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Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000QLV3SY5Ticker: FREPIssuer: Franklin TempletonClass: SINGLCLASS
Issuer-declared data
Declared index
MSCI EM Climate Paris Aligned PAB Index-NR
TER
0.18%
Transaction costs
0.34% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
7.6 mln EUR
NAV
44.02 USD (1 September 2026)
Domicile
Ireland
Inception date
9 March 2023
Data as declared by Franklin Templeton in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETF tracks the issuer-declared index: MSCI EM Climate Paris Aligned PAB Index-NR. The declared annual cost (TER) is 0.18%, plus 0.34% in transaction costs estimated by the issuer in the KID. Replication is optimised physical replication; income is accumulated and reinvested in the fund. The fund has assets of about 8 million euro, was launched on 9 March 2023 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Investment Objective To provide exposure to large and mid-capitalisation stocks in emerging market countries which are aligned to the transition to a low carbon economy.

Keep reading the KID section ▾

Investment PolicyThe Fund invests in equities of medium and large market capitalization companies (in emerging market countries) that transition to a lower carbon economy or are less exposed to climate transition risks. These investments are included in the benchmark. The benchmark is based on the MSCI Emerging Markets Index, its parent index, and includes large and mid-capitalisation securities across 27 emerging market countries and is constructed to follow the EU Paris-aligned Benchmark (EU PAB) Regulations (Regulation (EU) 2019/2089) (the “PAB Regulations”). The benchmark aims to overweight companies which are exposed to climate transition opportunities and underweight those companies which are exposed to climate transition risks. The Index seeks to reduce exposure to high carbon emitters. Derivatives and techniques The Fund may use derivatives for hedging and efficient portfolio management. Strategy The investment manager seeks to minimise the difference between the Fund’s performance and that of the benchmark (tracking error), regardless of whether the benchmark level rises or falls. SFDR category Article 8 (promotes environmental and/or social characteristics under EU regulations). The Index follows the PAB Regulations which are designed to help investors shift towards a low-carbon economy and align investments to the Paris Climate Agreement. The Index tracks the performance of eligible equity securities, selected and weighted to be collectively compatible with a 1.5ºC global warming climate scenario and to meet several other climate-themed objectives. The Index also applies exclusions based on companies’ involvement in specific business activities.

From the KID’s “Objectives” section · 2 September 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.18%: below the median of equity ETFs we track (0.22%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Mar 2023 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+80.0%
Annualised
+18.3%
Volatility (ann.)
16.7%
Max drawdown
-14.67%
-11%+15%+41%+67%+92%Mar 2023Jan 2024Dec 2024Oct 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+80%Mar 2023Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-5%-10%-15%-20%2023202420252026−14.67% · 07 Apr 2025
Max drawdown
-14.67%
peak → trough
Trough
07 Apr 2025
from the 02 Oct 2024 peak
Recovery time
60 days
recovery only: trough to break-even · ≈ 2 months
Underwater
247 days
decline + recovery: peak to break-even · ≈ 8 months · → recovered on 06 Jun 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
02 Oct 202407 Apr 2025-14.67%06 Jun 2025247
31 Jul 202326 Oct 2023-14.14%09 Apr 2024253
22 Jun 202629 Jul 2026-13.45%ongoing78
26 Feb 202631 Mar 2026-12.68%16 Apr 202649
12 Jul 202405 Aug 2024-9.10%20 Sept 202470

Calendar-year returns

2023
4.6%
2024
6.3%
2025
32.2%
2026
22.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20269.43.8-12.314.87.9-1.2-3.82.71.822.6
20252.30.40.01.93.65.11.52.86.83.4-2.02.732.2
2024-5.75.22.40.30.23.01.12.46.7-4.5-3.7-0.66.3
2023-2.3-1.33.75.0-6.2-3.8-3.97.74.34.6
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: Franklin Templeton. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER.
Declared TER
0.18%
YearFundIndexDifference
2025+32.21%+32.59%-0.38%
2024+6.29%+6.91%-0.62%
Monthly index series (issuer-declared): the yearly TD compounds the 12 months. Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsFull history
Volatility (ann.)20.63%16.23%15.72%
Max drawdown-13.36%-16.24%-16.24%
Sharpe1.410.900.74
Sortino2.091.271.04
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
357
Top-10 weight
42.2%

Top 10 holdings

TAIWAN SEMICONDUCT TWD 10 · 2330
17.01%
SAMSUNG ELECTRONI KRW 100 · 005930
6.96%
SK HYNIX INC KRW 5000 · 000660
5.12%
TENCENT HOLDI HKD 0.00002 · 700
3.67%
DELTA ELECTRONICS TWD 10 · 2308
2.15%
MEDIATEK INC TWD 10 · 2454
2.12%
ALIBABA G USD 0.000003125 · 9988
1.72%
BHARAT ELECTRONICS INR 1 · BHE
1.39%
GRUPO AEROPORT DE MXN NPV · GAPB
1.06%
YUANTA FINANCIAL H TWD 10 · 2885
1.03%

Sectors

Tecnologia Informatica
43.9%
Finanziari
18.8%
Industriali
9.2%
Servizi di comunicazione
6.6%
Beni di consumo discrezionali
5.9%
Assistenza Sanitaria
4.3%
Immobiliare
2.9%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 4.3%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 0.8%China: 18.2%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.5%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 0.7%Indonesia: 0.3%India: 11.6%IrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 16.3%KosovoKuwait: 0.3%LaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourg: 0.1%LatviaMoroccoMoldovaMadagascarMexico: 4.5%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeru: 0.3%Philippines: 0.1%Papua New GuineaPoland: 2.6%Puerto RicoNorth KoreaPortugalParaguayQatar: 0.1%RomaniaRussiaRwandaWestern SaharaSaudi Arabia: 2.5%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailand: 0.7%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkey: 0.7%Taiwan: 29.6%United Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 0.2%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Taiwan29.6%
China18.2%
South Korea16.3%
India11.6%
Mexico4.5%
Brazil4.3%
Sud Africa3.3%
⬇ Download the full portfolio — Excel, 357 rows
Full portfolio declared by Franklin Templeton, as of 26 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE000QLV3SY5
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 1,000 €, agreement until 30 June 2027
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)FREP14 Mar 2023
Börse DüsseldorfFVEM17 Mar 2023
Börse FrankfurtFVEM10 Mar 2023
Börse HamburgFVEM23 Oct 2023
Börse HannoverFVEM9 Dec 2024
Börse München / gettexFVEM10 Nov 2022
Börse StuttgartFVEM24 Mar 2023
Euronext ParisFREP25 Nov 2024
Tradegate ExchangeFVEM18 Dec 2023
Xetra (Deutsche Börse)FVEM10 Mar 2023
+ 10 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETF track?
The issuer Franklin Templeton declares the benchmark: MSCI EM Climate Paris Aligned PAB Index-NR.
How much does FREP cost?
The issuer-declared TER is 0.18% per year; the transaction costs estimated in the KID are 0.34%.
How is FREP taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of FREP?
The fund size declared by Franklin Templeton is about 8 million euro.
When was FREP launched?
The fund was launched on 9 March 2023: it has 3 years of history.
How does FREP replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Optimised”).
Does FREP pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does FREP trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (FREP), Börse Düsseldorf (FVEM), Börse Frankfurt (FVEM), Börse Hamburg (FVEM), Börse Hannover (FVEM), Börse München / gettex (FVEM).
What was FREP's worst fall?
Over the available history (since 2023), the maximum drawdown was -14.67%, reached in April 2025. Past performance is not indicative of future results.
How many securities does FREP hold?
The declared portfolio holds 357 securities; the top 10 positions weigh 42.2%.
Transparency note
The data in this sheet is declared by Franklin Templeton in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.