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
879.9 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) | $880 |
| 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 +
| TAIWAN SEMICONDUCTOR-SP ADR | 12.2 % |
| HON HAI PRECISION INDUSTRY | 5.8 % |
| SAMSUNG ELECTRONICS CO LTD | 5.1 % |
| BANK PEKAO SA | 3.6 % |
| MEDIATEK INC | 3.5 % |
| HYNIX SEMICONDUCTOR INC | 3.3 % |
| QUIMICA Y MINERA CHIL-SP ADR | 2.9 % |
| BANCO DE CHILE | 2.6 % |
| S.A.C.I. FALABELLA | 2.4 % |
| DELTA ELECTRONICS INC | 2.1 % |
Constituent Breakdown
| Number of holdings | 109 |
| Herfindahl-Hirschman Index | 325 |
| Wgt avg mkt cap (mns) | $138,619 |
| Large cap (>$10bn) | 67.0% |
| Mid cap ($2-10bn) | 27.5% |
| Small cap (<$2bn) | 3.0% |
| Developed mkts. | 1.8% |
| Emerging mkts. | 98.2% |
Country Exposure
 |
TAIWAN | 30.9 % |
 |
CHILE | 16.3 % |
 |
SOUTH KOREA | 14.0 % |
 |
POLAND | 12.0 % |
 |
SOUTH AFRICA | 6.8 % |
 |
BRAZIL | 4.4 % |
 |
MALAYSIA | 3.4 % |
 |
THAILAND | 3.1 % |
 |
INDONESIA | 2.8 % |
 |
LUXEMBOURG | 1.7 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 6.3% | 25.9% | 19.1% | 4.8% | 7.9% | -- | 7.4% | Volatility | 18.5% | 18.7% | 18.2% | 19.9% | 23.0% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.06 | 73% |
| MSCI EAFE | 1.04 | 74% |
| MSCI Emg Mkts | 1.02 | 69% |
Liquidity Measures
| Avg. volume (000) | 137 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.33% |
| ADV of underlying (mns) | $5,134 |
Technical Indicators
| Recent close | $33.52 |
| 30d moving avg. | $35.80 |
| Annualized volatility | 21.4% |
| Relative strength (RSI) | 46 |
| 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 |
|---|---|---|---|---|
| EMM | Global X Emerging Markets ex-China ETF | 28.8% | +26 bp | -3.1% |
| EMC | Global X Emerging Markets Great Consumer ETF | 27.7% | +26 bp | -2.8% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 24.9% | -25 bp | +1.9% |
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 22.8% | +26 bp | +1.7% |
| EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 21.8% | +26 bp | +0.9% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 21.1% | -17 bp | -1.3% |
| STXE | Strive Emerging Markets Ex-China ETF | 20.6% | -17 bp | -0.3% |
| XCEM | Columbia EM Core ex-China ETF | 20.5% | -33 bp | +0.4% |
| AIA | iShares Asia 50 ETF | 19.7% | +1 bp | -0.7% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 17.7% | -24 bp | -0.6% |
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
| 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 11/14/2024
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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
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
7.3%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 165 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
4.1%. FRDM's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places FRDM in the 46th 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 | 30 |
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. | 47.4 | 39.4 | 86.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .