At a glance
FLSA charges 0.39% a year. It has $4.8M in assets; it paid 3.32% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −11.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +1.6% a year. At its worst it fell 25.7% in the 2020 crash (S&P 500: 33.7%) and 21.1% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 64.5% of the fund, out of 64 in all.
The short version
Franklin FTSE Saudi Arabia Fund (FLSA) is a Franklin Templeton index ETF that tracks the FTSE Saudi Arabia RIC Capped Index, about 65 large and mid-size Saudi companies. It gives concentrated exposure to one country's bank-heavy market; Al Rajhi Bank and Saudi Aramco were the largest holdings as of June 30, 2026. It costs 0.39% a year, but the fund is tiny: net assets were about $4.8 million on that date.
Price history
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FLSA -11.0% 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 | |
|---|---|---|---|---|---|---|
| FLSA official prospectus, to Dec 31, 2025 | — | -8.17% | — | +6.41% | — | +6.10% |
| FTSE All World Index-NR index, same period | — | +22.62% | — | +11.21% | — | +11.75% |
| FTSE Saudi Arabia Capped Index-NR index, same period | — | -7.80% | — | +6.78% | — | +6.47% |
| FLSA price data to Oct 27, 2026 | -2.3% | -11.0% | +1.6% | -1.2% | — | +5.7% |
- Over the year to Oct 27, 2026, FLSA returned -11.0%.
- Its 5-year annualized return was -1.2%.
- In the 2020 COVID crash it fell 25.7% and regained its old high 5.1 months after the low.
- Its worst full calendar year was 2025 (-7.2%); its best was 2021 (+35.7%).
- The deepest fall in its price history was 38.3% (May 3, 2019 to Mar 12, 2020), recovered by Mar 9, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.3% | — |
| 2025 | -7.2% | -8.17% |
| 2024 | -0.3% | +0.18% |
| 2023 | +13.0% | +12.43% |
| 2022 | -3.6% | -2.53% |
| 2021 | +35.7% | +35.36% |
| 2020 | +3.7% | +4.09% |
| 2019 | +9.4% | +8.96% |
| 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 25.1% over that stretch · deepest drop along the way 25.7%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.4% over that stretch · deepest drop along the way 21.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5900 | |
| 2025 | $1.2600 | +18.9% |
| 2024 | $1.0600 | -5.4% |
| 2023 | $1.1200 | +77.8% |
| 2022 | $0.6300 | -8.7% |
| 2021 | $0.6900 | +23.2% |
| 2020 | $0.5600 | -32.5% |
| 2019 | $0.8300 |
What's inside
As of Jun 30, 2026, the fund held 64 securities; the ten largest made up 64.5% of assets.
| Holding | Weight | |
|---|---|---|
| AL RAJHI BANK | 14.60% | |
| SAUDI ARABIAN OIL COMPANY | 11.75% | |
| SAUDI NATIONAL BANK (THE) | 8.58% | |
| SAUDI ARABIAN MINING COMPANY | 6.43% | |
| SAUDI TELECOM JSC | 6.31% | |
| SAUDI BASIC INDUSTRIES CORP JSC | 4.26% | |
| ACWA POWER COMPANY | 3.90% | |
| RIYAD BANK JSC | 3.26% | |
| ALINMA BANK JSC | 2.86% | |
| SAUDI AWWAL BANK | 2.55% | |
| SABIC AGRI-NUTRIENTS COMPANY | 2.30% | |
| BANQUE SAUDI FRANSI | 1.87% | |
| ETIHAD ETISALAT COMPANY | 1.81% | |
| ALMARAI COMPANY | 1.77% | |
| DR SULAIMAN AL HABIB MEDICAL SERVICES GROUP | 1.72% |
By country
Saudi Arabia 99.25%By asset type
Stocks 99.25%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.18%, -1.19%, -2.46%.
How it works
FLSA is an index fund that aims to match the FTSE Saudi Arabia RIC Capped Index, before fees. FTSE Russell builds that index from the FTSE Saudi Arabia Index of large and mid-size Saudi stocks and weights them by free-float market value, which counts only shares available to public investors. As of May 31, 2026, the index held 65 stocks, valued from $1.37 billion to $1.49 trillion.
Each quarter the index caps company weights: no single company can top 25%, and companies above 5% cannot together exceed 50%. Still, as of June 30, 2026, the fund's 10 largest holdings made up 64.5% of assets, led by Al Rajhi Bank (14.6%), Saudi Aramco (11.7%) and Saudi National Bank (8.6%). As of May 31, 2026, the index was concentrated in banking.
The fund keeps at least 80% of assets in index stocks or similar exposures and may hold every stock or a representative sample. It can use derivatives such as equity futures, total return swaps and currency forwards to invest cash and ease trading; on June 30, 2026, it held one small MSCI Saudi Arabia futures position. Access to Saudi shares depends on the investment manager's status as a Foreign Portfolio Manager. Portfolio turnover, a measure of trading, was 60%, high for an index fund.
What it really costs
- FLSA charges 0.39% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $494 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLSA | $40 | $126 | $220 | $494 |
In a retirement portfolio
It tracks a single emerging market concentrated in banks and Saudi Aramco, so it carries more risk than a broad core fund.
FLSA offers exposure to a market that doesn't always move with global stocks. It gained 4.4% during the 2022 bear market (January 3 to October 12), yet a 21.1% drop from April to September 2022 hadn't been recovered by October 27, 2026. It fell 25.7% in the 2020 COVID crash, recovering in about 5 months, and its deepest drop, 38.3% from May 2019 to March 2020, took nearly 12 months to recover. Its worst calendar year was 2025 (-8.17%); it launched too late to have a 2008 record. Needing cash during such stretches can mean locking in losses.
It yielded 3.32% over the 12 months to October 27, 2026, with payouts twice a year. In the SEC's standard example, the 0.39% expense ratio costs $40 in the first year on $10,000. Past results don't predict the future, and a plan needs to cover the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting targeted exposure to Saudi stocks such as Al Rajhi Bank, Saudi Aramco and Saudi National Bank through a 0.39% index fund.
- Those adding a small side holding who can accept swings like the fund's 38.3% drop from May 2019 to March 2020.
- Investors seeking a market that hasn't always moved with global stocks; it gained 4.4% during the 2022 bear market.
Look elsewhere if
- Anyone wanting broad global diversification: in 2025 the fund returned -8.17% while the FTSE All World Index returned 22.62%.
- Investors who prefer large, established funds; FLSA had only about $4.8 million in net assets as of June 30, 2026.
- Those uneasy with a top 10 making up 64.5% of assets, led by banks, plus Saudi-specific political and regulatory risks.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does FLSA invest in?
FLSA invests in large and mid-size Saudi Arabian stocks by tracking the FTSE Saudi Arabia RIC Capped Index. As of June 30, 2026, it had 64 holdings, and its 10 largest made up 64.5% of assets. The biggest were Al Rajhi Bank (14.6%), Saudi Aramco (11.7%), Saudi National Bank (8.6%), Saudi Arabian Mining Company (6.4%) and Saudi Telecom (6.3%). The index was concentrated in banking as of May 31, 2026.
What is FLSA's expense ratio?
FLSA's expense ratio is 0.39% a year, all of it management fee, according to the prospectus filed July 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, total costs come to $40 after one year, $126 after three, $220 after five and $494 after 10. Trading costs from the fund's 60% portfolio turnover are not included in that ratio.
Does FLSA pay dividends?
Yes. FLSA pays distributions twice a year, and it yielded 3.32% over the 12 months to October 27, 2026. Payouts reflect dividends from its Saudi holdings, so amounts can change from one payment to the next. The prospectus says the fund may use currency contracts to protect against currency swings tied to shareholder distributions. Anyone relying on monthly or quarterly income would need to plan around the semiannual schedule.
How has FLSA performed vs global stocks?
FLSA has trailed global stocks. As of December 31, 2025, it returned 6.41% a year over five years and 6.1% a year since its October 2018 launch, versus 11.21% and 11.75% for the FTSE All World Index. Its Saudi index returned 6.78% a year over five years. In 2025 the fund lost 8.17% while the global index gained 22.62%. Based on price data, its one-year return through October 27, 2026, was -11%.
Is FLSA a good investment for retirement?
FLSA is better described as a small, higher-risk add-on than a core retirement holding. It tracks a single emerging market, fell 38.3% from May 2019 to March 2020, and hadn't recovered from a 21.1% drop in 2022 by October 27, 2026. Net assets were only about $4.8 million as of June 30, 2026. Very small funds can trade at a premium or discount to their holdings' value and are sometimes closed by their sponsors.