ETF Research Center

FLGR offers market-cap-based exposure to large- and midcap German equities.

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	81
Wgt avg mkt cap (mns)	$63,371
Large cap (>$10bn)	89.2%
Mid cap ($2-10bn)	9.9%
Small cap (<$2bn)	0.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	53.5 %
SAP AG	10.1 %
ALLIANZ SE-REG	7.6 %
SIEMENS AG-REG	7.4 %
BAYER AG	5.8 %
ADIDAS AG	5.0 %
BASF SE	4.8 %
DEUTSCHE TELEKOM AG	3.9 %
MUENCHENER RUECKVER AG-REG	3.2 %
DAIMLER AG-REGISTERED SHARES	2.9 %
VOLKSWAGEN AG-PFD	2.7 %

TOP COUNTRY EXPOSURE
	GERMANY	98.4 %
	LUXEMBOURG	0.7 %
	NETHERLANDS	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.9%	19.9%	--	--	-3.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.87	63%
MSCI EAFE	1.16	87%
MSCI Emg. Mkts.	0.80	69%

Technical Indicators
Recent close	$22.97
30d moving avg.	$22.86
Annualized volatility	15.7%
Short interest (ETF)	7.6%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$3,751

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FLGR

Expense:

9 bp

ALTAR Score™:

7.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FLGR
Ticker	Fund Name	Overlap¹ vs FLGR (%)	Expense ratio (bp)	Savings vs FLGR (bp)	ALTAR Score™ (%)	ALTAR vs FLGR (%)
EWG	iShares MSCI Germany	94.9	47	-38	7.6	-0.2
DBGR	Xtrackers MSCI Germany Hedged	93.9	45	-36	7.5	-0.3
QDEU	SPDR MSCI Germany Quality Mix	89.8	14	-5	8.1	+0.2
DAX	Global X DAX Germany	81.0	20	-11	8.6	+0.7
DXGE	WisdomTree Germany Hedged Equity	65.1	48	-39	9.3	+1.5
FGM	First Trust Germany	29.8	80	-71	8.6	+0.8
FEZ	SPDR DJ Euro Stoxx 50	28.4	29	-20	6.9	-1.0
EZU	iShares MSCI Euro Monetary Union	27.1	47	-38	6.6	-1.2
EURZ	Xtrackers Eurozone Equity	27.0	9	0	6.9	-1.0
DBEZ	Xtrackers MSCI EMU Hedged	24.1	45	-36	6.3	-1.6
HEDJ	Wisdomtree International Hedged Equity	24.0	58	-49	7.6	-0.2
FEUZ	First Trust Eurozone AlphaDex	17.8	80	-71	7.1	-0.7
FLEE	Franklin FTSE Europe	13.7	9	0	6.7	-1.1
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	13.6	30	-21	6.4	-1.4
IDRV	iShares Self-driving EV & Tech	13.6	47	-38	8.2	+0.4
IEV	iShares S&P Europe 350	13.5	59	-50	6.2	-1.6
FLEH	Franklin FTSE Europe Hedged	13.5	9	0	6.7	-1.2
FEP	First Trust Europe AlphaDEX	13.3	80	-71	7.2	-0.6
DBEU	Xtrackers Europe Hedged	13.2	45	-36	6.2	-1.6
EUFN	iShares MSCI Europe Financial Sector	12.9	48	-39	8.8	+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

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.8	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.