At a glance
FLBR charges 0.19% a year, below the 0.53% average of the 3 funds most like it (the cheapest of 4). It has $518.1M in assets, the 2nd largest of that group; it paid 5.98% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +22.1% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +13.4% a year. At its worst it fell 53.1% in the 2020 crash (S&P 500: 33.7%) and 32.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 17 months after the lows. Its ten largest positions make up 55.3% of the fund, out of 67 in all.
The short version
Franklin FTSE Brazil ETF (FLBR) is an index fund that tracks the FTSE Brazil RIC Capped Index, a basket of 68 large and mid-sized Brazilian companies led by Vale, Itaú Unibanco and Petrobras. Its 0.19% expense ratio is well below the 0.59% charged by the much larger iShares MSCI Brazil ETF (EWZ), which shares about 82% of its holdings. The trade-off is heavy single-country risk: FLBR fell 57.4% in early 2020.
Price history
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FLBR +22.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FLBR official prospectus, to Dec 31, 2025 | — | +45.94% | — | +5.25% | — | +3.75% |
| FTSE Brazil Index-NR index, same period | — | +46.24% | — | +5.58% | — | +3.97% |
| FTSE Brazil Capped Index-NR index, same period | — | +46.24% | — | +5.58% | — | +4.04% |
| FLBR price data to Oct 27, 2026 | +14.5% | +22.1% | +13.4% | +11.8% | — | +4.8% |
- Over the year to Oct 27, 2026, FLBR returned +22.1%, 1st of 4 among similar funds.
- Its 5-year annualized return was +11.8%.
- In the 2020 COVID crash it fell 53.1% and regained its old high 15 months after the low.
- Its worst full calendar year was 2024 (-27.7%); its best was 2025 (+45.6%).
- The deepest fall in its price history was 57.4% (Jan 2, 2020 to Mar 23, 2020), recovered by Nov 7, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.5% | — |
| 2025 | +45.6% | +45.94% |
| 2024 | -27.7% | -27.83% |
| 2023 | +33.4% | +33.17% |
| 2022 | +10.6% | +11.32% |
| 2021 | -16.8% | -17.28% |
| 2020 | -20.0% | -19.41% |
| 2019 | +28.4% | +27.39% |
| 2018 | -2.2% | -0.88% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53.1% over that stretch · deepest drop along the way 53.1%, back to its old high 15 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 18.8% over that stretch · deepest drop along the way 32.3%, back to its old high 16.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2600 | |
| 2025 | $1.4700 | +36.1% |
| 2024 | $1.0800 | -41.9% |
| 2023 | $1.8600 | -10.1% |
| 2022 | $2.0700 | +35.3% |
| 2021 | $1.5300 | +188.7% |
| 2020 | $0.5300 | -47.0% |
| 2019 | $1.0000 | +13.6% |
| 2018 | $0.8800 |
What's inside
As of Jun 30, 2026, the fund held 67 securities; the ten largest made up 55.27% of assets.
| Holding | Weight | |
|---|---|---|
| VALE SA | 11.74% | |
| ITAU UNIBANCO HOLDING SA Preferred stock | 9.82% | |
| PETROLEO BRASILEIRO SA Preferred stock | 7.40% | |
| PETROLEO BRASILEIRO SA | 6.67% | |
| BANCO BRADESCO SA Preferred stock | 4.02% | |
| ITAUSA SA Preferred stock | 3.34% | |
| B3 - BRASIL BOLSA BALCAO SA | 3.16% | |
| AXIA ENERGIA SA | 3.10% | |
| WEG SA | 3.01% | |
| AMBEV SA | 3.00% | |
| SABESP - COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SA | 2.97% | |
| BANCO BTG PACTUAL SA | 2.75% | |
| EMBRAER - EMPRESA BRASILEIRA DE AERONAUTICA SA | 2.41% | |
| PRIO SA | 1.82% | |
| EQUATORIAL SA | 1.72% |
By country
Brazil 98.61%By asset type
Stocks 70.45%Preferred stock 28.16%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $82.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.54%, -8.89%, -3.44%.
How it works
FLBR is passively managed. It aims to match the FTSE Brazil RIC Capped Index, before fees. FTSE Russell builds that index from the FTSE Brazil Index of large- and mid-cap Brazilian stocks. It decides which companies count as Brazilian by looking at where each one is incorporated, listed, headquartered and taxed. Stocks are weighted by free-float market value, meaning the value of the shares available to public investors. A quarterly cap keeps any single issuer below 25% of the index and holds all issuers above 5% to a combined 50%. As of May 31, 2026, the index held 68 securities and was concentrated in financial services.
The fund must keep at least 80% of its assets in index stocks and depositary receipts. It may hold every index stock at its index weight. When that isn't practical, it may hold a representative sample instead, which can track the index less closely. Preferred shares, which in Brazil usually carry priority on dividends but limited voting rights, made up about 28% of the portfolio as of June 30, 2026. Petrobras appears twice, as preferred and common shares, for about 14% combined.
The fund may use futures, total return swaps and currency forwards to invest spare cash, ease trading or settle local trades. As of June 30, 2026, derivatives were just 0.02% of assets. Portfolio turnover was 14%.
What it really costs
- FLBR charges 0.19% a year, versus an average of 0.53% for the similar funds below (1st of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $19 in the first year and $241 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLBR | $19 | $60 | $105 | $241 |
In a retirement portfolio
It holds a single emerging market dominated by banks, miners and oil producers, and it has had very deep, slow-to-heal drops.
FLBR adds Brazilian banks, miners, oil producers and utilities that a US-focused portfolio may barely hold, but its swings are large. It launched in November 2017, so it has no 2008 record. In the 2020 COVID crash it fell 53.1% in about five weeks. Its deepest drop, 57.4% from January to March 2020, took about 67.5 months to recover, until November 2025. During the 2022 bear market it gained 18.8%, though it still fell 32.3% between April and July. It lost about 28% in 2024. Someone forced to sell or draw income in years like those would lock in losses. The trailing yield was 5.98% as of October 27, 2026, paid twice a year, and payouts can vary. Costs are low at 0.19%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting low-cost Brazil exposure: 0.19% a year, versus 0.59% for iShares MSCI Brazil ETF (EWZ), which holds largely the same stocks.
- People seeking a small emerging-market satellite who can tolerate drops like the 57.4% fall between January and March 2020.
- Income seekers comfortable with uneven payments: the trailing yield was 5.98% as of October 27, 2026, paid twice a year.
Look elsewhere if
- Anyone needing steady value: the fund lost about 28% in 2024 and took about 67.5 months to recover from its 2020 low.
- Investors wanting broad diversification: about 99% of assets are in Brazil, and the top 10 holdings make up 55%, led by Vale at 11.7%.
- Those wary of commodity and currency swings: Vale and Petrobras made up about 26% of assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What's the difference between FLBR and EWZ?
Both funds hold large Brazilian companies, and about 82% of their holdings overlap. FLBR follows a FTSE Russell index and charges 0.19% a year. iShares MSCI Brazil ETF (EWZ) charges 0.59%. EWZ is much larger, with about $8.2 billion in net assets as of August 31, 2026, against about $518 million for FLBR as of June 30, 2026. Over the year to October 27, 2026, FLBR's price return was 22.1% and EWZ's was 16.6%.
Does FLBR pay dividends?
Yes, FLBR pays distributions twice a year. As of October 27, 2026, it had paid $1.29 per share over the trailing 12 months, a yield of 5.98%. Payouts come from the dividends of Brazilian companies such as Vale, Itaú Unibanco and Petrobras, so they can rise or fall a lot from one payment to the next. Changes in the Brazilian currency can also affect how much the payouts are worth in dollars.
What is FLBR's expense ratio?
FLBR's expense ratio is 0.19% a year, according to the prospectus filed July 27, 2026. By the SEC's standard example, a $10,000 investment earning 5% a year would pay about $19 in costs after one year, $60 after three, $105 after five and $241 after ten. Among four similar Latin America and Brazil funds, it ranks lowest-cost. The group's average expense ratio is 0.53%.
What are FLBR's top holdings?
As of June 30, 2026, FLBR's largest holding was mining company Vale at 11.7%. Next came Itaú Unibanco at 9.8% and Petrobras at about 14% across its preferred and common shares. Banco Bradesco, Itaúsa, exchange operator B3, Axia Energia, WEG and Ambev each held roughly 3% to 4%. The top 10 positions made up about 55% of the fund, which held 68 positions in all.
How has FLBR performed over the long term?
FLBR's returns have been very uneven. As of December 31, 2025, its average annual return was 5.25% over five years and 3.75% since its November 2017 launch, slightly behind its index's 5.58% and 4.04%. Calendar-year results ranged from a 27.83% loss in 2024 to a 45.94% gain in 2025. Its worst quarter was the first quarter of 2020, when it fell 50.43%.