Share-split context: A forward split was recorded on Jul 24, 2008 with coefficient 3.000003. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

What this ETF is trying to do

The iShares China Large-Cap ETF (FXI) is designed to track large companies in China. It focuses on major businesses that are often leaders in their industries. This ETF provides investors with exposure to a variety of sectors within the Chinese market through its holdings.

What the numbers show

The current price of FXI is $33.42. When looking at how the fund has performed, it is important to look at both price returns and total returns.

• Price Return: This measures only the change in the share price. The year-to-date (YTD) price return is approximately -12.72%, and the one-year price return is approximately -18.35%. However, over a three-year period, the price return was approximately 27.41%.

• Total Return: This includes the change in share price plus any distributions paid out. The YTD total return is approximately -12.06%, and the one-year total return is approximately -16.83%. Over three years, the total return was approximately 37.49%.

Because this ETF has a history of forward splits, the prices you see are "split-adjusted." This means that in the past, one old share became multiple new shares. A forward split changes the number of shares but does not change the total value of your investment at the moment it happens.

Income and distribution explanation

FXI provides cash distributions to investors, but they are described as "irregular" or "less frequent." In the last 12 months, there were 2 payouts. The distribution yield is approximately 2.03%. This yield tells you how much cash was distributed relative to the current share price, but it is not the same as the total return.

NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

Regarding price-based evidence, the fund has an erosion-risk score of 55, which is labeled as "moderate price erosion." This indicates a moderate level of price deterioration based on the data provided. There is no "severe erosion-risk flag" for this ETF.

Top Holdings

The following are the top holdings in the portfolio (note that this is a partial list):

• China Construction Bank Corp Class H: 9.13%

• Tencent Holdings Ltd: 9.12%

• Alibaba Group Holding Ltd Ordinary Shares: 8.98%

• Industrial and Commercial Bank of China Ltd Class H: 6.42%

• Bank of China Ltd Class H: 4.53%

• Xiaomi Corp Class B: 4.53%

• Meituan Class B: 4.32%

• NetEase Inc Ordinary Shares: 3.93%

• Ping An Insurance (Group) Co. of China Ltd Class H: 3.58%

• BYD Co Ltd Class H: 3.15%

Holdings can change over time. This data was updated on October 8, 2026.

Pros

• Provides exposure to many large Chinese companies across different sectors.

• Has shown a positive total return over a three-year period.

Cons

• The one-year and year-to-date price returns have been negative.

• Distributions are irregular rather than a steady, frequent schedule.

Beginner takeaway

When researching FXI, remember that price returns and total returns are different. While the share price has declined recently, the total return accounts for the cash distributions paid to investors. Also, keep in mind that a moderate price erosion score is a measurement of price trends, not a confirmation of NAV erosion.