At a glance
AAXJ charges 0.72% a year, above the 0.34% average of the 5 funds most like it (the most expensive of 6). It has $3.72B in assets, the 4th largest of that group; it paid 1.42% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +15.1% with distributions reinvested (S&P 500: +11.5%), 5th of those 6 funds; over three years it returned +23.3% a year. At its worst it fell 26.4% in the 2020 crash (S&P 500: 33.7%) and 32.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 32 months after the lows. Its ten largest positions make up 42.2% of the fund, out of 952 in all.
The short version
iShares MSCI All Country Asia ex-Japan ETF (AAXJ) is a BlackRock index fund that tracks the MSCI AC Asia ex Japan Index. That index holds large and mid-size companies in 10 Asian markets, led by Taiwan, South Korea, India and China. Taiwan Semiconductor alone made up 17% of the fund as of July 31, 2026. Its 0.72% expense ratio is the highest among similar funds. Franklin's FTSE-based FLAX charges 0.19%.
Price history
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AAXJ +15.1% 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 | |
|---|---|---|---|---|---|---|
| AAXJ official prospectus, to Dec 31, 2024 | — | +10.48% | — | +1.53% | +3.66% | — |
| AAXJ price data to Oct 27, 2026 | +16.9% | +15.1% | +23.3% | +6.5% | +8.2% | +6.2% |
- Over the year to Oct 27, 2026, AAXJ returned +15.1%, 5th of 6 among similar funds.
- Its 5-year annualized return was +6.5% and its 10-year +8.2%.
- In the 2020 COVID crash it fell 26.4% and regained its old high 3.4 months after the low.
- Its worst full calendar year was 2022 (-20.3%); its best was 2009 (+68.5%).
- The deepest fall in its price history was 49.4% (Aug 15, 2008 to Nov 20, 2008), recovered by Jul 20, 2009.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.9% | — |
| 2025 | +31.5% | — |
| 2024 | +10.4% | +10.48% |
| 2023 | +4.8% | +4.94% |
| 2022 | -20.3% | -20.18% |
| 2021 | -5.7% | -5.89% |
| 2020 | +23.4% | +23.87% |
| 2019 | +17.9% | +17.40% |
| 2018 | -15.0% | -14.81% |
| 2017 | +41.8% | +40.52% |
| 2016 | +4.7% | +4.83% |
| 2015 | -10.3% | -9.85% |
| 2014 | +2.9% | — |
| 2013 | +1.5% | — |
| 2012 | +23.6% | — |
| 2011 | -20.2% | — |
| 2010 | +16.2% | — |
| 2009 | +68.5% | — |
| 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 26.4% over that stretch · deepest drop along the way 26.4%, back to its old high 3.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.5% over that stretch · deepest drop along the way 32.5%, back to its old high 32 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4200 | |
| 2025 | $1.6800 | +25.4% |
| 2024 | $1.3400 | +3.1% |
| 2023 | $1.3000 | +15.0% |
| 2022 | $1.1300 | -38.3% |
| 2021 | $1.8300 | +94.7% |
| 2020 | $0.9400 | -29.9% |
| 2019 | $1.3400 | 0.0% |
| 2018 | $1.3400 | -11.8% |
| 2017 | $1.5200 | +56.7% |
| 2016 | $0.9700 | -26.0% |
| 2015 | $1.3100 | +20.2% |
| 2014 | $1.0900 | +1.9% |
| 2013 | $1.0700 | +1.9% |
| 2012 | $1.0500 | 0.0% |
| 2011 | $1.0500 | +8.2% |
| 2010 | $0.9700 | +36.6% |
| 2009 | $0.7100 |
What's inside
As of Jul 31, 2026, the fund held 952 securities; the ten largest made up 42.24% of assets, and 4.16% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 17.21% | |
| Samsung Electronics Co., Ltd. | 7.68% | |
| SK hynix Inc. | 5.93% | |
| Tencent Holdings Limited | 3.55% | |
| Alibaba Group Holding Limited | 2.41% | |
| MediaTek Inc. | 1.46% | |
| DBS GROUP HOLDINGS LTD | 1.12% | |
| AIA Group Limited | 0.99% | |
| Samsung Electronics Co., Ltd. | 0.95% | |
| CHINA CONSTRUCTION BANK CORPORATION | 0.94% | |
| DELTA ELECTRONICS, INC. | 0.90% | |
| HON HAI PRECISION INDUSTRY CO., LTD. | 0.89% | |
| HDFC BANK LIMITED | 0.84% | |
| RELIANCE INDUSTRIES LIMITED | 0.78% | |
| ICICI BANK LIMITED | 0.75% |
By country
Taiwan 29.32%South Korea 21.9%Cayman Islands 13.61%India 13.17%China 10.61%By asset type
Stocks 96.91%Other 2.86%Preferred stock 0.07%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $236.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.21%, +0.78%, -6.42%.
How it works
AAXJ tracks the MSCI AC Asia ex Japan Index. MSCI builds that index independently of BlackRock. As of July 31, 2025, the index covered large and mid-size companies in 10 markets: China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand. It is weighted by free float-adjusted market value, so bigger companies count for more, based only on shares the public can trade. As of July 31, 2026, Taiwan Semiconductor was 17.2% of the fund. Samsung Electronics was about 8.6% across two share classes, and SK hynix was 5.9%. The top 10 holdings made up 42%.
BlackRock Fund Advisors uses "representative sampling." Instead of buying every stock in the index, it holds a mix chosen to match the index's size, industry and yield profile. The fund held 952 securities as of July 31, 2026. At least 80% of assets go into index stocks or depositary receipts, which are certificates that represent those shares. Up to 20% can go into futures, swaps, cash and similar tools that help the fund keep pace with the index.
The fund does not try to beat the index or move to cash when markets fall. Portfolio turnover was 10%. The fund may lend out securities worth up to one-third of its assets. Its share value is set in US dollars, so falling Asian currencies can cut returns.
What it really costs
- AAXJ charges 0.72% a year, versus an average of 0.34% for the similar funds below (6th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $894 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAXJ | $74 | $230 | $401 | $894 |
In a retirement portfolio
AAXJ gives concentrated exposure to Asian stocks outside Japan, with a few chip companies dominating and swings bigger than the broad market's.
AAXJ could add Asian companies outside Japan to a portfolio, but its swings have been large. It fell 49.4% in its first months, from August 15 to November 20, 2008, and recovered by July 2009. In the 2020 COVID crash it dropped 26.4% and recovered in about 3.4 months. In 2022 it fell 32.5% and did not win that back until June 2025. That was its worst calendar year, down 20.18%. Someone who had to sell shares in late 2022 would have locked in deep losses. The fund yielded 1.42% as of October 27, 2026, paid twice a year, so it adds little income. In the SEC's standard example, a $10,000 investment would cost $894 in expenses over 10 years. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund covering 10 Asian markets outside Japan, including Taiwan, South Korea, India, China and Hong Kong.
- Those comfortable with heavy chip exposure: Taiwan Semiconductor, Samsung and SK hynix made up nearly a third of assets as of July 31, 2026.
- Long-term holders who can wait out deep drops, like the 32.5% fall in 2022 that took 32 months to recover.
Look elsewhere if
- Cost-focused investors: AAXJ charges 0.72%, versus 0.19% for FLAX, which shares 84% of its holdings, and a 0.34% average for similar funds.
- Investors who need steady income: the trailing yield was 1.42% as of October 27, 2026, paid only twice a year.
- Those wanting a calmer ride: one-year volatility was 27.1% as of October 27, 2026, and the fund moved about 1.55 times as much as the market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AAXJ this fund | — | 0.72% | $3.72B | +15.1% | +23.3% |
| FLAX Franklin FTSE Asia ex Japan ETF | 84% | 0.19% | $51.2M | +15.2% | +23.2% |
| EWT iShares MSCI Taiwan ETF | 30% | 0.59% | $11.76B | +67.5% | +42.5% |
| EEMV iShares MSCI Emerging Markets Min Vol Facto… | 25% | 0.26% | $3.66B | +12.4% | +15.5% |
| VPL Vanguard FTSE Pacific ETF | 25% | 0.07% | $13.10B | +22.2% | +22.6% |
| EWY iShares MSCI South Korea ETF | 21% | 0.59% | $27.72B | +59.9% | +41.1% |
Questions investors ask
Is AAXJ a good investment for retirement?
AAXJ may suit retirees only as a smaller, higher-risk part of a portfolio, not as a core holding. It fell 32.5% in 2022 and took until June 2025 to recover. Its largest drop, 49.4% in late 2008, took about 8 months to recover. It yielded 1.42% as of October 27, 2026, so it adds little income. Its 0.72% expense ratio is also high compared with similar funds.
What's the difference between AAXJ and FLAX?
The main difference is cost. AAXJ charges 0.72% a year and Franklin's FLAX charges 0.19%. The two funds share 84% of their holdings, but AAXJ tracks an MSCI index and FLAX tracks a FTSE index. Returns have been close: 15.1% versus 15.2% over one year as of October 27, 2026. FLAX is much smaller, at $51 million as of June 30, 2026. AAXJ had $3.7 billion as of July 31, 2026.
Does AAXJ pay monthly dividends?
No. AAXJ pays dividends twice a year, not monthly. Over the 12 months to October 27, 2026, it paid $1.54 per share, a yield of 1.42%. The fund's main purpose is growth from Asian stocks rather than income. Payments can change from year to year because they depend on the dividends that companies in Taiwan, South Korea, China, India and other markets pay out.
Does AAXJ include China and Japan?
AAXJ includes China but leaves out Japan by design. As of July 31, 2026, 10.6% of the fund was listed as China. Another 13.6% was listed as Cayman Islands, where major Chinese companies such as Tencent and Alibaba are registered. Hong Kong was another 4.0%. Taiwan was the largest market at 29.3%, followed by South Korea at 21.9% and India at 13.2%.
What is AAXJ's average annual return?
AAXJ's returns have been modest over long periods. The prospectus reports average annual returns, as of December 31, 2024, of 10.48% over one year, 1.53% over five years and 3.66% over 10 years. Based on price, the fund returned 8.2% a year over the 10 years to October 27, 2026, and 6.5% a year over five years. It gained 31.52% in 2025 after losing 20.18% in 2022.