ETF Research Center

The iShares China Large-Cap ETF seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Oct 08, 2004
Assets (mns)	$4,404
Currency	USD
Expense ratio	74 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$128,080
Large cap (>$10bn)	99.9%
Mid cap ($2-10bn)	0.1%
Small cap (<$2bn)	0.0%
Developed mkts	27.4%
Emerging mkts	72.6%

TOP TEN HOLDINGS
Total	58.0 %
CHINA CONSTRUCTION BANK-H	9.2 %
TENCENT HOLDINGS LTD	8.8 %
PING AN INSURANCE GROUP CO-H	7.8 %
IND & COMM BK OF CHINA - H	6.7 %
MEITUAN DIANPING	6.4 %
CHINA MOBILE LIMITED	4.7 %
BANK OF CHINA LTD - H	4.4 %
CNOOC LTD	3.6 %
CHINA LIFE INSURANCE CO-H	3.3 %
CHINA MERCHANTS BANK - H	3.1 %

TOP COUNTRY EXPOSURE
	CHINA	82.0 %
	HONG KONG	17.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.8%	-0.5%	2.7%	1.7%	8.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.10	52%
MSCI EAFE	1.29	59%
MSCI Emg. Mkts.	1.22	84%

Technical Indicators
Recent close	$41.24
30d moving avg.	$41.64
Annualized volatility	18.4%
Short interest (ETF)	26.3%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	24,152
Turnover	22.6%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$2,915

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares China Large-Cap ETF based on the alternatives' overlap in portfolio holdings with FXI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FXI

Expense:

74 bp

ALTAR Score™:

14.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FXI
Ticker	Fund Name	Overlap¹ vs FXI (%)	Expense ratio (bp)	Savings vs FXI (bp)	ALTAR Score™ (%)	ALTAR vs FXI (%)
CHIL	Global X MSCI China Large-Cap 50	48.9	29	45	10.3	-3.7
2800-HK	Tracker Fund of Hong Kong	47.8	9	65	9.8	-4.3
CHIX	Global X MSCI China Financials	45.8	65	9	19.7	+5.6
FLCH	Franklin FTSE China	41.6	19	55	9.9	-4.2
MCHI	iShares MSCI China	37.8	59	15	9.3	-4.8
GXC	SPDR S&P China ETF	37.1	59	15	9.1	-5.0
AIA	iShares S&P Asia 50	31.0	50	24	9.4	-4.7
KALL	KraneShares MSCI China All Shares	28.9	49	25	8.9	-5.1
CN	Xtrackers Harvest MSCI All China	27.3	50	24	9.2	-4.9
BKF	iShares MSCI BRIC	26.0	67	7	8.6	-5.5
WCHN	WisdomTree ICBCCS S&P China 500	25.9	55	19	9.0	-5.1
PXH	Invesco FTSE-RAFI Emerging Markets	24.3	50	24	12.2	-1.8
CXSE	WisdomTree China ex-State Owned Enterprises	22.3	32	42	7.0	-7.1
GMF	SPDR S&P Emerging Asia Pacific	21.0	49	25	8.0	-6.1
ISEM	Invesco Strategic Emerging Markets	20.5	35	39	9.9	-4.2
FNDE	Schwab Fundamental Emg Mkt Large Cap	20.1	39	35	11.0	-3.1
EEMA	iShares MSCI Emg Mkts Asia	19.9	50	24	8.6	-5.5
AXJL	WisdomTree Asia Pacific Ex-Japan	19.4	48	26	9.2	-4.9
JHEM	John Hancock Multifactor Emerging Markets	17.8	55	19	8.7	-5.4
FLAX	Franklin FTSE Asia Ex Japan	17.0	19	55	8.6	-5.5

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares China Large-Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	74	bp
Equals: ALTAR Score	14.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.29	CATEGORY AVERAGE	1.49

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.