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
1.6 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) | $1,637 |
| 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 | 10.7 % |
| TAIWAN SEMICONDUCTOR-SP ADR | 8.0 % |
| HYNIX SEMICONDUCTOR INC | 6.1 % |
| S.A.C.I. FALABELLA | 3.8 % |
| BANCO DE CHILE | 3.7 % |
| BANK PEKAO SA | 3.5 % |
| HON HAI PRECISION INDUSTRY | 3.4 % |
| LAN AIRLINES SA | 3.0 % |
| VALE SA | 2.4 % |
| MEDIATEK INC | 2.2 % |
Constituent Breakdown
| Number of holdings | 107 |
| Herfindahl-Hirschman Index | 278 |
| Wgt avg mkt cap (mns) | $134,454 |
| Large cap (>$10bn) | 74.2% |
| Mid cap ($2-10bn) | 19.3% |
| Small cap (<$2bn) | 0.1% |
| Developed mkts. | 95.1% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
SOUTH KOREA | 21.5 % |
 |
TAIWAN | 20.6 % |
 |
CHILE | 17.7 % |
 |
POLAND | 10.7 % |
 |
BRAZIL | 6.6 % |
 |
SOUTH AFRICA | 6.4 % |
 |
MALAYSIA | 4.8 % |
 |
INDONESIA | 1.9 % |
 |
MEXICO | 1.8 % |
 |
INDIA | 1.6 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 47.7% | 38.9% | 31.3% | 22.5% | 14.2% | -- | -- | 10.8% |
| Dividend Yield | 0.7% | 0.7% | 1.2% | 2.7% | 2.1% | -- | -- | 1.9% |
| Total Returns | 48.5% | 39.5% | 32.5% | 25.2% | 16.3% | -- | -- | 12.8% | Ann. Volatility | 20.6% | 20.2% | 19.5% | 18.9% | 19.4% | -- | -- | 22.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.95 | 49% |
| MSCI EAFE | 0.75 | 40% |
| MSCI Emg Mkts | 0.71 | 42% |
Liquidity Measures
| Avg. volume (000) | 150 |
| ADV traded (mns) | $7 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.22% |
Technical Indicators
| Recent close | $48.28 |
| 30d moving avg. | $45.76 |
| Annualized volatility | 17.4% |
| Relative strength (RSI) | 68 |
| Short interest | 2.4% |
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. |
|---|---|---|---|---|
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 32.6% | +26 bp | +9.0% |
| KEMX | KraneShares MSCI Emerging Markets EX China Index ETF | 29.1% | -25 bp | +7.1% |
| EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 26.1% | +26 bp | +9.6% |
| XCEM | Columbia EM Core ex-China ETF | 24.8% | -33 bp | +7.4% |
| STXE | Strive Emerging Markets Ex-China ETF | 24.7% | -17 bp | +7.1% |
| ECON | Columbia Emerging Markets Consumer ETF | 23.4% | 0 bp | +11.3% |
| AVXC | Avantis Emerging Markets Ex-China Equity ETF | 22.9% | -16 bp | +8.0% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 22.0% | -17 bp | +5.4% |
| FLKR | Franklin FTSE South Korea ETF | 21.0% | -40 bp | +6.8% |
| EWY | iShares MSCI South Korea ETF | 21.0% | +9 bp | +6.0% |
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
| 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 11/2/2025
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
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.
ALTAR Score™
FRDM
7.1%
Cat. Avg
7.6%
ALTAR Score™ Calculation
Category Overview
There are 126 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.6% and a standard deviation of
2.6%. FRDM's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places FRDM in the 42nd 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
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 98 |
| Avg. Expense Ratio | 64.7 bp |
| Std. Deviation | 29.4 bp |
| FRDM (49 bp) Percentile rank | 30 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FRDM | 49.0 | 21.8 | 70.8 |
| Peer Avg. | 64.7 | 41.8 | 106.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .