ETF Research Center

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
Category	Emerging Market Equities
Fund Sponsor	Empirical Finance LLC
Website	etfsite.alphaarchitect.com/frdm/
Inception date	May 23, 2019
Assets (mns)	$16
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$62,226
Large cap (>$10bn)	66.3%
Mid cap ($2-10bn)	30.4%
Small cap (<$2bn)	3.1%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	43.0 %
TAIWAN SEMICONDUCTOR-SP ADR	8.2 %
SAMSUNG ELECTRONICS CO LTD	8.1 %
ENERSIS S.A. -SPONS ADR	5.3 %
CD PROJEKT S.A.	3.8 %
BANK PEKAO SA	3.8 %
HYNIX SEMICONDUCTOR INC	3.3 %
HON HAI PRECISION INDUSTRY	3.2 %
BANK CENTRAL ASIA PT	3.2 %
EMPRESAS COPEC SA	2.2 %
S.A.C.I. FALABELLA	2.0 %

TOP COUNTRY EXPOSURE
	TAIWAN	20.8 %
	SOUTH KOREA	19.5 %
	CHILE	17.4 %
	POLAND	14.8 %
	SOUTH AFRICA	7.4 %
	PHILIPPINES	5.6 %
	INDONESIA	4.7 %
	MEXICO	3.5 %
	INDIA	3.2 %
	THAILAND	2.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 01)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$27.24
30d moving avg.	$27.41
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	8
Turnover	1.3%
Bid/Ask (% of price)	0.59%
ADV underlying (mns)	$3,067

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Freedom 100 Emerging Markets ETF ETF based on the alternatives' overlap in portfolio holdings with FRDM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FRDM

Expense:

49 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FRDM
Ticker	Fund Name	Overlap¹ vs FRDM (%)	Expense ratio (bp)	Savings vs FRDM (bp)	ALTAR Score™ (%)	ALTAR vs FRDM (%)
XCEM	Columbia EM Core ex-China	24.6	16	33	7.3	+0.6
KEMX	KraneShares MSCI Emerging Markets EX China Index	24.4	49	0	7.7	+1.0
DOGS	Arrow Dogs of the World	23.7	164	-115	9.8	+3.1
EMEM	Virtus Glovista Emerging Markets	22.3	67	-18	8.9	+2.2
EMXC	iShares MSCI Emerging Markets ex China	21.7	49	0	7.9	+1.2
AIA	iShares S&P Asia 50	21.2	50	-1	8.4	+1.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity	19.8	49	0	8.3	+1.5
FLKR	Franklin FTSE South Korea	19.5	9	40	9.5	+2.8
EWY	iShares MSCI Korea	19.5	59	-10	9.0	+2.2
XSOE	WisdomTree Emg Mkt ex-SOE	18.2	32	17	6.4	-0.3
JHEM	John Hancock Multifactor Emerging Markets	18.0	55	-6	8.2	+1.5
DVEM	WisdomTree Emerging Markets Dividend	17.2	32	17	10.9	+4.1
EWEM	Invesco MSCI Emerging Market Equal Weight	15.9	70	-21	8.4	+1.7
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	15.7	30	19	7.7	+0.9
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	15.2	65	-16	7.7	+1.0
AXJL	WisdomTree Asia Pacific Ex-Japan	14.9	48	1	8.5	+1.8
ROAM	Hartford Multifactor Emerging Markets	14.9	44	5	10.6	+3.8
EEMA	iShares MSCI Emg Mkts Asia	14.8	50	-1	7.8	+1.1
EPOL	iShares MSCI Poland Investable	14.8	63	-14	10.0	+3.3
EEM	iShares MSCI Emerging Markets	13.9	67	-18	7.6	+0.9

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Freedom 100 Emerging Markets ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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™

Calculation of ALTAR Score™
Avg. Return on Equity	11.2	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.48

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.