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
$ 2.4 B
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) | $2,355 |
| 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 +
| SAMSUNG ELECTRONICS CO LTD | 8.0 % |
| TAIWAN SEMICONDUCTOR-SP ADR | 7.6 % |
| HYNIX SEMICONDUCTOR INC | 4.7 % |
| BANCO DE CHILE | 3.6 % |
| VALE SA | 3.6 % |
| BANK PEKAO SA | 3.3 % |
| LAN AIRLINES SA | 3.2 % |
| S.A.C.I. FALABELLA | 3.2 % |
| HON HAI PRECISION INDUSTRY | 2.8 % |
| MEDIATEK INC | 2.7 % |
Constituent Breakdown
| Number of holdings | 118 |
| Herfindahl-Hirschman Index | 266 |
| Wgt avg mkt cap (mns) | $215,451 |
| Large cap (>$10bn) | 81.8% |
| Mid cap ($2-10bn) | 9.7% |
| Small cap (<$2bn) | 1.6% |
| Developed mkts. | 93.7% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
TAIWAN | 21.3 % |
 |
CHILE | 17.8 % |
 |
SOUTH KOREA | 16.0 % |
 |
POLAND | 10.4 % |
 |
BRAZIL | 8.7 % |
 |
MALAYSIA | 5.9 % |
 |
SOUTH AFRICA | 5.8 % |
 |
THAILAND | 2.4 % |
 |
PHILIPPINES | 1.9 % |
 |
MEXICO | 1.9 % |
Historical Performance
Standardized Performance (as of 01/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 12.9% | 70.0% | 37.0% | 23.8% | 12.2% | -- | -- | 624.5% |
| Dividend Yield | 0.0% | 4.8% | 3.6% | 3.3% | 2.9% | -- | -- | 0.0% |
| Total Returns | 12.9% | 74.8% | 40.5% | 27.2% | 15.2% | -- | -- | 624.5% | Ann. Volatility | 20.7% | 20.0% | 19.2% | 18.5% | 19.2% | -- | -- | 999.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.80 | 59% |
| MSCI EAFE | 1.01 | 69% |
| MSCI Emg Mkts | 1.03 | 84% |
Liquidity Measures
| Avg. volume (000) | 602 |
| ADV traded (mns) | $35 |
| Turnover | 1.5% |
| Avg. Bid/Ask (% of price) | 0.19% |
Technical Indicators
| 30d moving avg. (EMA) | $54.67 |
| Relative strength (RSI) | 70 |
| MACD/Signal | 2.13/2.00 |
| Bollinger Bands (Upper/Lower) | $60.01/$51.87 |
| Short interest (% of AUM) | 0.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FRDM |
Expenses vs. FRDM |
ALTAR Score™ vs. FRDM |
|---|---|---|---|---|
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 30.9% | +26 bp | +1.5% |
| STXE | Strive Emerging Markets Ex-China ETF | 28.8% | -17 bp | +0.3% |
| EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 27.0% | +26 bp | +1.7% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 26.3% | -25 bp | -0.1% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 25.6% | -24 bp | -0.1% |
| AIA | iShares Asia 50 ETF | 24.7% | +1 bp | +3.6% |
| ECON | Columbia Emerging Markets Consumer ETF | 24.6% | 0 bp | +1.5% |
| XCEM | Columbia EM Core ex-China ETF | 24.1% | -33 bp | 0.0% |
| AVXC | Avantis Emerging Markets Ex-China Equity ETF | 22.6% | -16 bp | +0.8% |
| EMM | Global X Emerging Markets ex-China ETF | 22.3% | +26 bp | -0.4% |
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 (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 2/2/2026
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
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
FRDM
6.4%
Cat. Avg
7.7%
ALTAR Score™ Calculation
Category Overview
There are 183 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.7% and a standard deviation of
2.2%. FRDM's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places FRDM in the 27th 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