Credit: Magnific
Five Franklin Templeton ETF BDRs began trading on B3 on September 23, 2026. Three are backed by international equity funds, while the other two represent products tied to the prices of bitcoin and ether. The receipts trade in Brazilian reais, in minimum lots of one, with Banco B3 serving as depositary.
An ETF BDR is a certificate issued in Brazil and backed by shares of a fund traded abroad. Investors buy and sell the receipt on the Brazilian exchange, while the underlying fund’s strategy, holdings, and expenses are determined overseas. Trading in reais does not remove currency exposure. A BDR’s price reflects the foreign asset, movements in the relevant currencies, and trading conditions for the receipt itself.
USPX39 holds large and mid-cap U.S. stocks
USPX39 represents the Franklin U.S. Equity Index ETF. The fund seeks to track the Morningstar US Target Market Exposure Index before expenses. The index holds U.S. stocks weighted by free float-adjusted market capitalization. The ETF held 481 positions on September 10, with 99.42% of its geographic exposure in the United States. Nvidia, Apple, Microsoft, Amazon, and Alphabet were among its leading holdings.
USPX has the largest number of companies among the five underlying products, but its weighting gives the biggest U.S. companies considerable influence over performance. The index it tracks is not the S&P 500. The underlying ETF’s stated annual expense ratio is 0.03%. That figure describes the foreign fund, rather than every cost that may apply when trading its BDR.
FLTW39 pairs Taiwan exposure with a heavy technology weighting
FLTW39 represents the Franklin FTSE Taiwan ETF, which seeks to track the FTSE Taiwan Capped Index. Although the fund held 133 positions on September 10, its sector exposure was concentrated: information technology accounted for 75.70% of the portfolio. Taiwan Semiconductor Manufacturing, MediaTek, Delta Electronics, and Hon Hai Precision Industry were among its leading holdings.
This composition makes semiconductors and the electronics manufacturing supply chain central to the fund’s exposure. Investing in the Taiwan BDR therefore does not mean holding an even spread of sectors across the local economy. The underlying ETF’s stated annual expense ratio is 0.19%.
FTIN39 provides access to Indian stocks
FTIN39 is backed by the Franklin FTSE India ETF, which trades in the United States under the ticker FLIN. The fund tracks the FTSE India Capped Index and held 280 positions in early September. Reliance Industries, HDFC Bank, ICICI Bank, Bharti Airtel, and Infosys were among its leading holdings.
Financial companies accounted for 28.87% of the portfolio on September 3, followed by consumer discretionary at 12.65% and industrials at 11.18%. These weights distinguish the India product from the Taiwan fund. Both focus on a single country, but their sector exposures differ. The underlying FLIN fund’s stated annual expense ratio is 0.19%.
EZBC39 and EZET39 track different cryptoassets
EZBC39 represents the Franklin Bitcoin ETF, which seeks to reflect the price of bitcoin before fund expenses. EZET39 represents the Franklin Ethereum ETF, which focuses on the price of ether. Each underlying fund holds its respective cryptoasset. A BDR holder, however, owns a certificate backed by shares of the foreign fund, rather than the digital currency directly. Each underlying product has a stated annual expense ratio of 0.19%.
EZET has an additional distinction: tracking ether’s price is different from taking part in the operation of the Ethereum network. The fund does not stake the ether it holds, so it does not receive the economic benefits of staking. Each crypto fund concentrates its exposure in a single asset. Movements in that asset’s price combine with currency movements in the value of the BDR traded in reais.
This content is provided for informational purposes only and does not constitute a recommendation to invest in, buy, or sell any asset.
