ETF Research Center

FLSA seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Saudi Arabia Capped Index. FTSE Saudi Arabia Capped Index is a market-capitalization weighted index representing the performance of Saudi Arabian large and mid capitalization stocks.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Franklin Templeton Investments
Website	www.libertyshares.com
Inception date	Oct 09, 2018
Assets (mns)	$18
Currency	USD
Expense ratio	39 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	69
Wgt avg mkt cap (mns)	$224,135
Large cap (>$10bn)	77.6%
Mid cap ($2-10bn)	20.5%
Small cap (<$2bn)	1.9%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	63.5 %
AL RAJHI BANK	14.3 %
SAUDI ARABIAN OIL COMPANY (SAUDI A	10.9 %
NATIONAL COMMERCIAL BANK CJSC	7.5 %
ACWA POWER	6.3 %
SAUDI TELECOM CO.	6.2 %
SAUDI ARABIAN MINING CO.	4.6 %
SAUDI BASIC INDUSTRIES CORP.	4.4 %
RIYAD BANK	3.4 %
ALINMA BANK	3.1 %
SAUDI BRITISH BANK	2.8 %

TOP COUNTRY EXPOSURE
	SAUDI ARABIA	95.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.0%	-5.1%	11.8%	--	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.50	25%
MSCI EAFE	0.40	17%
MSCI Emg. Mkts.	0.23	6%

Technical Indicators
Recent close	$35.04
30d moving avg.	$35.36
Annualized volatility	16.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$561

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 92 potential alternatives to the Franklin FTSE Saudi Arabia ETF ETF based on the alternatives' overlap in portfolio holdings with FLSA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FLSA

Expense:

39 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FLSA
Ticker	Fund Name	Overlap¹ vs FLSA (%)	Expense ratio (bp)	Savings vs FLSA (bp)	ALTAR Score™ (%)	ALTAR vs FLSA (%)
KSA	iShares MSCI Saudi Arabia ETF	87.3	74	-35	5.9	-0.2
EELV	Invesco S&P Emerging Markets Low Volatility ETF	11.0	29	10	8.8	+2.7
STXE	Strive Emerging Markets Ex-China ETF	8.5	32	7	8.3	+2.3
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	7.9	25	14	6.5	+0.5
XCEM	Columbia EM Core ex-China ETF	7.1	16	23	8.7	+2.6
DEM	WisdomTree Emerging Markets High Dividend Fund	6.2	63	-24	13.9	+7.8
XC	WisdomTree Emerging Markets Ex-China Fund	5.9	32	7	5.7	-0.4
ROAM	Hartford Multifactor Emerging Markets ETF	5.7	44	-5	11.5	+5.5
EMXC	iShares MSCI Emerging Markets ex China ETF	5.6	25	14	8.2	+2.1
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	5.5	30	9	9.5	+3.5
XCNY	SPDR S&P Emerging Markets ex-China ETF	5.1	15	24	0.0	-6.1
EMXF	iShares ESG Advanced MSCI EM ETF	4.9	16	23	8.6	+2.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	4.7	32	7	9.9	+3.8
EDIV	SPDR S&P Emerging Markets Dividend ETF	4.6	49	-10	11.7	+5.6
EVLU	iShares MSCI Emerging Markets Value Factor ETF	4.5	35	4	22.0	+16.0
NUEM	Nuveen ESG Emerging Markets Equity ETF	4.4	36	3	8.3	+2.2
EMM	Global X Emerging Markets ex-China ETF	4.4	75	-36	5.2	-0.9
SCHE	Schwab Emerging Markets Equity ETF	4.2	11	28	11.8	+5.7
EEM	iShares MSCI Emerging Markets ETF	3.8	69	-30	11.0	+4.9
VWO	Vanguard FTSE Emerging Markets ETF	3.8	8	31	11.1	+5.0
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	3.7	66	-27	10.4	+4.3
EMC	Global X Emerging Markets Great Consumer ETF	3.7	75	-36	8.6	+2.6
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	3.7	32	7	7.1	+1.0
ECON	Columbia Emerging Markets Consumer ETF	3.6	49	-10	13.2	+7.1
FDEM	Fidelity Emerging Markets Multifactor ETF	3.6	25	14	13.7	+7.7
BKEM	BNY Mellon Emerging Markets Equity ETF	3.6	11	28	12.0	+5.9
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	3.6	36	3	11.4	+5.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	3.6	30	9	10.9	+4.8
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	3.5	15	24	11.0	+4.9
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	3.5	44	-5	11.2	+5.1
IEMG	iShares Core MSCI Emerging Markets ETF	3.5	9	30	11.2	+5.1
JHEM	John Hancock Multifactor Emerging Markets ETF	3.5	49	-10	10.8	+4.7
DEHP	Dimensional Emerging Markets High Profitability ETF	3.4	41	-2	6.7	+0.6
DFAE	Dimensional Emerging Core Equity Market ETF	3.3	35	4	10.4	+4.3
VEGI	iShares MSCI Agriculture Producers ETF	3.2	39	0	9.0	+2.9
DFEV	Dimensional Emerging Markets Value ETF	3.2	43	-4	14.7	+8.6
LDEM	iShares ESG MSCI EM Leaders ETF	3.1	17	22	13.1	+7.0
SPEM	SPDR Portfolio Emerging Markets ETF	3.0	7	32	11.1	+5.1
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	3.0	38	1	10.1	+4.1
ESGE	iShares ESG Aware MSCI EM ETF	2.9	25	14	10.9	+4.8
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	2.8	15	24	8.8	+2.7
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	2.7	67	-28	13.4	+7.4
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	2.7	45	-6	11.3	+5.2
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	2.6	46	-7	10.8	+4.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.6	50	-11	11.8	+5.7
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.5	41	-2	9.6	+3.5
PXH	Invesco FTSE RAFI Emerging Markets ETF	2.4	49	-10	17.0	+10.9
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.1	59	-20	13.9	+7.8
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	2.1	39	0	17.3	+11.2
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.1	33	6	10.8	+4.7
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.9	58	-19	10.3	+4.2
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	1.8	40	-1	5.6	-0.4
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.8	39	0	15.0	+8.9
EMGF	iShares Emerging Markets Equity Factor ETF	1.7	25	14	12.7	+6.6
SCHY	Schwab International Dividend Equity ETF	1.7	14	25	9.8	+3.7
JIG	JPMorgan International Growth ETF	1.6	55	-16	4.9	-1.1
FILL	iShares MSCI Global Energy Producers ETF	1.6	39	0	12.2	+6.1
EEMS	iShares MSCI Emerging Markets Small Cap ETF	1.5	70	-31	7.9	+1.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.4	29	10	6.3	+0.2
VYMI	Vanguard International High Dividend Yield ETF	1.3	22	17	10.2	+4.1
VEU	Vanguard FTSE All-World ex-US Index Fund	1.1	8	31	8.6	+2.6
ACWX	iShares MSCI ACWI ex U.S. ETF	1.1	34	5	8.3	+2.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.1	18	21	8.3	+2.2
CWI	SPDR MSCI ACWI ex-US ETF	1.1	30	9	8.4	+2.3
DEW	WisdomTree Global High Dividend Fund	1.1	58	-19	8.0	+1.9
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.1	41	-2	7.4	+1.3
IXUS	iShares Core MSCI Total International Stock ETF	1.1	7	32	8.5	+2.4
VXUS	Vanguard Total International Stock ETF	1.0	7	32	8.5	+2.4
ACWV	iShares MSCI Global Min Vol Factor ETF	1.0	20	19	7.6	+1.5
FID	First Trust S&P International Dividend Aristocrats ETF	1.0	60	-21	9.0	+2.9
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.9	42	-3	7.0	+0.9
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	0.8	60	-21	8.0	+1.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.8	30	9	8.8	+2.7
VSGX	Vanguard ESG International Stock ETF	0.8	12	27	8.4	+2.3
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.7	12	27	5.3	-0.8
WDIV	SPDR S&P Global Dividend ETF	0.7	40	-1	9.7	+3.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.7	95	-56	13.4	+7.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.7	20	19	6.6	+0.5
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.6	88	-49	10.5	+4.4
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.4	47	-8	9.2	+3.1
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.4	49	-10	6.0	-0.1
ACWI	iShares MSCI ACWI ETF	0.4	32	7	6.3	+0.3
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.4	12	27	7.7	+1.6
VT	Vanguard Total World Stock ETF	0.4	7	32	6.6	+0.6
JSTC	Adasina Social Justice All Cap Global ETF	0.4	89	-50	4.6	-1.4
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.4	65	-26	8.2	+2.1
RWX	SPDR Dow Jones International Real Estate ETF	0.3	59	-20	5.8	-0.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	30	6.2	+0.1
GLOF	iShares Global Equity Factor ETF	0.1	20	19	7.3	+1.2
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	-11	3.0	-3.1
VIGI	Vanguard International Dividend Appreciation ETF	0.1	15	24	6.3	+0.2
IGRO	iShares International Dividend Growth ETF	0.0	15	24	7.3	+1.3

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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 Saudi Arabia ETF
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	12.4	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.78	CATEGORY AVERAGE	1.50

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.