FXI Fund Description

The iShares FTSE China 25 tracks an index of the 25 largest and most liquid Chinese stocks traded on the Hong Kong Stock Exchange.

FXI ETF.com Insight

FXI is the largest and most popular China ETF, with over $4B in AUM and $800M traded on most days. The fund holds only 25 of the largest H-shares, P-chips and Red Chips listed in Hong Kong,FXI is the largest and most popular China ETF so US-listed Chinese mega-caps, like Baidu (classified as an N-share), aren't included. FXI naturally doesn't Fit well with our 'all-share' MSCI large-cap benchmark, which holds 200+ securities and not only includes all 'investable' shares, but also includes A-shares traded in Shanghai and Shenzhen, which are still mostly uninvestable to foreign investors. The fund also carries a heavy concentration in financials, with China's 'big 4' state-owned banks making up about 1/4 of the fund's total weighting. While FXI provides solid large-cap China exposure, investors looking for a more comprehensive China ETF should look elsewhere. (Insight updated 05/08/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

FXI (Mkt)
9.32% 16.38% 6.10% 19.10% 0.62% 1.19% --

FXI (NAV)

8.55% 15.40% 6.89% 18.04% 0.53% 1.45% --

FTSE China 25 Index-USD NET

8.63% 15.62% 7.34% 18.94% 1.23% 2.15% 12.0%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXI Top 10 Countries

FXI Top 10 Sectors

FXI Top 10 Holdings View All

FXI Summary Data

BlackRock

A company that produces and manages ETFs.

10/05/04

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.73%

The net total annual fee a fund holder pays to the issuer.

$5.13 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$547.85 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.03%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

FXI Portfolio Data

$104.82 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

8.09

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.29

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.79%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/19/14

The date on which a security's price excludes an upcoming dividend.

25

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

FXI Index Data

FTSE China 25 Index-USD NET

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI All China Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to FXI

GXC, MCHI, FCHI, YAO, PGJ

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

FXI ETF.com Efficiency Insight

FXI takes a hit in Efficiency for its 0.73% expense ratio, which is higher than we'd like for a cap-weighted fund. Still, FXI was the first China ETF available to US investors, and with over $4B in AUM, it's one of the most successful country-specific ETFs. FXI is also very tax efficient and hasn't paid out capital gains since its inception in October 2004. (Insight updated 05/08/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

FXI (Mkt)
9.32% 16.38% 6.10% 19.10% 0.62% 1.19% --

FXI (NAV)
8.55% 15.40% 6.89% 18.04% 0.53% 1.45% --

FTSE China 25 Index-USD NET
8.63% 15.62% 7.34% 18.94% 1.23% 2.15% 12.0%

MSCI All China Large Cap
8.04% 10.91% 2.21% 11.84% -1.20% -0.11% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXI Portfolio Management

0.73%

The net annual fee a fund holder pays to the issuer.

-0.76%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.59%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-1.21%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

FXI Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

FXI Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

75% / 25%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

FXI ETF.com Tradability Insight

FXI is one of the easiest single-country funds to trade for investors both large and small. More than $800M changes hands most days at pennywide spreads. Implied liquidity is also great, so institutions should be able to trade in size with relative ease and costs, if done through a liquidity provider. On average, more than 150 creation units trade a day. (Insight updated 05/08/2014)

Average Spread

Premium/Discount

Volume

FXI ETF.com/ Block LiquidityAs of 07/25/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of FXI. FXI is rated a 5 out of 5.

FXI Tradability

14,484,434

The average number of shares traded during a 60 day period.

$547.85 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

14,098,972

Median number of shares traded over the past 45 trading days.

$528.08 M

Median dollar value of shares traded over the past 45 trading days.

0.03%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

0.03%

The middle value in the ranked set of all premium/discount values over a 12-month period.

2.73% / -3.60%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

0.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

150,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

91.33

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.02%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.44%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

3,368,005

The total number of net outstanding options contracts for an ETF.

$40.01

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

FXI ETF.com Fit Insight

Holding only 25 of the largest Hong Kong-listed Chinese companies, FXI is highly concentrated—its top 10 holdings make up close to 60% of the fund—and tilts very large compared to our 'all-share' benchmark, which has 200+ holdings. FXI is mostly dominated by China's largest state-owned financial, energy and telecom companies. FXI is a solid fund, but investors should view FXI for what it is, a large-cap fund. (Insight updated 05/08/2014)

FXI Geographic Exposure

FXI Segment Benchmark
85.75% 80.95%
14.25% 19.05%

FXI Segment Benchmark
100.00% 100.00%
14.25% / 85.75% 19.05% / 80.95%

FXI Performance Statistics

0.77

The degree to which the fund and its segment benchmark move up and down in unison.

1.11

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.12

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.09

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.55%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI All China Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

FXI Benchmark Comparison

FXI
25 Holdings
Segment Benchmark
191 Constituents
Shared Holdings
25 (Count)
 
51.96% (Weight)
FXISegment Benchmark
$67.54 B$104.82 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

69%92%
31%8%
0%0%
0%0%
9.318.09

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.431.29

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

2.56%3.34%

The weighted average of the current yield on the portfolio’s holdings.

19125

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

MediumHigh

The level of return contribution attributable to the average portfolio constituent.