Top 10 KWEB Holdings Primary Business KWEB Weight (%) China Internet Companies Comparable U.S. Business US Internet Companies 3 Year Average Revenue Growth Rate 5 Year Average Revenue Growth Rate 3 Year Average Revenue Growth Rate 5 Year Average Revenue Growth Rate Tencent Social Media 10.00 5.75 12.24 Meta 12.17 19.06 Alibaba E-Commerce 8.70 5.35 15.14 Amazon 10.74 18.31 PDD E-Commerce 7.29 62.56 68.59 Amazon 10.74 18.31 Meituan Food Delivery 6.98 23.53 28.87 Grubhub -3.96 99.85 JD.com E-Commerce 5.92 6.82 15.47 Amazon 10.74 18.31 Kuaishou Entertainment 4.37 16.16 27.33 Netflix 9.59 14.32 Tencent Music Entertainment 4.22 -3.01 2.55 Spotify 17.52 18.35 NetEase Gaming 4.18 6.38 12.48 Electronic Arts 2.25 6.52 Baidu Search 3.98 2.36 4.61 Google 10.78 17.25 Kanzhun Recruitment 3.94 20.48 55.04 Robert Half -3.00 0.32 Total: 59.58% Average: 15% Average: 24% Average: 7% Average: 24% Top 10 KWEB holdings vs. their U.S. equivalents as of the latest earnings release (Q1 2025). The Fund’s holdings are subject to change. Data from Bloomberg as of 6/30/2025. 15 The 3 & 5-year average revenue growth rates for China internet companies are like many U.S. internet companies.