FRDM

Freedom 100 Emerging Markets ETF

FRDM tracks the Life + Liberty Freedom 100 Emerging Markets Index. The Index is a freedom-weighted EM equity strategy that uses human and economic freedom metrics as primary factors in the investment selection process.


Emerging Market

EQUITY

Rules-Based

MANAGEMENT STYLE

896.1 M

ASSETS UNDER MGMT

49 bp

EXPENSES
Fund Basics
Fund sponsorEmpirical Finance LLC
CategoryEmerging
Asset classEquity
Websitelink...
Inception dateMay 22, 2019
Assets (mns)$896
Expense ratio49 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsQuarterly
Taxation1099
Stock selectionPrinciples-based
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
SAMSUNG ELECTRONICS CO LTD 8.4 %
TAIWAN SEMICONDUCTOR-SP ADR 5.9 %
LAN AIRLINES SA 3.9 %
BANK PEKAO SA 3.8 %
S.A.C.I. FALABELLA 3.8 %
BANCO DE CHILE 3.7 %
HYNIX SEMICONDUCTOR INC 3.1 %
MEDIATEK INC 3.0 %
VALE SA 2.7 %
HON HAI PRECISION INDUSTRY 2.6 %
Constituent Breakdown
Number of holdings108
Herfindahl-Hirschman Index 261
Wgt avg mkt cap (mns)$87,819
Large cap (>$10bn)70.1%
Mid cap ($2-10bn)21.6%
Small cap (<$2bn)4.7%
Developed mkts.1.4%
Emerging mkts.98.6%
Country Exposure
CHILE 20.7 %
TAIWAN 18.2 %
SOUTH KOREA 16.9 %
POLAND 13.2 %
BRAZIL 7.3 %
SOUTH AFRICA 6.5 %
MALAYSIA 5.6 %
INDONESIA 2.3 %
INDIA 2.0 %
PHILIPPINES 1.9 %
Historical Performance


Standardized Performance (as of 02/28/2025)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 5.5% 6.9% 11.4% 3.5% 9.5% -- 7.8%
Volatility 19.9% 19.0% 17.8% 19.9% 23.0% -- --
Market Correlations
versus...BetaR-squared
S&P 5001.0670%
MSCI EAFE1.1077%
MSCI Emg Mkts1.0470%
Liquidity Measures
Avg. volume (000)136
Turnover0.5%
Avg. Bid/Ask (% of price)0.33%
ADV of underlying (mns)$2,833
Technical Indicators
Recent close$35.21
30d moving avg.$35.48
Annualized volatility21.6%
Relative strength (RSI)50
Short interest (ETF)0.2%
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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Risk and Returns: FRDM vs. Comps (1 YR)

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Results & Estimates
  2020 2021 2022 2023 2024 2025E 2026E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
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Book value per share -- -- -- -- -- -- --
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Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2024 2025E Fwd Est 2026E
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 --%
1.1 10.8 1.5 3.7% --
Based on closing prices from 4/2/2025
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
FRDM



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

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

FRDM

9.1%

Cat. Avg

9.9%


ALTAR Score™ Calculation

Category Overview
There are 156 funds in the Emerging Equity category, with an average ALTAR Score™ of 9.9% and a standard deviation of 4.1%. FRDM's ALTAR Score™ is approximately 0.2 standard deviations below the category average. This places FRDM in the 42nd percentile among funds in the category.
Sell Side Consensus Rating

Sell-side recommendations on the ETF's individual constituents

FRDM
Peer Average
SELL
U/W
HOLD
O/W
BUY
Factor Scorecard

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Expense Analysis

Peer Group Rules-Based
Emerging Market Equity ETFs
# of ETFs 103
Avg. Expense Ratio 64.6 bp
Std. Deviation 29 bp
FRDM (49 bp) Percentile rank 29
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
FRDM 49.0 33.4 82.4
Peer Avg. 48.3 42.3 90.6
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .