — 1.4%
Autoliv		3,260	$	466,897
TOTAL SWEDEN				466,897

SWITZERLAND — 1.9%
Information Technology — 1.9%
STMicroelectronics		26,942		601,916
TOTAL SWITZERLAND				601,916

TAIWAN — 3.1%
Consumer Discretionary — 1.1%
Cub Elecparts		27,000		345,376
Information Technology — 2.0%
On-Bright Electronics		35,000		326,025
Parade Technologies		20,000		335,864
				661,889
TOTAL TAIWAN				1,007,265

UNITED KINGDOM — 0.9%
Information Technology — 0.9%
Dialog Semiconductor *		19,300		294,292
TOTAL UNITED KINGDOM				294,292

UNITED STATES — 39.1%
Consumer Discretionary — 11.4%
Aptiv *		6,693		613,280
Ford Motor		100,484		1,112,358
Gentherm *		9,069		356,412
Tesla *		3,254		1,115,958
Veoneer *		3,148		134,262
Visteon *		2,542		328,528
				3,660,798
Industrials — 1.0%
EnerSys		4,339		323,863
Information Technology — 23.5%
Advanced Micro Devices *		40,259		603,482
Alphabet, Cl A *		1,019		1,150,645
Ambarella *		7,899		304,980
Analog Devices		6,812		653,407

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — continued

Cirrus Logic *		8,991	$	344,625
Integrated Device Technology *		9,808		312,679
Knowles *		22,219		339,951
Maxim Integrated Products		11,266		660,864
MaxLinear, Cl A *		19,791		308,542
NVIDIA		4,547		1,077,184
Skyworks Solutions		6,811		658,283
Texas Instruments		10,533		1,161,263
				7,575,905
Materials — 3.2%
Albemarle		5,563		524,758
FMC		5,831		520,184
				1,044,942
TOTAL UNITED STATES				12,605,508
TOTAL COMMON STOCK
(Cost $33,164,769)				30,904,605

PREFERRED STOCK — 2.0%

GERMANY— 2.0%
Consumer Discretionary — 2.0%
Volkswagen		3,798		630,657
TOTAL PREFERRED STOCK
(Cost $765,756)				630,657
TOTAL INVESTMENTS — 98.1%
(Cost $33,930,525)				31,535,262
OTHER ASSETS LESS LIABILITIES – 1.9%				624,507
NET ASSETS - 100%			$	32,159,769

‡

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of June 30, 2018, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments.

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

Schedule of Investments (Unaudited) June 30, 2018

KraneShares Electric Vehicles and Future Mobility Index ETF

KRS-QH-009-0100

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.2%‡

CHINA — 89.4%
Health Care — 89.4%
3SBio		193,500	$	439,513
Alibaba Health Information Technology *		624,000		602,092
Beijing SL Pharmaceutical, Cl A		37,700		216,175
Beijing Tiantan Biological Products, Cl A		48,286		141,025
Beijing Tongrentang, Cl A		77,267		411,450
Changchun High & New Technology Industries, Cl A		9,300		319,625
China Medical System Holdings		243,000		485,662
China National Accord Medicines, Cl A		19,632		147,863
China National Medicines, Cl A		41,055		167,001
China Resources Double Crane Pharmaceutical, Cl A		47,988		177,819
China Resources Pharmaceutical Group		257,000		355,750
China Resources Sanjiu Medical & Pharmaceutical, Cl A		52,209		219,307
China Traditional Chinese Medicine Holdings		390,000		337,533
CSPC Pharmaceutical Group		868,000		2,622,106
Dong-E-E-Jiao, Cl E		33,900		275,332
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		75,746		435,020
Guizhou Bailing Group Pharmaceutical, Cl A		86,200		147,802
Huadong Medicine, Cl A		76,483		557,002
Hualan Biological Engineering, Cl A		51,376		249,385
Hubei Jumpcan Pharmaceutical, Cl A		38,572		280,559
Humanwell Healthcare Group, Cl A		75,770		151,190
Jiangsu Hengrui Medicine, Cl A		202,293		2,313,211
Jiangsu Yuyue Medical Equipment & Supply, Cl A		51,345		151,044
Jilin Aodong Pharmaceutical Group, Cl A		63,560		172,492
Jinyu Bio-Technology, Cl A		61,360		158,278
Joincare Pharmaceutical Group Industry, Cl A		88,500		158,425
Jointown Pharmaceutical Group, Cl A		110,595		283,110
Kangmei Pharmaceutical, Cl A		276,500		954,873
Livzon Pharmaceutical Group, Cl A		25,870		171,613
Luye Pharma Group		210,000		215,475
Meinian Onehealth Healthcare Holdings, Cl A		174,311		594,604
Realcan Pharmaceutical, Cl A		84,977		174,949
Shandong Buchang Pharmaceuticals, Cl A		41,300		266,739
Shandong Weigao Group Medical Polymer, Cl H		308,000		217,885
Shanghai Fosun Pharmaceutical Group, Cl A		113,459		708,808
Shanghai Fosun Pharmaceutical Group, Cl H		84,000		460,930
Shanghai Pharmaceuticals Holding, Cl A		110,094		397,151
Shanghai Pharmaceuticals Holding, Cl H		158,900		438,494
Shenzhen Hepalink Pharmaceutical Group, Cl A		60,028		200,598
Shenzhen Salubris Pharmaceuticals, Cl A		52,541		294,771
Shijiazhuang Yiling Pharmaceutical, Cl A		70,925		149,658

Schedule of Investments (Unaudited) June 30, 2018

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — continued

Health Care — continued
Sichuan Kelun Pharmaceutical, Cl A	83,900	$	406,501
Sichuan Languang Development, Cl A	169,160		158,301
Sihuan Pharmaceutical Holdings Group	700,000		156,141
Sinopharm Group, Cl H	216,000		868,631
Tasly Pharmaceutical Group, Cl A	80,296		312,928
Tong Ren Tang Technologies, Cl H	100,000		158,818
Tonghua Dongbao Pharmaceutical, Cl A	112,032		405,326
Wuxi Biologics Cayman *	89,500		996,479
Yifan Pharmaceutical, Cl A	67,973		181,082
Yunnan Baiyao Group, Cl A	59,162		955,122
Zhangzhou Pientzehuang Pharmaceutical, Cl A	37,100		626,780
Zhejiang Huahai Pharmaceutical, Cl A	67,634		272,463
Zhejiang NHU, Cl A	125,120		358,063
TOTAL CHINA			23,078,954

HONG KONG — 9.8%
Health Care — 9.8%
Genscript Biotech *	134,000		370,635
Sino Biopharmaceutical	1,212,500		1,860,760
SSY Group	258,000		286,431
TOTAL HONG KONG			2,517,826
TOTAL COMMON STOCK
(Cost $25,804,253)			25,596,780
TOTAL INVESTMENTS — 99.2%
(Cost $25,804,253)			25,596,780
OTHER ASSETS LESS LIABILITIES – 0.8%			210,349
NET ASSETS - 100%		$	25,807,129

‡

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

Non-income producing security.

Cl — Class

As of June 30, 2018, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments. For the period ended June 30, 2018, there were no Level 3 investments.

KRS-QH-010-0100

Schedule of Investments (Unaudited) June 30, 2018

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 86.5%

CHINA — 65.5%
Agile Group Holdings
9.000%, 05/21/2020		200,000	$	207,009
Bank of Communications
5.000%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.344% 12/29/2049		600,000		594,750
CAR
6.000%, 02/11/2021		200,000		190,250
CCB Life Insurance
4.500%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.680% 04/21/2077		300,000		282,386
Central China Real Estate
8.750%, 01/23/2021		200,000		202,113
Central Plaza Development
7.125%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+10.532% 06/02/2167		200,000		204,003
CFLD Cayman Investment
6.500%, 12/21/2020		200,000		179,982
China Construction Bank
4.650%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.974% 12/16/2166		600,000		594,780
China Evergrande Group
8.250%, 03/23/2022		300,000		285,899
China Reinsurance Finance
3.375%, 03/09/2022		400,000		381,352
China SCE Property Holdings
10.000%, 07/02/2020		200,000		209,250
Chinalco Capital Holdings
4.250%, 04/21/2022		250,000		236,872
Chong Hing Bank
6.500%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.628% 03/25/2167		300,000		305,406
CIFI Holdings Group
7.750%, 06/05/2020		200,000		202,681
Fantasia Holdings Group
7.950%, 07/05/2022		200,000		169,936
Fortune Star BVI
5.375%, 12/05/2020		200,000		197,750
Franshion Brilliant
5.750%,, VAR USD Swap Semi 30/360 5 Year Curr+3.859% 07/17/2166		200,000		183,496

Schedule of Investments (Unaudited) June 30, 2018

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
CHINA— continued
Greenland Global Investment
5.250%, 02/12/2021		200,000	$	186,973
Huzhou City Investment Development Group
4.875%, 12/20/2020		200,000		195,204
JD.com
3.125%, 04/29/2021		200,000		194,986
Kaisa Group Holdings
7.250%, 06/30/2020		200,000		179,100
Logan Property Holdings
5.250%, 02/23/2023		200,000		176,816
Shui On Development Holding
6.400%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.627% 12/31/2049		200,000		189,264
Sunac China Holdings
7.950%, 08/08/2022		200,000		187,473
Times China Holdings
6.250%, 01/17/2021		200,000		189,193
Unigroup International Holdings
6.000%, 12/10/2020		200,000		196,981
Yuzhou Properties
6.000%, 01/25/2022		200,000		186,246
TOTAL CHINA				6,510,151

HONG KONG — 21.0%
Bank of East Asia
8.500%,, VAR ICE LIBOR USD 3 Month+7.361% 05/05/2167		250,000		263,930
Baoxin Auto Finance I
8.750%,		200,000		208,900
HLP Finance
4.750%, 06/25/2022		200,000		205,603
Industrial & Commercial Bank of China Asia
4.250%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.135% 01/21/2167		300,000		282,663
Nanyang Commercial Bank
5.000%,, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.205% 12/31/2166		350,000		322,021
OVPH
5.875%, 09/01/2166		250,000		243,000
Shimao Property Holdings
8.375%, 02/10/2022		350,000		367,482

Schedule of Investments (Unaudited) June 30, 2018

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

	Face Amount		Value
HONG KONG— continued

WTT Investment
5.500%, 11/21/2022	$	200,000	$	190,662
TOTAL HONG KONG				2,084,261
TOTAL CORPORATE OBLIGATIONS
(Cost $8,658,375)				8,594,412
TOTAL INVESTMENTS — 86.5%
(Cost $8,658,375)				8,594,412
OTHER ASSETS LESS LIABILITIES – 13.5%				1,340,298
NET ASSETS - 100%			$	9,934,710

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

USD — United States Dollar

VAR — Variable Rate Security

As of June 30, 2018, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended June 30, 2018, there have been no transfers between Level 1 and Level 2 investments.

For the period ended June 30, 2018, there have been no transfers between Level 2 and Level 3 investments. For the period ended June 30, 2018, there were no Level 3 investments.

KRS-QH-012-0100

Item 2.

Controls and Procedures

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

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

Item 3.

Exhibits.

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

SIGNATURES

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

(Registrant)	KraneShares Trust

By	/s/ Jonathan Krane
	Jonathan Krane
	Trustee and Principal Executive Officer
Date: August 29, 2018

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

By	/s/ Jonathan Krane
	Jonathan Krane
	Trustee and Principal Executive Officer
Date: August 29, 2018

By	/s/ Jonathan Krane
	Jonathan Krane
	Principal Financial Officer
Date: August 29, 2018

Exhibit 99.CERT

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Jonathan Krane, certify that:

1. I have reviewed this report on Form N-Q of KraneShares Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: August 29, 2018

/s/ Jonathan Krane
Jonathan Krane
Trustee, Principal Executive Officer and Principal Financial Officer

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Form N-Q Krane Shares Trust For: Jun 30

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