FLAX vs. FDEM ETF Comparison

Comparison of Franklin FTSE Asia ex Japan ETF (FLAX) to Fidelity Targeted Emerging Markets Factor ETF (FDEM)

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

$25.54

Average Daily Volume

1,706

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FDEM

Fidelity Targeted Emerging Markets Factor ETF

FDEM Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Targeted International Factor Index℠. The fund invests at least 80% of its assets in securities included in the index and in depository receipts representing securities included in the index. The index is designed to reflect the performance of stocks of large- and mid-capitalization developed international companies that have attractive valuations, high quality profiles, positive momentum signals, lower volatility than the broader developed international equity market, and lower correlation to the U.S. equity market.

Grade (RS Rating)

Last Trade

$27.34

Average Daily Volume

27,657

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FLAX	FDEM
30 Days	12.80%	7.70%
60 Days	18.37%	12.12%
90 Days	9.90%	5.88%
12 Months	30.65%	29.17%

10 Overlapping Holdings

Symbol	Grade	Weight in FLAX	Weight in FDEM	Overlap
ATHM	B	0.02%	0.5%	0.02%
BABA	A	2.61%	1.37%	1.37%
BIDU	C	0.33%	0.64%	0.33%
CHT	C	0.2%	0.57%	0.2%
LPL	D	0.03%	0.03%	0.03%
PDD	B	1.05%	0.85%	0.85%
TCOM	A	0.37%	0.32%	0.32%
VIPS	B	0.06%	0.1%	0.06%
WIT	C	0.12%	0.17%	0.12%
YUMC	B	0.2%	0.18%	0.18%

FLAX Overweight 23 Positions Relative to FDEM

Symbol	Grade	Weight
HDB	D	1.54%
IBN	C	0.79%
SHG	D	0.27%
KB	D	0.27%
UMC	D	0.26%
LI	C	0.17%
BGNE	A	0.16%
BEKE	A	0.13%
TME	B	0.11%
NIO	C	0.09%
XPEV	C	0.08%
YMM	A	0.07%
BILI	B	0.06%
BZ	C	0.06%
KEP	F	0.05%
QFIN	A	0.04%
TAL	C	0.04%
RLX	D	0.02%
GDS	B	0.02%
WB	B	0.01%
DQ	C	0.01%
YY	C	0.01%
IQ	D	0.01%

FLAX Underweight 3 Positions Relative to FDEM

Symbol	Grade	Weight
BCH	D	-0.38%
VALE	D	-0.28%
MNSO	C	-0.09%