CNXT vs GXC: Grades, Fees and Holdings Compared

VanEck ChiNext Innovators ETF

CNXTCNYSE Arca

State Street SPDR S&P China ETF

GXCANYSE Arca

Overlap

3.1%by weight

Expense ratio

GXC −0.06pt a year

CNXT0.65%GXC0.59%

Avg volume · 30D

CNXT 3.7×the volume

CNXT86.5KGXC23.4K

10Y return · a year

GXC +0.8pt

CNXT+1.8%GXC+2.6%

CNXT vs GXC Performance

Oct 29, 2021 – Oct 30, 2026

−28.1%CNXT−18.2%GXC

Expense ratio: CNXT 0.65%; GXC 0.59%, better
Fund size: CNXT $63M; GXC $421M
1Y total return: CNXT −19.0%, better; GXC −19.1%
Yield (12M): CNXT 0.23%; GXC 2.46%, better
Holdings: CNXT 98; GXC 1539
Avg volume (30D): CNXT 86.5K sh, better; GXC 23.4K sh
NAV per share: CNXT $34.80; GXC $80.17
52W range

ETF.net Grade

Pillar letters and Scores for CNXT, GXC, with each pillar’s weight
Pillar	CNXT	GXC
Cost30% weight	C53	A78Higher
Mission25% weight	B59	A85Higher
Risk15% weight	D33	B67Higher
Tradability15% weight	B64	B69Higher
Holdings10% weight	C44	A76Higher
Durability5% weight	A71	A84Higher

Rank among China funds

How we build Categories ›

Same Category. CNXT and GXC are both graded against the same 28 China funds, so their Grades compare head to head.

China⁠

Category · 28 funds

See all 28 ›

GXC ranks 4th and CNXT 13th of 28 funds in the China Category.

Rank 1ACXSEWisdomTree China ex-State-Owned Enterprises FundScore 81
Rank 2AFLCHFranklin FTSE China ETFScore 80
Rank 3AMCHIiShares MSCI China ETFScore 77
Rank 4AGXCState Street SPDR S&P China ETFScore 76
Rank 5AKBAKraneShares Bosera MSCI China A 50 Connect Index ETFScore 74
Rank 12BFXIiShares China Large-Cap ETFScore 57
Rank 13CCNXTVanEck ChiNext Innovators ETFScore 53
Rank 14CCQQQInvesco China Technology ETFScore 51

Our read on each fund

ETF.net Research

CNXTCVanEck ChiNext Innovators ETF

GXCAState Street SPDR S&P China ETF

In short

CNXT A pure Shenzhen play: CNXT tracks the ChiNext Index, the large and liquid companies on Shenzhen's ChiNext growth board, and has run that one mandate since 2014.

GXC The whole China market in one ticker: roughly 1,400 stocks from megacaps down to small caps, tracked since 2007. Most China funds buy the famous names. GXC buys the phone book.

Stated mandate

CNXT CNXT seeks to track the price and yield performance of the ChiNext Index, which represents large and liquid companies listed on Shenzhen's ChiNext Market.

GXC The fund seeks to provide returns that generally correspond to the total return performance of the S&P China BMI Index.

Why people hold it

CNXT The mandate is one line: track the ChiNext Index, roughly 100 large, liquid names on Shenzhen's growth board. No manager discretion, no style drift.
Launched in 2014, it has carried the same index through more than a decade of Chinese market swings. Long tenure for a single-country niche fund.
The holdings sit onshore in Shenzhen, but the wrapper is an ordinary US-registered fund that trades on a US exchange like anything else in your account.
Trading activity is moderate rather than thin, which is more than many single-country China niches can say.

GXC Holds roughly 1,400 names across large, mid and small caps, so the portfolio reaches well past the handful of megacap internet stocks that dominate narrower China funds.ssga.com
Running since 2007, one of the longest-tenured US-listed China index funds, with a track record covering several full boom and bust cycles in the market.ssga.com
Tracks the S&P China BMI Index tightly and sits in the upper tier of its single-country China peer group on our review.

Worth knowing

CNXT 0.65% a year is above the typical index-tracking ETF fee. The access to a hard-to-reach corner of China is what the extra cost buys.
One country, one exchange board, about 100 growth-oriented stocks. Moves are sharper than a broad global index, with no other market to cushion them.
Cash comes back once or twice a year at most. This is a growth-board tracker, not an income engine.

GXC The 0.59% expense ratio sits at the pricier end of the shelf. Plain index rivals such as FLCH and CXSE charge less for China exposure.
Volume is light next to the category's biggest China funds, so bid-ask spreads can widen. Limit orders are the usual defense.
One country, one policy regime: Chinese regulation, politics and currency moves drive the whole ride, and payouts land only once or twice a year.

Full CNXT profile⁠

Full GXC profile⁠

CNXT vs GXC Holdings

How CNXT and GXC differ

Overlap by weight

3.1%

Shared holdings make up 94.1% of CNXT and 3.1% of GXC.

Level by level

Holdings79 in both3.1%
Sector11 Sectors43.1%
Countryby domicile95.0%
Asset classEquity100%

Sector

Sector weights in CNXT and GXC, widest gap first
Sector	More in CNXTMore in GXC	CNXT	GXC
Technology	CNXT +41.1 points	53.1%	12.0%
Consumer Discretionary	GXC +19.4 points	1.6%	21.0%
Industrials	CNXT +15.8 points	25.4%	9.6%
Financials	GXC +13.7 points	5.3%	19.0%
Communication	GXC +11.2 points	2.1%	13.3%
Energy	GXC +3.4 points	0.0%	3.4%
Materials	GXC +2.3 points	4.2%	6.5%
Utilities	GXC +2.1 points	0.0%	2.1%
Real Estate	GXC +2.0 points	0.0%	2.0%
Health Care	GXC +1.5 points	5.9%	7.4%
Consumer Staples	GXC +1.3 points	2.4%	3.7%

Country, concentration and asset class

Country by domicile

Country weights in CNXT and GXC, widest gap first
Country	More in CNXTMore in GXC	CNXT	GXC
China	CNXT +5.0 points	100.0%	95.0%
Hong Kong	GXC +2.8 points	0.0%	2.8%
United States	GXC +1.7 points	0.0%	1.7%
Other countries (5)	GXC +0.6 points	0.0%	0.6%

Outside the US: CNXT 0% developed, 100% emerging. GXC 3% developed, 97% emerging.

Concentration

Weight in the 10 largest Holdings

CNXT51.8%
GXC32.9%

Securities held

CNXT97
GXC1,533

Asset class

CNXT: Equity
GXC: Equity

Holdings

Only in CNXT18
In both79
Only in GXC1,454

Only in CNXT

18 securities, 5.9% of CNXT by weight

Shenzhen Everwin Precision Technology C0.61%
Chongqing Polycomp International Corp0.49%
Yangzhou Yangjie Electronic Technology0.48%
Hunan Yuneng New Energy Battery Materia0.47%
Zhejiang Sling Intelligent Drive Group0.46%
All Winner Technology Co Ltd0.43%
Anhui Tongguan Copper Foil Group Co Ltd0.39%
Mianyang Fulin Precision Co Ltd0.34%
Lepu Medical Technology Beijing Co Ltd0.33%
Beijing Sinnet Technology Co Ltd0.32%
Fujian Wanchen Biotechnology Group Co L0.31%
Guangdong Dtech Technology Co Ltd0.31%
Ningbo Zhenyu Technology Co Ltd0.28%
Shanghai Huace Navigation Technology Lt0.24%
Huali Industrial Group Co Ltd0.17%
Winner Medical Co Ltd0.12%
Yili Chuanning Biotechnology Co Ltd0.11%
Gambol Pet Group Co Ltd0.07%

Only in GXC

1,454 securities, 96.5% of GXC by weight

Tencent Holdings Ltd9.22%
Alibaba Group Holding Ltd7.52%
China Construction Bank H4.02%
Ind & Comm Bk of China H2.41%
Bank of China Ltd H2.00%
Pdd Holdings Inc1.91%
Xiaomi Corp Class B1.76%
Meituan Class B1.55%
Ping An Insurance Group Co H1.27%
Netease Inc1.22%
Byd Co Ltd H1.02%
Jd.com Inc Class A1.00%
Petrochina Co Ltd H0.84%
Beone Medicines Ltd0.82%
China Life Insurance Co H0.73%
Trip.com Group Ltd0.72%
Wuxi Biologics Cayman Inc0.69%
China Merchants Bank H0.68%
Baidu Inc Class A Hkd0.68%
Zijin Mining Group Co Ltd H0.68%
Lenovo Group Ltd0.67%
Kweichow Moutai Co Ltd A0.63%
China Shenhua Energy Co H0.58%
Agricultural Bank of China H0.58%
Yum China Holdings Inc0.52%
Innovent Biologics Inc0.50%
Picc Property & Casualty H0.44%
China Petroleum & Chemical H0.41%
Ke Holdings Inc Adr0.39%
Pop Mart International Group0.37%
Anta Sports Products Ltd0.37%
China Resources Land Ltd0.36%
Ind & Comm Bk of China A0.35%
China Merchants Bank A0.35%
Agricultural Bank of China A0.35%
Geely Automobile Holdings Lt0.33%
China Citic Bank Corp Ltd H0.33%
Kuaishou Technology0.32%
Yangzijiang Shipbuilding0.31%
Nongfu Spring Co Ltd H0.31%
Citic Ltd0.30%
Bank of Communications Co H0.30%
China Yangtze Power Co Ltd A0.29%
Cspc Pharmaceutical Group Lt0.28%
Zto Express Cayman Inc Adr0.27%
China Pacific Insurance Gr H0.26%
Foxconn Industrial Interne A0.26%
China Mengniu Dairy Co0.25%
Sitc International Holdings0.25%
Weichai Power Co Ltd H0.24%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in CNXT and GXC, widest gap first
Holding	More in CNXTMore in GXC	CNXT	GXC
Contemporary Amperex Technology Co Ltd	CNXT +13.35 points	13.80%	0.45%
Zhongji Innolight Co Ltd	CNXT +11.40 points	11.65%	0.25%
Eoptolink Technology Inc Ltd	CNXT +6.44 points	6.56%	0.12%
East Money Information Co Ltd	CNXT +5.16 points	5.31%	0.15%
Shenzhen Inovance Technology Co Ltd	CNXT +2.55 points	2.63%	0.08%
Shenzhen Mindray Bio-Medical Electronic	CNXT +2.41 points	2.50%	0.09%
Chaozhou Three-Circle Group Co Ltd	CNXT +2.37 points	2.44%	0.07%
Suzhou Tfc Optical Communication Co Ltd	CNXT +2.27 points	2.34%	0.07%
Sungrow Power Supply Co Ltd	CNXT +2.23 points	2.30%	0.07%
Victory Giant Technology Huizhou Co Ltd	CNXT +2.19 points	2.26%	0.07%
Wens Foodstuffs Group Co Ltd	CNXT +1.97 points	2.02%	0.05%
Hangzhou Chang Chuan Technology Co Ltd	CNXT +1.84 points	1.89%	0.05%
Eve Energy Co Ltd	CNXT +1.45 points	1.51%	0.06%
Hithink Royalflush Information Network	CNXT +1.27 points	1.32%	0.05%
Shenzhen Longsys Electronics Co Ltd	CNXT +1.15 points	1.19%	0.04%
Sharetronic Data Technology Co Ltd	CNXT +1.13 points	1.16%	0.03%
Lens Technology Co Ltd	CNXT +1.10 points	1.19%	0.09%
Bluefocus Intelligent Communications Gr	CNXT +0.95 points	0.98%	0.03%
Hubei Dinglong Co Ltd	CNXT +0.92 points	0.93%	0.01%
Ingenic Semiconductor Co Ltd	CNXT +0.90 points	0.92%	0.02%
Shenzhen Sunway Communication Co Ltd	CNXT +0.86 points	0.88%	0.02%
Range Intelligent Computing Technology	CNXT +0.84 points	0.87%	0.03%
Pharmaron Beijing Co Ltd	CNXT +0.84 points	0.91%	0.07%
Sg Micro Corp	CNXT +0.81 points	0.85%	0.04%
Aier Eye Hospital Group Co Ltd	CNXT +0.80 points	0.84%	0.04%
Robotechnik Intelligent Technology Co L	CNXT +0.77 points	0.79%	0.02%
Shannon Semiconductor Technology Co Ltd	CNXT +0.76 points	0.79%	0.03%
Wangsu Science & Technology Co Ltd	CNXT +0.75 points	0.76%	0.01%
Kunlun Tech Co Ltd	CNXT +0.75 points	0.77%	0.02%
Shandong Sinocera Functional Material C	CNXT +0.74 points	0.76%	0.02%
Konfoong Materials International Co Ltd	CNXT +0.73 points	0.76%	0.03%
Broadex Technologies Co Ltd	CNXT +0.74 points	0.75%	0.01%
Wuxi Lead Intelligent Equipment Co Ltd	CNXT +0.70 points	0.73%	0.03%
Sangfor Technologies Inc	CNXT +0.67 points	0.71%	0.04%
Advanced Fiber Resources Zhuhai Ltd	CNXT +0.65 points	0.67%	0.02%
Hubei Feilihua Quartz Glass Co Ltd	CNXT +0.63 points	0.66%	0.03%
Beijing Compass Technology Development	CNXT +0.57 points	0.59%	0.02%
Anker Innovations Technology Co Ltd	CNXT +0.56 points	0.58%	0.02%
Hangzhou Tigermed Consulting Co Ltd	CNXT +0.54 points	0.58%	0.04%
Shenzhen Capchem Technology Co Ltd	CNXT +0.53 points	0.54%	0.01%
Jiangsu Hoperun Software Co Ltd	CNXT +0.52 points	0.54%	0.02%
Jiangsu Nata Opto-Electronic Material C	CNXT +0.51 points	0.52%	<0.01%
Sunwoda Electronic Co Ltd	CNXT +0.50 points	0.52%	0.02%
Wuhan Jingce Electronic Group Co Ltd	CNXT +0.49 points	0.51%	0.02%
Suzhou Maxwell Technologies Co Ltd	CNXT +0.48 points	0.50%	0.02%
Shenzhen New Industries Biomedical Engi	CNXT +0.46 points	0.50%	0.04%
Isoftstone Information Technology Group	CNXT +0.45 points	0.47%	0.02%
Empyrean Technology Co Ltd	CNXT +0.45 points	0.47%	0.02%
Goke Microelectronics Co Ltd	CNXT +0.45 points	0.46%	<0.01%
Qingdao Tgood Electric Co Ltd	CNXT +0.44 points	0.48%	0.04%
Canmax Technologies Co Ltd	CNXT +0.44 points	0.46%	0.02%
Thunder Software Technology Co Ltd	CNXT +0.43 points	0.45%	0.02%
Zhejiang Jingsheng Mechanical & Electri	CNXT +0.42 points	0.45%	0.03%
Maxscend Microelectronics Co Ltd	CNXT +0.41 points	0.43%	0.02%
Intco Medical Technology Co Ltd	CNXT +0.40 points	0.43%	0.03%
Yealink Network Technology Corp Ltd	CNXT +0.39 points	0.41%	0.02%
Sunresin New Materials Co Ltd	CNXT +0.36 points	0.39%	0.03%
Sigmastar Technology Ltd	CNXT +0.35 points	0.36%	<0.01%
Beijing Enlight Media Co Ltd	CNXT +0.35 points	0.38%	0.03%
Jl Mag Rare-Earth Co Ltd	CNXT +0.34 points	0.37%	0.03%
Siasun Robot & Automation Co Ltd	CNXT +0.34 points	0.37%	0.03%
Beijing Ultrapower Software Co Ltd	CNXT +0.33 points	0.34%	<0.01%
Chongqing Zhifei Biological Products Co	CNXT +0.31 points	0.33%	0.02%
Yihai Kerry Arawana Holdings Co Ltd	CNXT +0.31 points	0.33%	0.02%
Shenzhen Sc New Energy Technology Corp	CNXT +0.31 points	0.32%	0.01%
Mango Excellent Media Co Ltd	CNXT +0.30 points	0.33%	0.03%
Beijing Easpring Material Technology Co	CNXT +0.29 points	0.30%	<0.01%
Cngr Advanced Material Co Ltd	CNXT +0.29 points	0.30%	0.01%
Hebei Changshan Biochemical Pharmaceuti	CNXT +0.29 points	0.29%	<0.01%
Cspc Innovation Pharmaceutical Co Ltd	CNXT +0.28 points	0.30%	0.02%
Winning Health Technology Group Co Ltd	CNXT +0.25 points	0.27%	0.02%
Weihai Guangwei Composites Co Ltd	CNXT +0.25 points	0.26%	0.01%
Imeik Technology Development Co Ltd	CNXT +0.23 points	0.26%	0.03%
Ginlong Technologies Co Ltd	CNXT +0.23 points	0.24%	0.01%
Shenzhen Han's Cnc Technology Co Ltd	CNXT +0.22 points	0.23%	<0.01%
Ruijie Networks Co Ltd	CNXT +0.21 points	0.22%	<0.01%
Suzhou Kematek Inc	CNXT +0.21 points	0.22%	0.01%
Songcheng Performance Development Co Lt	CNXT +0.17 points	0.19%	0.02%
Zhejiang Changsheng Sliding Bearings Co	CNXT +0.16 points	0.16%	<0.01%

All 100 CNXT holdings⁠All 1,547 GXC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CNXT vs GXC Cost

Overpaying CNXT vs GXC

$1,082

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CNXT 0.65%
$12,717
GXC 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

CNXT 0.65%
GXC 0.59%
Overpaying

Year by year

Year	CNXT	GXC	Overpaying
10	$1,163	$1,058	$105
20	$4,440	$4,051	$389
30	$12,717	$11,635	$1,082

Expense ratio

0.65%CNXT
0.59%GXC, cheaper

GXC0.59%CNXT0.65%

0.19%5.01%

Middle half of China funds
Median 0.65%

GXC 5th cheapest of 28 funds

CNXT 11th cheapest of 28 funds

CNXT vs GXC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CNXT 0.23%; GXC 2.46%, better
Payout (12M): CNXT $0.08; GXC $1.99
Last payment: CNXT $0.08; GXC $0.67
Ex-dividend: CNXT Dec 22, 2025; GXC Jun 22, 2026
Paid on: CNXT Dec 26, 2025; GXC Jun 26, 2026
Frequency: CNXT Annual; GXC Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

CNXTAnnual · 6 paymentsAll CNXT payments⁠

GXCTwice a year · 19 paymentsAll GXC payments⁠

CNXT vs GXC Risk

Fall from peak · 5 years

CNXT
GXC

Risk facts

VolatilityStd dev, 3 years: CNXT 42.0%GXC 20.7%, better
Return per unit of riskSharpe ratio, 3 years: CNXT 0.36, betterGXC 0.27
Worst fallMax drawdown, 5 years: CNXT −61.1%GXC −46.5%, better
Market sensitivityBeta, 5 years: CNXT 0.77GXC 0.69; Market = 1

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