iShares China Large-Cap ETF (AU) (ASX:IZZ) is an exchange-traded fund that seeks to track the FTSE China 50 Index, providing investors with exposure to the performance of 50 of the largest and most liquid Chinese companies listed on the Hong Kong Stock Exchange, before fees and expenses. The ETF holds a diversified portfolio of large-cap equities across sectors including financials, consumer discretionary, communication services, and energy; top holdings as of late 2025 include Alibaba Group Holding Ltd (10.08%), Tencent Holdings Ltd (9.03%), Xiaomi Corp (6.87%), China Construction Bank Corp H (6.84%), and Meituan (5.01%), with a total of 50 holdings representing a market capitalization-weighted selection of H-shares and other Hong Kong-listed Chinese firms. It offers semi-annual distributions, with a 12-month trailing yield of 3.49%, an annual management fee of 0.60%, and is denominated in Australian dollars for trading on the ASX.
Launched on August 5, 2004, and domiciled in Australia with headquarters operations managed by BlackRock Investment Management (Australia) Limited in Sydney, the ETF underwent a significant structural change in the second half of 2018 when it was converted from a U.S.-domiciled cross-listed fund to an Australian-domiciled iShares ETF, eliminating the need for U.S. tax forms such as W-8BEN and enabling distribution reinvestment plans. This conversion was part of BlackRock's broader $7 billion reshuffle of 14 iShares ETFs listed on the ASX, aimed at streamlining operations and enhancing tax efficiency for Australian investors. The fund maintains a focus on the Equity China segment, targeting institutional and retail investors seeking emerging market exposure to mainland Chinese growth through accessible Hong Kong-traded securities.