| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Krane Funds Advisors LLC | 23,072,787 | 1,644,804 | 265,567,778.37 | 2.4067 | 4.9887 | 09/30/2025 |
| 2 | Fidelity Management & Research Co. LLC | 15,631,020 | 770,851 | 179,913,040.2 | 0.01 | 3.3797 | 09/30/2025 |
| 3 | BlackRock Fund Advisors | 15,020,411 | 2,133,650 | 172,884,930.61 | 0.0037 | 3.2477 | 09/30/2025 |
| 4 | Morgan Stanley & Co. LLC | 13,286,679 | -6,928,297 | 152,929,675.29 | 0.0521 | 2.8728 | 09/30/2025 |
| 5 | The Vanguard Group, Inc. | 12,531,297 | 116,908 | 144,235,228.47 | 0.0019 | 2.7095 | 09/30/2025 |
| 6 | Coreview Capital Management Ltd. | 10,997,165 | 8,990,000 | 126,577,369.15 | 16.0302 | 2.3778 | 09/30/2025 |
| 7 | Bank of America, NA (Private Banking) | 8,722,326 | -1,525,449 | 100,393,972.26 | 0.0305 | 1.8859 | 09/30/2025 |
| 8 | Tiger Pacific Capital LP | 8,386,598 | -304,881 | 96,529,742.98 | 26.9478 | 1.8133 | 09/30/2025 |
| 9 | SSgA Funds Management, Inc. | 7,553,696 | 182,687 | 86,943,040.96 | 0.0028 | 1.6332 | 09/30/2025 |
| 10 | FIAM LLC | 7,439,889 | -34,880 | 85,633,122.39 | 0.044 | 1.6086 | 09/30/2025 |
| 11 | Capitolis Liquid Global Markets LLC | 7,061,400 | 7,061,400 | 81,276,714 | 0.6288 | 1.5268 | 09/30/2025 |
| 12 | UBS Asset Management (Hong Kong) Ltd. | 6,542,195 | -116,000 | 75,300,664.45 | 0.8926 | 1.4145 | 08/29/2025 |
| 13 | Macquarie Investment Management Business Trust | 6,020,800 | 11,609 | 69,299,408 | 0.0702 | 1.3018 | 09/30/2025 |
| 14 | Goldman Sachs & Co. LLC (Private Banking) | 5,979,949 | -1,441,301 | 68,829,212.99 | 0.0297 | 1.293 | 09/30/2025 |
| 15 | BlackRock Advisors (UK) Ltd. | 5,185,347 | 1,180,339 | 59,683,343.97 | 0.0066 | 1.1212 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | KraneShares CSI China Internet ETF | 21,616,575 | 5,097,893 | 248,806,778.25 | 2.7655 | 4.6739 | 11/28/2025 |
| 2 | Fidelity Advisor Focused Emerging Markets Fund | 7,090,441 | -968,700 | 81,610,975.91 | 0.8303 | 1.5331 | 10/31/2025 |
| 3 | Vanguard Total International Stock Index Fund | 5,891,618 | -64,280 | 67,812,523.18 | 0.0118 | 1.2739 | 10/31/2025 |
| 4 | Vanguard Emerging Markets Stock Index Fund | 5,449,220 | 132,299 | 62,720,522.2 | 0.043 | 1.1782 | 10/31/2025 |
| 5 | Macquarie Emerging Markets Fund | 4,500,000 | -861,736 | 51,795,000 | 0.6071 | 0.973 | 10/31/2025 |
| 6 | iShares Core MSCI Emerging Markets ETF | 4,183,042 | 451,463 | 48,146,813.42 | 0.0407 | 0.9044 | 11/28/2025 |
| 7 | Government Pension Fund - Global (The) | 4,024,110 | -3,224,216 | 46,317,506.1 | 0.003 | 0.8701 | 06/30/2025 |
| 8 | Strategic Advisers Fidelity Emerging Markets Fund | 3,553,400 | -223,600 | 40,899,634 | 0.1296 | 0.7683 | 10/31/2025 |
| 9 | UBS Lux Equity Fund - China Opportunity USD | 3,503,623 | -116,000 | 40,326,700.73 | 1.1856 | 0.7575 | 08/29/2025 |
| 10 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 3,078,571 | 29,169 | 35,434,352.21 | 0.012 | 0.6656 | 10/31/2025 |
| 11 | KraneShares ICAV - CSI China Internet UCITS ETF | 2,873,309 | 1,237,511 | 33,071,786.59 | 2.799 | 0.6213 | 11/28/2025 |
| 12 | BOCOM Schroder CSI Overseas China Internet Index Fund | 2,822,732 | -580,338 | 32,489,645.32 | 2.6252 | 0.6103 | 06/30/2025 |
| 13 | UBS Lux Equity SICAV - All China USD | 2,103,154 | 0 | 24,207,302.54 | 1.729 | 0.4547 | 08/29/2025 |
| 14 | E Fund CSI Overseas China Internet 50 ETF | 1,761,192 | -478,369 | 20,271,319.92 | 0.379 | 0.3808 | 06/30/2025 |
| 15 | iShares IV Plc - MSCI China Tech UCITS ETF | 1,703,792 | 994,657 | 19,610,645.92 | 0.9315 | 0.3684 | 11/28/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Coreview Capital Management Ltd. | 10,997,165 | 8,990,000 | 126,577,369.15 | 16.0302 | 2.3778 | 09/30/2025 |
| 2 | Capitolis Liquid Global Markets LLC | 7,061,400 | 7,061,400 | 81,276,714 | 0.6288 | 1.5268 | 09/30/2025 |
| 3 | Serenity Capital Management Pte Ltd. | 4,730,377 | 4,701,422 | 54,446,639.27 | 13.7177 | 1.0228 | 09/30/2025 |
| 4 | BofA Securities, Inc. | 5,076,473 | 3,096,179 | 58,430,204.23 | 0.1004 | 1.0976 | 09/30/2025 |
| 5 | BlackRock Fund Advisors | 15,020,411 | 2,133,650 | 172,884,930.61 | 0.0037 | 3.2477 | 09/30/2025 |
| 6 | Krane Funds Advisors LLC | 23,072,787 | 1,644,804 | 265,567,778.37 | 2.4067 | 4.9887 | 09/30/2025 |
| 7 | BlackRock Advisors (UK) Ltd. | 5,185,347 | 1,180,339 | 59,683,343.97 | 0.0066 | 1.1212 | 09/30/2025 |
| 8 | Fideuram Asset Management (Ireland) DAC | 1,146,719 | 913,425 | 13,198,735.69 | 0.0704 | 0.2479 | 10/31/2025 |
| 9 | Jane Street Capital LLC | 888,363 | 783,724 | 10,225,058.13 | 0.0118 | 0.1921 | 09/30/2025 |
| 10 | Fidelity Management & Research Co. LLC | 15,631,020 | 770,851 | 179,913,040.2 | 0.01 | 3.3797 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | UBS Asset Management Switzerland AG | 554,193 | -9,792,845 | 6,378,761.43 | 0.0014 | 0.1198 | 06/30/2025 |
| 2 | Morgan Stanley & Co. LLC | 13,286,679 | -6,928,297 | 152,929,675.29 | 0.0521 | 2.8728 | 09/30/2025 |
| 3 | Fidelity Management & Research (Hong Kong) Ltd. | 1,836,868 | -4,675,600 | 21,142,350.68 | 0.1527 | 0.3972 | 10/31/2025 |
| 4 | Healthcare of Ontario Pension Plan | 4,129,700 | -4,284,800 | 47,532,847 | 0.0851 | 0.8929 | 09/30/2025 |
| 5 | UBS Securities LLC | 1,560,494 | -4,206,068 | 17,961,285.94 | 0.0073 | 0.3374 | 09/30/2025 |
| 6 | Norges Bank Investment Management | 4,024,110 | -3,224,217 | 46,317,506.1 | 0.003 | 0.8701 | 06/30/2025 |
| 7 | Marshall Wace LLP | 20,310 | -2,994,973 | 233,768.1 | 0.0003 | 0.0044 | 09/30/2025 |
| 8 | Citigroup Global Markets, Inc. (Broker) | 79,215 | -2,865,164 | 911,764.65 | 0.0035 | 0.0171 | 09/30/2025 |
| 9 | MY.Alpha Management (HK) Advisors Ltd. | 0 | -2,734,175 | 0 | 0 | 0 | |
| 10 | Pinpoint Asset Management Ltd. (Hong Kong) | 0 | -2,491,129 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.