Franklin FTSE Europe Hedged ETF
ALTAR
Score™
6.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
22.5x P/Sales
ratio
1.4x
P/BV
ratio
1.7x Div.
yield
2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Franklin FTSE Europe Hedged ETF tracks a market-cap-weighted and currency-hedged index of large- and midcap companies in developed Europe.

FUND BASICS
Category International Equities
Fund Sponsor Franklin Templeton
Website www.libertyshares.com
Inception date Nov 02, 2017
Assets (mns) $5
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 570
Wgt avg mkt cap (mns) $69,028
Large cap (>$10bn) 85.1%
Mid cap ($2-10bn) 13.6%
Small cap (<$2bn) 0.1%
Developed mkts 99.5%
Emerging mkts 0.5%

TOP TEN HOLDINGS
NESTLE SA-REG 3.3 %
ROCHE HOLDING AG-GENUSSCHEIN 2.4 %
NOVARTIS AG-REG 2.0 %
ASML HOLDING NV 1.8 %
ASTRAZENECA PLC 1.5 %
LVMH MOET HENNESSY LOUIS VUI 1.5 %
SAP AG 1.4 %
SANOFI-AVENTIS 1.2 %
NOVO NORDISK A/S-B 1.2 %
HSBC HOLDINGS PLC 1.1 %
Total 17.3 %

TOP COUNTRY EXPOSURE
BRITAIN 21.6 %
FRANCE 15.9 %
SWITZERLAND 15.8 %
GERMANY 14.5 %
NETHERLANDS 7.9 %
SWEDEN 5.5 %
SPAIN 4.0 %
DENMARK 3.8 %
ITALY 3.5 %
FINLAND 1.9 %

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.
-14.0% -10.3% -- -- 0.3%

Market Correlations
versus... Beta R-squared
S&P500 0.71 75%
MSCI EAFE 0.84 87%
MSCI Emg. Mkts. 0.54 55%

Technical Indicators
Recent close $23.72
30d moving avg. $22.39
Annualized volatility 14.8%
Short interest (ETF) 4.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 2
Turnover 1.0%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $24,884

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the Franklin FTSE Europe Hedged ETF ETF based on the alternatives' overlap in portfolio holdings with FLEH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FLEH Expense: 9 bp ALTAR Score™: 6.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FLEH
Ticker Fund
Name
Overlap1
vs FLEH
(%)
Expense
ratio
(bp)
Savings
vs FLEH
(bp)
ALTAR
Score™
(%)
ALTAR
vs FLEH
(%)
FLEE Franklin FTSE Europe ETF 98.8 9 0 6.6 -0.1
BBEU JPMorgan BetaBuilders Europe ETF 94.0 9 0 6.8 +0.1
DBEU Xtrackers MSCI Europe Hedged Equity ETF 93.4 45 -36 6.3 -0.4
IEV iShares Europe ETF 90.5 59 -50 6.4 -0.3
VGK Vanguard FTSE Europe ETF 89.3 8 1 6.9 +0.2
IEUR iShares Core MSCI Europe ETF 88.3 9 0 6.8 +0.1
FEU SPDR Portfolio Europe ETF 86.4 9 0 6.9 +0.1
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 69.8 25 -16 6.1 -0.6
IQSI IQ Candriam ESG International Equity ETF 62.1 15 -6 6.9 +0.2
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 60.7 20 -11 6.6 -0.2
EFA iShares MSCI EAFE ETF 60.5 32 -23 6.5 -0.2
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 60.3 35 -26 6.4 -0.3
GSID Goldman Sachs MarketBeta International Equity ETF 57.5 20 -11 6.8 +0.0
HFXI IQ 50 Percent Hedged FTSE International ETF 57.2 20 -11 6.9 +0.2
ESGD iShares MSCI EAFE ESG Optimized ETF 56.8 20 -11 6.4 -0.4
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 56.3 7 2 6.9 +0.2
BKIE BNY Mellon International Equity ETF 54.1 4 5 6.8 +0.1
IEFA iShares Core MSCI EAFE ETF 53.7 7 2 6.7 +0.0
QEFA SPDR MSCI EAFE Quality Mix ETF 52.8 30 -21 6.3 -0.4
SCHF Schwab International Equity ETF 52.3 6 3 6.8 +0.1
JHMD John Hancock Multifactor Developed International ETF 51.4 39 -30 6.8 +0.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 50.5 45 -36 6.2 -0.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 49.8 45 -36 8.1 +1.4
EZU iShares MSCI Eurozone ETF 49.2 49 -40 6.1 -0.6
IDEV iShares Core MSCI International Developed Markets ETF 49.1 5 4 6.7 -0.0
EURZ Xtrackers Eurozone Equity ETF 49.0 9 0 6.5 -0.3
EFV iShares MSCI EAFE Value ETF 48.3 39 -30 8.7 +2.0
EFG iShares MSCI EAFE Growth ETF 47.6 40 -31 4.3 -2.5
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 47.0 14 -5 6.4 -0.3
VEA Vanguard FTSE Developed Markets ETF 45.9 5 4 6.9 +0.2
DOL WisdomTree International LargeCap Dividend Fund 45.7 48 -39 8.4 +1.7
SPDW SPDR Portfolio Developed World ex-US ETF 45.7 4 5 6.6 -0.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 45.5 25 -16 6.3 -0.5
PDEV Principal International Multi-Factor Core Index ETF 45.2 25 -16 7.3 +0.5
DWM WisdomTree International Equity Fund 45.0 48 -39 8.0 +1.3
FNDF Schwab Fundamental International Large Co. Index ETF 44.9 25 -16 8.1 +1.4
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 44.3 35 -26 6.3 -0.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 44.2 35 -26 8.3 +1.6
OEUR O'shares FTSE Europe Quality Dividend ETF 42.4 48 -39 6.6 -0.2
DMXF iShares ESG Advanced MSCI EAFE ETF 41.5 12 -3 6.4 -0.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 41.2 39 -30 6.1 -0.7
IDY Pacific Global International Equity Income ETF 40.1 39 -30 8.7 +2.0
CIL VictoryShares International Volatility Weighted Index ETF 40.1 45 -36 6.5 -0.3
EUDG WisdomTree Europe Quality Dividend Growth Fund 40.0 58 -49 5.7 -1.0
IQLT iShares Edge MSCI Intl Quality Factor ETF 38.9 30 -21 5.6 -1.1
ACWX iShares MSCI ACWI ex U.S. ETF 38.8 32 -23 6.8 +0.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 38.7 40 -31 6.6 -0.1
RESD WisdomTree International ESG Fund 38.6 30 -21 6.4 -0.3
CWI SPDR MSCI ACWI ex-US ETF 38.6 30 -21 6.7 -0.0
IQIN IQ 500 International ETF 38.1 25 -16 7.9 +1.2
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 38.0 45 -36 6.5 -0.3
ISDX Invesco Strategic Developed ex-US ETF 37.9 23 -14 6.7 -0.1
VYMI Vanguard International High Dividend Yield ETF 37.6 27 -18 9.5 +2.8
VSGX Vanguard ESG International Stock ETF 37.6 17 -8 6.7 0.0
VEU Vanguard FTSE All-World ex-US Index Fund 37.4 8 1 7.0 +0.3
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 36.6 16 -7 6.4 -0.3
IMTM iShares Edge MSCI Intl Momentum Factor ETF 35.6 30 -21 4.3 -2.5
ISZE iShares Edge MSCI Intl Size Factor ETF 35.0 30 -21 6.6 -0.1
IXUS ishares Core MSCI Total International Stock ETF 35.0 9 0 6.9 +0.2
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 33.0 39 -30 7.4 +0.7
AVDE Avantis International Equity ETF 33.0 23 -14 7.1 +0.4
RFEU First Trust Riverfront Dynamic Europe ETF 32.3 83 -74 5.6 -1.1
RNDM Developed International Equity Select ETF 30.6 65 -56 5.8 -1.0
VXUS Vanguard Total International Stock Index Fund 29.8 8 1 7.1 +0.3
PQIN PGIM QMA Strategic Alpha International Equity ETF 29.4 29 -20 7.3 +0.6
FEZ SPDR EURO STOXX 50 ETF 29.3 29 -20 6.3 -0.4
NUDM Nuveen ESG International Developed Markets Equity ETF 29.2 40 -31 6.2 -0.6
TPIF Timothy Plan International ETF 28.8 62 -53 6.1 -0.6
RBIN Nationwide Risk-Based International Equity ETF 27.6 42 -33 6.1 -0.7
FDEV Fidelity Targeted International Factor ETF 27.5 39 -30 6.2 -0.5
IGRO iShares International Dividend Growth ETF 27.4 22 -13 7.8 +1.0
VIGI Vanguard International Dividend Appreciation ETF 27.0 20 -11 5.2 -1.5
EFAV iShares Edge MSCI Min Vol EAFE ETF 26.4 20 -11 5.1 -1.6
VGFO Virtus WMC Global Factor Opportunities ETF 26.4 49 -40 7.6 +0.8
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 25.9 24 -15 6.7 -0.1
FIVA Fidelity International Value Factor ETF 25.9 39 -30 9.2 +2.4
IVLU iShares Edge MSCI Intl Value Factor ETF 25.8 30 -21 10.6 +3.8
IDHQ Invesco S&P International Developed Quality ETF 25.7 29 -20 4.8 -2.0
QINT American Century Quality Diversified International ETF 25.3 39 -30 6.0 -0.8
ESGG FlexShares STOXX Global ESG Impact Index Fund 24.9 42 -33 4.9 -1.8
RFDI First Trust Riverfront Dynamic Developed International ETF 24.4 83 -74 5.2 -1.5
IDMO Invesco S&P International Developed Momentum ETF 23.8 26 -17 3.9 -2.8
JPIN JPMorgan Diversified Return International Equity ETF 23.5 37 -28 7.4 +0.6
DTH WisdomTree DEFA Equity Income Fund 22.9 58 -49 9.5 +2.8
FLGB Franklin FTSE United Kingdom ETF 22.9 9 0 7.3 +0.6
IOO iShares Global 100 ETF 22.5 40 -31 4.5 -2.2
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 22.4 32 -23 5.7 -1.0
QGBR SPDR MSCI UK StrategicFactors ETF 21.6 14 -5 7.5 +0.8
IDLB Invesco FTSE International Low Beta Equal Weight ETF 21.2 45 -36 6.2 -0.6
HEDJ WisdomTree Europe Hedged Equity Fund 21.1 58 -49 6.7 -0.0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 21.0 29 -20 7.3 +0.6
EWU iShares MSCI United Kingdom ETF 20.9 50 -41 6.9 +0.2
QWLD SPDR MSCI World StrategicFactors ETF 20.6 30 -21 5.7 -1.0
TOK iShares MSCI Kokusai ETF 20.5 25 -16 5.2 -1.5
KOKU Xtrackers MSCI Kokusai Equity ETF 20.4 9 0 5.3 -1.4
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 20.3 58 -49 6.0 -0.7
FEP First Trust Europe AlphaDEX Fund 20.2 80 -71 7.7 +1.0

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 info ** ** ** ** ** ** **
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:
Franklin FTSE Europe Hedged ETF
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 10.9 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.55
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.