The KraneShares CSI China Internet Fund (NasdaqGM: KWEB) celebrated its first anniversary on Aug. 1 and it is fair to say it has been quite a run for the $87.1 million exchange traded fund.

Since inception on July 31, 2013, KWEB’s net asset value surged 52.7% as of July 31, 2014, according to KraneShares data.

Predictably, there has been volatility along the way. That is the result of the combination of China and Internet stocks under the umbrella of one ETF. For example, KWEB slipped nearly 27% from its March 2014 peak to its April nadir as investors scrambled out of momentum stocks, including Internet and social media names. [Getting Involved With a China Internet ETF]

KWEB has since surged 23%. Over the past month, the fund is the second-best non-leveraged China ETF and is outpacing big-name China funds, such as the iShares China Large-Cap ETF (NYSEArca: FXI), along the way.

KWEB’s rallies, which often qualify as quite rewarding, have been stoked by investors’ renewed thirst for Chinese Internet names, both familiar and new. The ETF is up 12.1% this year, thanks part to a 19.5% jump for Baidu (NasdaqGS: BIDU) and a 34% jump for (NasdaqGS: CTRP). Those stocks are two of the more established Chinese Internet names and combine for almost 17% of KWEB’s weight.

KWEB’s recent bullishness has also been buoyed by some newer Chinese Internet names. For example, shares of (NasdaqGS: JD) are up almost 32% since the company’s May initial public offering. KWEB has one of the largest weights to of any ETF at 7%.