Every Third Friday | ETF monthly talks by Franklin Templeton

From Iran to Europe: reading risk, building resilience

This month, we focus on how investors can manage a market environment shaped by geopolitical tension and rising uncertainty. We begin with the evolving situation in Iran and its implications for global stability, from oil price volatility to the uneven impact on regional and global markets. In the first part, Marcus Weyerer, CFA, Director of ETF Investment Strategy EMEA at Franklin Templeton ETFs, examines how investors have reacted to the crisis, why Brazil is emerging as an interesting defensive play, and what the latest European earnings season tells us about the region’s structural outlook. In the second part, Giancarlo Fragomeno, ETF Product Specialist at Franklin Templeton, turns to implementation, explaining the role active ETFs can play in today’s market landscape. He outlines how these strategies differ from traditional passive products and why they can offer investors a more flexible way to stay resilient in periods of heightened geopolitical risk and volatility.

Reading the market using active ETFs: from backdrop to portfolio

This month we move from the market backdrop to real-world portfolio building.We start in the U.S., where earnings season has sharpened the picture on fundamentals, with tech still leading and signs of market leadership broadening beyond the mega-caps. We also unpack the themes shaping sentiment, from debt-financed AI capex to the “SaaSpocalypse” narrative after a sharp correction in parts of the software space.In the first part, Marcus Weyerer, CFA, Director of ETF Investment Strategy EMEA at Franklin Templeton ETFs, walks through the key market signals and connects them to the rapid rise of active ETFs.In the second part, Lisa Wang, CFA, Head of EMEA Investment Strategy at Franklin Templeton Investment Solutions, it down to portfolio level, explaining how to focus on “compensated” risks and use a disciplined core–satellite approach to stay close to the market while aiming to add value over time.

Beyond the headlines: geopolitics, fundamentals and the power of global dispersion

Every Third Friday is back with a new episode and Franklin Templeton’s global perspective on ETFs. We open 2026 in a rapidly shifting geopolitical environment. From unexpected developments in Venezuela to the quieter but deeply structural changes underway in Saudi Arabia, headlines are once again driving market sentiment. But for investors, the real signals often lie elsewhere. In this episode, we focus on how to look beyond geopolitical noise and reconnect investment decisions to economic fundamentals. As markets work to distinguish short-term shocks from long-term trends, global diversification and market dispersion are becoming increasingly central to portfolio construction. In the first part, Marcus Weyerer, CFA, Director of ETF Investment Strategy EMEA at Franklin Templeton ETFs, analyzes recent geopolitical events and explains why earnings, fundamentals and the ongoing reporting season remain the true compass for investors navigating 2026. In the second part, Dina Ting, CFA, Head of Global Index Portfolio Management at Franklin Templeton ETFs, takes us into the evolving dynamics of global markets. With dispersion rising across regions, she discusses how country-specific ETF strategies can help investors identify opportunities as market leadership continues to shift. A conversation on how to stay disciplined, selective and globally diversified in an increasingly complex investment landscape.

3x3: wrapping up 2025 and charting new routes for 2026

For this month of December, as we conclude an eventful 2025, we present a final wrap-up of a year that has rewritten the rules of global markets. Marcus Weyerer, CFA and Director of ETF Investment Strategy EMEA at Franklin Templeton, will guide us through a financial year-in-review based on the "rule of three" to analyze what worked and what lies ahead. We will revisit the volatility shocks that challenged American exceptionalism and take a closer look at the year’s three top performers, exploring the reasons behind an all-Emerging podium. Finally, we will look forward to 2026 through three key outlooks, ranging from Fed independence to the search for tangible returns from Artificial Intelligence. Let's dive in!

The diversification opportunity beyond the Magnificent Seven

This month, as anticipated in the last episode, we will focus on the opportunities related to small and mid companies, with a look at the US market that goes beyond the Magnificent Seven. Indeed, after a period of market dominance by mega-cap companies, the question arises spontaneously: is it time to look beyond the S&P 500?The answer comes this November from Marcus Weyerer, CFA, Director of ETF Investment Strategy EMEA at Franklin Templeton ETFs, and Greg Herneman, Client Portfolio Manager at Clearbridge Investments. They will explain their view on the future performance of SMIDs and detail the benefits of diversification and an active approach, which may prove crucial in this current context.