KraneShares CSI China Internet ETF (KWEB)

KWEB dropped roughly 6% in a week, its sharpest slide in months.

What is going on right now?

Hong Kong stocks fell the most in seven months as hopes for new government stimulus faded, and this fund, which holds almost entirely Chinese internet companies, moved down with them.

How is the business itself doing?

This is a basket of China's biggest online companies: Tencent, Alibaba, PDD, Meituan, and others. They earn money from shopping, gaming, food delivery, and ads. About six out of every ten dollars in the fund sit in just ten names.

What stands out?

The fund has lost roughly 28% so far this year, while its annual fees are lower than most similar funds at 0.69%.

What comes next?

Any concrete signals from Beijing on new economic stimulus will hit these companies directly, since nearly all of the fund's holdings operate inside China.