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
$ 30.6 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
| RELIANCE INDS-SPONS GDR 144A | 26.7 % |
| MERCADOLIBRE INC | 8.2 % |
| NU HOLDINGS LTD. CLASS A | 8.1 % |
| BAJAJ FINANCE LTD | 8.0 % |
| ZOMATO LTD. | 7.7 % |
| SEA LTD. (SINGAPORE) SPONSORED ADR CLASS | 7.7 % |
| GRAB HOLDINGS LTD. (SINGAPORE) CLASS A | 4.7 % |
| KASPI.KZ JSC SPONSORED GDR REGS | 4.7 % |
| JIO FINANCIAL SERVICES LTD | 4.1 % |
| COUPANG, INC. CLASS A | 3.3 % |
Constituent Breakdown
| Number of holdings | 45 |
| Herfindahl-Hirschman Index | 1,159 |
| Wgt avg mkt cap (mns) | $226,180 |
| Large cap (>$10bn) | 71.2% |
| Mid cap ($2-10bn) | 16.7% |
| Small cap (<$2bn) | 1.8% |
| Developed mkts. | 23.9% |
| Emerging mkts. | 70.8% |
Sector Breakdown
Country Exposure
 |
INDIA | 43.4 % |
 |
SINGAPORE | 12.4 % |
 |
SOUTH KOREA | 9.3 % |
 |
ARGENTINA | 8.2 % |
 |
CAYMAN ISLANDS | 8.1 % |
 |
BRAZIL | 4.8 % |
 |
KAZAKHSTAN | 4.7 % |
 |
LUXEMBOURG | 2.1 % |
 |
GERMANY | 1.4 % |
Historical Performance
Standardized Performance (as of 03/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -18.5% | -10.6% | -3.4% | 2.5% | -- | -- | -- | -16.2% |
| Dividend Yield | 0.0% | 0.5% | 0.5% | 0.4% | -- | -- | -- | 0.2% |
| Total Returns | -18.5% | -10.0% | -2.9% | 2.9% | -- | -- | -- | -16.0% | Ann. Volatility | 25.4% | 21.3% | 19.3% | 18.9% | -- | -- | -- | 25.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.84 | 57% |
| MSCI EAFE | 0.92 | 58% |
| MSCI Emg Mkts | 0.82 | 60% |
Liquidity Measures
| Avg. volume (000) | 8 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.48% |
Technical Indicators
| 30d moving avg. (EMA) | $11.73 |
| Relative strength (RSI) | 45 |
| MACD/Signal | -0.18/-0.31 |
| Bollinger Bands (Upper/Lower) | $11.86/$10.84 |
| Short interest (% of AUM) | 0.1% |
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 | 63.7% | 0 bp | +12.6% |
| INQQ | India Internet & Ecommerce ETF | 41.6% | 0 bp | -0.1% |
| EPI | WisdomTree India Earnings Fund | 26.7% | -1 bp | +4.1% |
| FLIN | Franklin FTSE India ETF | 22.1% | -67 bp | +3.2% |
| KEMQ | KraneShares Emerging Markets Consumer Technology Index ETF | 18.5% | -26 bp | +9.7% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 17.0% | -54 bp | +5.6% |
| DGIN | VanEck Digital India ETF | 15.1% | -15 bp | +1.3% |
| MINV | Matthews Asia Innovators Active ETF | 15.1% | -7 bp | +6.6% |
| CGXU | Capital Group International Focus Equity ETF | 12.6% | -32 bp | +3.6% |
| TOGA | Tremblant Global ETF | 11.2% | -17 bp | +0.4% |
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 4/17/2026
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
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
1.2%
ALTAR SCORE™
1st
PERCENTILE
AVOID
ETFRC RATING
There are 203 funds in the Emerging Equity category with an average
ALTAR Score™ of 7.7% and a standard deviation
of 2.2%. FMQQ's ALTAR Score™ is approximately -3.0 standard
deviations above the category average. This places FMQQ in the 1st percentile
among funds in the category.
Sell-Side Consensus
$17.28
PRICE TARGET
+41.2%
UPSIDE
Bid/Ask Spreads
48 bp
AVG SPREAD
15 —
128 bp
RANGE