FLAX vs. VWO ETF Comparison

Comparison of Franklin FTSE Asia ex Japan ETF (FLAX) to Vanguard FTSE Emerging Markets ETF (VWO)

FLAX

Franklin FTSE Asia ex Japan ETF

FLAX Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Asia ex Japan RIC Capped Index (the FTSE Asia ex Japan Capped Index). Under normal market conditions, the fund invests at least 80% of its assets in the component securities of the FTSE Asia ex Japan Capped Index and in depositary receipts representing such securities. The FTSE Asia ex Japan Capped Index is based on the FTSE Asia ex Japan Index and is designed to measure the performance of large- and mid- capitalization stocks from developed and emerging Asian countries, excluding Japan.

Grade (RS Rating)

Last Trade

$23.43

Average Daily Volume

8,845

Number of Holdings ^*

* may have additional holdings in another (foreign) market

VWO

Vanguard FTSE Emerging Markets ETF

VWO Description

The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. The fund employs an indexing investment approach by investing substantially all (approximately 95%) of its assets in the common stocks included in the FTSE Emerging Index, while employing a form of sampling to reduce risk. The FTSE Emerging Index includes approximately 851 common stocks of companies located in emerging markets around the world. As of May 31, 2013, the largest markets covered in the index were China, Brazil, Taiwan, and India.

Grade (RS Rating)

Last Trade

$44.89

Average Daily Volume

9,436,913

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FLAX	VWO
30 Days	11.10%	9.76%
60 Days	8.02%	7.68%
90 Days	10.84%	9.35%
12 Months	14.74%	16.57%

22 Overlapping Holdings

Symbol	Grade	Weight in FLAX	Weight in VWO	Overlap
BABA	C	2.36%	1.92%	1.92%
BEKE	B	0.15%	0.11%	0.11%
BGNE	C	0.11%	0.1%	0.1%
BIDU	C	0.44%	0.37%	0.37%
BZ	B	0.1%	0.07%	0.07%
CHT	C	0.21%	0.14%	0.14%
CHT	C	0.21%	0.05%	0.05%
HDB	D	1.42%	1.21%	1.21%
IBN	B	0.47%	0.4%	0.4%
LI	F	0.22%	0.2%	0.2%
NIO	C	0.1%	0.07%	0.07%
PDD	B	1.2%	0.88%	0.88%
TAL	B	0.08%	0.06%	0.06%
TCOM	A	0.41%	0.29%	0.29%
TME	B	0.12%	0.09%	0.09%
UMC	C	0.27%	0.17%	0.17%
UMC	C	0.27%	0.07%	0.07%
VIPS	D	0.08%	0.07%	0.07%
WIT	D	0.11%	0.08%	0.08%
XPEV	F	0.07%	0.06%	0.06%
YMM	B	0.08%	0.06%	0.06%
YUMC	F	0.2%	0.17%	0.17%

FLAX Overweight 15 Positions Relative to VWO

Symbol	Grade	Weight
KB	B	0.31%
SHG	B	0.25%
KEP	D	0.06%
BILI	B	0.05%
ATHM	B	0.03%
IQ	C	0.03%
LPL	D	0.03%
QFIN	A	0.03%
YY	C	0.02%
RLX	B	0.02%
TUYA	C	0.01%
GDS	D	0.01%
WB	C	0.01%
DQ	F	0.01%
DADA	F	0.0%

FLAX Underweight 11 Positions Relative to VWO

Symbol	Grade	Weight
VALE	C	-0.57%
TSM	B	-0.45%
ABEV	F	-0.14%
ASAI	D	-0.12%
ITUB	D	-0.08%
GGB	C	-0.06%
BCH	A	-0.06%
CSAN	F	-0.05%
ERJ	B	-0.05%
CIB	C	-0.04%
SBSW	D	-0.04%