EMDM
First Trust Bloomberg Emerging Market Democracies ETF
EMDM follows a principles-based index of large- and mid-cap companies located in emerging market countries considered to have electoral democracy. Holdings are weighted based on a combination of governance score and market capitalization.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
12.3 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | First Trust |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 02, 2023 |
| Assets (mns) | $12 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Principles-based |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| TAIWAN SEMICONDUCTOR MANUFAC | 9.7 % |
| SAMSUNG ELECTRONICS CO LTD | 8.5 % |
| GRUPO MEXICO S.A.B. DE C.V. CLASS B | 5.4 % |
| HYNIX SEMICONDUCTOR INC | 3.8 % |
| NASPERS LTD-N SHS | 3.4 % |
| ANGLOGOLD ASHANTI LTD | 2.8 % |
| OTP BANK PLC | 2.8 % |
| PETROBRAS - PETROLEO BRAS-PR | 2.7 % |
| AMERICA MOVIL, S.A.B. DE C.V. (CLASS B) | 2.7 % |
| GOLD FIELDS LTD | 2.6 % |
Constituent Breakdown
| Number of holdings | 108 |
| Herfindahl-Hirschman Index | 329 |
| Wgt avg mkt cap (mns) | $186,770 |
| Large cap (>$10bn) | 95.0% |
| Mid cap ($2-10bn) | 0.1% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 96.8% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
SOUTH KOREA | 16.8 % |
 |
TAIWAN | 14.8 % |
 |
BRAZIL | 14.7 % |
 |
SOUTH AFRICA | 14.6 % |
 |
INDIA | 14.0 % |
 |
MEXICO | 11.4 % |
 |
POLAND | 5.9 % |
 |
HUNGARY | 2.8 % |
 |
PERU | 1.5 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 49.9% | 39.2% | 19.5% | -- | -- | -- | -- | 16.2% |
| Dividend Yield | 1.1% | 1.0% | 1.3% | -- | -- | -- | -- | 1.6% |
| Total Returns | 51.0% | 40.2% | 20.8% | -- | -- | -- | -- | 17.8% | Ann. Volatility | 20.0% | 19.9% | 18.2% | -- | -- | -- | -- | 17.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.77 | 57% |
| MSCI EAFE | 0.97 | 65% |
| MSCI Emg Mkts | 1.00 | 79% |
Liquidity Measures
| Avg. volume (000) | 6 |
| ADV traded (mns) | $0 |
| Turnover | 1.5% |
| Avg. Bid/Ask (% of price) | 0.25% |
Technical Indicators
| 30d moving avg. (EMA) | $30.17 |
| Relative strength (RSI) | 61 |
| MACD/Signal | 0.27/0.27 |
| Bollinger Bands (Upper/Lower) | $31.20/$29.71 |
| Short interest (% of AUM) | 5.2% |
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. EMDM |
Expenses vs. EMDM |
ALTAR Score™ vs. EMDM |
|---|---|---|---|---|
| STXE | Strive Emerging Markets Ex-China ETF | 54.8% | -43 bp | +7.5% |
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 48.7% | 0 bp | +9.1% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 46.2% | -51 bp | +7.3% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 44.7% | -50 bp | +6.9% |
| XCEM | Columbia EM Core ex-China ETF | 39.7% | -59 bp | +7.6% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 37.6% | -60 bp | +7.4% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 37.5% | -43 bp | +5.7% |
| EEM | iShares MSCI Emerging Markets ETF | 35.9% | -6 bp | +9.5% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 35.8% | -26 bp | +9.2% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | 35.7% | -45 bp | +9.5% |
Risk and Returns: EMDM 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 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 12/8/2025
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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
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
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
EMDM
10.0%
Cat. Avg
7.7%
ALTAR Score™ Calculation
Category Overview
There are 126 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.7% and a standard deviation of
2.7%. EMDM's ALTAR Score™ is approximately
0.9 standard deviations
above
the category average. This places EMDM in the 80th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
EMDMSELL
U/W
HOLD
O/W
BUY