At a glance
CNXT charges 0.65% a year, above the 0.56% average of the 5 funds most like it (the 4th cheapest of 6). It has $140.7M in assets, the 6th largest of that group; it paid 0.21% of its price in distributions over the past 12 months, annual. Over the past year it returned −15.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 6 funds; over three years it returned +15.7% a year. At its worst it fell 19.9% in the 2020 crash (S&P 500: 33.7%) and 40.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 42 months after the lows. Its ten largest positions make up 58.7% of the fund, out of 97 in all.
The short version
VanEck ChiNext Innovators ETF (CNXT), named VanEck ChiNext ETF before May 1, 2026, tracks the ChiNext Index: the 100 largest, most liquid stocks on the ChiNext Market of the Shenzhen Stock Exchange, held directly as mainland China A-shares. It is highly concentrated: Zhongji Innolight, Contemporary Amperex Technology and Eoptolink made up about 39% of assets as of June 30, 2026. Its 0.65% expense ratio is above the 0.56% average of similar China funds.
Price history
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CNXT -15.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CNXT official prospectus, to Dec 31, 2025 | — | +58.93% | — | -0.26% | +1.54% | — |
| CNXT price data to Oct 27, 2026 | -14.7% | -15.0% | +15.7% | -4.9% | +2.4% | +4.2% |
- Over the year to Oct 27, 2026, CNXT returned -15.0%, 4th of 6 among similar funds.
- Its 5-year annualized return was -4.9% and its 10-year +2.4%.
- In the 2020 COVID crash it fell 19.9% and regained its old high 2.9 months after the low.
- Its worst full calendar year was 2018 (-39.5%); its best was 2020 (+63.3%).
- The deepest fall in its price history was 69% (Jun 12, 2015 to Jan 3, 2019), recovered by Jun 18, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.7% | — |
| 2025 | +59.3% | +58.93% |
| 2024 | +12.4% | +13.04% |
| 2023 | -21.5% | -21.31% |
| 2022 | -35.6% | -35.49% |
| 2021 | +9.0% | +8.21% |
| 2020 | +63.3% | +64.23% |
| 2019 | +42.7% | +42.80% |
| 2018 | -39.5% | -39.72% |
| 2017 | +20.2% | +19.37% |
| 2016 | -30.1% | -30.04% |
| 2015 | +43.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 16.6% over that stretch · deepest drop along the way 19.9%, back to its old high 2.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.6% over that stretch · deepest drop along the way 40.4%, back to its old high 42 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0800 | +100.0% |
| 2024 | $0.0400 | -99.1% |
| 2021 | $4.4700 | +111650.0% |
| 2020 | $0.0040 | -97.1% |
| 2019 | $0.1400 | +100.0% |
| 2017 | $0.0700 |
What's inside
As of Jun 30, 2026, the fund held 97 securities; the ten largest made up 58.67% of assets.
| Holding | Weight | |
|---|---|---|
| Zhongji Innolight Co Ltd | 15.08% | |
| Contemporary Amperex Technology Co Ltd | 13.88% | |
| Eoptolink Technology Inc Ltd | 10.34% | |
| East Money Information Co Ltd | 3.53% | |
| Sungrow Power Supply Co Ltd | 3.17% | |
| Victory Giant Technology Huizhou Co Ltd | 2.87% | |
| Chaozhou Three-Circle Group Co Ltd | 2.86% | |
| Suzhou TFC Optical Communication Co Ltd | 2.59% | |
| Shenzhen Longsys Electronics Co Ltd | 2.24% | |
| Hangzhou Chang Chuan Technology Co Ltd | 2.10% | |
| Shenzhen Inovance Technology Co Ltd | 1.80% | |
| Sharetronic Data Technology Co Ltd | 1.47% | |
| Lens Technology Co Ltd | 1.41% | |
| Shannon Semiconductor Technology Co Ltd | 1.38% | |
| Shenzhen Sunway Communication Co Ltd | 1.29% |
By country
China 102.05%By asset type
Stocks 102.05%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $47.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +15.54%, +10.23%, +8.48%.
How it works
CNXT is a passive, or indexing, fund. It tries to match the ChiNext Index before fees, not beat it, and it does not take defensive positions when markets fall. It normally invests at least 80% of its total assets in index stocks and generally holds them in similar proportions. The index tracks the 100 largest and most liquid stocks on the ChiNext Market of the Shenzhen Stock Exchange. It is free-float adjusted, which means each company's weight counts only the shares available for public trading.
These stocks are China A-shares: shares of companies incorporated in mainland China that trade in renminbi in Shanghai or Shenzhen. The fund buys them through Stock Connect, a trading link between those exchanges and Hong Kong. Stock Connect sets a daily limit on net purchases across the whole market, filled first-come, first-served. Once that limit is used up, buy orders are rejected. The fund's rights in these shares fall under Chinese law, not US law.
Because bigger companies get bigger weights, a few names can dominate. As of June 30, 2026, the fund held 97 stocks, and the top 10 made up 58.7% of assets. If index weights shift, the fund may become non-diversified, which means more of its money in fewer companies. Industrials and information technology were large sectors as of December 31, 2025. Portfolio turnover was 48%.
What it really costs
- CNXT charges 0.65% a year, versus an average of 0.56% for the similar funds below (4th of 6, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.35% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $1,193 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CNXT | $66 | $284 | $518 | $1,193 |
In a retirement portfolio
CNXT is a concentrated, single-country growth fund that has fallen 69% from peak to low, so it fits better as a small add-on than as a foundation.
CNXT could add direct exposure to mainland Chinese companies, but it comes with large swings. It launched in 2014, so it has no record from 2008. In the 2020 COVID crash it fell 19.9% and recovered in about three months. In the 2022 bear market it fell 40.4% and took 42 months, until April 2026, to recover. Its worst calendar year was 2018, when it lost 39.72%. Its deepest drop, 69% from June 2015 to January 2019, took about seven and a half years to recover. Selling shares or drawing income during slumps like these could lock in steep losses.
It pays little income: the yield was 0.21% as of October 27, 2026, paid once a year. In the SEC's $10,000 example, the 0.65% expense ratio works out to $66 in the first year and $1,193 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small stake in Zhongji Innolight, Contemporary Amperex Technology and Eoptolink, which made up about 39% of assets as of June 30, 2026.
- Long-horizon investors who can hold through drops like the 69% decline from 2015 to 2019, which took about seven and a half years to recover.
- Those who prefer owning Shenzhen-listed A-shares directly through Stock Connect over Hong Kong- or US-listed Chinese stocks.
Look elsewhere if
- Retirees who may need to sell in a downturn: the fund lost 35.49% in 2022 and another 21.31% in 2023.
- Income seekers: the yield was 0.21% as of October 27, 2026, paid once a year.
- Cost-conscious investors: its 0.65% expense ratio is above KBA's 0.56% and CXSE's 0.32%, and it was the smallest of six similar funds.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CNXT this fund | — | 0.65% | $140.7M | -15.0% | +15.7% |
| KBA KraneShares Bosera MSCI China A 50 Connect … | 25% | 0.56% | $156.4M | -5.7% | +12.9% |
| CXSE WisdomTree China ex-State-Owned Enterprises… | 20% | 0.32% | $498.9M | -25.4% | +5.6% |
| CNYA iShares MSCI China A ETF | 15% | 0.6% | $200.5M | -8.4% | +8.5% |
| ASHR Xtrackers Harvest CSI 300 China A-Shares ETF | 9% | 0.65% | $1.57B | -6.2% | +9.8% |
| CQQQ Invesco China Technology ETF | 6% | 0.65% | $3.05B | -30.4% | +5.7% |
Questions investors ask
Is CNXT a good investment for retirement?
It works better as a small, higher-risk satellite than as a core retirement holding. CNXT fell 40.4% in the 2022 bear market and took 42 months to recover. Its deepest drop, 69% from June 2015 to January 2019, took about seven and a half years to recover. The yield was 0.21% as of October 27, 2026, so it adds little income. Past results don't predict future returns, and any fund is best judged as part of the whole portfolio.
What are CNXT's top holdings?
As of June 30, 2026, CNXT's three largest holdings were Zhongji Innolight (15.1%), Contemporary Amperex Technology (13.9%) and Eoptolink Technology (10.3%). East Money Information (3.5%) and Sungrow Power Supply (3.2%) came next. The fund held 97 stocks, and the top 10 made up 58.7% of assets, so a handful of companies drive most of its returns. All of its holdings are mainland China A-shares.
What's the difference between CNXT and KBA?
Both buy mainland China A-shares, but they track different indexes. CNXT follows the ChiNext Index of Shenzhen's ChiNext Market. KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) tracks the MSCI China A 50 Connect Index. Of the similar funds, KBA's holdings overlap most with CNXT's, but the overlap is limited. KBA costs 0.56% a year, versus 0.65% for CNXT. As of October 27, 2026, CNXT returned 15.7% a year over three years, versus 12.9% for KBA. Over one year, CNXT lost 15% and KBA lost 5.7%.
Does CNXT pay dividends?
Yes, but very little. CNXT pays a distribution once a year. Its yield over the past 12 months was 0.21% as of October 27, 2026, or about $0.08 per share. The fund aims to pay out nearly all of its taxable income and gains each year. The prospectus warns that if it can't bring money out of China on time, it could lose its favorable US tax treatment.
How has CNXT performed over the long term?
Its long-term results have been weak and uneven. Through December 31, 2025, CNXT returned 1.54% a year over 10 years and lost 0.26% a year over five years, despite a 58.93% gain in 2025. Its calendar-year results ranged from a 39.72% loss in 2018 and a 35.49% loss in 2022 to a 64.23% gain in 2020. Based on price, it was down 14.67% for the year to date through October 27, 2026. Past results don't predict future returns.