ETF Research Center

The Franklin FTSE Brazil ETF tracks a market-cap-weighted index of Brazilian large- and midcap stocks.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Franklin Templeton
Website	www.libertyshares.com
Inception date	Nov 03, 2017
Assets (mns)	$16
Currency	USD
Expense ratio	19 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	77
Wgt avg mkt cap (mns)	$30,587
Large cap (>$10bn)	54.9%
Mid cap ($2-10bn)	31.0%
Small cap (<$2bn)	2.9%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	55.3 %
ITAU UNIBANCO HOLDING SA	9.2 %
VALE SA	9.0 %
BANCO BRADESCO SA-PREF	7.4 %
PETROBRAS - PETROLEO BRAS-PR	6.3 %
BM&FBOVESPA SA	5.3 %
PETROBRAS - PETROLEO BRAS	5.2 %
ITAUSA-INVESTIMENTOS ITAU-PR	4.6 %
AMBEV-SA	4.1 %
BANCO DO BRASIL SA	2.2 %
LOJAS RENNER S.A.	2.1 %

TOP COUNTRY EXPOSURE
	BRAZIL	99.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.5%	14.0%	--	--	11.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.34	2%
MSCI EAFE	0.75	9%
MSCI Emg. Mkts.	0.85	18%

Technical Indicators
Recent close	$26.63
30d moving avg.	$26.78
Annualized volatility	31.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$2,300

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Franklin FTSE Brazil ETF based on the alternatives' overlap in portfolio holdings with FLBR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FLBR

Expense:

19 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FLBR
Ticker	Fund Name	Overlap¹ vs FLBR (%)	Expense ratio (bp)	Savings vs FLBR (bp)	ALTAR Score™ (%)	ALTAR vs FLBR (%)
EWZ	iShares MSCI Brazil	89.4	59	-40	5.3	-0.4
FLLA	Franklin FTSE Latin America	65.4	19	0	6.2	+0.6
FBZ	First Trust Brazil AlphaDEX	33.4	80	-61	7.9	+2.2
FLN	First Trust Latin America AlphaDEX	28.1	80	-61	5.5	-0.2
EEMO	Invesco S&P Emg Mkts Momentum	26.8	30	-11	8.1	+2.5
BICK	First Trust BICK Index Fund	15.1	64	-45	6.1	+0.5
FEM	First Trust Emerging Markets AlphaDEX	14.7	80	-61	11.0	+5.3
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	14.4	45	-26	8.8	+3.2
ILF	iShares S&P Latin America 40	14.1	48	-29	6.5	+0.8
BKF	iShares MSCI BRIC	14.0	67	-48	8.8	+3.2
PXH	Invesco FTSE-RAFI Emerging Markets	12.7	50	-31	12.5	+6.9
EMGF	iShares Edge MSCI Multifactor Emerging Markets	11.9	45	-26	10.1	+4.5
XCEM	Columbia EM Core ex-China	11.4	16	3	7.7	+2.0
DEMG	Xtrackers FTSE Emerging Comprehensive Factor	11.4	50	-31	9.6	+4.0
KEMX	KraneShares MSCI Emerging Markets EX China Index	11.2	49	-30	8.7	+3.1
EMXC	iShares MSCI Emerging Markets ex China	10.9	49	-30	8.7	+3.1
FNDE	Schwab Fundamental Emg Mkt Large Cap	10.6	39	-20	11.1	+5.5
RFEM	First Trust Riverfront Dynamic Emerging Markets	9.5	95	-76	10.8	+5.1
GVAL	Cambria Global Value	9.1	69	-50	9.2	+3.6
EMMF	WisdomTree Emerging Markets Multifactor Fund	8.8	48	-29	10.0	+4.4

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:	Franklin FTSE Brazil
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.5	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.