Rapidly growing China seems to be on every investor's radar screen these days.

With that in mind, TheStreet.com Ratings has uncovered an exchange-traded fund for those seeking exposure to the world's most populous nation.

The iShares FTSE/Xinhua China 25 Index Fund (FXI) , which has an eye-popping 40% one-year return, focuses on the largest companies in China (58% of holdings) and Hong Kong (42% of holdings). It is designed to generate a performance similar to that of the FTSE/Xinhua China 25 Index, which tracks the largest and most liquid companies in the Chinese (including Hong Kong) equity markets.

Indeed, the fund's focus on the large-cap and blue-chip stocks that have been powering the Chinese market is this ETF's main appeal. TheStreet.com Ratings rates FXI a buy and gives it an A rating.

The fund has another near-term attraction: Chinese bank stocks -- and the Chinese stock market as a whole -- are likely to get a boost from the Industrial & Commercial Bank of China's upcoming initial public offering, which is garnering a lot of attention.

The bank, the country's largest, is aiming to raise between $15.91 billion and $19.08 billion through the IPO, which is scheduled for Oct. 27 on both the Shanghai and Hong Kong stock exchanges.

The fund, which will surely hold ICBC shares once they hit the market, is an ideal way to take advantage of any uptrend resulting from this IPO, as well as the continuing economic expansion in China.

The portfolio, as the below table illustrates, is diversified across sectors, including the telecommunications, oil and gas, and insurance industries.

In addition, five of the fund's top 10 holdings are in the financial sector, which has a 19.82% weighting in the portfolio.