Qihoo 360 is a top-five holding in QQQC and KWEB. Baidu’s net income margin may narrow to 35 percent in 2013 from 47 percent, according to analysts’ average estimate, Bloomberg reported.

Weakness in Baidu does not necessarily guarantee weakness for ETFs like CQQQ and KWEB, but should Baidu tumble, that would mean stocks such as Tencent and Qihoo would have to pick up the slack for the ETFs. Tencent, China’s largest Internet company, has an average weight of 9.7% in the three ETFs mentioned here.

Guggenheim China Technology ETF