Franklin FTSE Saudi Arabia ETF
ALTAR
Score™		 5.7% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 19.8x P/Sales
ratio		 3.6x
P/BV
ratio		 2.1x Div.
yield		 3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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 64
Wgt avg mkt cap (mns) $224,438
Large cap (>$10bn) 79.4%
Mid cap ($2-10bn) 19.0%
Small cap (<$2bn) 1.7%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
AL RAJHI BANK 12.8 %
SAUDI ARABIAN OIL COMPANY (SAUDI A 9.8 %
NATIONAL COMMERCIAL BANK CJSC 8.5 %
ACWA POWER 6.6 %
SAUDI BASIC INDUSTRIES CORP. 5.6 %
SAUDI TELECOM CO. 5.5 %
SAUDI ARABIAN MINING CO. 4.1 %
RIYAD BANK 3.3 %
ALINMA BANK 3.2 %
SAUDI BRITISH BANK 3.0 %
Total 62.3 %

TOP COUNTRY EXPOSURE
SAUDI ARABIA 93.4 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
1.4% 5.2% 9.8% -- 9.2%

Market Correlations
versus... Beta R-squared
S&P500 0.40 14%
MSCI EAFE 0.37 12%
MSCI Emg. Mkts. 0.22 4%

Technical Indicators
Recent close $35.72
30d moving avg. $35.82
Annualized volatility 19.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 41

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.2%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $569

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 93 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™: 5.7%


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 84.3 74 -35 5.7 +0.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 7.9 25 14 6.5 +0.8
STXE Strive Emerging Markets Ex-China ETF 6.9 32 7 7.2 +1.5
XCEM Columbia EM Core ex-China ETF 6.4 16 23 7.8 +2.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 5.9 29 10 8.4 +2.7
EDIV SPDR S&P Emerging Markets Dividend ETF 5.8 49 -10 12.0 +6.3
ROAM Hartford Multifactor Emerging Markets ETF 5.3 44 -5 15.7 +10.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 5.2 32 7 6.8 +1.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 5.1 30 9 8.3 +2.6
XC WisdomTree Emerging Markets Ex-China Fund 5.0 32 7 6.1 +0.4
EMXC iShares MSCI Emerging Markets ex China ETF 5.0 25 14 6.9 +1.2
NUEM Nuveen ESG Emerging Markets Equity ETF 4.4 36 3 6.9 +1.2
EMXF iShares ESG Advanced MSCI EM ETF 4.3 16 23 7.2 +1.5
SCHE Schwab Emerging Markets Equity ETF 4.2 11 28 7.5 +1.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 4.1 40 -1 8.4 +2.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 4.0 32 7 6.6 +0.8
ECON Columbia Emerging Markets Consumer ETF 4.0 49 -10 7.7 +2.0
CGW Invesco S&P Global Water Index ETF 3.9 57 -18 3.9 -1.8
VWO Vanguard FTSE Emerging Markets ETF 3.8 8 31 7.3 +1.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.7 66 -27 10.5 +4.8
EEM iShares MSCI Emerging Markets ETF 3.7 69 -30 7.2 +1.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 3.6 30 9 7.8 +2.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.5 36 3 8.2 +2.5
BKEM BNY Mellon Emerging Markets Equity ETF 3.4 11 28 8.8 +3.1
JHEM John Hancock Multifactor Emerging Markets ETF 3.3 49 -10 8.5 +2.7
IEMG iShares Core MSCI Emerging Markets ETF 3.3 9 30 7.8 +2.1
DFAE Dimensional Emerging Core Equity Market ETF 3.3 35 4 7.7 +2.0
DEHP Dimensional Emerging Markets High Profitability ETF 3.3 41 -2 5.4 -0.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.2 44 -5 10.8 +5.1
DFEV Dimensional Emerging Markets Value ETF 3.1 43 -4 11.7 +6.0
ESGE iShares ESG Aware MSCI EM ETF 3.0 25 14 7.6 +1.9
SPEM SPDR Portfolio Emerging Markets ETF 2.9 7 32 7.7 +2.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.9 38 1 8.2 +2.5
DEM WisdomTree Emerging Markets High Dividend Fund 2.8 63 -24 19.2 +13.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.8 15 24 10.7 +5.0
LDEM iShares ESG MSCI EM Leaders ETF 2.7 17 22 7.7 +1.9
EMC Global X Emerging Markets Great Consumer ETF 2.7 75 -36 4.8 -0.9
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 2.7 41 -2 7.8 +2.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.6 45 -6 11.5 +5.8
EMM Global X Emerging Markets ex-China ETF 2.5 75 -36 4.1 -1.7
PXH Invesco FTSE RAFI Emerging Markets ETF 2.5 49 -10 13.2 +7.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.4 59 -20 11.8 +6.0
VEGI iShares MSCI Agriculture Producers ETF 2.4 39 0 9.6 +3.9
SDEM Global X MSCI SuperDividend Emerging Markets ETF 2.4 67 -28 18.1 +12.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.4 20 19 7.2 +1.5
IWTR iShares MSCI Water Management Multisector ETF 2.3 47 -8 5.2 -0.5
FDEM Fidelity Emerging Markets Multifactor ETF 2.2 25 14 12.8 +7.1
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 2.2 46 -7 9.7 +4.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.2 39 0 12.9 +7.2
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.1 33 6 8.7 +3.0
IQDE FlexShares International Quality Dividend Defensive Index ET 2.1 47 -8 14.2 +8.5
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 2.0 18 21 7.1 +1.4
FID First Trust S&P International Dividend Aristocrats ETF 1.9 60 -21 9.2 +3.5
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.9 50 -11 13.5 +7.8
EMGF iShares Emerging Markets Equity Factor ETF 1.7 25 14 9.2 +3.5
SCHY Schwab International Dividend Equity ETF 1.6 14 25 9.0 +3.3
WDIV SPDR S&P Global Dividend ETF 1.4 40 -1 9.6 +3.9
PICK iShares MSCI Global Metals & Mining Producers ETF 1.4 39 0 14.0 +8.3
VYMI Vanguard International High Dividend Yield ETF 1.3 22 17 9.9 +4.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.2 70 -31 7.6 +1.9
FILL iShares MSCI Global Energy Producers ETF 1.1 39 0 10.6 +4.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.1 58 -19 10.3 +4.6
CWI SPDR MSCI ACWI ex-US ETF 1.1 30 9 7.0 +1.3
VEU Vanguard FTSE All-World ex-US Index Fund 1.1 8 31 7.3 +1.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.1 41 -2 7.5 +1.8
ACWX iShares MSCI ACWI ex U.S. ETF 1.1 34 5 7.0 +1.3
MEM Matthews Emerging Markets Equity Active ETF 1.1 79 -40 5.9 +0.2
IXUS iShares Core MSCI Total International Stock ETF 1.0 7 32 7.2 +1.5
ACWV iShares MSCI Global Min Vol Factor ETF 1.0 20 19 6.1 +0.4
VXUS Vanguard Total International Stock ETF 1.0 7 32 7.2 +1.5
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 0.9 60 -21 10.4 +4.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.8 12 27 4.9 -0.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.8 30 9 8.1 +2.4
VSGX Vanguard ESG International Stock ETF 0.7 12 27 6.8 +1.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.7 20 19 5.4 -0.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.7 95 -56 10.6 +4.9
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.5 88 -49 7.4 +1.7
DEW WisdomTree Global High Dividend Fund 0.5 58 -19 8.7 +3.0
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.4 12 27 7.9 +2.2
ACWI iShares MSCI ACWI ETF 0.4 32 7 5.6 -0.2
VT Vanguard Total World Stock ETF 0.4 7 32 5.8 +0.1
EEMO Invesco S&P Emerging Markets Momentum ETF 0.4 29 10 6.3 +0.6
JSTC Adasina Social Justice All Cap Global ETF 0.3 89 -50 4.9 -0.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 -3 7.9 +2.2
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 -26 7.2 +1.5
SDG iShares MSCI Global Sustainable Development Goals ETF 0.2 49 -10 5.5 -0.2
IQDF FlexShares International Quality Dividend Index Fund 0.2 47 -8 12.6 +6.9
RWX SPDR Dow Jones International Real Estate ETF 0.2 59 -20 6.4 +0.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 30 5.8 +0.1
GLOF iShares Global Equity Factor ETF 0.1 20 19 7.4 +1.7
RWO SPDR Dow Jones Global Real Estate ETF 0.1 50 -11 5.9 +0.2
VIGI Vanguard International Dividend Appreciation ETF 0.1 15 24 6.2 +0.5
IGRO iShares International Dividend Growth ETF 0.0 15 24 7.2 +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

  2019 2020 2021 2022 2023 2024E 2025E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2023 2024E 2025E
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 12.3 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.84 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.