At a glance
ECNS charges 0.59% a year, below the 0.7% average of the 1 funds most like it. It has $65.4M in assets; it paid 7.33% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −25.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +5.5% a year. At its worst it fell 23.9% in the 2020 crash (S&P 500: 33.7%) and 40.6% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 15.6% of the fund, out of 270 in all.
The short version
The iShares MSCI China Small-Cap ETF (ECNS) is a BlackRock index fund that tracks the MSCI China Small Cap Index. It held about 270 smaller Chinese companies, mostly listed in Hong Kong, as of August 31, 2026. Its money is spread thinly: the 10 largest positions made up 15.62% of assets. Its 0.59% expense ratio is below the 0.70% charged by KWEB, the fund with the most similar holdings.
Price history
The interactive chart needs JavaScript.
ECNS -25.8% 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 | |
|---|---|---|---|---|---|---|
| ECNS official prospectus, to Dec 31, 2024 | — | +6.94% | — | -4.44% | -1.35% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI China Small Cap Index Net index, same period | — | +6.75% | — | -6.40% | -2.89% | — |
| ECNS price data to Oct 27, 2026 | -19.7% | -25.8% | +5.5% | -7.7% | -0.8% | -0.5% |
- Over the year to Oct 27, 2026, ECNS returned -25.8%.
- Its 5-year annualized return was -7.7% and its 10-year -0.8%.
- In the 2020 COVID crash it fell 23.9% and regained its old high 3.5 months after the low.
- Its worst full calendar year was 2011 (-38.5%); its best was 2025 (+36.5%).
- The deepest fall in its price history was 63.4% (Feb 17, 2021 to Feb 5, 2024), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -19.7% | — |
| 2025 | +36.5% | — |
| 2024 | +5.6% | +6.94% |
| 2023 | -23.0% | -23.28% |
| 2022 | -24.6% | -24.77% |
| 2021 | +2.2% | +3.10% |
| 2020 | +25.4% | +25.24% |
| 2019 | +7.8% | +6.35% |
| 2018 | -18.2% | -18.17% |
| 2017 | +27.6% | +27.09% |
| 2016 | -3.9% | -5.32% |
| 2015 | +1.3% | +4.55% |
| 2014 | +0.1% | — |
| 2013 | +16.5% | — |
| 2012 | +27.3% | — |
| 2011 | -38.5% | — |
| 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 23.8% over that stretch · deepest drop along the way 23.9%, back to its old high 3.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.6% over that stretch · deepest drop along the way 40.6%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4500 | |
| 2025 | $2.0400 | +34.2% |
| 2024 | $1.5200 | +21.6% |
| 2023 | $1.2500 | +0.8% |
| 2022 | $1.2400 | -47.0% |
| 2021 | $2.3400 | +33.0% |
| 2020 | $1.7600 | +33.3% |
| 2019 | $1.3200 | -45.0% |
| 2018 | $2.4000 | +49.1% |
| 2017 | $1.6100 | -8.5% |
| 2016 | $1.7600 | +10.7% |
| 2015 | $1.5900 | +39.5% |
| 2014 | $1.1400 | -13.6% |
| 2013 | $1.3200 | +33.3% |
| 2012 | $0.9900 | +13.8% |
| 2011 | $0.8700 |
What's inside
As of Aug 31, 2026, the fund held 270 securities; the ten largest made up 15.62% of assets, and 20.76% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| KINGBOARD HOLDINGS LIMITED | 2.76% | |
| Zai Lab Ltd | 1.80% | |
| MINTH GROUP LIMITED | 1.56% | |
| China Everbright Environment Group Limited | 1.49% | |
| DONGYUE GROUP LIMITED | 1.46% | |
| MEITU, INC. | 1.42% | |
| TCL ELECTRONICS HOLDINGS LIMITED | 1.42% | |
| Keymed Biosciences Inc. | 1.26% | |
| Atour Lifestyle Holdings Limited Other | 1.24% | |
| Lingbao Gold Group Company Ltd. | 1.22% | |
| JOYY INC. Other | 1.20% | |
| KINGSOFT CLOUD HOLDINGS LIMITED | 1.18% | |
| CHINA MEDICAL SYSTEM HOLDINGS LIMITED | 1.15% | |
| InnoCare Pharma Limited | 1.13% | |
| XD INC. | 1.02% |
By country
Cayman Islands 60.44%China 20.6%Hong Kong 8.94%Bermuda 8.26%British Virgin Islands 0.63%By asset type
Stocks 92.35%Other 7.36%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -9.20%, +1.76%, +0.71%.
How it works
The fund follows the MSCI China Small Cap Index, which MSCI builds and maintains. The index covers the small-company part of the Chinese stock market that international investors can buy. It is weighted by free-float market value, so a company counts according to the value of its shares that are freely traded, not shares held by governments or insiders. It mixes several kinds of shares. H-shares and B-shares are issued by companies based in mainland China. Red-Chips are Hong Kong-listed firms controlled by Chinese state entities. P-Chips are Hong Kong-listed firms controlled by private Chinese owners. As of August 31, 2025, P-Chips made up about 57% of the index, Red-Chips 18%, H-shares 16%, foreign-listed shares 7% and B-shares 1%. Consumer and healthcare companies had large weights.
BlackRock Fund Advisors uses "representative sampling." That means it buys a group of stocks that together look like the index in size, industry mix and liquidity, so the fund may not own every index stock. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash and other holdings. The fund doesn't try to beat the index or turn defensive when markets fall. Its portfolio turnover was 35%, and it may lend out up to one-third of its assets.
Many Chinese companies are registered offshore. As of August 31, 2026, 60% of assets were in companies incorporated in the Cayman Islands and 8% in Bermuda.
What it really costs
- ECNS charges 0.59% a year, versus an average of 0.7% for the similar funds below.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ECNS | $60 | $189 | $329 | $738 |
In a retirement portfolio
ECNS is a narrow, volatile bet on small Chinese companies and has suffered deep, long losses, so it fits only as a small add-on to a broader portfolio.
ECNS adds smaller Chinese companies that broad funds rarely focus on, but its history is rough. It launched in 2010, so it has no record for 2008. It fell 23.9% in the 2020 COVID crash and recovered in about 3.5 months. In the 2022 bear market it dropped 40.6%. Its worst calendar year was 2011, at -38.5%. Its deepest decline was 63.4%, from February 2021 to February 2024, and it had not regained that peak as of October 27, 2026. Anyone who had to sell during that stretch would have locked in large losses. As of October 27, 2026, the trailing yield was 7.33%, paid twice a year. Payouts from a volatile fund can change a lot. Costs are 0.59% a year. 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 a small, separate stake in about 270 smaller Chinese firms, such as Kingboard Holdings and Zai Lab, rather than China's giants.
- Investors who can live with swings like the fund's 63.4% peak-to-trough fall and its 40.6% drop in 2022.
- Cost-conscious investors comparing China funds: ECNS charges 0.59% a year, versus 0.70% for KWEB.
Look elsewhere if
- Retirees who may need to sell in a bad year: as of October 27, 2026, the fund was still below its February 2021 peak.
- Investors who want a long record of growth: it returned -1.35% a year over the 10 years through December 31, 2024.
- Investors who prefer large, heavily traded funds: ECNS had about $65 million in net assets as of August 31, 2026.
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 |
|---|---|---|---|---|---|
| ECNS this fund | — | 0.59% | $65.4M | -25.8% | +5.5% |
| KWEB KraneShares CSI China Internet ETF | 9% | 0.7% | $4.91B | -40.7% | -0.9% |
Questions investors ask
What does ECNS invest in?
ECNS invests in small Chinese companies by tracking the MSCI China Small Cap Index. As of August 31, 2026, it held about 270 stocks, and the 10 largest made up 15.62% of assets. The biggest were Kingboard Holdings at 2.8%, Zai Lab at 1.8%, Minth Group at 1.6%, China Everbright Environment Group at 1.5% and Dongyue Group at 1.5%. Most are Hong Kong-listed firms incorporated offshore, with large weights in consumer and healthcare companies.
What is the expense ratio of ECNS?
ECNS has an expense ratio of 0.59% a year, according to its prospectus filed December 19, 2025. The SEC's standard example assumes $10,000 invested, a 5% yearly return and a sale at the end of each period. On that basis, costs would be about $60 after one year, $189 after three years, $329 after five years and $738 after 10 years. That is less than the 0.70% charged by KWEB, the fund with the most similar holdings.
Does ECNS pay dividends?
Yes. ECNS pays distributions twice a year. Over the 12 months to October 27, 2026, it paid about $1.90 per share, a trailing yield of 7.33%. A trailing yield looks backward. Payouts from a fund of volatile small Chinese stocks can rise or fall sharply from one period to the next. A high yield also doesn't offset price losses: the fund's share price fell 25.8% over the year to October 27, 2026.
What's the difference between ECNS and KWEB?
ECNS holds about 270 small Chinese companies across many industries. KWEB, from KraneShares, focuses on Chinese internet companies. As of the latest reports, they shared only 9% of their holdings. ECNS costs 0.59% a year and KWEB 0.70%. KWEB is much larger, with $4.9 billion in net assets as of June 30, 2026. As of October 27, 2026, ECNS's one-year return was -25.8% versus -40.7% for KWEB. Their three-year annualized returns were 5.5% and -0.9%.
How has ECNS performed over the long term?
Poorly. Over the 10 years through December 31, 2024, ECNS returned -1.35% a year, according to its prospectus. Its index returned -2.89% a year, and the broader MSCI Emerging Markets Index returned 3.64%. Over five years, the fund returned -4.44% a year. Based on share price, it gained 36.49% in 2025, then fell 19.67% in 2026 through October 27. Its worst calendar year was 2011, at -38.5%.