Last year, investors witnessed a dichotomy of sorts with China exchange traded funds. The largest China ETF, the iShares China Large-Cap ETF (NYSEArca: FXI) outperformed some major diversified emerging markets ETFs, but still lost 2.2% on the year.

Along the way, FXI and other traditional, large cap-focused China ETFs were handily outpaced by a less heralded group of funds. Those ETFs had a few key traits in common. Namely scant if any weight to Chinese bank and large allocations to Internet stocks. [A Good Year for Some China ETFs]

That scenario is replaying itself again in early 2014 with another oft-overlooked China ETF looking poised to emerge as one of the group’s top performers: The KraneShares CSI China Five Year Plan ETF (NYSEArca: KFYP). Forget being overshadowed by FXI. Most China ETFs are, but KFYP is also overshadowed by its stablemate, the KraneShares CSI China Internet Fund (NasdaqGM: KWEB).

That is understandable as KWEB is a dedicated China Internet ETF and one that has rewarded investors with a 45% gain since Aug. 1, 2013. KWEB hit a new all-time high Friday on nearly triple the average daily volume. [Mobile Gaming Boosts China Internet ETFs]

KFYP is lightly traded, but that should not paint a negative picture of the ETF. Not when it gained almost 7% last month while FXI was up less than 5% over the same time. Since debuting in late July 2013, KFYP is up more than 30%. FXI is up less than 1% since KFYP came to market.

KFYP holds companies in targeted sectors of China’s 12th Five-Year Plan, including technology, domestic consumption, clean energy, industrial and healthcare. The Twelfth Five Year Plan (2011-2015) focuses on increasing domestic consumption, modernizing agriculture through mechanization and improvement of agricultural service businesses; encouraging stable urbanization; promoting energy saving and environmental protection; and encouraging domestic technological innovation. [Quirky New China ETF]