Overview Performance Holdings Listings Fund Documents

Overview

Investment Strategy:

KWBH is an index-tracking, passively managed UCITS ETF that seeks to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are within the Internet and Internet-related sectors.

KWBH Provides:

  • Access to Chinese internet companies that provide similar services as Google, Facebook, Twitter, eBay, Amazon, etc.
  • Exposure to companies benefitting from increasing domestic consumption by China's growing middle class.
  • Exposure to Chinese internet companies listed in both the United States and Hong Kong.

China Internet Sector Highlights:

  • Chinese retail web sales totaled $2.2 trillion1 in 2025 (compared to $1.3 trillion2 in the United States).
  • China's internet population reached 1.13 billion people in 2024, a penetration of only 80%3. The U.S. internet population reached 322 million people, a penetration rate of 93% in 20254.
  • Total Chinese retail sales reached $7.2 trillion in 20241.
  • Online shopping accounted for 26% of retail purchases in China in 20251.

1. Data from National Bureau of Statistics of China as of 31/Dec/2025. Note: Figures converted from Chinese Renminbi to USD.
2. Data from United States Census Bureau as of 31/Dec/2025.
3. Data from China Internet Network Information Center (CNNIC) as of 31/Dec/2025.
4. Data from ITU as of 31/Dec/2025.

Fund Details

Data as of 15/Jun/2026
Ticker KWBH
Primary SEDOL BMFLSP2
Primary ISIN IE000CD5SH30
Net Assets £1,188,049
Total Annual Fund Operating Expense 0.75%
Inception Date 29/Apr/2026
Distribution Frequency Accumulating

Daily Performance

Data as of 15/Jun/2026
Daily Net Asset Value (NAV)
NAV £23.76
NAV Daily Change 0.21%

Performance History

Cumulative %

Data as of: 31/May/2026

Fund NAV Underlying Index
1 Month -5.56% -4.67%
3 Month – –
6 Month – –
YTD – –
Since Inception -4.88% -4.63%

Cumulative %

Data as of quarter end: 31/Mar/2026

Fund NAV Underlying Index
Since Inception – –

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Topics:

Top 10 Holdings

Data as of 15/Jun/2026 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value(£) Notional Value(£)
1 TENCENT HOLDINGS LTD 10.21% 700 KYG875721634 Stock 1,243,900 72,967,931 0
2 ALIBABA GROUP HOLDING LTD 8.61% 9988 KYG017191142 Stock 4,408,524 61,500,679 0
3 PDD HOLDINGS INC 7.94% PDD US7223041028 Stock 678,818 56,715,244 0
4 MEITUAN-CLASS B 7.08% 3690 KYG596691041 Stock 5,069,300 50,628,945 0
5 NETEASE INC 6.14% 9999 KYG6427A1022 Stock 1,715,040 43,867,058 0
6 KUAISHOU TECHNOLOGY 4.12% 1024 KYG532631028 Stock 4,988,100 29,438,760 0
7 KE HOLDINGS INC-CL A 4.00% 2423 KYG5223Y1089 Stock 5,154,900 28,607,264 0
8 JD.COM INC-CLASS A 3.98% 9618 KYG8208B1014 Stock 1,982,176 28,461,729 0
9 BAIDU INC-CLASS A 3.98% 9888 KYG070341048 Stock 1,942,330 28,434,983 0
10 TRIP.COM GROUP LTD 3.97% 9961 KYG9066F1019 Stock 601,961 28,350,535 0

Holdings are subject to change.

Listings

Data as of 15/Jun/2026
Exchange Ticker Currency Listing Date SEDOL ISIN
London Stock Exchange KWBH LN GBP 29/Apr/2026 BMFLSP2 IE000CD5SH30

Each share class is offered in the base currency noted above. To the extent the fund holds exposure to any positions in a currency different to the base currency, that position is unhedged.

Fund Documents

©2026 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017 [email protected]

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives.

A-Shares are issued by companies in mainland China and traded on local exchanges. They are available to domestic and certain foreign investors, including QFIs and those participating in Stock Connect Programs like Shanghai-Hong Kong and Shenzhen-Hong Kong. Foreign investments in A-Shares face various regulations and restrictions, including limits on asset repatriation. A-Shares may experience frequent trading halts and illiquidity, which can lead to volatility in the Fund’s share price and increased trading halt risks. The Chinese economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Fund. U.S.-China tensions raise concerns over tariffs and trade restrictions, which could harm China’s exports and the Fund. China’s regulatory standards are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Fund and leading to unexpected liabilities for foreign investors. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values.

The Class EUR Hedged shares and Class GBP Hedged shared are Currency Hedged Share Classes (as defined in the prospectus). The Fund may use FDI for the purposes of hedging the foreign exchange risk of these classes, including forward foreign exchange contracts, foreign exchange futures and foreign exchange swaps. This hedging seeks to minimise the effect of exchange rate fluctuations between the base currency (USD) and the relevant share class currency. Where the hedge is applied successfully, the performance of the hedged class is likely to move in line with the performance of the share classes denominated in the base currency. The use of this hedging may substantially limit holders of the relevant class from benefiting if the class currency decreases in value relative to the base currency. Further details are set out in the “Currency Hedging at Share Class Level” section of the prospectus and the “Currency Hedging” section of the supplement for the Fund.

The Fund may invest in Initial Public Offerings (IPOs). Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. The Funds are subject to political, social or economic instability within China which may cause decline in value. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. Emerging markets involve heightened risk related to the same factors as well as increase volatility and lower trading volume.
Internet companies are subject to rapid changes in technology, worldwide competition, rapid obsolescence of products and services, loss of patent protections, evolving industry standards and frequent new product productions. Such changes may have an adverse impact on performance.

Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KWBHLN is non-diversified.

The views and opinions expressed in this material are those of authors of the Krane Fund Advisors. These opinions have been given in faith, but are subject to change without notice. It is the responsibility of the investor to evaluate the accuracy, completeness and usefulness of any opinions, advice or other information provided. Instead, investors must buy and sell UCITS shares in the secondary market with the assistance of a stockbroker.

UCITS ETF’s units / shares purchased on the secondary market cannot usually be sold directly back to UCITS ETF. Investors must buy and sell units / shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units / shares and may receive less than the current net asset value when selling them.

UCITS shares are not individually redeemable with the issuing fund other than in large Creation Unit aggregations. In doing so, the investor may incur brokerage commissions and may pay more than net asset value (NAV) when buying and receive less than net asset value (NAV) when selling. The Net Asset Value per share is calculated in accordance with the “Determination of Net Asset Value” section of the prospectus, using the official closing price published by the relevant exchange. Shares are bought and sold at market price which may or may not be consistent with NAV.

This material is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. It is not, under any circumstances, intended for distribution to the general public. You are accessing information which constitutes a financial promotion under section 21 of the Financial Services and Markets Act 2000 ("FSMA"). In relation to the United Kingdom, this information is only directed at, and may only be distributed to, persons who are “Investment Professionals” (being persons having professional experience in matters relating to investments) within the meaning of article 19(5) of the FSMA (Financial Promotion) Order 2005 (the “Financial Promotion Order ”), persons to whom any of paragraphs (2)(a) to (d) of article 49 (high net worth companies, unincorporated associations etc.) of the financial promotion order apply, or persons to whom distribution may otherwise lawfully be made.

Any investment, and investment activity or controlled activity, to which this information relates is available only to such persons and will be engaged in only with such persons. Persons that do not have professional experience should not rely or act upon this information unless they are persons to whom any of paragraphs (2)(a) to (d) of article 49 apply to whom distribution of this information may otherwise lawfully be made.

In Switzerland, the Fund has appointed as Swiss Representative Waystone Fund Services (Switzerland) SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21 311 17 77, email: [email protected]. The Fund’s paying agent is Helvetische Bank AG. In respect of the Shares distributed in or from Switzerland, the place of performance and jurisdiction is Lausanne (Switzerland).

Although the information provided in this document has been obtained from sources which Krane Funds Advisors, LLC believes to be reliable, it does not guarantee accuracy of such information and such information may be incomplete or condensed. Krane Fund Advisors, LLC is appointed to act as investment manager in accordance with the requirements of the Central Bank. Krane Fund Advisors, LLC is appointed as the distributor of the ICAV. The Management Company may decide to terminate the agreements made for the marketing of the Fund in accordance with Article 93a of Directive 2009/65/EC.

KIID and PRIIP documents are available in the language of any Member State where such fund is distributed and the prospectus is available only in English. For additional fund documentation, please visit www.waystone.com or www.kraneshares.eu. To view our Summary of Investor Rights, available only in English, please visit www.kraneshares.eu or click here . The Fund’s indicative net asset value iNAV can be obtained during trading hours at https://www.londonstockexchange.com/live-markets/market-data-dashboard/price-explorer.

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