Tech Fund Becomes Biggest China ETF Even as Stock Rebound Stalls
Bloomberg – An embattled tech fund that plunged 58% in Beijing’s corporate crackdown has just roared back to life to become the biggest U.S. ETF betting on the Asian nation.
The KraneShares CSI China Internet Fund (ticker KWEB) added $181 million of new cash on Tuesday, the latest session for which data is available, taking assets to $6.2 billion, making the fund the largest US-listed China ETF.
KWEB surged a record 11% in the broader tech rebound Tuesday. It was down about 1% in early trading in New York on Thursday. The fund has been under enormous pressure alongside Chinese shares and American Depositary Receipts as authorities tightened oversight of industries including technology and education. Investors have continued to pour in cash in a wager the market fallout is over for now. KWEB surged a record 11% in the broader tech rebound Tuesday. It was down about 1% in early trading in New York on Thursday.
For KWEB standard performance and top 10 holdings please click here. Past performance is no guarantee of future results. Diversification does not protect against market risk.