At a glance
CNYA charges 0.6% a year, above the 0.55% average of the 5 funds most like it (the 4th cheapest of 6). It has $200.5M in assets, the 5th largest of that group; it paid 2.07% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −8.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 6 funds; over three years it returned +8.5% a year. At its worst it fell 16.5% in the 2020 crash (S&P 500: 33.7%) and 31.1% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 19.1% of the fund, out of 413 in all.
The short version
iShares MSCI China A ETF (CNYA), from BlackRock, tracks the MSCI China A Inclusion Index. That index holds "A-shares," stocks of mainland Chinese companies listed in Shanghai and Shenzhen, which the fund buys through the Stock Connect trading link in Hong Kong. Its 0.60% expense ratio is above the 0.55% average of similar funds. It has also swung hard: it fell 49.4% between February 2021 and February 2024.
Price history
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CNYA -8.4% 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 | |
|---|---|---|---|---|---|---|
| CNYA official prospectus, to Dec 31, 2024 | — | +11.08% | — | +0.80% | — | +4.05% |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | — | +5.92% |
| CNYA price data to Oct 27, 2026 | -9.0% | -8.4% | +8.5% | -3.8% | +3.9% | +4.4% |
- Over the year to Oct 27, 2026, CNYA returned -8.4%, 3rd of 6 among similar funds.
- Its 5-year annualized return was -3.8% and its 10-year +3.9%.
- In the 2020 COVID crash it fell 16.5% and regained its old high 3.1 months after the low.
- Its worst full calendar year was 2018 (-26.6%); its best was 2020 (+41.5%).
- The deepest fall in its price history was 49.4% (Feb 17, 2021 to Feb 2, 2024), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -9.0% | — |
| 2025 | +26.5% | — |
| 2024 | +10.8% | +11.08% |
| 2023 | -13.7% | -13.51% |
| 2022 | -26.5% | -26.31% |
| 2021 | +3.5% | +2.96% |
| 2020 | +41.5% | +42.78% |
| 2019 | +35.9% | +35.57% |
| 2018 | -26.6% | -26.27% |
| 2017 | +31.0% | +29.15% |
| 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 12.9% over that stretch · deepest drop along the way 16.5%, back to its old high 3.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.7% over that stretch · deepest drop along the way 31.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1000 | |
| 2025 | $0.6600 | -5.7% |
| 2024 | $0.7000 | -35.8% |
| 2023 | $1.0900 | +29.8% |
| 2022 | $0.8400 | +75.0% |
| 2021 | $0.4800 | +6.7% |
| 2020 | $0.4500 | +21.6% |
| 2019 | $0.3700 | -58.4% |
| 2018 | $0.8900 | +187.1% |
| 2017 | $0.3100 |
What's inside
As of Jul 31, 2026, the fund held 413 securities; the ten largest made up 19.15% of assets.
| Holding | Weight | |
|---|---|---|
| Contemporary Amperex Technology Co., Ltd. | 3.66% | |
| Kweichow Moutai Co., Ltd. | 3.54% | |
| Zhongji Innolight Co Ltd | 2.10% | |
| China Merchants Bank Co., Ltd. | 1.70% | |
| Cambricon Technologies Corp Ltd | 1.48% | |
| China Yangtze Power Co., Ltd. | 1.47% | |
| Zijin Mining Group Company Limited | 1.42% | |
| Hygon Information Technology Co Ltd | 1.31% | |
| Foxconn Industrial Internet Co., Ltd. | 1.24% | |
| AGRICULTURAL BANK OF CHINA LIMITED | 1.23% | |
| Ping An Insurance (Group) Company of China, Ltd. | 1.20% | |
| Eoptolink Technology Inc Ltd | 1.15% | |
| BYD COMPANY LIMITED | 1.08% | |
| NAURA Technology Group Co., Ltd. | 1.05% | |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED | 1.05% |
By country
China 99.61%Hong Kong 0.19%Cayman Islands 0.15%By asset type
Stocks 99.69%Other 0.26%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $26.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.86%, +2.81%, -8.74%.
How it works
CNYA, a BlackRock iShares fund, aims to match the MSCI China A Inclusion Index before fees. The index covers “A-shares,” which are stocks of China-based companies listed in Shanghai and Shenzhen. Index provider MSCI starts with its standard eligibility rules. It then drops A-shares that aren't available through Stock Connect, a trading link with Hong Kong, and any halted for over 50 days in the past 12 months. Stocks are weighted by the value of shares open to foreign buyers, so bigger companies count more.
The fund uses “representative sampling.” It holds stocks chosen to resemble the index's size and industry mix, without necessarily owning every member. At least 80% of assets go to index stocks or close equivalents. Up to 20% may go to futures, swaps, cash and other holdings. As of July 31, 2026, it had 413 holdings, led by Contemporary Amperex Technology at 3.7% of assets and Kweichow Moutai at 3.5%.
Trades go through Hong Kong brokers under Stock Connect, whose market-wide daily cap limits net buying. Once the cap is hit, buy orders are rejected, though sales still go through. When large dealers create or redeem blocks of fund shares, the fund deals in cash rather than stocks. So it may have to sell holdings at bad times, possibly triggering capital gains.
What it really costs
- CNYA charges 0.6% a year, versus an average of 0.55% for the similar funds below (4th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CNYA | $61 | $192 | $335 | $750 |
In a retirement portfolio
It is a single-country, emerging-market stock fund whose deepest drop had still not recovered as of October 27, 2026.
CNYA adds direct exposure to mainland China's stock market, but the ride has been rough. The fund launched in 2016, so it has no record from 2008. In the 2020 COVID crash it fell 16.5% and recovered in about three months. In the 2022 bear market it dropped 31.1% and had not regained that peak as of October 27, 2026. According to the prospectus, its worst calendar year was 2018, at -26.27%. 2022 was almost as bad, at -26.31%. Its deepest drop was 49.4%, from February 2021 to February 2024, and it was still not recovered as of October 27, 2026. Anyone forced to sell during a stretch like that would lock in large losses.
The trailing yield was 2.07% as of October 27, 2026, paid twice a year. In the SEC's standard example, the 0.60% expense ratio costs $61 in the first year and $750 over 10 years on a $10,000 investment. 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 who want mainland China A-shares such as CATL, Kweichow Moutai and China Merchants Bank, spread across 413 stocks as of July 31, 2026.
- People who keep a small, higher-risk slice of their portfolio for one country and can sit through drops like the 49.4% fall from 2021 to 2024.
- Investors comparing A-share funds who prefer an MSCI index tied to the MSCI Emerging Markets Index over ASHR's CSI 300 approach.
Look elsewhere if
- Retirees who may need to sell in a downturn: CNYA's 49.4% drop that began in February 2021 was still not recovered as of October 27, 2026.
- Cost-focused investors: the 0.60% expense ratio is above the 0.55% peer average, and KBA, the most similar fund, charges 0.56%.
- Anyone uneasy about renminbi swings, Chinese government policy, Stock Connect's daily buying limit, or capital gains caused by the fund's cash redemptions.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CNYA this fund | — | 0.6% | $200.5M | -8.4% | +8.5% |
| KBA KraneShares Bosera MSCI China A 50 Connect … | 43% | 0.56% | $156.4M | -5.7% | +12.9% |
| ASHR Xtrackers Harvest CSI 300 China A-Shares ETF | 38% | 0.65% | $1.57B | -6.2% | +9.8% |
| CXSE WisdomTree China ex-State-Owned Enterprises… | 31% | 0.32% | $498.9M | -25.4% | +5.6% |
| GXC SPDR S&P China ETF | 22% | 0.59% | $434.9M | -20.8% | +8.5% |
| CQQQ Invesco China Technology ETF | 20% | 0.65% | $3.05B | -30.4% | +5.7% |
Questions investors ask
What does CNYA invest in?
CNYA invests in A-shares, which are stocks of Chinese companies listed on the Shanghai and Shenzhen exchanges. It buys them mostly through Hong Kong's Stock Connect program and tracks the MSCI China A Inclusion Index. As of July 31, 2026, it held 413 stocks, and 99.6% of assets were in China. The largest holdings were Contemporary Amperex Technology (3.7%), Kweichow Moutai (3.5%), Zhongji Innolight (2.1%) and China Merchants Bank (1.7%). The top 10 made up 19.15% of the fund.
CNYA vs KBA: what's the difference?
KBA, the KraneShares Bosera MSCI China A 50 Connect Index ETF, is the fund most similar to CNYA, with 43% of holdings in common. KBA charges 0.56% a year, compared with 0.60% for CNYA. In the year to October 27, 2026, KBA returned -5.7% and CNYA returned -8.4%. Over three years, KBA averaged 12.9% a year and CNYA 8.5%. KBA had $156 million in net assets as of June 30, 2026. CNYA had about $200 million as of July 31, 2026.
Does CNYA pay dividends?
Yes. CNYA pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $0.65 per share, a trailing yield of 2.07%. The fund's income arrives mainly in renminbi, while its share value is measured in dollars. A weaker renminbi can therefore shrink both the dollar value of its holdings and its payouts. Payout amounts depend on the dividends of the Chinese companies the fund holds, so they can vary from one payment to the next.
What is CNYA's expense ratio?
CNYA's expense ratio is 0.60%, according to the prospectus filed November 21, 2025. In the SEC's standard example ($10,000 invested, a 5% yearly return), that comes to $61 after one year, $335 after five years and $750 after 10 years. It ranks 4th cheapest of six similar funds, which average 0.55%. ASHR charges 0.65%. CXSE charges 0.32%, but it shares only 31% of CNYA's holdings and, as its name says, leaves out state-owned companies.
How has CNYA performed since it launched?
CNYA's returns have been modest and uneven. Per the prospectus, as of December 31, 2024, it returned 11.08% over one year, 0.80% a year over five years and 4.05% a year since its 2016 launch. Over those same periods, the MSCI Emerging Markets Index returned 7.5%, 1.7% and 5.92%. On price data as of October 27, 2026, CNYA averaged 3.9% a year over 10 years and -3.8% a year over five. Its strongest quarter was +29.77% and its weakest was -19.15%.