ETF Research Center

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

FUND BASICS
Category	International Equities
Fund Sponsor	Franklin Templeton
Website	www.libertyshares.com
Inception date	Nov 02, 2017
Assets (mns)	$7
Currency	USD
Expense ratio	9 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	57
Wgt avg mkt cap (mns)	$48,901
Large cap (>$10bn)	95.3%
Mid cap ($2-10bn)	4.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	50.2 %
ROYAL BANK OF CANADA	8.9 %
TORONTO-DOMINION BANK	8.0 %
ENBRIDGE INC	5.6 %
BANK OF NOVA SCOTIA	5.2 %
CANADIAN NATL RAILWAY CO	4.9 %
BROOKFIELD ASSET MANAGE-CL A	3.8 %
SUNCOR ENERGY INC	3.7 %
BANK OF MONTREAL	3.6 %
TRANSCANADA CORP	3.5 %
CAN IMPERIAL BK OF COMMERCE	2.9 %

TOP COUNTRY EXPOSURE
	CANADA	99.7 %

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.
25.6%	15.4%	--	--	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	73%
MSCI EAFE	0.99	69%
MSCI Emg. Mkts.	0.68	51%

Technical Indicators
Recent close	$26.04
30d moving avg.	$25.99
Annualized volatility	15.1%
Short interest (ETF)	3.2%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.4%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$3,034

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Franklin FTSE Canada ETF based on the alternatives' overlap in portfolio holdings with FLCA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FLCA

Expense:

9 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FLCA
Ticker	Fund Name	Overlap¹ vs FLCA (%)	Expense ratio (bp)	Savings vs FLCA (bp)	ALTAR Score™ (%)	ALTAR vs FLCA (%)
EWC	iShares MSCI Canada	89.8	47	-38	7.1	-0.5
BBCA	JPMorgan BetaBuilders Canada	87.5	19	-10	7.2	-0.4
QCAN	SPDR MSCI Canada Quality Mix	85.8	14	-5	7.2	-0.4
PID	Invesco International Dividend Achievers	31.0	54	-45	7.4	-0.3
FCAN	First Trust Canada	20.7	80	-71	5.0	-2.7
AIIQ	AI Powered International Equity	15.8	79	-70	4.6	-3.0
NANR	SPDR S&P N. American Nat. Resources	15.2	35	-26	4.1	-3.6
IDLV	Invesco S&P Int'l Developed Low Volatility	14.8	25	-16	6.3	-1.3
NFRA	FlexShares STOXX Global Broad Infrastructure	14.5	47	-38	6.4	-1.2
IGRO	iShares International Dividend Growth	14.3	22	-13	8.0	+0.4
TOLZ	ProShares Global Infrastructure	12.6	46	-37	5.2	-2.4
IMTM	iShares MSCI Int'l Developed Momentum	12.3	30	-21	5.2	-2.4
INFR	Legg Mason Global Infrastructure	11.9	40	-31	5.7	-1.9
FID	First Trust S&P International Dividend Aristocrats	11.7	60	-51	7.1	-0.6
GLIF	AGFiQ Global Infrastructure	11.7	45	-36	5.3	-2.4
ISDX	Invesco Strategic Developed ex-US	11.5	23	-14	7.7	+0.1
IXC	iShares S&P Global Energy Sector	11.5	46	-37	5.2	-2.4
DWX	SPDR S&P International Dividend ETF	11.2	45	-36	7.0	-0.6
WDIV	SPDR S&P Global Dividend	11.0	40	-31	7.3	-0.3

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 Canada
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.1	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.63

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.