Shares of Weibo are up almost 7% in the past month while JD.com has surged 36% since its May 22nd IPO. Beauty products retailer Jumei International (NYSE: JMEI) is up 65 since its May 16th IPO.

While none of those stocks are yet members of KWEB, those performances ahead of the Alibaba IPO are seen as positives for the e-commerce giant and that positivity has trickled down to KWEB. KWEB could be among the first ETFs to add Alibaba to its lineup as the fund’s underlying index could add the stock after its eleventh trading day. [These ETFs Will House Alibaba]

Highlighting the intensity of the recent rally for KWEB’s holdings is Qihoo 360 Technology (NasdaqGS: QIHU). The provider of Internet and mobile security is the worst performer of KWEB’s top-five holdings over the past month, but the stock is up 9.5% over that time.

KraneShares CSI China Internet Fund