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
8.5 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) | $8 |
| 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 | 9.9 % |
| SAMSUNG ELECTRONICS CO LTD | 7.4 % |
| NASPERS LTD-N SHS | 4.8 % |
| GRUPO MEXICO S.A.B. DE C.V. CLASS B | 4.3 % |
| GRUPO FINANCIERO BANORTE-O | 3.1 % |
| PETROBRAS - PETROLEO BRAS-PR | 2.8 % |
| AMERICA MOVIL, S.A.B. DE C.V. (CLASS B) | 2.8 % |
| FOMENTO ECONOMICO MEXICANO SAB DE CV UNI | 2.7 % |
| PKO BANK POLSKI SA | 2.6 % |
| OTP BANK PLC | 2.6 % |
Constituent Breakdown
| Number of holdings | 107 |
| Herfindahl-Hirschman Index | 302 |
| Wgt avg mkt cap (mns) | $111,428 |
| Large cap (>$10bn) | 95.1% |
| Mid cap ($2-10bn) | 0.1% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 96.4% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
TAIWAN | 15.9 % |
 |
SOUTH KOREA | 15.6 % |
 |
SOUTH AFRICA | 15.5 % |
 |
INDIA | 13.9 % |
 |
BRAZIL | 13.6 % |
 |
MEXICO | 12.2 % |
 |
POLAND | 6.1 % |
 |
HUNGARY | 2.6 % |
 |
PERU | 1.6 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 15.2% | 4.2% | 8.1% | -- | -- | -- | -- | 6.8% |
| Dividend Yield | 0.0% | 0.7% | 1.6% | -- | -- | -- | -- | 1.4% |
| Total Returns | 15.2% | 4.9% | 9.7% | -- | -- | -- | -- | 8.3% | Ann. Volatility | 24.7% | 20.9% | 18.3% | -- | -- | -- | -- | 18.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.66 | 32% |
| MSCI EAFE | 0.68 | 39% |
| MSCI Emg Mkts | 0.95 | 59% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.31% |
Technical Indicators
| Recent close | $24.22 |
| 30d moving avg. | $23.21 |
| Annualized volatility | 15.5% |
| Relative strength (RSI) | 64 |
| Short interest | 0.1% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| STXE | Strive Emerging Markets Ex-China ETF | 51.3% | -43 bp | +7.8% |
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 46.4% | 0 bp | +8.6% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 45.0% | -51 bp | +8.3% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 44.1% | -50 bp | +7.7% |
| XCEM | Columbia EM Core ex-China ETF | 37.1% | -59 bp | +8.2% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 36.6% | -43 bp | +6.0% |
| EEM | iShares MSCI Emerging Markets ETF | 35.9% | -6 bp | +10.5% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 35.8% | -26 bp | +10.4% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 35.7% | -45 bp | +10.6% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 35.1% | -60 bp | +8.3% |
Risk and Returns: 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 6/15/2025
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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
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
10.2%
Cat. Avg
8.2%
ALTAR Score™ Calculation
Category Overview
There are 112 funds in the Emerging Equity category, with an average ALTAR Score™
of 8.2% and a standard deviation of
2.6%. 's ALTAR Score™ is approximately
0.8 standard deviations
above
the category average. This places in the 78th 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
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| (75 bp) Percentile rank | 64 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 75.0 | 0.0 | 75 | |
| Peer Avg. | 61.5 | 44.6 | 106.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .