ETF Research Center

Schwab Fundamental International Large Company Index ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track as closely as possible, before fees and expenses, the total return of the Russell Fundamental Developed ex-U.S. Large Company Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Charles Schwab Investment Mana
Website	www.schwabetfs.com
Inception date	Aug 15, 2013
Assets (mns)	$4,915
Currency	USD
Expense ratio	25 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust Co
Weighting	Fundamental
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	950
Wgt avg mkt cap (mns)	$61,903
Large cap (>$10bn)	81.3%
Mid cap ($2-10bn)	17.0%
Small cap (<$2bn)	1.6%
Developed mkts	93.8%
Emerging mkts	6.2%

TOP TEN HOLDINGS
Total	12.0 %
SAMSUNG ELECTRONICS CO LTD	2.1 %
TOYOTA MOTOR CORP	1.5 %
BP PLC	1.3 %
ROYAL DUTCH SHELL PLC-A SHS	1.2 %
TOTAL SA	1.2 %
NESTLE SA-REG	1.1 %
ROYAL DUTCH SHELL PLC-B SHS	1.0 %
HSBC HOLDINGS PLC	0.9 %
ROCHE HOLDING AG-GENUSSCHEIN	0.9 %
BANCO SANTANDER SA	0.9 %

TOP COUNTRY EXPOSURE
	JAPAN	24.2 %
	BRITAIN	15.2 %
	FRANCE	8.7 %
	GERMANY	8.6 %
	CANADA	6.5 %
	SWITZERLAND	6.1 %
	SOUTH KOREA	6.1 %
	AUSTRALIA	5.3 %
	SPAIN	3.1 %
	ITALY	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.4%	5.5%	4.3%	--	4.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	64%
MSCI EAFE	1.07	96%
MSCI Emg. Mkts.	0.73	78%

Technical Indicators
Recent close	$28.41
30d moving avg.	$28.60
Annualized volatility	12.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	586
Turnover	0.3%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$42,876

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Schwab Fundamental Intl Large Cap ETF based on the alternatives' overlap in portfolio holdings with FNDF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FNDF

Expense:

25 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FNDF
Ticker	Fund Name	Overlap¹ vs FNDF (%)	Expense ratio (bp)	Savings vs FNDF (bp)	ALTAR Score™ (%)	ALTAR vs FNDF (%)
PXF	Invesco FTSE-RAFI Developed ex-US	84.6	45	-20	8.0	-0.2
SCHF	Schwab International Equity	68.8	6	19	7.1	-1.1
PBDM	Invesco PureBeta FTSE Developed ex-North America	66.7	7	18	7.2	-1.0
HFXI	IQ 50 Percent Hedged FTSE Int'l	66.5	20	5	7.0	-1.2
REFA	Invesco International Revenue ETF	66.1	42	-17	8.8	+0.6
EFA	iShares MSCI EAFE	64.3	31	-6	6.7	-1.5
VEA	Vanguard Europe Pacific	64.1	5	20	7.1	-1.1
SPDW	SPDR Portfolio World ex-US	63.2	4	21	6.9	-1.3
ISDX	Invesco Strategic Developed ex-US	62.6	23	2	7.7	-0.5
DBEF	Xtrackers MSCI EAFE Hedged	62.6	35	-10	6.6	-1.6
IDEV	iShares Core MSCI Int'l Developed Markets	62.6	5	20	6.9	-1.3
IQIN	IQ 500 International	61.4	25	0	8.5	+0.4
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	61.1	35	-10	7.7	-0.5
DWM	WisdomTree DEFA Fund	61.0	48	-23	7.5	-0.6
IEFA	iShares Core MSCI EAFE	60.6	7	18	6.9	-1.3
JHMD	John Hancock Multifactor Developed International	59.5	45	-20	7.0	-1.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free	58.4	20	5	6.7	-1.5
ACWX	iShares MSCI ACWI ex-US	57.7	31	-6	7.1	-1.1
EFV	iShares MSCI EAFE Value	57.0	38	-13	8.9	+0.7

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Schwab Fundamental Intl Large Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.2	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.64

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.