Freedom 100 Emerging Markets ETF
ALTAR
Score™
6.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
14.7x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
2.9%


  • 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 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
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 %
Total 43.0 %

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 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 11.2 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 6.7 %
info 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.
 

 

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.