FMQQ
FMQQ The Next Frontier Internet & Ecommerce ETF
FMQQ is a passively managed fund that invests in internet and e-commerce companies from emerging and frontier markets.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 20.6 M
ASSETS UNDER MGMT
86 bp
EXPENSES
Fund Basics
| Inception date | Sep 27, 2021 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| SEA LTD. (SINGAPORE) SPONSORED ADR CLASS | 7.5 % |
| MERCADOLIBRE INC | 7.5 % |
| RELIANCE INDS-SPONS GDR 144A | 7.0 % |
| BAJAJ FINANCE LTD | 6.3 % |
| ALLEGRO.EU SA | 6.0 % |
| NU HOLDINGS LTD. CLASS A | 6.0 % |
| ZOMATO LTD. | 5.7 % |
| KASPI.KZ JSC SPONSORED GDR REGS | 4.7 % |
| XP INC. CLASS A | 4.6 % |
| JIO FINANCIAL SERVICES LTD | 4.0 % |
Constituent Breakdown
| Number of holdings | 44 |
| Herfindahl-Hirschman Index | 900 |
| Wgt avg mkt cap (mns) | $31,156 |
| Large cap (>$10bn) | 56.7% |
| Mid cap ($2-10bn) | 13.8% |
| Small cap (<$2bn) | 1.3% |
| Developed mkts. | 17.5% |
| Emerging mkts. | 59.2% |
Sector Breakdown
Country Exposure
 |
INDIA | 22.9 % |
 |
SINGAPORE | 11.4 % |
 |
SOUTH KOREA | 7.6 % |
 |
ARGENTINA | 7.5 % |
 |
BRAZIL | 6.6 % |
 |
LUXEMBOURG | 6.0 % |
 |
CAYMAN ISLANDS | 6.0 % |
 |
KAZAKHSTAN | 4.7 % |
 |
GERMANY | 1.6 % |
 |
INDONESIA | 1.2 % |
Historical Performance
Standardized Performance (as of 09/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -14.3% | -21.4% | -6.3% | 4.5% | -14.0% | -- | -- | -13.9% |
| Dividend Yield | 0.0% | 0.5% | 0.5% | 0.4% | 0.2% | -- | -- | 0.2% |
| Total Returns | -14.3% | -20.9% | -5.8% | 4.9% | -13.8% | -- | -- | -13.7% | Ann. Volatility | 21.9% | 20.4% | 20.3% | 19.2% | 24.5% | -- | -- | 24.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.09 | 48% |
| MSCI EAFE | 0.87 | 46% |
| MSCI Emg Mkts | 0.49 | 38% |
Liquidity Measures
| Avg. volume (000) | 13 |
| ADV traded (mns) | $0 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.17% |
Technical Indicators
| 30d moving avg. (EMA) | $12.40 |
| Relative strength (RSI) | 61 |
| MACD/Signal | 0.23/0.22 |
| Bollinger Bands (Upper/Lower) | $13.14/$11.81 |
| Short interest (% of AUM) | 0.0% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FMQQ |
Expenses vs. FMQQ |
ALTAR Score™ vs. FMQQ |
|---|---|---|---|---|
| EMQQ | EMQQ The Emerging Markets Internet & Ecommerce ETF | 54.5% | 0 bp | +15.4% |
| INQQ | India Internet & Ecommerce ETF | 30.3% | 0 bp | -0.3% |
| EPI | WisdomTree India Earnings Fund | 21.7% | -1 bp | +6.2% |
| FLIN | Franklin FTSE India ETF | 20.0% | -67 bp | +3.4% |
| KEMQ | KraneShares Emerging Markets Consumer Technology Index ETF | 19.3% | -26 bp | +13.1% |
| LATR | Corgi Buy Now Pay Later ETF | 17.6% | -51 bp | +1.7% |
| KYC | Corgi Digital Banking & Fintech Infrastructure ETF | 14.8% | -51 bp | +2.9% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 13.5% | -54 bp | +5.4% |
| DGIN | VanEck Digital India ETF | 12.1% | -15 bp | -1.1% |
| BPAY | BlackRock Future Financial and Technology ETF | 11.3% | -16 bp | +3.2% |
Risk and Returns: FMQQ 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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| 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 | 2025 | 2026 | 2027 | |
| 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 10/9/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
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
1.9%
ALTAR SCORE™
1st
PERCENTILE
AVOID
ETFRC RATING
There are 213 funds in the Emerging Equity category with an average
ALTAR Score™ of 7.7% and a standard deviation
of 2.1%. FMQQ's ALTAR Score™ is approximately -2.8 standard
deviations above the category average. This places FMQQ in the 1st percentile
among funds in the category.
Sell-Side Consensus
$17.59
PRICE TARGET
+40.1%
UPSIDE