At a glance
KBA charges 0.56% a year, above the 0.5% average of the 6 funds most like it (the 3rd cheapest of 7). It has $156.4M in assets, the 7th largest of that group; it paid 1.66% of its price in distributions over the past 12 months, annual. Over the past year it returned −5.7% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +12.9% a year. At its worst it fell 17.4% in the 2020 crash (S&P 500: 33.7%) and 31.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 43 months after the lows. Its ten largest positions make up 49.1% of the fund, out of 52 in all.
The short version
KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) tracks the MSCI China A 50 Connect Index. The index holds about 50 large Chinese companies listed in Shanghai or Shenzhen, known as "A-shares." Broader China A-share funds own many more stocks. This index takes the two largest stocks in each of 11 sectors first, then adds the rest by size. After a fee waiver, KBA's 0.56% expense ratio is a little below CNYA's 0.60% and ASHR's 0.65%.
Price history
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KBA -5.7% 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 | |
|---|---|---|---|---|---|---|
| KBA official prospectus, to Dec 31, 2025 | — | +32.99% | — | -0.69% | +3.54% | — |
| MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +28.94% | — | -2.45% | +4.14% | — |
| Custom Blended KBA Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) index, same period | — | +35.10% | — | +0.23% | +3.82% | — |
| KBA price data to Oct 27, 2026 | -6.6% | -5.7% | +12.9% | -2.5% | +4.4% | +5.5% |
- Over the year to Oct 27, 2026, KBA returned -5.7%, 1st of 7 among similar funds.
- Its 5-year annualized return was -2.5% and its 10-year +4.4%.
- In the 2020 COVID crash it fell 17.4% and regained its old high 3.4 months after the low.
- Its worst full calendar year was 2022 (-28.4%); its best was 2020 (+41.6%).
- The deepest fall in its price history was 52.9% (Jun 8, 2015 to Feb 11, 2016), recovered by Jan 12, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.6% | — |
| 2025 | +33.8% | +32.99% |
| 2024 | +15.7% | +16.06% |
| 2023 | -16.8% | -17.10% |
| 2022 | -28.4% | -26.49% |
| 2021 | +3.3% | +2.70% |
| 2020 | +41.6% | +42.39% |
| 2019 | +35.5% | +34.50% |
| 2018 | -26.3% | -26.25% |
| 2017 | +30.0% | +28.64% |
| 2016 | -19.5% | -19.37% |
| 2015 | -4.4% | — |
| 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 13.8% over that stretch · deepest drop along the way 17.4%, back to its old high 3.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.6% over that stretch · deepest drop along the way 31.3%, back to its old high 42.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4800 | -5.9% |
| 2024 | $0.5100 | +6.3% |
| 2023 | $0.4800 | -91.6% |
| 2022 | $5.7100 | +44.9% |
| 2021 | $3.9400 | +1213.3% |
| 2020 | $0.3000 | -40.0% |
| 2019 | $0.5000 | -45.7% |
| 2018 | $0.9200 | +170.6% |
| 2017 | $0.3400 | -74.0% |
| 2016 | $1.3100 | -87.1% |
| 2015 | $10.1300 |
What's inside
As of Jun 30, 2026, the fund held 52 securities; the ten largest made up 49.14% of assets.
| Holding | Weight | |
|---|---|---|
| Contemporary Amperex Technology Co., Ltd. | 8.51% | |
| Zhongji Innolight Co Ltd | 7.24% | |
| Cambricon Technologies Corp Ltd | 5.13% | |
| Zijin Mining Group Company Limited | 5.01% | |
| Hygon Information Technology Co Ltd | 4.41% | |
| Kweichow Moutai Co., Ltd. | 4.33% | |
| Eoptolink Technology Inc Ltd | 4.33% | |
| Foxconn Industrial Internet Co., Ltd. | 3.92% | |
| NAURA Technology Group Co., Ltd. | 3.29% | |
| CMOC Group Limited | 2.97% | |
| Luxshare Precision Industry Co., Ltd. | 2.63% | |
| BYD COMPANY LIMITED | 2.51% | |
| China Merchants Bank Co., Ltd. | 2.49% | |
| China Yangtze Power Co., Ltd. | 2.47% | |
| Suzhou Dongshan Precision Manufacturing Co., Ltd | 2.47% |
By country
China 99.26%United States 0%By asset type
Stocks 99.26%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $40.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.15%, +3.77%, +11.94%.
How it works
KBA aims to track the MSCI China A 50 Connect Index. MSCI builds it from the large-company part of the broader MSCI China A Index. A-shares are stocks of companies incorporated in mainland China. They trade in renminbi on the Shanghai or Shenzhen exchanges. The index first takes the two biggest stocks in each of the 11 GICS sectors, a standard way of grouping companies by industry. It then adds the next-largest stocks until it reaches 50. Each stock's weight is based on its free-float market value, meaning the shares available for public trading. Sector weights are kept in line with the parent index. The index is rebalanced and reconstituted every quarter.
Foreign investors can buy A-shares only through licensed institutions or through the Stock Connect programs that link Hong Kong with Shanghai and Shenzhen. The sub-adviser, Bosera Asset Management (International), holds a Qualified Foreign Investor license. The fund can also use Stock Connect. It must keep at least 80% of net assets in index securities or similar instruments. Up to 20% may go to other China-related shares, derivatives such as swaps and futures, other ETFs, or cash. As of June 30, 2026, it held 52 positions, nearly all Chinese stocks, and no derivatives. The fund expects to hold every index stock but may use sampling instead. It may also lend securities. The prospectus reports portfolio turnover of 55%.
What it really costs
- KBA charges 0.56% a year, versus an average of 0.5% for the similar funds below (3rd of 7, cheapest first).
- Of that, 0.78% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.23% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $57 in the first year and $934 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KBA | $57 | $205 | $392 | $934 |
In a retirement portfolio
KBA is a concentrated, single-country bet on mainland Chinese stocks, and its drops have been deep and slow to recover, so it fits better as a small side position than as a core holding.
KBA may add exposure to mainland Chinese companies that many US and global funds hold little of. The price is sharp swings. The fund fell 17.4% in the 2020 COVID crash and recovered in about 3.4 months. Its 31.3% drop in 2022 took about 42.6 months to recover, until April 30, 2026. Its deepest fall, 52.9% from June 2015 to February 2016, took 59 months. The prospectus shows losses of 26.5% in 2022 and 17.1% in 2023. The fund launched in 2014, so it has no 2008 record. Selling during a slump like these would lock in losses. KBA pays once a year, and its trailing yield was 1.66% as of October 27, 2026. Under the SEC's $10,000 example, costs come to $57 in year one. Past results don't predict future returns, 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, focused position in about 50 large mainland Chinese companies, such as CATL, Kweichow Moutai and Zijin Mining.
- People who prefer a sector-balanced 50-stock A-share index to a broader A-share fund such as CNYA, which charges 0.60%.
- Long-horizon investors who can sit through drops like the 52.9% fall of 2015–2016, which took 59 months to recover.
Look elsewhere if
- Retirees who may need to sell in a downturn: the 31.3% drop in 2022 took about 42.6 months to recover.
- Income seekers: the trailing yield was 1.66% as of October 27, 2026, paid once a year.
- Investors wary of concentration: as of June 30, 2026, the top 10 holdings made up 49.1% of the fund, led by technology companies.
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 |
|---|---|---|---|---|---|
| KBA this fund | — | 0.56% | $156.4M | -5.7% | +12.9% |
| CNYA iShares MSCI China A ETF | 43% | 0.6% | $200.5M | -8.4% | +8.5% |
| CXSE WisdomTree China ex-State-Owned Enterprises… | 29% | 0.32% | $498.9M | -25.4% | +5.6% |
| ASHR Xtrackers Harvest CSI 300 China A-Shares ETF | 19% | 0.65% | $1.57B | -6.2% | +9.8% |
| GXC SPDR S&P China ETF | 9% | 0.59% | $434.9M | -20.8% | +8.5% |
| FLCH Franklin FTSE China ETF | 8% | 0.19% | $248.7M | -22.9% | +8.8% |
| CQQQ Invesco China Technology ETF | 8% | 0.65% | $3.05B | -30.4% | +5.7% |
Questions investors ask
What does the KBA ETF invest in?
KBA holds about 50 China A-shares, meaning stocks of mainland companies traded in renminbi on the Shanghai and Shenzhen exchanges. Run by KraneShares with Bosera as sub-adviser, it tracks the MSCI China A 50 Connect Index. That index takes the two largest stocks in each of 11 sectors, then adds the next-largest until it reaches 50. As of June 30, 2026, top holdings were Contemporary Amperex Technology (8.5%), Zhongji Innolight (7.2%), Cambricon Technologies (5.1%) and Zijin Mining (5.0%). The top 10 made up about 49% of the fund.
What's the difference between KBA and CNYA?
Both hold China A-shares, but KBA costs a little less and posted better one- and three-year returns. KBA's expense ratio is 0.56%, versus 0.60% for iShares MSCI China A ETF (CNYA), its closest match by holdings. As of October 27, 2026, KBA returned -5.7% over one year and 12.9% a year over three, against -8.4% and 8.5% for CNYA. CNYA is larger: $200 million in net assets as of July 31, 2026, versus $156 million for KBA as of June 30.
Does KBA pay dividends?
Yes, once a year. KBA paid $0.48 per share over the 12 months to October 27, 2026, a yield of 1.66%. The payout passes along dividends from its Chinese holdings, so it can rise or fall with company profits and with the renminbi's value against the dollar. Retirees who rely on regular income may find the yield modest and the single yearly payment hard to budget around. The fund aims to track Chinese stocks, not to deliver steady income.
What is KBA's expense ratio?
KBA's expense ratio, the yearly fee taken out of fund assets, is 0.56%, per the prospectus filed July 29, 2026. The management fee is 0.78%, but a 0.23% fee waiver brings the net cost down, so the lower figure depends on that waiver. In the SEC's standard example, $10,000 growing 5% a year would cost about $57 after one year and $934 over 10 years. KBA ranks third cheapest in a group of seven China funds, slightly above the six peers' 0.50% average.
Is KBA good for retirement?
KBA is a concentrated, single-country stock fund with large swings, so it may suit retirees only as a small slice alongside broader holdings. Its worst drop was 52.9%, from June 2015 to February 2016, and recovery took 59 months. After a 31.3% fall in 2022, it did not regain that peak until April 30, 2026. Over the 10 years to December 31, 2025, it returned 3.54% a year on average. Political, regulatory and currency risks specific to China add uncertainty.