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)	$3
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	42
Wgt avg mkt cap (mns)	$25,968
Large cap (>$10bn)	64.6%
Mid cap ($2-10bn)	27.8%
Small cap (<$2bn)	7.7%
Developed mkts	0.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	67.3 %
SAUDI BASIC INDUSTRIES CORP.	14.1 %
AL RAJHI BANK	12.9 %
NATIONAL COMMERCIAL BANK CJSC	10.6 %
SAUDI TELECOM CO.	10.0 %
SAMBA FINANCIAL GROUP	4.1 %
RIYAD BANK	4.0 %
SAUDI ARABIAN MINING CO.	3.0 %
SAUDI ELECTRICITY CO.	3.0 %
SAUDI ARABIAN FERTILIZER CO.	2.9 %
ALINMA BANK	2.8 %

TOP COUNTRY EXPOSURE
	SAUDI ARABIA	99.1 %

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.
0.7%	--	--	--	-0.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.65	31%
MSCI EAFE	0.89	35%
MSCI Emg. Mkts.	0.80	42%

Technical Indicators
Recent close	$25.09
30d moving avg.	$24.63
Annualized volatility	19.8%
Short interest (ETF)	0.2%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$590

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Franklin FTSE Saudi Arabia 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 Capped	85.5	74	-35	5.9	-0.2
GULF	WisdomTree Middle East Dividend	25.1	88	-49	8.1	+2.0
EMFM	Global X MSCI Next Emerging & Frontier	8.2	55	-16	7.8	+1.8
EEMV	iShares MSCI Emerg Mkt Minimum Volatility	3.7	25	14	8.9	+2.9
EMXC	iShares MSCI Emerging Markets ex China	3.3	49	-10	8.8	+2.7
DEMG	Xtrackers FTSE Emerging Comprehensive Factor	2.7	50	-11	9.6	+3.6
EMGF	iShares Edge MSCI Multifactor Emerging Markets	2.5	45	-6	10.2	+4.1
EEM	iShares MSCI Emerging Markets	2.2	67	-28	8.7	+2.6
NUEM	NuShares ESG Emerging Markets Equity	2.2	45	-6	8.6	+2.5
SCHE	Schwab Emerging Markets Equity	2.2	13	26	8.8	+2.7
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	2.2	65	-26	8.6	+2.5
IEMG	iShares Core MSCI Emerging Markets	2.1	14	25	8.7	+2.7
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	2.1	30	9	8.7	+2.6
QEMM	SPDR MSCI Emerging Markets Quality Mix	2.0	30	9	9.3	+3.3
VEGI	iShares MSCI Global Agriculture Producers	1.9	39	0	6.9	+0.8
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	1.9	45	-6	8.9	+2.8
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	1.8	45	-6	9.3	+3.2
VWO	Vanguard Emerging Markets	1.6	12	27	8.8	+2.8
SPEM	SPDR Portfolio Emerging Markets	1.6	11	28	8.6	+2.5
ESGE	iShares MSCI EM ESG Optimized	1.4	25	14	9.4	+3.4

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 Saudi Arabia
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	11.2	%
Divided by: Fwd. P/BV	1.7	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	2.00	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.