KWEB tracks the CSI Overseas China Internet Index, which holds Chinese internet and e-commerce companies listed in Hong Kong and the United States, such as large e-commerce, gaming, social media and online services companies. The fund is concentrated in a small number of large companies. It has been very volatile, with large swings tied to Chinese regulation, US-China relations, delisting risk and consumer demand. It is a thematic fund and not a substitute for diversified China or emerging-market exposure.
