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)	$2
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	45
Wgt avg mkt cap (mns)	$23,978
Large cap (>$10bn)	62.0%
Mid cap ($2-10bn)	30.0%
Small cap (<$2bn)	8.0%
Developed mkts	0.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	61.2 %
SAUDI BASIC INDUSTRIES CORP.	12.3 %
AL RAJHI BANK	11.3 %
SAUDI TELECOM CO.	10.0 %
NATIONAL COMMERCIAL BANK CJSC	8.4 %
RIYAD BANK	4.1 %
SAMBA FINANCIAL GROUP	4.0 %
BANQUE SAUDI FRANSI	3.1 %
SAUDI ARABIAN FERTILIZER CO.	2.7 %
SAUDI ARABIAN MINING CO.	2.6 %
ALINMA BANK	2.6 %

TOP COUNTRY EXPOSURE
	SAUDI ARABIA	92.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-15.7%	-24.6%	--	--	-6.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	54%
MSCI EAFE	0.84	59%
MSCI Emg. Mkts.	0.69	60%

Technical Indicators
Recent close	$22.42
30d moving avg.	$21.29
Annualized volatility	21.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.38%
ADV underlying (mns)	$595

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 49 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™:

6.6%

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 Capped ETF	83.0	74	-35	6.3	-0.3
GULF	WisdomTree Middle East Dividend Fund	29.5	88	-49	8.8	+2.3
EMFM	Global X MSCI Next Emerging & Frontier ETF	9.6	55	-16	9.4	+2.9
EEMV	iShares Edge MSCI Min Vol Emerging Markets ETF	5.7	25	14	9.1	+2.5
EMXC	iShares MSCI Emerging Markets ex China ETF	4.0	49	-10	9.2	+2.7
ECON	Columbia Emerging Markets Consumer ETF	3.8	59	-20	5.3	-1.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	3.8	30	9	10.0	+3.5
NUEM	Nuveen ESG Emerging Markets Equity ETF	3.0	45	-6	8.4	+1.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	2.6	30	9	9.5	+2.9
SCHE	Schwab Emerging Markets Equity ETF	2.6	13	26	9.4	+2.9
EMGF	iShares Edge MSCI Multifactor Emerging Markets ETF	2.4	45	-6	10.7	+4.2
EEM	iShares MSCI Emerging Markets ETF	2.4	68	-29	9.1	+2.5
VWO	Vanguard FTSE Emerging Markets ETF	2.3	10	29	9.6	+3.1
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	2.3	65	-26	9.1	+2.5
IEMG	iShares Core MSCI Emerging Markets ETF	2.3	14	25	9.5	+2.9
VEGI	iShares MSCI Global Agriculture Producers ETF	2.3	39	0	6.7	+0.2
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	2.1	45	-6	9.4	+2.8
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Hedged	2.0	20	19	12.1	+5.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.9	45	-6	9.7	+3.2
ESGE	iShares ESG MSCI EM ETF	1.7	25	14	10.5	+4.0
SPEM	SPDR Portfolio Emerging Markets ETF	1.7	11	28	9.3	+2.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	1.3	59	-20	12.1	+5.5
EEMS	iShares MSCI Emerging Markets Small Cap ETF	1.3	69	-30	8.3	+1.8
VYMI	Vanguard International High Dividend Yield ETF	1.1	32	7	11.4	+4.9
FDEM	Fidelity Targeted Emerging Markets Factor ETF	1.1	45	-6	10.6	+4.1
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	1.1	20	19	8.2	+1.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	1.0	65	-26	7.5	+1.0
ACWV	iShares Edge MSCI Min Vol Global ETF	0.9	20	19	6.1	-0.4
GUNR	Flexshares Morningstar Global Upstream Natural Resources	0.9	46	-7	6.5	-0.1
EEMD	AAM S&P Emerging Markets High Dividend Value ETF	0.8	50	-11	22.6	+16.1
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.8	39	0	14.3	+7.8
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.7	39	0	8.6	+2.0
ACWX	iShares MSCI ACWI ex U.S. ETF	0.7	32	7	8.3	+1.8
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.7	40	-1	8.1	+1.6
IXUS	ishares Core MSCI Total International Stock ETF	0.6	9	30	8.4	+1.9
VEU	Vanguard FTSE All-World ex-US Index Fund	0.6	8	31	8.6	+2.0
VXUS	Vanguard Total International Stock Index Fund	0.5	8	31	8.6	+2.0
CWI	SPDR MSCI ACWI ex-US ETF	0.5	30	9	8.4	+1.8
VSGX	Vanguard ESG International Stock ETF	0.4	17	22	8.2	+1.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.3	20	19	6.9	+0.3
LOWC	SPDR MSCI ACWI Low Carbon Target ETF	0.3	20	19	6.8	+0.3
ACWF	iShares FactorSelect MSCI Global ETF	0.3	35	4	8.6	+2.1
ACWI	iShares MSCI ACWI ETF	0.3	32	7	6.5	-0.0
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF	0.3	16	23	7.8	+1.2
VT	Vanguard Total World Stock Index Fund	0.2	8	31	6.8	+0.3
VNQI	Vanguard Global ex-US Real Estate Index Fund	0.2	12	27	11.1	+4.6
SDG	iShares Sustainable MSCI Global Impact ETF	0.1	49	-10	6.6	+0.1
FILL	iShares MSCI Global Energy Producers ETF	0.1	39	0	6.7	+0.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	30	6.7	+0.1

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 FTSE Saudi Arabia ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.9	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.98	CATEGORY AVERAGE	1.45

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.