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Annual Report Annual Report KraneShares CICC China Leaders 100 Index ETF KraneShares CSI China Internet ETF KraneShares Bosera MSCI China A Share ETF KraneShares E Fund China Commercial Paper ETF KraneShares MSCI All China Index ETF KraneShares MSCI One Belt One Road Index ETF KraneShares Emerging Markets Consumer Technology Index ETF KraneShares MSCI China Clean Technology Index ETF (Formerly, KraneShares MSCI China Environment Index ETF) KraneShares Electric Vehicles and Future Mobility Index ETF KraneShares MSCI All China Health Care Index ETF KraneShares CCBS China Corporate High Yield Bond USD Index ETF KraneShares Emerging Markets Healthcare Index ETF KraneShares MSCI Emerging Markets ex China Index ETF KraneShares MSCI China ESG Leaders Index ETF KraneShares Global Carbon ETF (Formerly KFA Global Carbon ETF) KraneShares CICC China 5G & Semiconductor Index ETF KraneShares CICC China Consumer Leaders Index ETF KraneShares SSE STAR Market 50 Index ETF March 31, 2021 Table of Contents Shareholder Letter � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1 Management Discussion of Fund Performance �� � � � � � � � � � � � � � � � � � � � � � � � � � � � 4 Schedules of Investments/Consolidated Schedule of Investments KraneShares CICC China Leaders 100 Index ETF � � � � � � � � � � � � � � � � � � � � � � � � � 71 KraneShares CSI China Internet ETF � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 75 KraneShares Bosera MSCI China A Share ETF� � � � � � � � � � � � � � � � � � � � � � � � � � � 78 KraneShares MSCI All China Index ETF �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 90 KraneShares MSCI One Belt One Road Index ETF �� � � � � � � � � � � � � � � � � � � � � � � � � 98 KraneShares Emerging Markets Consumer Technology Index ETF� � � � � � � � � � � � � � � � � � 104 KraneShares MSCI China Clean Technology Index ETF � � � � � � � � � � � � � � � � � � � � � � � 108 KraneShares Electric Vehicles and Future Mobility Index ETF � � � � � � � � � � � � � � � � � � � � 111 KraneShares MSCI All China Health Care Index ETF �� � � � � � � � � � � � � � � � � � � � � � � � 117 KraneShares CCBS China Corporate High Yield Bond USD Index ETF� � � � � � � � � � � � � � � � 120 KraneShares Emerging Markets Healthcare Index ETF �� � � � � � � � � � � � � � � � � � � � � � � 123 KraneShares MSCI Emerging Markets ex China Index ETF �� � � � � � � � � � � � � � � � � � � � � 128 KraneShares MSCI China ESG Leaders Index ETF �� � � � � � � � � � � � � � � � � � � � � � � � � 140 KraneShares Global Carbon ETF� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 145 KraneShares CICC China 5G & Semiconductor Index ETF ��� � � � � � � � � � � � � � � � � � � � � 147 KraneShares CICC China Consumer Leaders Index ETF� � � � � � � � � � � � � � � � � � � � � � � 149 KraneShares SSE STAR Market 50 Index ETF� � � � � � � � � � � � � � � � � � � � � � � � � � � � 151 Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities � � � � � � � � � 153 Statements of Operations/Consolidated Statements of Operations �� � � � � � � � � � � � � � � � � � 159 Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets �� � � � � � � 165 Financial Highlights/Consolidated Financial Highlights �� � � � � � � � � � � � � � � � � � � � � � � � 180 Notes to Financial Statements/Consolidated Notes to Financial Statements� � � � � � � � � � � � � � 186 Report of Independent Registered Public Accounting Firm� � � � � � � � � � � � � � � � � � � � � � � 218 Trustees and Officers of the Trust �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 221 Liquidity Risk Management Program �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 224 Approval of Advisory Agreements � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 225 Disclosure of Fund Expenses � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 231 Notice to Shareholders� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 234 Supplemental Information �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 236 The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT within sixty days after the end of the period� The Funds’ Form N-PORT reports are available on the Commission’s website at http://www�sec�gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC� Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330� A description of the policies and procedures that KraneShares Trust uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month year ended June 30, are available (i) without charge, upon request, by calling 855-857-2638; and (ii) on the Commission’s website at http://www�sec�gov� Fund shares may only be purchased or redeemed from a Fund in large Creation Unit aggregations. Investors who cannot transact in Creation Units of a Fund’s shares must buy or sell Fund shares in the secondary market at their market price, which may be at a premium or discount to a Fund’s net asset value, with the assistance of a broker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying Fund shares and receive less than net asset value when selling Fund shares. Shareholder Letter (Unaudited) Dear Shareholders: We are pleased to send you the Annual Report for KraneShares Exchange-traded funds (“ETFs”) for the 12-month period ended March 31, 2021� For the period, the ETFs delivered the following returns: Morningstar Underlying Peer Group Index Median Fund Return Return* Return KraneShares CICC China Leaders 100 Index ETF (KFYP) � � � � � � 28�90% 32�82%(a) 50�39%(1) KraneShares CSI China Internet ETF (KWEB) � � � � � � � � � � � � 67�77% 69�26%(b) 50�39%(1) KraneShares Bosera MSCI China A Share ETF (KBA) � � � � � � � � 50�00% 51�10%(c) 50�39%(1) KraneShares E Fund China Commercial Paper ETF (KCNY) � � � � � 9�91% 10�72%(d) 13�47%(2) KraneShares MSCI All China Index ETF (KALL) � � � � � � � � � � � 47�97% 45�82%(e) 50�39%(1) KraneShares MSCI One Belt One Road Index ETF (OBOR) � � � � � 65�82% 67�58%(f) 27�03%(3) KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ) � � � � � � � � � � � � � � � � � � � � � � � � � � � � 67�85% 69�26%(g) 62�08%(4) KraneShares MSCI China Clean Technology Index ETF (KGRN) � � � 143�03% 133�24%(h) 50�39%(1) KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) � � � � � � � � � � � � � � � � � � � � � � � � � � � � 122�46% 124�89%(i) 73�58%(5) KraneShares MSCI All China Health Care Index ETF (KURE) � � � � � 61�06% 63�50%(j) 50�39%(1) KraneShares CCBS China Corporate High Yield Bond USD Index ETF (KCCB) � � � � � � � � � � � � � � � � � � � � � � � 12�32% 12�75%(k) 19�30%(6) KraneShares Emerging Markets Healthcare Index ETF (KMED) � � � 60�18% 62�23%(l) 62�08%(4) KraneShares MSCI Emerging Markets ex China Index ETF (KEMX) � � � � � � � � � � � � � � � � � � � � � � � � � � � � 71�19% 68�77%(m) 62�08%(4) KraneShares MSCI China ESG Leaders Index ETF (KESG) � � � � � � 29�05%^ 30�84%(n) N/A(1) KraneShares Global Carbon ETF (KRBN) � � � � � � � � � � � � � � 41�95%^ 41�52%(o) N/A(N/A) KraneShares CICC China 5G & Semiconductor Index ETF (KFVG) � � -7�68%^ -6�81%(p) N/A(1) KraneShares CICC China Consumer Leaders Index ETF (KBUY) � � � 3�28%^ 4�12%(q) N/A(1) KraneShares SSE STAR Market 50 Index ETF (KSTR) � � � � � � � � -15�76%^ -16�59%(r) N/A(1) * Return as of March 31, 2021 ^ Return period since Fund inception (less than one-year period): KraneShares MSCI China ESG Leaders Index ETF, the Fund commenced operations on July 28, 2020. KraneShares Global Carbon ETF, the Fund commenced operations on July 29, 2020. KraneShares CICC China 5G & Semiconductor Index ETF, the Fund commenced operations on November 23, 2020. KraneShares CICC China Consumer Leaders Index ETF, the Fund commenced operations on December 8, 2020. KraneShares SSE STAR Market 50 Index ETF, the Fund commenced operations on January 26, 2021. Morningstar Peer Group Median Return Morningstar Peer Group Name (1) 50.39% U.S. ETF China Region (2) 13.47% U.S. ETF Emerging Markets Local Currency Bond (3) 27.03% U.S. ETF Infrastructure (4) 62.08% U.S. ETF Diversified Emerging Markets (5) 73.58% U.S. ETF Industrials (6) 19.30% U.S. ETF Emerging Markets Bond 1 Shareholder Letter (Unaudited) (continued) (a) The underlying index for KraneShares CICC China Leaders 100 Index ETF. (b) The underlying index for KraneShares CSI China Internet ETF. (c) The underlying index for KraneShares Bosera MSCI China A Share ETF. (d) The underlying index for KraneShares E Fund China Commercial Paper ETF. (e) The underlying index for KraneShares MSCI All China Index ETF. (f) The underlying index for KraneShares MSCI One Belt One Road Index ETF. (g) The underlying index for KraneShares Emerging Markets Consumer Technology Index ETF. (h) The underlying index for KraneShares MSCI China Clean Technology Index ETF. (i) The underlying index for KraneShares Electric Vehicles and Future Mobility Index ETF. (j) The underlying index for KraneShares MSCI All China Health Care Index ETF. (k) The underlying index
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