At a glance
FXI charges 0.73% a year, above the 0.51% average of the 6 funds most like it (the most expensive of 7). It has $4.34B in assets, the 3rd largest of that group; it paid 2.09% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −19.4% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +11.0% a year. At its worst it fell 20.2% in the 2020 crash (S&P 500: 33.7%) and 36.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 28 months after the lows. Its ten largest positions make up 58.5% of the fund, out of 52 in all.
The short version
iShares China Large-Cap ETF (FXI), from BlackRock, tracks the FTSE China 50 Index. The index holds 50 of the largest Chinese companies that trade in Hong Kong, led by Alibaba, Tencent and China Construction Bank. Its 0.73% expense ratio is the highest of the seven similar China funds compared here, and Franklin FTSE China ETF charges 0.19%. It is also more concentrated than most: its top 10 holdings made up 58.5% of the fund as of July 31, 2026.
Price history
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FXI -19.4% 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 | |
|---|---|---|---|---|---|---|
| FXI official prospectus, to Dec 31, 2024 | — | +30.10% | — | -4.75% | -0.60% | — |
| FTSE Emerging All Cap Index Net index, same period | — | +11.62% | — | +3.27% | +4.35% | — |
| FTSE China50Index Net index, same period | — | +31.98% | — | -3.84% | +0.23% | — |
| FXI price data to Oct 27, 2026 | -14.5% | -19.4% | +11.0% | -2.3% | +1.1% | +4.6% |
- Over the year to Oct 27, 2026, FXI returned -19.4%, 1st of 7 among similar funds.
- Its 5-year annualized return was -2.3% and its 10-year +1.1%.
- In the 2020 COVID crash it fell 20.2% and regained its old high 3.7 months after the low.
- Its worst full calendar year was 2008 (-48.2%); its best was 2006 (+81.6%).
- The deepest fall in its price history was 73.1% (Oct 31, 2007 to Oct 27, 2008), recovered by Feb 17, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.5% | — |
| 2025 | +28.9% | — |
| 2024 | +28.9% | +30.10% |
| 2023 | -12.3% | -12.87% |
| 2022 | -20.7% | -20.40% |
| 2021 | -20.1% | -21.04% |
| 2020 | +8.9% | +10.06% |
| 2019 | +14.9% | +13.74% |
| 2018 | -13.3% | -12.41% |
| 2017 | +36.2% | +34.48% |
| 2016 | +1.1% | +1.74% |
| 2015 | -12.9% | -11.91% |
| 2014 | +11.5% | — |
| 2013 | -2.2% | — |
| 2012 | +19.2% | — |
| 2011 | -17.6% | — |
| 2010 | +3.5% | — |
| 2009 | +47.4% | — |
| 2008 | -48.2% | — |
| 2007 | +53.5% | — |
| 2006 | +81.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.4% over that stretch · deepest drop along the way 73.1%, back to its old high 147.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 18.9% over that stretch · deepest drop along the way 20.2%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.1% over that stretch · deepest drop along the way 36.4%, back to its old high 28.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2600 | |
| 2025 | $0.9300 | +75.5% |
| 2024 | $0.5300 | -30.3% |
| 2023 | $0.7600 | +2.7% |
| 2022 | $0.7400 | +27.6% |
| 2021 | $0.5800 | -42.6% |
| 2020 | $1.0100 | -15.8% |
| 2019 | $1.2000 | +14.3% |
| 2018 | $1.0500 | -1.9% |
| 2017 | $1.0700 | +15.1% |
| 2016 | $0.9300 | -8.8% |
| 2015 | $1.0200 | -2.9% |
| 2014 | $1.0500 | +4.0% |
| 2013 | $1.0100 | +7.8% |
| 2012 | $0.9370 | +22.5% |
| 2011 | $0.7650 | +21.8% |
| 2010 | $0.6280 | +14.6% |
| 2009 | $0.5480 | +38.7% |
| 2008 | $0.3952 | +70.2% |
| 2007 | $0.2322 | +60.1% |
| 2006 | $0.1450 |
What's inside
As of Jul 31, 2026, the fund held 52 securities; the ten largest made up 58.51% of assets.
| Holding | Weight | |
|---|---|---|
| Alibaba Group Holding Limited | 9.36% | |
| Tencent Holdings Limited | 8.93% | |
| CHINA CONSTRUCTION BANK CORPORATION | 8.85% | |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED | 6.16% | |
| MEITUAN | 5.13% | |
| XIAOMI CORPORATION | 5.09% | |
| Ping An Insurance (Group) Company of China, Ltd. | 3.85% | |
| NETEASE, INC. | 3.85% | |
| BANK OF CHINA LIMITED | 3.78% | |
| BYD COMPANY LIMITED | 3.51% | |
| JD.COM, INC. | 3.22% | |
| BAIDU, INC. | 2.36% | |
| TRIP.COM GROUP LIMITED | 2.25% | |
| China Life Insurance Company Limited | 2.21% | |
| PetroChina Company Limited | 2.11% |
By country
China 51.28%Cayman Islands 45.48%Switzerland 1.6%Hong Kong 0.93%XX 0%By asset type
Stocks 98.98%Other 0.31%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $1.57B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.18%, -9.18%, +14.74%.
How it works
FXI tracks the FTSE China 50 Index. FTSE International builds the index and is independent of BlackRock. The index holds 50 of the largest and most actively traded Chinese companies on the Stock Exchange of Hong Kong that international investors can buy. Only three share types qualify: H-shares (companies incorporated in mainland China but listed in Hong Kong), Red-chips (state-controlled companies incorporated outside the mainland) and P-chips (privately controlled companies incorporated outside the mainland). Other Chinese share classes are excluded.
Stocks are weighted by market value, meaning the total value of a company's shares, so the biggest companies count most. The index caps any single stock at 9%. Companies weighing more than 4.5% each can add up to no more than 38% together. Even so, the top 10 holdings made up 58.5% of the fund as of July 31, 2026, led by Alibaba and Tencent. FTSE decides what goes in the index, and its members change over time.
BlackRock's adviser uses "representative sampling." It buys a group of index stocks that together resemble the index, so the fund may not own every member. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps or cash. The fund does not try to beat the index or move to cash when markets fall. It may also lend out securities worth up to one-third of its assets.
What it really costs
- FXI charges 0.73% a year, versus an average of 0.51% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $75 in the first year and $906 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FXI | $75 | $233 | $406 | $906 |
In a retirement portfolio
It is concentrated in one country and has suffered deep losses that took years to recover, so it fits better as a small position than as a foundation.
FXI could add focused exposure to China's largest Hong Kong-listed companies, but its history includes long, deep losses. In the 2008 financial crisis it fell 73.1% between October 31, 2007 and October 27, 2008. It did not regain that peak until February 17, 2021, more than 12 years later. Its worst calendar year was 2008, a loss of 48.2%. In the 2020 COVID crash it dropped 20.2% and recovered in about four months. In the 2022 bear market it lost 36.4% and took about 28 months to recover. Someone selling shares to cover spending in a slump like these could lock in steep losses.
The fund's yield over the previous 12 months was 2.09% as of October 27, 2026, paid twice a year. It costs 0.73% a year. 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 a concentrated stake in about 50 of China's biggest Hong Kong-listed companies, such as Alibaba, Tencent and China Construction Bank.
- Those who can keep China to a small slice of a broader portfolio and can live with swings like the 36.4% drop in 2022.
- People who value a long track record and size: the fund launched in 2004 and had $4.3 billion in net assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: its 0.73% expense ratio ranked 7th of 7 similar funds, and Franklin FTSE China ETF charges 0.19%.
- Anyone who needs stable value for withdrawals: after falling 73.1% in 2008, the fund took more than 12 years to regain its peak.
- Investors who want mainland-listed Chinese shares or smaller companies, since the index holds only 50 large Hong Kong-listed names.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FXI this fund | — | 0.73% | $4.34B | -19.4% | +11.0% |
| MCHI iShares MSCI China ETF | 55% | 0.59% | $6.33B | -23.7% | +8.1% |
| FLCH Franklin FTSE China ETF | 49% | 0.19% | $248.7M | -22.9% | +8.8% |
| GXC SPDR S&P China ETF | 43% | 0.59% | $434.9M | -20.8% | +8.5% |
| KWEB KraneShares CSI China Internet ETF | 35% | 0.7% | $4.91B | -40.7% | -0.9% |
| CXSE WisdomTree China ex-State-Owned Enterprises… | 27% | 0.32% | $498.9M | -25.4% | +5.6% |
| CHIQ Global X MSCI China Consumer Discretionary … | 26% | 0.65% | $129.7M | -33.7% | -2.6% |
Questions investors ask
What's the difference between FXI and MCHI?
Both are iShares China funds, but they follow different indexes. FXI tracks the FTSE China 50 Index of 50 large Hong Kong-listed companies, while MCHI follows an MSCI China index. About 55% of their holdings overlap. MCHI costs less, at 0.59% a year versus 0.73%, and is larger, with $6.3 billion in net assets as of August 31, 2026. As of October 27, 2026, FXI lost 19.4% over one year versus 23.7% for MCHI. Over three years FXI returned 11% a year, against 8.1% for MCHI.
Does FXI pay dividends?
Yes. FXI pays distributions twice a year (semiannually), funded by dividends from the companies it holds. Over the 12 months to October 27, 2026, it paid about $0.68 per share, a trailing yield of 2.09%. The amount can change from one payment to the next because it depends on what the underlying companies pay. Investors who want monthly income may find the twice-yearly schedule less convenient.
What are FXI's top holdings?
As of July 31, 2026, FXI's largest holdings were Alibaba (9.4%), Tencent (8.9%), China Construction Bank (8.9%), Industrial and Commercial Bank of China (6.2%), Meituan (5.1%) and Xiaomi (5.1%). Ping An Insurance, NetEase, Bank of China and BYD rounded out the top 10. Together, those 10 made up 58.5% of the fund. The fund held 52 stocks, so a handful of big internet companies and banks drive much of its performance.
How much does FXI cost per year?
FXI's expense ratio is 0.73% a year, according to its prospectus filed November 21, 2025. That ranks 7th of 7 on cost against six similar China funds, which average 0.51%. Franklin FTSE China ETF, for example, charges 0.19%. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On those terms, costs would be about $75 after one year, $406 after five years and $906 after ten years.
Has FXI made money over the long term?
Not much. Its prospectus shows an average annual return of -0.6% over the 10 years to December 31, 2024. Over five years it was -4.75% a year, even after a 30.1% gain in 2024. Based on its share price, it returned about 1.1% a year over the 10 years to October 27, 2026. The fund lost money in 2021, 2022 and 2023, gained about 29% in 2025, and was down 14.5% for 2026 through October 27.