KWEB, tracking only overseas-listed Chinese shares of Internet-sector companies, doesn't look much like the broader Chinese IT industry. For one thing, KWEB excludes hardware companies from its selection universe. It only includes Internet software and services, home entertainment software, educational software for home use, retail or commercial services primarily through the Internet, and mobile Internet software and services. KWEB ends up with less Software and IT Exposure than broader funds in the segment and may tilt significantly towards small-caps. Index constituents are ranked by free-float market capitalization in USD and weighted using a 10% capping methodology at each semi-annual rebalance. While not perfectly capturing China's Internet economy, KWEB is a good pure play on Chinese Internet software and service providers.