Freedom 100 Emerging Markets ETF
ALTAR
Score™
7.0% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
21.2x P/Sales
ratio
1.2x
P/BV
ratio
1.5x Div.
yield
2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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 22, 2019
Assets (mns) $20
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) $94,722
Large cap (>$10bn) 65.8%
Mid cap ($2-10bn) 31.3%
Small cap (<$2bn) 2.8%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR-SP ADR 12.4 %
SAMSUNG ELECTRONICS CO LTD 8.7 %
CD PROJEKT S.A. 5.3 %
ENERSIS S.A. -SPONS ADR 4.1 %
HON HAI PRECISION INDUSTRY 3.3 %
MEDIATEK INC 3.3 %
HYNIX SEMICONDUCTOR INC 3.0 %
NHN CORP 2.7 %
BANK CENTRAL ASIA PT 2.7 %
DINO POLSKA SA 2.1 %
Total 47.6 %

TOP COUNTRY EXPOSURE
TAIWAN 26.1 %
SOUTH KOREA 23.5 %
POLAND 14.9 %
CHILE 13.6 %
PHILIPPINES 5.1 %
SOUTH AFRICA 4.7 %
INDONESIA 4.1 %
INDIA 3.6 %
MEXICO 2.6 %
THAILAND 1.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.4% 6.3% -- -- -1.7%

Market Correlations
versus... Beta R-squared
S&P500 1.14 74%
MSCI EAFE 1.25 84%
MSCI Emg. Mkts. 1.06 97%

Technical Indicators
Recent close $24.55
30d moving avg. $25.83
Annualized volatility 28.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 35

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.4%
Bid/Ask (% of price) 0.45%
ADV underlying (mns) $2,701

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 7.0%


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 ETF 26.1 16 33 7.4 +0.4
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 25.5 49 0 7.9 +0.9
FLKR Franklin FTSE South Korea ETF 23.5 9 40 9.1 +2.1
EWY iShares MSCI South Korea ETF 23.5 59 -10 8.7 +1.7
AIA iShares Asia 50 ETF 22.0 50 -1 8.3 +1.3
EMXC iShares MSCI Emerging Markets ex China ETF 21.3 25 24 8.4 +1.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 16.7 49 0 8.1 +1.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 16.6 32 17 6.1 -0.9
JHEM John Hancock Multifactor Emerging Markets ETF 15.6 49 0 8.9 +1.9
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 15.1 18 31 5.6 -1.4
EPOL iShares MSCI Poland Capped ETF 14.9 61 -12 10.6 +3.6
BKEM BNY Mellon Emerging Markets Equity ETF 14.6 11 38 8.7 +1.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 14.3 65 -16 7.7 +0.7
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 13.8 30 19 8.0 +1.0
FLTW Franklin FTSE Taiwan ETF 13.7 19 30 6.5 -0.5
EWT iShares MSCI Taiwan ETF 13.7 59 -10 6.3 -0.7
BICK First Trust BICK Index Fund 13.5 64 -15 4.7 -2.3
EEMA iShares MSCI Emerging Markets Asia ETF 13.1 50 -1 7.9 +0.9
EEMO Invesco S&P Emerging Markets Momentum ETF 13.1 29 20 6.6 -0.4
GMF SPDR S&P Emerging Asia Pacific ETF 12.9 49 0 7.6 +0.6
AVEM Avantis Emerging Markets Equity ETF 12.7 33 16 9.3 +2.3
FKO First Trust South Korea AlphadDEX Fund 12.6 80 -31 10.3 +3.3
ROAM Hartford Multifactor Emerging Markets ETF 12.4 44 5 13.6 +6.6
SMH VanEck Vectors Semiconductor ETF 12.4 35 14 5.4 -1.6
EEM iShares MSCI Emerging Markets ETF 12.3 68 -19 7.7 +0.7
ESGE iShares ESG MSCI EM ETF 11.6 25 24 8.9 +1.9
FLAX Franklin FTSE Asia Ex Japan ETF 11.4 19 30 8.0 +1.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 11.4 39 10 13.7 +6.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 11.4 36 13 7.8 +0.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 11.3 68 -19 7.3 +0.3
DVEM WisdomTree Emerging Markets Dividend Fund 11.2 32 17 7.5 +0.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 11.1 45 4 7.8 +0.8
IEMG iShares Core MSCI Emerging Markets ETF 11.1 13 36 8.2 +1.2
DEM WisdomTree Emerging Markets High Dividend Fund 10.6 63 -14 15.5 +8.6
EMFM Global X MSCI Next Emerging & Frontier ETF 10.6 66 -17 9.2 +2.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 10.1 30 19 9.0 +2.1
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 10.0 80 -31 7.8 +0.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 9.9 32 17 9.3 +2.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 9.7 59 -10 11.5 +4.5
PBEE Invesco PureBeta FTSE Emerging Markets ETF 8.7 15 34 9.0 +2.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 8.5 20 29 7.0 +0.1
ECH iShares MSCI Chile ETF 8.2 59 -10 8.7 +1.7
SPEM SPDR Portfolio Emerging Markets ETF 8.1 11 38 8.2 +1.2
PXH Invesco FTSE RAFI Emerging Markets ETF 7.9 50 -1 14.1 +7.1
ILF iShares Latin America 40 ETF 7.7 48 1 7.1 +0.1
FDEM Fidelity Targeted Emerging Markets Factor ETF 7.7 45 4 8.9 +1.9
RNEM Emerging Markets Equity Select ETF 7.5 75 -26 12.4 +5.4
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 7.4 50 -1 10.8 +3.8
VWO Vanguard FTSE Emerging Markets ETF 7.2 10 39 8.3 +1.3
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 7.1 51 -2 15.1 +8.1
KOIN Innovation Shares NextGen Protocol ETF 7.0 95 -46 4.1 -2.9
IDRV iShares Self-driving EV & Tech ETF 6.6 47 2 7.0 +0.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 6.6 95 -46 8.5 +1.5
ASEA Global X Southeast Asia ETF 6.5 65 -16 11.1 +4.1
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 6.4 45 4 14.9 +7.9
SCHE Schwab Emerging Markets Equity ETF 6.4 11 38 8.2 +1.3
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 6.3 40 9 7.5 +0.5
BLOK Amplify Transformational Data Sharing ETF 6.3 70 -21 4.5 -2.5
NXTG First Trust Indxx NextG ETF 6.2 70 -21 6.1 -0.9
TDIV First Trust NASDAQ Technology Dividend Index Fund 6.1 50 -1 7.1 +0.1
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 5.8 60 -11 9.3 +2.3
VPL Vanguard FTSE Pacific ETF 5.7 8 41 7.5 +0.5
NUEM Nuveen ESG Emerging Markets Equity ETF 5.7 45 4 7.2 +0.2
ISEM Invesco Strategic Emerging Markets ETF 5.7 35 14 11.2 +4.2
MOTO SmartETFs Smart Transportation & Technology ETF 5.6 68 -19 7.4 +0.4
EELV Invesco S&P Emerging Markets Low Volatility ETF 5.5 29 20 10.3 +3.3
FLLA Franklin FTSE Latin America ETF 5.4 19 30 6.9 -0.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 5.3 25 24 8.1 +1.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 5.2 44 5 9.2 +2.3
SOXX iShares PHLX Semiconductor ETF 5.1 46 3 5.3 -1.7
EPHE iShares MSCI Philippines ETF 5.0 59 -10 8.8 +1.8
CWI SPDR MSCI ACWI ex-US ETF 4.9 30 19 7.3 +0.3
PIE Invesco DWA Emerging Markets Momentum ETF 4.9 90 -41 5.1 -1.9
DRIV Global X Autonomous & Electric Vehicles ETF 4.9 68 -19 6.8 -0.2
EDIV SPDR S&P Emerging Markets Dividend ETF 4.8 49 0 12.3 +5.3
EMMF WisdomTree Emerging Markets Multifactor Fund 4.7 48 1 9.8 +2.8
FLZA Franklin FTSE South Africa ETF 4.7 19 30 12.5 +5.5
EZA iShares MSCI South Africa ETF 4.7 59 -10 8.1 +1.1
QTUM Defiance Quantum ETF 4.4 40 9 6.0 -1.0
LEGR First Trust Index Digital Transaction & Process Technology E 4.3 65 -16 7.2 +0.2
AFK VanEck Vectors Africa Index ETF 4.2 79 -30 8.7 +1.7
VEU Vanguard FTSE All-World ex-US Index Fund 4.2 8 41 7.7 +0.7
AIQ Global X Future Analytics Tech ETF 4.2 68 -19 4.2 -2.8
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 4.2 60 -11 4.5 -2.5
PID Invesco International Dividend Achievers ETF 4.2 53 -4 9.8 +2.8
MXI iShares Global Materials ETF 4.1 45 4 5.8 -1.2
IDX VanEck Vectors Indonesia Index ETF 4.1 57 -8 9.4 +2.4
EMIF iShares Emerging Markets Infrastructure ETF 4.1 60 -11 10.5 +3.6
EIDO iShares MSCI Indonesia ETF 4.0 59 -10 10.3 +3.4
IXN iShares Global Tech ETF 4.0 46 3 7.1 +0.1
FNDF Schwab Fundamental International Large Co. Index ETF 3.9 25 24 8.9 +2.0
ESPO VanEck Vectors Video Gaming & eSports ETF 3.9 55 -6 2.7 -4.3
GDVD Principal Active Global Dividend Income ETF 3.9 58 -9 5.3 -1.7
WWJD Inspire International ESG ETF 3.9 80 -31 7.5 +0.5
FLN First Trust Latin America AlphaDEX Fund 3.9 80 -31 8.4 +1.4
VSGX Vanguard ESG International Stock ETF 3.7 17 32 7.2 +0.2
EKAR Innovation Shares NextGen Vehicles & Technology ETF 3.7 95 -46 7.3 +0.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 3.7 40 9 7.1 +0.1

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 info ** ** ** ** ** ** **
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 10.4 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 7.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.44
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.