KWEB vs SPEM overlap - what they share and where they differ
KWEB and SPEM share 7.1% of their weight across 29 common positions, read from what each fund reported to the SEC.
Each week Ploutos reads the reported positions of the largest US equity ETFs and measures, pair by pair, the weight they share: for every stock both funds hold, the smaller of the two weights counts. Two funds tracking the same index land near 100%. A sector fund inside a broad index fund lands at roughly that sector's weight.
KWEB and SPEM
7.1%
29 shared positions
KWEB
KraneShares CSI China Internet ETF
Reported positions cover 100% of the fund, 33 positions · Jun 30, 2026
Top 10: 60.0%·Holdings of KWEB
SPEM
State Street(R) SPDR(R) Portfolio Emerging Markets ETF
Reported positions cover 100% of the fund, 2,718 positions · Jun 30, 2026
Top 10: 26.7%·Holdings of SPEM
Reported positions cover KWEB 100%, SPEM 100% of each fund. An overlap cannot exceed the smaller coverage, so a low figure can mean little overlap or thin reporting.
SPEM vs KWEB side by side
KWEBKraneShares CSI China Internet ETF
33
stock positions reported to the SEC
3.2% of its weight is in 4 names SPEM does not hold
SPEMState Street(R) SPDR(R) Portfolio Emerging Markets ETF
2,718
stock positions reported to the SEC
92.5% of its weight is in 2,689 names KWEB does not hold
Where each fund's weight sits
Largest sectors for both funds
The widest gap is Technology: KWEB has 24.5 points more of it.
The figures side by side
| KWEB | SPEM | |
|---|---|---|
| Filing date | Jun 30, 2026 | Jun 30, 2026 |
| Stock positions reported | 33 | 2,718 |
| Weight of the ten largest | 60.0% | 26.7% |
| Largest position | TENCENT HOLDINGS LIMITED 10.4% | TSM 14.7% |
| Held alone | 4 positions, 3.2% | 2,689 positions, 92.5% |
| Covered by stock positions | 100% | 100% |
Holdings they share
| Stock | In KWEB | In SPEM | Counted |
|---|---|---|---|
| TENCENT HOLDINGS LIMITED | 10.44% | 2.74% | 2.74% |
| BABAAlibaba Group Holding Limited | 7.70% | 1.79% | 1.79% |
| PDDPDD Holdings Inc. | 7.92% | 0.46% | 0.46% |
| NTESNETEASE, INC. | 6.97% | 0.42% | 0.42% |
| MEITUAN | 6.83% | 0.36% | 0.36% |
| JDJD.COM, INC. | 3.87% | 0.29% | 0.29% |
| BIDUBAIDU, INC. | 4.19% | 0.27% | 0.27% |
| TCOMTRIP.COM GROUP LIMITED | 3.69% | 0.18% | 0.18% |
| KUAISHOU TECHNOLOGY | 4.08% | 0.11% | 0.11% |
| KE HOLDINGS INC. | 3.89% | 0.09% | 0.09% |
What each holds alone
The heaviest positions one fund reports and the other does not.
Only in KWEB
Only in SPEM
Questions people ask
Is KWEB the same as SPEM?
7.1% of their weight sits in the same 29 holdings. KWEB also reports CHINA RUYI HOLDINGS LIMITED, NETEASE CLOUD MUSIC INC, PING AN HEALTHCARE AND TECHNOLOGY CO LTD, which the other does not. SPEM also reports TSM, MEDIATEK INC., SUGP, which the other does not.
How is the overlap between KWEB and SPEM measured?
For every stock both funds report, the smaller of the two weights counts, and the sum is the overlap. The reported positions cover 100% of KWEB and 100% of SPEM, so the number cannot exceed the smaller coverage.
Which holds more, SPEM or KWEB?
KWEB reports 33 stock positions and SPEM reports 2,718. 3.2% of KWEB's weight sits in names SPEM does not hold, and 92.5% of SPEM's weight in names KWEB does not hold. The ten largest positions are 60.0% of KWEB and 26.7% of SPEM.
How do KWEB and SPEM differ by sector?
The widest gap is Technology: KWEB has 24.5 points more of it. Sectors come from each holding's SIC code in its SEC record, summed by the weight the fund reports.
Where do the numbers come from?
From each fund's own N-PORT filing to the SEC, which lists every position and its weight. The comparison uses every equity position the fund reports; cash, futures and bonds are not counted, which is why a coverage figure sits next to every result. Holdings change between filings.
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Descriptive data from public SEC filings. Nothing on this page is a recommendation to buy, sell or hold any fund or stock, and holdings change between filings.