Key Highlights

  • IZZ tracks the FTSE China 50 Net TR Index, providing exposure concentrated in fifty of China's largest listed companies, and has traded on ASX since 15 November 2007.
  • The fund reported net Assets of $436.67 million and a management fee of 0.60 percent per annum, with a Beta of 0.14, notably lower than several other China-focused funds.
  • Financial Services and Consumer Cyclical are the two largest sector allocations, at 36.11 percent and 26.46 percent respectively, both above the Equity Greater China category averages.

The iShares China Large-Cap ETF (ASX:IZZ) seeks to achieve its objective by tracking the performance of the FTSE China 50 Net TR index in Australian dollars, offering investors exposure to a concentrated set of large-capitalisation Chinese companies. Admitted to ASX trading on 15 November 2007, IZZ is among the longer-established funds within the Equity Greater China category and carries a management fee of 0.60 percent per annum.

The fund reported net assets of $436.67 million and 9,125,723 units on issue. Risk metrics show a beta of 0.14, a markedly low figure relative to several other Asian equity funds, alongside a Standard Deviation of 19.89. The fund's Turnover ratio was recorded at 0.98 percent, indicating limited portfolio repositioning consistent with its index-tracking structure.

Sector Weighting and Geographic Exposure

IZZ's sector allocation is led by Financial Services at 36.11 percent, above the category average of 26.40 percent, followed by Consumer Cyclical at 26.46 percent, also above the category's 22.69 percent. Communication Services stands at 15.55 percent, above the category average of 12.92 percent, while Technology exposure of 5.80 percent is well below the category figure of 15.08 percent. Healthcare, at 2.82 percent, and Industrials, at 2.53 percent, both trail their respective category averages of 5.92 percent and 5.03 percent.

Geographically, China represents 94.81 percent of the portfolio, close to the category average of 95.36 percent, with Hong Kong contributing 3.35 percent and the United States 1.83 percent. The fund held 99.91 percent of assets in equities and 0.09 percent in cash.

Holdings, Returns and Distributions

The portfolio's top ten holdings account for 58.41 percent of total assets across 60 companies. Alibaba Group Holding is the largest position at 9.52 percent, followed by China Construction Bank at 9.37 percent and Tencent Holdings at 8.65 percent. Industrial and Commercial Bank of China, Xiaomi Corp, Meituan, Bank of China, Ping An Insurance, NetEase and BYD Co complete the remaining top ten names.

The fund declared a final distribution of $0.447 per unit, producing an annual distribution Yield of 1.92 percent, with an ex-date of 1 July 2026 and payment date of 13 July 2026.

Conclusion

IZZ provides investors with index-based exposure to a concentrated group of large-capitalisation Chinese companies, distinguished by its pronounced Financial Services and Consumer Cyclical weightings and comparatively low beta relative to several regional peers. The fund's total return performance has been mixed, with declines recorded over one month, six months and one year set against a positive three-year return, reflecting the varied performance trajectory Chinese large-cap equities have exhibited across different time horizons.