Chinese Regulatory Risk: Increasing scrutiny and crackdowns by the Chinese government on technology companies, including data security, anti-monopoly, and content restrictions, can severely impact KWEB's underlying holdings and their profitability.

Delisting and Geopolitical Risk: Ongoing geopolitical tensions between the US and China, including potential delisting of Chinese companies from US exchanges, could negatively affect the value and liquidity of KWEB's investments.

Variable Interest Entity (VIE) Structure Risk: KWEB invests in companies primarily through Variable Interest Entities, which involve significant legal and enforceability risks regarding actual ownership and could face challenges from Chinese authorities.