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iShares China Large-Cap ETF (FXI) is an exchange-traded fund that seeks to track the performance of large Chinese companies listed outside mainland China, primarily in Hong Kong. The ETF is managed by BlackRock and trades under the ticker FXI on NYSE Arca.
Classified as an international equity ETF with a geographic focus, FXI follows a passive management strategy. The fund aims to reflect, before fees and expenses, the performance of its benchmark index by maintaining a portfolio aligned with the index’s composition and weighting methodology.
FXI tracks an index composed of large-cap Chinese companies, predominantly listed in Hong Kong. Security selection and weighting are based on free-float-adjusted market capitalization.
The index undergoes periodic reviews that may include rebalancing and constituent changes, which are reflected in the ETF’s holdings.
Diversification and sector exposure
FXI provides exposure to large Chinese companies across multiple sectors of the economy, including:
- Financial sector.
- Information technology.
- Consumer discretionary.
- Energy.
- Telecommunications.
- Industrials.
Sector allocation reflects the structure of major Chinese companies listed outside mainland China.
Structure and costs
FXI shares are traded on the secondary market, while share creation and redemption are conducted through authorized participants, helping keep the market price close to the fund’s net asset value (NAV).
The fund charges a management fee typical of passive ETFs and does not apply a performance fee. FXI distributes income, generally derived from dividends paid by the underlying companies.
History and evolution of the ETF
iShares China Large-Cap ETF was launched in 2004 during a period of increasing global integration of Chinese equity markets.
In recent years, FXI has reflected heightened volatility in the Chinese market, including the effects of regulatory policy shifts, developments in the property sector, economic deceleration, and broader global monetary adjustments. The fund’s behavior has been closely linked to the performance of major Chinese companies listed in Hong Kong.
