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
972.4 M
ASSETS UNDER MGMT
49 bp
EXPENSES
Fund Basics
| Fund sponsor | Empirical Finance LLC |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | May 22, 2019 |
| Assets (mns) | $972 |
| Expense ratio | 49 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| SAMSUNG ELECTRONICS CO LTD | 8.3 % |
| TAIWAN SEMICONDUCTOR-SP ADR | 5.6 % |
| BANCO DE CHILE | 4.2 % |
| LAN AIRLINES SA | 4.0 % |
| BANK PEKAO SA | 3.9 % |
| S.A.C.I. FALABELLA | 3.8 % |
| HYNIX SEMICONDUCTOR INC | 2.9 % |
| MEDIATEK INC | 2.9 % |
| CENCOSUD SA | 2.8 % |
| VALE SA | 2.5 % |
Constituent Breakdown
| Number of holdings | 108 |
| Herfindahl-Hirschman Index | 278 |
| 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 | 21.5 % |
 |
TAIWAN | 17.2 % |
 |
SOUTH KOREA | 16.5 % |
 |
POLAND | 13.5 % |
 |
BRAZIL | 7.1 % |
 |
SOUTH AFRICA | 6.4 % |
 |
MALAYSIA | 5.6 % |
 |
INDONESIA | 2.1 % |
 |
INDIA | 2.1 % |
 |
PHILIPPINES | 2.0 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 5.5% | 6.3% | 9.6% | 1.5% | 7.5% | -- | -- | 5.8% |
| Dividend Yield | 1.8% | -1.9% | 1.8% | 1.7% | 7.6% | -- | -- | 1.2% |
| Total Returns | 7.3% | 4.4% | 11.4% | 3.2% | 15.1% | -- | -- | 7.0% | Ann. Volatility | 19.9% | 19.0% | 17.8% | 19.9% | 23.0% | -- | -- | 22.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.00 | 65% |
| MSCI EAFE | 1.10 | 78% |
| MSCI Emg Mkts | 1.06 | 72% |
Liquidity Measures
| Avg. volume (000) | 250 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.33% |
| ADV of underlying (mns) | $2,833 |
Technical Indicators
| Recent close | $35.36 |
| 30d moving avg. | $34.76 |
| Annualized volatility | 21.5% |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FRDM |
Expenses vs. FRDM |
ALTAR Score™ vs. FRDM |
|---|---|---|---|---|
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 29.6% | +26 bp | +0.7% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 25.6% | -25 bp | -0.6% |
| EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 24.8% | +26 bp | +1.2% |
| XCEM | Columbia EM Core ex-China ETF | 22.3% | -33 bp | -0.5% |
| ECH | iShares MSCI Chile ETF | 20.3% | +9 bp | -0.2% |
| STXE | Strive Emerging Markets Ex-China ETF | 20.2% | -17 bp | -0.9% |
| ECON | Columbia Emerging Markets Consumer ETF | 19.7% | 0 bp | +4.3% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 18.7% | -17 bp | -3.5% |
| FLN | First Trust Latin America AlphaDEX Fund | 18.1% | +31 bp | +1.0% |
| AIA | iShares Asia 50 ETF | 17.9% | +1 bp | +6.5% |
Risk and Returns: FRDM 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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 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 | --% |
Based on closing prices from 4/23/2025
Peer Group Comparison Sample data. Subscribe for access.
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
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
10.0%
ALTAR Score™ Calculation
Category Overview
There are 154 funds in the Emerging Equity category, with an average ALTAR Score™
of 10.0% and a standard deviation of
4.2%. 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
FRDMSELL
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 |
| 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. | 48.7 | 41.5 | 90.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .