FMQQ
FMQQ The Next Frontier Internet & Ecommerce ETF
FMQQ is a passively managed fund that invests in internet and e-commerce companies from emerging and frontier markets.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
28.4 M
ASSETS UNDER MGMT
86 bp
EXPENSES
Fund Basics
| Fund sponsor | Exchange Traded Concepts |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 27, 2021 |
| Assets (mns) | $28 |
| Expense ratio | 86 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| RELIANCE INDS-SPONS GDR 144A | 30.0 % |
| SEA LTD. (SINGAPORE) SPONSORED ADR CLASS | 8.6 % |
| MERCADOLIBRE INC | 8.2 % |
| NU HOLDINGS LTD. CLASS A | 7.3 % |
| BAJAJ FINANCE LIMITED | 5.6 % |
| KASPI.KZ JSC SPONSORED GDR REGS | 4.8 % |
| GRAB HOLDINGS LTD. (SINGAPORE) CLASS A | 4.6 % |
| MAKEMYTRIP LTD | 3.9 % |
| ZOMATO LTD. | 3.9 % |
| PB FINTECH LIMITED | 3.4 % |
Constituent Breakdown
| Number of holdings | 43 |
| Herfindahl-Hirschman Index | 1,310 |
| Wgt avg mkt cap (mns) | $98,998 |
| Large cap (>$10bn) | 78.5% |
| Mid cap ($2-10bn) | 20.1% |
| Small cap (<$2bn) | 1.5% |
| Developed mkts. | 15.3% |
| Emerging mkts. | 84.7% |
Country Exposure
 |
INDIA | 53.0 % |
 |
SINGAPORE | 13.1 % |
 |
ARGENTINA | 8.8 % |
 |
SOUTH KOREA | 8.5 % |
 |
CAYMAN ISLANDS | 7.3 % |
 |
BRAZIL | 5.6 % |
 |
KAZAKHSTAN | 4.8 % |
 |
POLAND | 4.3 % |
 |
INDONESIA | 2.7 % |
 |
LUXEMBOURG | 2.7 % |
Historical Performance
Standardized Performance (as of 01/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 1.8% | 15.0% | 8.0% | -10.1% | -- | -- | -18.2% | Volatility | 21.8% | 16.5% | 18.0% | 26.1% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.23 | 75% |
| MSCI EAFE | 1.17 | 69% |
| MSCI Emg Mkts | 1.13 | 64% |
Liquidity Measures
| Avg. volume (000) | 7 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.52% |
| ADV of underlying (mns) | $1,550 |
Technical Indicators
| Recent close | $12.92 |
| 30d moving avg. | $12.70 |
| Annualized volatility | 24.5% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FMQQ |
Expenses vs. FMQQ |
ALTAR Score™ vs. FMQQ |
|---|---|---|---|---|
| EMQQ | EMQQ The Emerging Markets Internet & Ecommerce ETF | 67.6% | 0 bp | +0.3% |
| INQQ | India Internet & Ecommerce ETF | 54.4% | 0 bp | +1.2% |
| EPI | WisdomTree India Earnings Fund | 29.8% | -1 bp | +4.6% |
| FLIN | Franklin FTSE India ETF | 27.1% | -67 bp | +3.2% |
| MINV | Matthews Asia Innovators Active ETF | 17.8% | -7 bp | -1.2% |
| CGXU | Capital Group International Focus Equity ETF | 16.2% | -32 bp | +2.6% |
| KEMQ | KraneShares Emerging Markets Consumer Technology Index ETF | 16.2% | -26 bp | -1.1% |
| DGIN | VanEck Digital India ETF | 15.4% | -15 bp | -1.2% |
| EWS | iShares MSCI Singapore ETF | 12.5% | -36 bp | +2.5% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 11.9% | -54 bp | +3.9% |
Risk and Returns: FMQQ vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 2/21/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
FMQQ
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
FMQQ
1.8%
Cat. Avg
7.3%
ALTAR Score™ Calculation
Category Overview
There are 160 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.3% and a standard deviation of
3.8%. FMQQ's ALTAR Score™ is approximately
1.5 standard deviations
below
the category average. This places FMQQ in the 7th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
FMQQSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| FMQQ (86 bp) Percentile rank | 77 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FMQQ | 86.0 | 51.8 | 137.8 |
| Peer Avg. | 64.7 | 46.4 | 111.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .