KraneShares’ KSTR becomes the only US-listed ETF with direct CXMT ownership

If you wanted exposure to China’s most hyped semiconductor company from a US brokerage account, your options were, until now, basically nonexistent. KraneShares’ KSTR ETF just changed that by securing direct ownership of ChangXin Memory Technologies shares through its Qualified Foreign Institutional Investor quota, making it the sole US-listed fund holding CXMT outright. That matters because CXMT isn’t some obscure chipmaker. The DRAM specialist IPO’d on the STAR Market in late July 2026 and promptly saw its stock surge nearly 500% on its debut. It became mainland China’s largest listed company by market capitalization, valued in the hundreds of billions of dollars. And the only way a US investor can hold those shares through an exchange-traded fund is KSTR. What QFII access actually means Most American investors interact with Chinese companies through American Depositary Receipts or through funds that use swap agreements and other synthetic instruments. These are essentially IOUs, not actual ownership. QFII is a license granted by Chinese regulators that allows foreign institutions to buy and hold shares directly on mainland Chinese exchanges. KraneShares obtained this access for ...