ETF Research Center

The Franklin LibertyQ U.S. Equity ETF tracks a multi-factor US large-cap index. Stocks are selected and weighted based on a combination of quality, value, momentum, and low-volatility factors.

FUND BASICS
Category	US Equities
Fund Sponsor	Franklin ETF Trust
Website	www.libertyshares.com
Inception date	Apr 26, 2017
Assets (mns)	$1,526
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	254
Wgt avg mkt cap (mns)	$167,590
Large cap (>$10bn)	95.4%
Mid cap ($2-10bn)	4.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.4 %
ELI LILLY & CO	1.4 %
APPLIED MATERIALS INC	1.2 %
LAM RESEARCH CORP	1.2 %
INTEL CORP	1.1 %
APPLE INC	1.1 %
NEXTERA ENERGY GROUP	1.1 %
AMGEN INC	1.1 %
JOHNSON & JOHNSON	1.1 %
QUALCOMM INC	1.1 %
TEXAS INSTRUMENTS INC	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.5 %
	IRELAND	1.5 %
	BRITAIN	0.5 %
	SWITZERLAND	0.3 %
	LUXEMBOURG	0.0 %

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.
10.7%	10.7%	--	--	13.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	96%
MSCI EAFE	0.82	78%
MSCI Emg. Mkts.	0.65	64%

Technical Indicators
Recent close	$38.48
30d moving avg.	$37.91
Annualized volatility	17.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	114
Turnover	0.3%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$108,766

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FLQL

Expense:

15 bp

ALTAR Score™:

5.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FLQL
Ticker	Fund Name	Overlap¹ vs FLQL (%)	Expense ratio (bp)	Savings vs FLQL (bp)	ALTAR Score™ (%)	ALTAR vs FLQL (%)
JQUA	JPMorgan U.S. Quality Factor ETF	56.6	12	3	5.1	-0.9
QUS	SPDR MSCI USA StrategicFactors ETF	49.5	15	0	5.3	-0.7
ROUS	Hartford Multifactor US Equity ETF	46.9	19	-4	5.8	-0.1
ESGV	Vanguard ESG U.S. Stock ETF	46.8	12	3	4.5	-1.5
EQWL	Invesco Russell Top 200 Equal Weight ETF	46.0	25	-10	5.6	-0.3
FQAL	Fidelity Quality Factor ETF	45.5	29	-14	5.0	-1.0
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	45.5	30	-15	5.1	-0.9
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	44.7	9	6	4.8	-1.2
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	44.6	19	-4	5.3	-0.6
DLN	WisdomTree U.S. LargeCap Dividend Fund	44.0	28	-13	6.1	+0.2
DYNF	BlackRock U.S. Equity Factor Rotation ETF	43.5	30	-15	5.3	-0.7
EPS	WisdomTree U.S. Earnings 500 Fund	43.2	8	7	5.9	-0.0
DTD	WisdomTree U.S.Total Dividend Fund	43.2	28	-13	6.2	+0.3
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	43.2	28	-13	6.0	+0.1
QUAL	iShares MSCI Usa Quality Factor ETF	42.9	15	0	5.0	-1.0
AFLG	First Trust Active Factor Large Cap ETF	42.5	55	-40	4.7	-1.3
OUSA	O'Shares FTSE US Quality Dividend ETF	42.1	48	-33	5.5	-0.5
SPXN	ProShares S&P 500 Ex-Financials ETF	41.7	27	-12	4.3	-1.6
SCHV	Schwab U.S. Large-Cap Value ETF	41.3	4	11	6.1	+0.1
PFM	Invesco Dividend Achievers ETF	41.3	53	-38	5.0	-0.9
VOOV	Vanguard S&P 500 Value ETF	40.9	10	5	6.6	+0.7
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	40.5	20	-5	4.8	-1.2
DGRO	iShares Core Dividend Growth ETF	40.5	8	7	6.0	+0.1
DIVB	iShares U.S. Dividend & Buyback ETF	40.4	25	-10	5.9	-0.0
VYM	Vanguard High Dividend Yield Index ETF	40.4	6	9	6.7	+0.7
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	40.3	15	0	4.7	-1.3
PBP	Invesco S&P 500 BuyWrite ETF	40.3	49	-34	4.3	-1.6
USMV	iShares Edge MSCI Min Vol USA ETF	39.9	15	0	5.3	-0.6
XYLG	Global X S&P 500 Covered Call & Growth ETF	39.8	60	-45	4.4	-1.6
SPXE	ProShares S&P 500 Ex-Energy ETF	39.8	27	-12	4.6	-1.3
RNLC	Large Cap US Equity Select ETF	39.6	60	-45	5.2	-0.7
JHML	John Hancock Multifactor Large Cap ETF	39.6	29	-14	4.9	-1.1
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	39.6	15	0	0.0	-5.9
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	39.4	20	-5	4.6	-1.4
SPY	SPDR S&P 500 ETF Trust	39.3	9	6	4.7	-1.3
MGC	Vanguard Mega Cap Index Fund	39.3	7	8	4.6	-1.4
IVV	iShares Core S&P 500 ETF	39.3	3	12	4.7	-1.2
SPLG	SPDR Portfolio Large Cap ETF	39.2	3	12	4.7	-1.2
FDLO	Fidelity Low Volatility Factor ETF	39.1	29	-14	4.9	-1.0
IQSU	IQ Candriam ESG US Equity ETF	38.8	9	6	4.5	-1.4
VOO	VANGUARD S&P 500 ETF	38.7	3	12	4.8	-1.1
BKLC	BNY Mellon US Large Cap Core Equity ETF	38.5	0	15	4.4	-1.5
FLRG	Fidelity U.S. Multifactor ETF	38.5	29	-14	5.8	-0.1
JOET	Virtus Terranova US Quality Momentum ETF	38.5	29	-14	4.6	-1.3
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	38.3	7	8	4.5	-1.4
RESP	WisdomTree US ESG Fund of Benef Interest	38.3	28	-13	5.0	-0.9
PSET	Principal Price Setters Index ETF	38.2	15	0	4.6	-1.3
PBUS	Invesco PureBeta MSCI USA ETF	38.2	4	11	4.6	-1.4
IWL	iShares Russell Top 200 ETF	38.1	15	0	4.4	-1.6
JPUS	JPMorgan Diversified Return U.S. Equity ETF	37.9	18	-3	5.6	-0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	37.9	2	13	4.6	-1.3
VV	Vanguard Large-Cap Index Fund	37.9	4	11	4.6	-1.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	37.8	10	5	4.8	-1.1
SUSL	iShares ESG MSCI USA Leaders ETF	37.7	10	5	4.8	-1.1
SCHX	Schwab U.S. Large-Cap ETF	37.7	3	12	4.6	-1.4
EFIV	SPDR S&P 500 ESG ETF	37.7	10	5	4.6	-1.4
DEF	Invesco Defensive Equity ETF	37.6	55	-40	5.2	-0.7
SNPE	Xtrackers S&P 500 ESG ETF	37.6	10	5	4.6	-1.4
SPTM	SPDR Portfolio Total Stock Market ETF	37.4	3	12	4.8	-1.2
XVV	iShares ESG Screened S&P 500 ETF	37.3	8	7	4.9	-1.1
ESGU	iShares MSCI USA ESG Optimized ETF	37.3	15	0	4.4	-1.5
KRMA	Global X Conscious Companies ETF	37.2	43	-28	4.8	-1.1
IWB	iShares Russell 1000 ETF	37.2	15	0	4.5	-1.5
SCHK	Schwab 1000 Index ETF	37.1	5	10	4.6	-1.4
FLLV	Franklin Liberty U.S. Low Volatility ETF	37.0	29	-14	4.9	-1.0
ESG	FlexShares STOXX US ESG Impact Index Fund	37.0	32	-17	4.5	-1.5
XOUT	GraniteShares XOUT U.S. Large Cap ETF	36.9	60	-45	3.6	-2.4
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	36.9	25	-10	5.7	-0.2
QWLD	SPDR MSCI World StrategicFactors ETF	36.8	30	-15	5.4	-0.6
DSI	iShares MSCI KLD 400 Social ETF	36.8	25	-10	4.6	-1.4
QDEF	FlexShares Quality Dividend Defensive Index Fund	36.8	37	-22	5.4	-0.5
IYY	iShares Dow Jones U.S. ETF	36.8	20	-5	4.4	-1.5
RECS	Columbia Research Enhanced Core ETF	36.7	15	0	5.1	-0.9
SPYV	SPDR Portfolio S&P 500 Value ETF	36.4	4	11	6.5	+0.5
OEF	iShares S&P 100 ETF	36.4	20	-5	4.2	-1.8
IVE	iShares S&P 500 Value ETF	36.4	18	-3	6.3	+0.4
QLC	FlexShares US Quality Large Cap Index Fund	36.3	32	-17	4.4	-1.5
CATH	Global X S&P 500 Catholic Values Custom ETF	36.3	29	-14	4.6	-1.4
VTHR	Vanguard Russell 3000 Index Fund	36.2	10	5	4.4	-1.6
SPHQ	Invesco S&P 500 Quality ETF	36.2	15	0	4.4	-1.6
DFAU	Dimensional US Core Equity Market ETF	36.1	12	3	4.7	-1.3
VTV	Vanguard Value Index Fund	35.9	4	11	6.6	+0.6
VIG	Vanguard Dividend Appreciation Index Fund	35.6	6	9	5.0	-1.0
SPXT	ProShares S&P 500 Ex-Technology ETF	35.6	27	-12	4.9	-1.1
RBUS	Nationwide Risk-Based U.S. Equity ETF	35.6	30	-15	4.6	-1.4
MGV	Vanguard Mega Cap Value ETF	35.6	7	8	6.5	+0.6
IUS	Invesco Strategic US ETF	35.5	19	-4	5.5	-0.5
JVAL	JPMorgan U.S. Value Factor ETF	35.4	12	3	7.1	+1.2
IUSV	iShares Core S&P U.S. Value ETF	35.3	4	11	6.5	+0.5
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	35.2	25	-10	5.8	-0.1
SPLV	Invesco S&P 500 Low Volatility ETF	35.2	25	-10	5.5	-0.4
QDF	FlexShares Quality Dividend Index Fund	35.2	37	-22	5.5	-0.5
DEUS	Xtrackers Russell 1000 Comprehensive Factor ETF	35.1	17	-2	5.7	-0.3
IWV	iShares Russell 3000 ETF	35.1	20	-5	4.3	-1.7
AVUS	Avantis U.S. Equity ETF	35.0	15	0	4.8	-1.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	34.9	27	-12	4.3	-1.7
SCHB	Schwab U.S. Broad Market ETF	34.9	3	12	4.5	-1.5

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	**	**	**	**	**	**	**
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 LibertyQ U.S. Equity ETF
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	28.9	%
Divided by: Fwd. P/BV	4.8	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	5.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.