At a glance
FLSW charges 0.09% a year, below the 0.21% average of the 6 funds most like it (the 3rd cheapest of 7). It has $82.7M in assets, the 7th largest of that group; it paid 2.27% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +13.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +17.8% a year. At its worst it fell 26.8% in the 2020 crash (S&P 500: 33.7%) and 28.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 20 months after the lows. Its ten largest positions make up 66.5% of the fund, out of 49 in all.
The short version
Franklin FTSE Switzerland ETF (FLSW) tracks the FTSE Switzerland RIC Capped Index, which covers large and midsize Swiss companies led by Novartis, Roche and Nestlé. Its yearly fee of 0.09% is below the 0.21% average for the broader European and international funds whose holdings overlap most with it. The tradeoff is less diversification: one country, a heavy pharmaceutical tilt, and 66.5% of assets in the top 10 holdings as of June 30, 2026.
Price history
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FLSW +13.4% 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 | |
|---|---|---|---|---|---|---|
| FLSW official prospectus, to Dec 31, 2025 | — | +33.10% | — | +8.54% | — | +9.88% |
| FTSE Switzerland Index-NR index, same period | — | +33.67% | — | +8.10% | — | +9.32% |
| FTSE Switzerland Capped Index-NR index, same period | — | +32.80% | — | +8.19% | — | +9.44% |
| FLSW price data to Oct 27, 2026 | +7.6% | +13.4% | +17.8% | +7.5% | — | +9.7% |
- Over the year to Oct 27, 2026, FLSW returned +13.4%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +7.5%.
- In the 2020 COVID crash it fell 26.8% and regained its old high 4 months after the low.
- Its worst full calendar year was 2022 (-18.1%); its best was 2025 (+33.0%).
- The deepest fall in its price history was 28.2% (Dec 29, 2021 to Sep 26, 2022), recovered by Jul 12, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +33.0% | +33.10% |
| 2024 | -1.8% | -1.41% |
| 2023 | +16.8% | +16.71% |
| 2022 | -18.1% | -18.30% |
| 2021 | +20.8% | +20.40% |
| 2020 | +13.4% | +14.15% |
| 2019 | +31.7% | +32.66% |
| 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 26.8% over that stretch · deepest drop along the way 26.8%, back to its old high 4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.8% over that stretch · deepest drop along the way 28%, back to its old high 20.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9400 | |
| 2025 | $0.8800 | +35.4% |
| 2024 | $0.6500 | -17.7% |
| 2023 | $0.7900 | +33.9% |
| 2022 | $0.5900 | -11.9% |
| 2021 | $0.6700 | -4.3% |
| 2020 | $0.7000 | +118.8% |
| 2019 | $0.3200 |
What's inside
As of Jun 30, 2026, the fund held 49 securities; the ten largest made up 66.51% of assets, and 2.06% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NOVARTIS AG | 13.46% | |
| ROCHE HOLDING AG Preferred stock | 13.34% | |
| NESTLE' SA/AG | 12.20% | |
| ABB LTD (CH) | 7.76% | |
| UBS GROUP AG | 4.41% | |
| COMPAGNIE FINANCIERE RICHEMONT SA | 3.89% | |
| ZURICH INSURANCE GROUP AG | 3.72% | |
| LONZA GROUP AG | 2.64% | |
| SWISS RE AG | 2.62% | |
| HOLCIM AG | 2.47% | |
| GALDERMA GROUP AG | 2.35% | |
| SANDOZ GROUP AG | 2.10% | |
| SIKA AG | 1.85% | |
| ALCON AG | 1.84% | |
| GIVAUDAN SA | 1.81% |
By country
Switzerland 98.71%By asset type
Stocks 83.28%Preferred stock 15.43%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: +6.44%, +3.22%, +1.38%.
How it works
FLSW is a passive fund, meaning it copies an index rather than picking stocks. Its index is the FTSE Switzerland RIC Capped Index, built by FTSE Russell from the FTSE Switzerland Index of large and mid-size Swiss stocks. FTSE Russell decides which companies count as Swiss by looking at where each company is incorporated, listed, taxed and headquartered. Stocks are weighted by free-float market value, which counts only the shares available to the public, so the largest companies get the largest weights. As of May 31, 2026, the index held 50 securities ranging from $2.84 billion to $342.75 billion in market value.
Each quarter, the index applies caps. No single company may exceed 25% of the index, and all companies weighing more than 5% may not add up to more than 50%. Even so, the index was concentrated in pharmaceuticals as of May 31, 2026, and the fund concentrates to the same degree.
The fund keeps at least 80% of its assets in index stocks or depositary receipts, which are certificates that represent foreign shares. It can hold every index stock or a representative sample of them. It may use futures and swaps to put cash to work. As of June 30, 2026, it held 2.06% in cash and one Swiss stock index futures contract worth about 0.03%. It uses currency contracts mainly to settle trades and handle distributions, not to hedge the portfolio's currency exposure. Portfolio turnover was 12%.
What it really costs
- FLSW charges 0.09% a year, versus an average of 0.21% for the similar funds below (3rd of 7, 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 |
|---|---|---|---|---|
| FLSW | $9 | $29 | $51 | $116 |
In a retirement portfolio
FLSW adds Swiss drug makers, food, industrial and financial companies that a US-focused portfolio mostly lacks, but as a single-country fund it fits better as a slice than as a core holding.
FLSW launched in 2018, so it has no record from the 2008 crisis. It fell 26.8% in the 2020 COVID crash and recovered in about 4 months. The 2022 bear market hit harder. The fund fell 28% from January 3 to September 26, 2022, and needed about 20 months, until June 2024, to recover. Its worst calendar year was 2022, at -18.3%. Anyone forced to sell shares during a slump like that would have locked in the loss. The trailing yield was 2.27% as of October 27, 2026, paid twice a year, so the income comes in uneven lumps. Under the SEC's standard example, $10,000 would cost about $9 in fees in the first year and $116 over ten years. Past results don't predict the future, and a retirement 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 Swiss exposure, led by Novartis, Roche and Nestlé, for a 0.09% expense ratio.
- Holders of mainly US stocks seeking a small slice of Swiss drug makers, banks, insurers and industrial firms like ABB and Holcim.
- Patient investors who could sit through drops like the 28% fall in 2022, which took about 20 months to recover.
Look elsewhere if
- Investors wanting all of Europe in one fund; Vanguard FTSE Europe ETF (VGK) spans many countries for 0.06%.
- Those uneasy with concentration: the top 10 holdings made up 66.5% of assets on June 30, 2026, led by pharmaceutical stocks.
- Investors seeking steady monthly income, since FLSW pays twice a year, with a 2.27% trailing yield as of October 27, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLSW this fund | — | 0.09% | $82.7M | +13.4% | +17.8% |
| IEV iShares Europe ETF | 14% | 0.61% | $1.63B | +9.5% | +19.4% |
| BBEU JPMorgan BetaBuilders Europe ETF | 14% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEUR iShares Core MSCI Europe ETF | 13% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 13% | 0.06% | $38.51B | +11.9% | +19.7% |
| EFA iShares MSCI EAFE ETF | 9% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 8% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
Does FLSW pay dividends?
Yes. FLSW pays dividends twice a year, not monthly or quarterly. Over the 12 months to October 27, 2026, it paid about $0.99 per share, a trailing yield of 2.27%. The payments come from the dividends of the Swiss companies it holds, such as Novartis, Roche and Nestlé. Because the fund pays only twice a year, retirees who rely on it for income get fewer and larger checks than they would from a quarterly or monthly payer.
What are FLSW's top holdings?
As of June 30, 2026, FLSW's largest holdings were Novartis (13.5%), Roche (13.3%), Nestlé (12.2%), ABB (7.8%) and UBS (4.4%). Richemont, Zurich Insurance, Lonza, Swiss Re and Holcim rounded out the top 10. Together, those ten made up 66.5% of the fund. It held 49 companies in total, and 98.7% of its assets were in Switzerland. Its index was concentrated in pharmaceuticals as of May 31, 2026.
What's the difference between FLSW and BBEU?
FLSW holds only Swiss stocks, while JPMorgan BetaBuilders Europe ETF (BBEU) spreads across Europe. The two share only about 14% of their holdings. Both charge 0.09%. BBEU is far larger, with about $9.36 billion in net assets as of July 31, 2026, against FLSW's $82.7 million as of June 30, 2026. As of October 27, 2026, FLSW returned 13.4% over one year versus 9.5% for BBEU. Over three years, BBEU returned 19.8% a year to FLSW's 17.8%.
How much does FLSW cost?
FLSW's expense ratio is 0.09% a year, according to its prospectus filed July 27, 2026. That is below the 0.21% average of the comparable European funds and ranks third-cheapest of the seven compared. Under the SEC's standard example ($10,000 invested, 5% annual return), total costs would come to about $9 after one year, $29 after three, $51 after five and $116 after ten. Turnover was a low 12%, which keeps trading costs inside the fund down.
How has FLSW performed since it launched?
FLSW returned 9.88% a year from its February 2018 launch through December 31, 2025, according to its prospectus. Over the same period, its capped index returned 9.44%. Its five-year return was 8.54% a year, and 2025 alone gained 33.1%. Returns have swung widely, though. The fund lost 18.3% in 2022, and its worst quarter fell 14.59%. Based on price, it returned 13.4% over the year to October 27, 2026.