Given the heightened valuations in the U.S. after a multi-year bull run – the S&P 500 trades at a 18.5 price-to-earnings and a 2.4 price-to-book, investors are also eyeing international markets that appear to have more attractive valuations. For example, the FTSE Russia RIC Capped Index shows a low 0.7 price-to-book and a 7.0 price-to-earnings.

Other relatively cheap foreign markets include the FTSE South Korea RIC Capped Index with 1.1 P/B and 10.4 P/E; the FTSE Italy RIC Capped Index with a 1.1 P/B and a 10.4% P/E; and FTSE Japan RIC Capped Index 1.4 P/B and 14.3 P/E. To track these markets, ETF investors may consider the Franklin FTSE South Korea ETF (NYSEArca: FLKR), Franklin FTSE Italy ETF (NYSEArca: FLIY) and Franklin FTSE Japan ETF (NYSEArca: FLJP).

Moreover, this relatively new suite of country-specific ETFs out of Franklin Templeton have a dirt cheap cost, with each ETF only costing investors a 0.09% expense ratio.

“The goal of our collaboration with FTSE Russell is to provide investors with the ability to gain access to a diversified set of efficient non-US market exposures through our Franklin LibertyShares index-based ETFs,” Patrick O’Connor, head of global ETFs for Franklin Templeton Investments, said in a note.

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