AAXJ vs FLAX: Grades, Fees and Holdings Compared

iShares MSCI All Country Asia ex Japan ETF

AAXJCNasdaq

Franklin FTSE Asia ex Japan ETF

FLAXBNYSE Arca

Overlap

77.9%by weight

Expense ratio

FLAX −0.53pt a year

AAXJ0.72%FLAX0.19%

Avg volume · 30D

AAXJ 51.2×the volume

AAXJ503KFLAX9.82K

5Y return · a year

FLAX +0.8pt

AAXJ+6.3%FLAX+7.1%

AAXJ vs FLAX Performance

Nov 2, 2021 – Nov 2, 2026

+36.0%AAXJ+41.2%FLAX

Expense ratio: AAXJ 0.72%; FLAX 0.19%, better
Fund size: AAXJ $3.61B; FLAX $67M
1Y total return: AAXJ +13.6%; FLAX +13.9%, better
Yield (12M): AAXJ 1.46%; FLAX 2.20%, better
Holdings: AAXJ 960; FLAX 1648
Avg volume (30D): AAXJ 503K sh, better; FLAX 9.82K sh
NAV per share: AAXJ $106.05; FLAX $33.58
52W range

ETF.net Grade

Pillar letters and Scores for AAXJ, FLAX, with each pillar’s weight
Pillar	AAXJ	FLAX
Cost30% weight	F10	B57Higher
Mission25% weight	A100	A100
Risk15% weight	D34	D35Higher
Tradability15% weight	A74Higher	F15
Holdings10% weight	C48	B59Higher
Durability5% weight	B67Higher	D32

Rank among Asia-Pacific Region funds

How we build Categories ›

Same Category. AAXJ and FLAX are both graded against the same 7 Asia-Pacific Region funds, so their Grades compare head to head.

Asia-Pacific Region⁠

Category · 7 funds

See all 7 ›

FLAX ranks 3rd and AAXJ 6th of 7 funds in the Asia-Pacific Region Category.

Rank 1AVPLVanguard FTSE Pacific ETFScore 77
Rank 2AIPACiShares Core MSCI Pacific ETFScore 70
Rank 3BFLAXFranklin FTSE Asia ex Japan ETFScore 57
Rank 4BBBAXJPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETFScore 55
Rank 5CEPPiShares MSCI Pacific ex Japan ETFScore 54
Rank 6CAAXJiShares MSCI All Country Asia ex Japan ETFScore 52
Rank 7CAIAiShares Asia 50 ETFScore 47

Our read on each fund

ETF.net Research

AAXJCiShares MSCI All Country Asia ex Japan ETF

FLAXBFranklin FTSE Asia ex Japan ETF

In short

AAXJ The regional Asia trade with Japan carved out: roughly 900 large- and mid-cap stocks from developed and emerging markets, in one ticker since 2008. You pay up for that precision.

FLAX One line item for Asia's markets with Japan left out: roughly 1,600 stocks at 0.19% a year, less than half the median fee among index-tracking peers. Broad, cheap, and thin to trade.

Stated mandate

AAXJ The fund tracks an index of large- and mid-cap equities from developed and emerging Asian countries, excluding Japan, providing regional international equity exposure.

FLAX The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the FTSE Asia ex Japan RIC Capped Index.

Why people hold it

AAXJ One ticket, roughly 900 large- and mid-cap Asian stocks, spanning both developed and emerging markets under a single index rulebook.
Running since 2008 and now a multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.
Japan sits outside the MSCI AC Asia ex Japan index by design, leaving investors free to size Japan exposure on their own terms.

FLAX 0.19% a year against a 0.45% median for index-tracking peers. Less than half the going rate for the same passive job.
About 1,600 holdings across Asia ex Japan. The index is a RIC-capped version, which limits how large any single position can grow.
Plain passive mandate since 2018: match the FTSE Asia ex Japan RIC Capped Index before fees and expenses. No manager discretion, no style drift.

Worth knowing

AAXJ At 0.72% a year, the fee runs well above the 0.28% typical of its peer group and far above broad international index funds like IXUS at 0.07%.
Emerging Asian markets are baked into the mandate, so currency moves and local market swings ride along with the developed-market names.
Cash comes back once or twice a year rather than monthly.

FLAX Thinly traded, so on any single trip in or out the bid-ask spread can cost more than the annual fee. Limit orders are the usual tool.
Cash comes annually or semiannually, not monthly. Income arrives in lumps.
One region, Japan excluded. This is a regional equity slice that tracks Asian markets, not a global core holding.

Full AAXJ profile⁠

Full FLAX profile⁠

AAXJ vs FLAX Holdings

How AAXJ and FLAX differ

Overlap by weight

77.9%

Shared holdings make up 85.7% of AAXJ and 79.5% of FLAX.

Level by level

Holdings753 in both77.9%
Countryby domicile96.0%
Sector11 Sectors97.3%
Asset classEquity100%

Sector

Sector weights in AAXJ and FLAX, widest gap first
Sector	More in AAXJMore in FLAX	AAXJ	FLAX
Financials	AAXJ +1.5 points	18.6%	17.1%
Technology	AAXJ +1.2 points	47.5%	46.3%
Industrials	FLAX +0.7 points	7.0%	7.7%
Materials	FLAX +0.5 points	3.2%	3.7%
Health Care	FLAX +0.4 points	2.9%	3.3%
Consumer Discretionary	FLAX +0.2 points	8.0%	8.2%
Real Estate	FLAX +0.3 points	1.4%	1.7%
Consumer Staples	FLAX +0.2 points	2.0%	2.2%
Energy	FLAX +0.2 points	2.2%	2.4%
Communication	AAXJ +0.2 points	5.7%	5.5%
Utilities	FLAX +0.2 points	1.6%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in AAXJ and FLAX, widest gap first
Country	More in AAXJMore in FLAX	AAXJ	FLAX
Taiwan	AAXJ +2.2 points	32.8%	30.6%
South Korea	AAXJ +1.4 points	22.7%	21.3%
India	FLAX +1.0 points	13.0%	14.0%
United States	FLAX +0.6 points	0.0%	0.6%
China	FLAX +0.5 points	22.1%	22.6%
Indonesia	FLAX +0.5 points	0.0%	0.5%
Other countries (8)	FLAX +0.9 points	9.5%	10.4%

Outside the US: AAXJ 7% developed, 93% emerging. FLAX 7% developed, 93% emerging.

Concentration

Weight in the 10 largest Holdings

AAXJ42.2%
FLAX38.2%

Securities held

AAXJ947
FLAX1,646

Asset class

AAXJ: Equity
FLAX: Equity

Holdings

Only in AAXJ194
In both753
Only in FLAX893

Only in AAXJ

194 securities, 14.1% of AAXJ by weight

Hdfc Bank0.82%
Icici Bank0.77%
Reliance Industries Ltd0.69%
Bharti Airtel Ltd0.57%
Infosys0.37%
Byd H0.31%
Axis Bank0.29%
Sea Ads Representing Ltd Class A0.27%
Larsen and Toubro Ltd0.27%
Kotak Mahindra Bank Ltd0.26%
Bajaj Finance Ltd0.24%
Tata Consultancy Services Ltd0.21%
State Bank of India0.18%
Eternal0.17%
Sun Pharmaceutical Industries0.17%
Titan Company Ltd0.16%
Yum China Holdings Inc0.15%
Ntpc Ltd0.14%
Maruti Suzuki India Ltd0.14%
Hindustan Unilever Ltd0.13%
Bharat Electronics Ltd0.13%
Hcl Technologies Ltd0.13%
Tata Steel Ltd0.13%
Shriram Finance Ltd0.13%
Divis Laboratories Ltd0.12%
Ultratech Cement Ltd0.12%
Hindalco Industries Ltd0.12%
Power Grid Corporation of India0.12%
Adani Ports and Special Economic Z0.11%
Eicher Motors Ltd0.11%
Tvs Motor Company0.10%
Tech Mahindra0.10%
Jardine Matheson Holdings0.10%
Interglobe Aviation Ltd0.09%
Apollo Hospitals Enterprise0.09%
Asian Paints0.09%
Laurus Labs Ltd0.09%
H World Group Adr0.09%
Hindustan Aeronautics Ltd0.09%
Trent Ltd0.09%
Grasim Industries0.08%
Itc Ltd0.08%
Tata Motors Ltd0.08%
Jsw Steel0.08%
Sbi Life Insurance Company Ltd0.08%
Cholamandalam Investment and Finan0.07%
Cipla Ltd0.07%
Indian Hotels Ltd0.07%
Nestle India Ltd0.07%
Samvardhana Motherson Internationa0.07%

Only in FLAX

893 securities, 20.6% of FLAX by weight

Hdfc Bank Limited0.74%
Reliance Industries Limit0.73%
Icici Bank Ltd0.69%
Bharti Airtel Ltd0.57%
Infosys Ltd0.39%
Byd Co Ltd-H0.29%
Axis Bank Ltd0.26%
Larsen & Toubro Ltd0.24%
Bajaj Finance Ltd0.24%
Tata Consultancy Svcs Ltd0.24%
Kotak Mahindra Bank Ltd0.24%
Sun Pharmaceutical Indus0.18%
State Bank of India0.17%
Hindustan Unilever Ltd0.16%
Titan Co Ltd0.15%
Eternal Ltd0.15%
Ntpc Ltd0.14%
Yum China Holdings Inc0.14%
Hcl Technologies Ltd0.14%
Maruti Suzuki India Ltd0.14%
Adani Ports and Special E0.13%
Ultratech Cement Ltd0.13%
Tata Steel Ltd0.13%
Bharat Electronics Ltd0.12%
Hindalco Industries Ltd0.12%
Divi's Laboratories Ltd0.12%
Power Grid Corp of India0.11%
Shriram Finance Ltd0.11%
Tech Mahindra Ltd0.11%
Jsw Steel Ltd0.10%
Grasim Industries Ltd0.10%
Jardine Matheson Holdings0.10%
Asian Paints Ltd0.10%
Adani Power Ltd0.10%
Eicher Motors Ltd0.10%
Tvs Motor Co Ltd0.09%
Coal India Ltd0.09%
Hindustan Aeronautics Ltd0.09%
H World Group Ltd0.09%
Interglobe Aviation Ltd0.09%
Kinsus Interconnect Tech0.09%
Oil & Natural Gas Corp Lt0.08%
Nan Ya Printed Circuit Bo0.08%
Laurus Labs Ltd0.08%
Taiwan Union Technology C0.08%
Apollo Hospitals Enterpri0.08%
Nestle India Ltd0.08%
Dr. Reddy's Laboratories0.08%
Tata Motors Ltd /New0.08%
Trent Ltd0.08%

Weight gaps

The 100 widest of 753 Holdings in both funds.

Holding weights in AAXJ and FLAX, widest gap first
Holding	More in AAXJMore in FLAX	AAXJ	FLAX
Taiwan Semiconductor Manufacturing	AAXJ +1.98 points	17.67%	15.69%
Samsung Electronics Ltd	AAXJ +0.87 points	7.78%	6.91%
Sk Hynix	AAXJ +0.38 points	5.79%	5.41%
Tencent Holdings	AAXJ +0.25 points	2.95%	2.70%
Dbs Group Holdings Ltd	AAXJ +0.17 points	1.19%	1.02%
Mediatek	AAXJ +0.15 points	1.71%	1.56%
Pdd Holdings AdsPDD	FLAX +0.14 points	0.40%	0.54%
Hon Hai Precision Industry	AAXJ +0.10 points	0.91%	0.81%
Samsung Electronics Non Voting Pre	AAXJ +0.10 points	1.03%	0.93%
Aia Group	AAXJ +0.10 points	0.98%	0.88%
Oversea-Chinese Banking	AAXJ +0.08 points	0.73%	0.65%
Sk Square	AAXJ +0.08 points	0.61%	0.53%
Quanta Computer	AAXJ +0.07 points	0.30%	0.23%
Delta Electronics	AAXJ +0.08 points	0.78%	0.70%
Industrial and Commercial Bank of	FLAX +0.07 points	0.65%	0.72%
Kasikornbank Public Non-Voting Dr	FLAX +0.07 points	0.04%	0.11%
Agricultural Bank of China H	AAXJ +0.07 points	0.24%	0.17%
Tenaga Nasional	FLAX +0.07 points	0.07%	0.14%
Ase Technology Holding	AAXJ +0.06 points	0.67%	0.61%
Fubon Financial Holding	AAXJ +0.07 points	0.43%	0.36%
China Construction Bank Corp H	AAXJ +0.06 points	1.09%	1.03%
Bank of China Ltd H	AAXJ +0.05 points	0.52%	0.47%
Samsung Electro Mechanics Ltd	AAXJ +0.06 points	0.49%	0.44%
Xiaomi	AAXJ +0.06 points	0.57%	0.51%
Malayan Banking	FLAX +0.05 points	0.12%	0.17%
Unimicron Technology	AAXJ +0.05 points	0.40%	0.35%
Honprecision Inc	AAXJ +0.04 points	0.12%	0.08%
J&T Global Express	FLAX +0.04 points	0.03%	0.07%
Alibaba Group Holding	FLAX +0.04 points	2.04%	2.08%
Nanya Technology Corp	AAXJ +0.03 points	0.19%	0.16%
United Overseas Bank	AAXJ +0.04 points	0.39%	0.35%
Kb Financial Group	AAXJ +0.04 points	0.39%	0.35%
Ping An Insurance (Group) Co of Ch	AAXJ +0.04 points	0.38%	0.34%
Sk Telecom	AAXJ +0.03 points	0.06%	0.03%
Delta Electronics (Thailand) Non-V	AAXJ +0.04 points	0.19%	0.15%
Techtronic Industries	AAXJ +0.03 points	0.24%	0.21%
Multi Commodity Exchange of India	FLAX +0.03 points	<0.01%	0.04%
Winbond Electronics	AAXJ +0.03 points	0.16%	0.13%
Petrochina H	AAXJ +0.04 points	0.29%	0.25%
Hong Kong Exchanges and Clearing	AAXJ +0.03 points	0.53%	0.50%
China Merchants Bank H	AAXJ +0.03 points	0.26%	0.23%
Shinhan Financial Group	AAXJ +0.03 points	0.28%	0.25%
Cathay Financial Holding	AAXJ +0.03 points	0.33%	0.30%
Hana Financial Group	AAXJ +0.03 points	0.24%	0.21%
Samsung Sdi Ltd	AAXJ +0.03 points	0.24%	0.21%
Scb X Public Company Limited Non-V	FLAX +0.03 points	0.04%	0.07%
Wistron	AAXJ +0.03 points	0.18%	0.15%
Accton Technology	AAXJ +0.03 points	0.25%	0.22%
Netease	AAXJ +0.03 points	0.39%	0.36%
Boc Hong Kong Holdings Ltd	AAXJ +0.03 points	0.23%	0.20%
Asustek Computer Inc	AAXJ +0.02 points	0.19%	0.17%
Hyundai Motor	AAXJ +0.03 points	0.28%	0.25%
Celltrion	AAXJ +0.03 points	0.22%	0.19%
United Micro Electronics Corp	AAXJ +0.02 points	0.38%	0.36%
Elite Material	AAXJ +0.03 points	0.40%	0.37%
Global Unichip	AAXJ +0.03 points	0.20%	0.17%
China Merchants Bank A	FLAX +0.03 points	0.07%	0.10%
Bank of Communications Ltd H	AAXJ +0.02 points	0.09%	0.07%
Pharmaessentia	AAXJ +0.02 points	0.12%	0.10%
Hanwha Aerospace Ltd	AAXJ +0.02 points	0.17%	0.15%
Ck Hutchison Holdings	AAXJ +0.02 points	0.22%	0.20%
Asia Vital Components	AAXJ +0.02 points	0.29%	0.27%
Power Assets Holdings	AAXJ +0.02 points	0.11%	0.09%
Samsung C&T Corp	AAXJ +0.02 points	0.19%	0.17%
Sun Hung Kai Properties Ltd	AAXJ +0.02 points	0.18%	0.16%
Advanced Info Service Non-Voting D	AAXJ +0.03 points	0.10%	0.07%
Jentech Precision Industrial Ltd	AAXJ +0.02 points	0.16%	0.14%
Baidu	AAXJ +0.02 points	0.20%	0.18%
Singapore Telecommunications Ltd	AAXJ +0.02 points	0.23%	0.21%
Yageo	AAXJ +0.02 points	0.24%	0.22%
Lenovo Group	AAXJ +0.01 points	0.19%	0.18%
Doosan Enerbility Ltd	AAXJ +0.02 points	0.18%	0.16%
Krung Thai Bank Public Non-Voting	FLAX +0.02 points	0.05%	0.07%
Ctbc Financial Holding	AAXJ +0.02 points	0.38%	0.36%
Hyundai Mobis Ltd	AAXJ +0.02 points	0.15%	0.13%
Jd.com Class A	AAXJ +0.01 points	0.29%	0.28%
E.sun Financial Holding	AAXJ +0.02 points	0.23%	0.21%
China Life Insurance Ltd H	AAXJ +0.02 points	0.22%	0.20%
King Yuan Electronics	AAXJ +0.02 points	0.09%	0.07%
Sd Guthrie	FLAX +0.02 points	0.03%	0.05%
Ihh Healthcare	FLAX +0.02 points	0.03%	0.05%
Taiwan Mobile	AAXJ +0.02 points	0.07%	0.05%
Ts Financial Holding	AAXJ +0.02 points	0.29%	0.27%
Sk Inc	AAXJ +0.02 points	0.14%	0.12%
China Shenhua Energy Ltd H	AAXJ +0.02 points	0.18%	0.16%
Hansoh Pharmaceutical Group	AAXJ +0.01 points	0.06%	0.05%
Picc Property and Casualty Ltd H	AAXJ +0.02 points	0.14%	0.12%
Wiwynn Corporation	AAXJ +0.01 points	0.16%	0.15%
King Slide Works	AAXJ +0.01 points	0.16%	0.15%
Bank of China Ltd A	FLAX +0.02 points	0.02%	0.04%
Misc	FLAX +0.02 points	0.02%	0.04%
Aspeed Technology	AAXJ +0.01 points	0.16%	0.15%
Hua Nan Financial Holdings	AAXJ +0.02 points	0.14%	0.12%
Hong Kong and China Gas Ltd	AAXJ +0.01 points	0.10%	0.09%
Globalwafers Ltd	AAXJ +0.02 points	0.07%	0.05%
Nan Ya Plastics Corp	AAXJ +0.01 points	0.41%	0.40%
Ptt Non-Voting Dr	FLAX +0.02 points	0.12%	0.14%
Kia Corporation	AAXJ +0.01 points	0.16%	0.15%
Zijin Mining Group Ltd H	AAXJ +0.02 points	0.21%	0.19%
Trip.com Group	AAXJ +0.02 points	0.23%	0.21%

All 947 AAXJ holdings⁠All 1,581 FLAX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAXJ vs FLAX Cost

Overpaying AAXJ vs FLAX

$10,005

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AAXJ 0.72%
$13,957
FLAX 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

AAXJ 0.72%
FLAX 0.19%
Overpaying

Year by year

Year	AAXJ	FLAX	Overpaying
10	$1,284	$347	$937
20	$4,888	$1,351	$3,537
30	$13,957	$3,952	$10,005

Expense ratio

0.72%AAXJ
0.19%FLAX, cheaper

FLAX0.19%AAXJ0.72%

0.07%0.72%

Middle half of Asia-Pacific Region funds
Median 0.19%

FLAX 3rd cheapest of 7 funds

AAXJ 7th cheapest of 7 funds

AAXJ vs FLAX Dividends

Last 12 months to Nov 2, 2026

Yield (12M): AAXJ 1.46%; FLAX 2.20%, better
Payout (12M): AAXJ $1.55; FLAX $0.74
Last payment: AAXJ $0.42; FLAX $0.20
Ex-dividend: AAXJ Jun 15, 2026; FLAX Jun 26, 2026
Paid on: AAXJ Jun 18, 2026; FLAX Jul 6, 2026
Frequency: AAXJ Twice a year; FLAX Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

AAXJTwice a year · 19 paymentsAll AAXJ payments⁠

FLAXTwice a year · 17 paymentsAll FLAX payments⁠

AAXJ vs FLAX Risk

Fall from peak · 5 years

AAXJ
FLAX

Risk facts

VolatilityStd dev, 3 years: AAXJ 17.2%FLAX 16.5%, better
Return per unit of riskSharpe ratio, 3 years: AAXJ 1.01FLAX 1.03, better
Worst fallMax drawdown, 5 years: AAXJ −35.8%FLAX −34.6%, better
Market sensitivityBeta, 5 years: AAXJ 1.02FLAX 1.15; Market = 1

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