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.
Fund Basics
Fund sponsor | Empirical Finance LLC |
Category | Emerging Market Equities |
Asset class | Equity |
Website | link... |
Inception date | May 22, 2019 |
Assets (mns) | $791 |
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 +
TAIWAN SEMICONDUCTOR-SP ADR | 8.6 % |
SAMSUNG ELECTRONICS CO LTD | 7.7 % |
BANK PEKAO SA | 4.4 % |
HON HAI PRECISION INDUSTRY | 4.1 % |
QUIMICA Y MINERA CHIL-SP ADR | 4.0 % |
HYNIX SEMICONDUCTOR INC | 3.3 % |
MEDIATEK INC | 3.0 % |
BANCO DE CHILE | 2.8 % |
LAN AIRLINES SA | 2.2 % |
DINO POLSKA SA | 2.1 % |
Constituent Breakdown
Number of holdings | 109 |
Herfindahl-Hirschman Index | 293 |
Wgt avg mkt cap (mns) | $110,895 |
Large cap (>$10bn) | 68.7% |
Mid cap ($2-10bn) | 25.5% |
Small cap (<$2bn) | 3.6% |
Developed mkts. | 1.7% |
Emerging mkts. | 98.3% |
Country Exposure
TAIWAN | 23.9 % | |
CHILE | 18.2 % | |
SOUTH KOREA | 18.0 % | |
POLAND | 12.8 % | |
SOUTH AFRICA | 5.7 % | |
BRAZIL | 5.2 % | |
MALAYSIA | 3.4 % | |
THAILAND | 2.7 % | |
INDONESIA | 2.6 % | |
MEXICO | 2.1 % |
Historical Performance
Standardized Annual Returns (as of 03/31/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
---|---|---|---|---|---|---|
2.6% | 18.7% | 2.6% | 3.0% | -- | -- | 7.5% |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 1.00 | 68% |
MSCI EAFE | 1.10 | 76% |
MSCI Emg Mkts | 1.02 | 70% |
Liquidity Measures
Avg. volume (000) | 68 |
Turnover | 0.3% |
Avg. Bid/Ask (% of price) | 0.33% |
ADV of underlying (mns) | $7,682 |
Technical Indicators
Recent close | $33.43 |
30d moving avg. | $30.98 |
Annualized volatility | 21.4% |
Relative strength (RSI) | 70 |
Short interest (ETF) | 0.2% |
Short interest (underlying) | 0.0% |
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. FRDM |
Expenses vs. FRDM |
ALTAR Score™ vs. FRDM |
---|---|---|---|---|
EMC | Global X Emerging Markets Great Consumer ETF | 28.5% | +26 bp | -2.4% |
KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 25.2% | -25 bp | -0.1% |
EMM | Global X Emerging Markets ex-China ETF | 24.8% | +26 bp | -3.5% |
AIA | iShares Asia 50 ETF | 23.1% | +1 bp | -0.6% |
EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 23.1% | +26 bp | +2.2% |
XC | WisdomTree Emerging Markets Ex-China Fund | 22.2% | -17 bp | -1.1% |
XCEM | Columbia EM Core ex-China ETF | 21.8% | -33 bp | +0.1% |
STXE | Strive Emerging Markets Ex-China ETF | 21.0% | -17 bp | -0.3% |
EMXC | iShares MSCI Emerging Markets ex China ETF | 20.0% | -24 bp | -0.6% |
XSOE | WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 17.7% | -17 bp | -1.1% |
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
2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2023 | 2024E | Fwd Est | 2025E | |
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 5/2/2024
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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
FRDM
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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
FRDM
7.1%
Cat. Avg
7.5%
Fund Category: Emerging Market Equities
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | 7.1% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 163 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.7%. FRDM's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places FRDM in the 46th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
FRDM
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
Latest price | |
Change | |
Volume | |
Bid/Ask Spread | |
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Today's Trading
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Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
FRDM | 49.0 | 33.4 | 82.4 |
Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .