At a glance
FLGB charges 0.09% a year, below the 0.32% average of the 4 funds most like it (the cheapest of 5). It has $857.4M in assets, the 5th largest of that group; it paid 2.91% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +13.8% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds; over three years it returned +21.6% a year. At its worst it fell 40.4% in the 2020 crash (S&P 500: 33.7%) and 25.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 7 months after the lows. Its ten largest positions make up 49.9% of the fund, out of 95 in all.
The short version
Franklin FTSE United Kingdom ETF (FLGB) tracks the FTSE UK RIC Capped Index, a basket of about 96 large and mid-sized British companies led by HSBC, AstraZeneca and Shell. Its 0.09% expense ratio is far below the 0.50% charged by iShares MSCI United Kingdom ETF (EWU), which holds about 92% of the same stocks. Like any single-country fund, its results depend on one economy and its currency.
Price history
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FLGB +13.8% 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 | |
|---|---|---|---|---|---|---|
| FLGB official prospectus, to Dec 31, 2025 | — | +33.36% | — | +12.80% | — | +7.77% |
| FTSE UK Index-NR index, same period | — | +33.54% | — | +12.91% | — | +7.87% |
| FTSE UK Capped Index-NR index, same period | — | +33.54% | — | +12.91% | — | +7.87% |
| FLGB price data to Oct 27, 2026 | +9.4% | +13.8% | +21.6% | +11.4% | — | +8.0% |
- Over the year to Oct 27, 2026, FLGB returned +13.8%, 1st of 5 among similar funds.
- Its 5-year annualized return was +11.4%.
- In the 2020 COVID crash it fell 40.4% and regained its old high 9.6 months after the low.
- Its worst full calendar year was 2018 (-11.2%); its best was 2025 (+33.7%).
- The deepest fall in its price history was 42.6% (Dec 16, 2019 to Mar 23, 2020), recovered by Apr 15, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +33.7% | +33.36% |
| 2024 | +8.8% | +8.85% |
| 2023 | +14.4% | +15.37% |
| 2022 | -5.9% | -6.92% |
| 2021 | +17.1% | +17.15% |
| 2020 | -9.3% | -8.87% |
| 2019 | +23.2% | +22.57% |
| 2018 | -11.2% | -14.65% |
| 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 40.4% over that stretch · deepest drop along the way 40.4%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.7% over that stretch · deepest drop along the way 25.9%, back to its old high 6.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4700 | |
| 2025 | $1.1800 | +1.7% |
| 2024 | $1.1600 | +17.2% |
| 2023 | $0.9900 | +2.1% |
| 2022 | $0.9700 | +31.1% |
| 2021 | $0.7400 | +23.3% |
| 2020 | $0.6000 | -45.0% |
| 2019 | $1.0900 | +29.8% |
| 2018 | $0.8400 |
What's inside
As of Jun 30, 2026, the fund held 95 securities; the ten largest made up 49.89% of assets.
| Holding | Weight | |
|---|---|---|
| HSBC HOLDINGS PLC | 9.97% | |
| ASTRAZENECA PLC | 8.59% | |
| SHELL PLC | 6.69% | |
| ROLLS-ROYCE HOLDINGS PLC | 4.92% | |
| UNILEVER PLC | 3.88% | |
| BRITISH AMERICAN TOBACCO PLC | 3.86% | |
| GSK PLC | 3.21% | |
| RIO TINTO PLC | 3.00% | |
| BP PLC | 2.98% | |
| BARCLAYS PLC | 2.81% | |
| LLOYDS BANKING GROUP PLC | 2.64% | |
| NATIONAL GRID PLC | 2.52% | |
| BAE SYSTEMS PLC | 2.20% | |
| NATWEST GROUP PLC | 2.16% | |
| GLENCORE PLC | 2.12% |
By country
United Kingdom 94.04%Jersey 3.31%United States 0.91%Spain 0.41%Switzerland 0.39%By asset type
Stocks 99.66%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $12.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.31%, -0.25%, -0.67%.
How it works
FLGB is a passive index fund. It does not try to pick winners. Instead, it aims to match the FTSE UK RIC Capped Index, which FTSE Russell builds from its FTSE UK Index of British large and mid-sized companies. FTSE Russell decides which companies count as British by looking at where they are incorporated, listed and headquartered, where they pay tax, and which currency their shares trade in. As of May 31, 2026, the index held 96 stocks, worth between $3.83 billion and $322.43 billion each.
Stocks are weighted by free-float market value. That means bigger companies get bigger weights, counting only the shares available to trade. Every quarter, a cap keeps any one company under 25% and holds all companies above 5% to no more than 50% combined. Even so, the fund is top-heavy. As of June 30, 2026, HSBC made up about 10% of the fund, AstraZeneca 8.6% and Shell 6.7%, and the top 10 holdings made up about 50%. As of May 31, 2026, the index was concentrated in financial services.
The fund can hold every index stock or a representative sample of them. It keeps at least 80% of assets in index stocks or similar investments. It can use small futures and swap positions to keep spare cash invested, and currency contracts to settle trades. Portfolio turnover was 5%.
What it really costs
- FLGB charges 0.09% a year, versus an average of 0.32% for the similar funds below (1st of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $116 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLGB | $9 | $29 | $51 | $116 |
In a retirement portfolio
FLGB adds British banks, drugmakers, energy and consumer staples companies that most US-focused portfolios hold only lightly, but as a single-country fund it fits better as a complement than as a core holding.
FLGB could add exposure to large British companies that most US stock funds don't own. Its trailing 12-month yield was 2.91% as of October 27, 2026, paid twice a year, so the income comes in uneven lumps. Costs are low. The SEC's standard example ($10,000 invested, 5% yearly return) puts total costs at $116 over 10 years. The swings can be steep. The fund fell 42.6% from December 16, 2019, to March 23, 2020, and took 12.7 months to recover. In 2022 it dropped 25.9% and recovered in 6.8 months. Its worst calendar year was 2018, when it lost 14.65%. It launched in 2017, so it has no 2008 record. Anyone forced to sell during a drop like these would lock in losses. 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 UK stock exposure: FLGB charges 0.09% a year, versus 0.50% for EWU, which holds about 92% of the same stocks.
- Holders comfortable with big weights in HSBC, AstraZeneca and Shell. The top 10 holdings made up about 50% of the fund as of June 30, 2026.
- Income-minded investors who accept twice-yearly payouts. The trailing 12-month yield was 2.91% as of October 27, 2026.
Look elsewhere if
- Those wanting broad European exposure. BBEU and IEUR also charge 0.09% but spread their holdings across many countries and share only about 21–23% of FLGB's holdings.
- Investors uneasy with a single-country fund heavy in financial services that fell 42.6% between December 2019 and March 2020.
- People who need steady monthly income. FLGB pays twice a year, so cash arrives in uneven amounts.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLGB this fund | — | 0.09% | $857.4M | +13.8% | +21.6% |
| EWU iShares MSCI United Kingdom ETF | 92% | 0.5% | $3.79B | +13.6% | +20.6% |
| BBEU JPMorgan BetaBuilders Europe ETF | 23% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEV iShares Europe ETF | 23% | 0.61% | $1.63B | +9.5% | +19.4% |
| IEUR iShares Core MSCI Europe ETF | 21% | 0.09% | $8.95B | +9.6% | +19.9% |
Questions investors ask
What's the difference between FLGB and EWU?
The main difference is cost. FLGB charges 0.09% a year, and iShares MSCI United Kingdom ETF (EWU) charges 0.50%. They follow different index providers, FTSE Russell and MSCI, but about 92% of their holdings overlap. As of October 27, 2026, FLGB returned 13.8% over one year and 21.6% a year over three years, versus 13.6% and 20.6% for EWU. EWU is much larger, with $3.79 billion in net assets as of August 31, 2026, compared with $857 million for FLGB as of June 30, 2026.
Does FLGB pay dividends?
Yes. FLGB pays distributions twice a year, not monthly or quarterly. Over the 12 months through October 27, 2026, it paid about $1.06 per share, a trailing yield of 2.91%. That income comes from dividends on the British companies it holds, such as HSBC, Shell and British American Tobacco. Payouts can rise or fall with company profits and with the exchange rate between the British pound and the US dollar.
What are FLGB's top holdings?
As of June 30, 2026, FLGB's largest holdings were HSBC (about 10%), AstraZeneca (8.6%), Shell (6.7%), Rolls-Royce (4.9%), Unilever (3.9%) and British American Tobacco (3.9%). GSK, Rio Tinto, BP and Barclays rounded out the top 10, which together made up about 50% of the fund. The fund held 95 companies in all. About 94% of assets were in companies based in the United Kingdom, and most of the rest were in Jersey-based companies such as Glencore.
How has FLGB performed since launch?
FLGB returned 33.36% in 2025, 12.8% a year over five years and 7.77% a year since its November 2017 launch, as of December 31, 2025. Those figures trailed its index by about 0.1 percentage point a year, roughly in line with its fee. Results have been uneven. The fund lost 14.65% in 2018 and 29.03% in the first quarter of 2020. Its price return was 9.36% for 2026 through October 27.
Is FLGB good for retirement?
FLGB is better described as a diversifier than a core retirement holding. It adds British stocks at a low 0.09% expense ratio, with a 2.91% trailing yield as of October 27, 2026. But it depends on one country and leans heavily on financial companies. It fell 42.6% in early 2020 and needed 12.7 months to recover. Someone drawing income from a portfolio might weigh how a drop that size would affect their plan.