At a glance
FMQQ charges 0.86% a year, above the 0.68% average of the 3 funds most like it (the 3rd cheapest of 4). It has $19.6M in assets, the 4th largest of that group; it paid 0.71% of its price in distributions over the past 12 months, annual. Over the past year it returned −24.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +6.0% a year. At its worst it fell 55.0% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 63.9% of the fund, out of 38 in all.
The short version
FMQQ The Next Frontier Internet ETF, from Exchange Traded Concepts, tracks an index of internet and ecommerce companies in emerging and frontier markets; China is not on its list of eligible countries. It may appeal to investors wanting focused exposure to that theme, with India about 44% of assets as of May 31, 2026. It costs 0.86% a year, above the 0.68% average of three comparison funds, and lost about 54% in 2022.
Price history
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FMQQ -24.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FMQQ official prospectus, to Dec 31, 2024 | — | +12.87% | — | — | — | -19.52% |
| FMQQ price data to Oct 27, 2026 | -18.2% | -24.6% | +6.0% | -14.6% | — | -14.2% |
- Over the year to Oct 27, 2026, FMQQ returned -24.6%, 3rd of 4 among similar funds.
- Its 5-year annualized return was -14.6%.
- Its worst full calendar year was 2022 (-54.0%); its best was 2023 (+15.1%).
- The deepest fall in its price history was 64.5% (Oct 19, 2021 to Oct 14, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -18.2% | — |
| 2025 | +10.7% | — |
| 2024 | +12.5% | +12.87% |
| 2023 | +15.1% | +15.64% |
| 2022 | -54.0% | -53.86% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 55% over that stretch · deepest drop along the way 55%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0800 | +33.3% |
| 2024 | $0.0600 | +500.0% |
| 2023 | $0.0100 |
What's inside
As of May 31, 2026, the fund held 38 securities; the ten largest made up 63.86% of assets.
| Holding | Weight | |
|---|---|---|
| BAJAJ FINANCE LIMITED | 8.22% | |
| MercadoLibre, Inc. | 8.14% | |
| RELIANCE INDUSTRIES LIMITED | 7.92% | |
| Eternal Ltd | 7.84% | |
| Nu Holdings Ltd. | 7.51% | |
| SEA LIMITED | 6.48% | |
| Joint Stock Company Kaspi.kz | 6.44% | |
| GRAB HOLDINGS LIMITED | 3.97% | |
| JIO FINANCIAL SERVICES LIMITED | 3.80% | |
| NAVER Corporation | 3.54% | |
| BILLIONBRAINS GARAGE VENTURES LIMITED | 3.44% | |
| XP Inc. | 3.00% | |
| PB Fintech Ltd | 2.77% | |
| COUPANG, INC. | 2.74% | |
| Allegro.eu SA | 2.72% |
By country
India 44.47%United States 43.05%South Korea 6.33%Poland 2.72%Germany 1.5%By asset type
Stocks 100.21%What changed recently
- Over the three months to May 31, 2026, investors withdrew a net $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.59%, +7.82%, -11.89%.
How it works
FMQQ is an index fund. It aims to match, before fees, the FMQQ The Next Frontier Internet Index, designed by EMQQ Global LLC and maintained by Solactive AG. Companies qualify if most of their assets or revenue come from internet and ecommerce activities in a named group of emerging and frontier markets, such as India, Brazil and Poland. China is not on the list. A stock needs a float-adjusted value (counting only shares available to investors) of at least $300 million to join and $200 million to stay.
Holdings are weighted by float-adjusted size, with limits. At each twice-yearly rebalance, when weights are reset, any stock above 8% is cut back to 8%. If stocks weighing more than 5% add up to 50% of the index or more, the largest are capped in steps from 8% down to 4.5%. South Korea is capped at 10%. Weights can drift above these caps between rebalances.
In the May 31, 2026 filing, the fund held 38 positions and the top 10 made up about 64% of assets. India was about 44%. Another 43% was labeled US, including MercadoLibre, Nu Holdings, Sea and Kaspi.kz; Sea and Kaspi.kz are held as depositary receipts, US-traded certificates for foreign shares. Index rules still require each company's business to be mainly in eligible markets.
What it really costs
- FMQQ charges 0.86% a year, versus an average of 0.68% for the similar funds below (3rd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $88 in the first year and $1,061 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FMQQ | $88 | $274 | $477 | $1,061 |
In a retirement portfolio
Its narrow focus on emerging and frontier market internet stocks, heavy weight in India and a 64.5% peak-to-trough drop make it a higher-risk add-on, not a core holding.
FMQQ could add a small slice of emerging and frontier market internet stocks. The fund launched in September 2021, so it has no record in the 2008 or 2020 crashes. It fell 55% in the 2022 bear market, and 2022 was its worst calendar year, down about 54%. Its deepest drop, 64.5% from October 19, 2021 to October 14, 2022, had not been recovered as of October 27, 2026. Selling shares or drawing income during that slump would have locked in steep losses.
Income is minor: it pays once a year, and the yield was 0.71% as of October 27, 2026. It costs 0.86% a year, or $88 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking internet and ecommerce stocks from emerging and frontier markets such as India, with China excluded from the index's eligible countries.
- Long-horizon investors who can sit through drops like the 64.5% fall from October 2021 to October 2022 without needing to sell.
- Those comfortable with concentration: the top 10 holdings, led by Bajaj Finance and MercadoLibre, were about 64% of assets on May 31, 2026.
Look elsewhere if
- Retirees counting on income: the yield was 0.71% as of October 27, 2026, and the fund pays only once a year.
- Investors seeking broad emerging market diversification: India was about 44% of assets on May 31, 2026, and holdings center on internet companies.
- Those wary of cost or size: 0.86% a year versus a 0.68% peer average, and about $19.6 million in assets on May 31, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does FMQQ invest in?
FMQQ holds internet and ecommerce companies from emerging and frontier markets, tracking the FMQQ The Next Frontier Internet Index; China is not on its list of eligible countries. As of May 31, 2026, its largest holdings were Bajaj Finance (about 8.2%), MercadoLibre (8.1%), Reliance Industries (7.9%), Eternal (7.8%) and Nu Holdings (7.5%). India made up about 44% of assets, and the top 10 holdings about 64%.
What's the difference between FMQQ and EMQQ?
Size and recent returns differ, but cost does not: both charge 0.86% a year. EMQQ The Emerging Markets Internet ETF is the closest match to FMQQ by holdings among the funds compared. EMQQ had about $259 million in net assets as of August 31, 2026, against about $19.6 million for FMQQ as of May 31, 2026. In the year to October 27, 2026, FMQQ lost 24.6% and EMQQ lost 33.9%. Over three years, FMQQ returned 6% a year versus 3.2% for EMQQ.
Does FMQQ pay dividends?
Yes, but not much. FMQQ pays a distribution once a year. Its yield was 0.71% as of October 27, 2026, about $0.08 per share over the prior year. Nearly all of its return depends on share prices rather than income. The 0.86% expense ratio is also higher than that yield, so it adds little for someone who needs regular cash flow.
What is FMQQ's expense ratio?
FMQQ's expense ratio is 0.86% a year, according to its prospectus filed December 22, 2025, made up entirely of its management fee. Under the SEC's standard example, $10,000 invested with a 5% yearly return would incur about $88 in costs over one year, $274 over three, $477 over five and $1,061 over 10. That is above the 0.68% average of three comparison funds, though EMQQ charges the same 0.86%.
Is FMQQ good for retirement?
FMQQ is a narrow, higher-risk fund, so it fits more naturally as a small satellite than a core retirement holding. Its prospectus shows an average annual return of -19.52% from launch through December 31, 2024, including a 53.86% loss in 2022. Its deepest drop, 64.5% from October 2021 to October 2022, had not been recovered as of October 27, 2026. The 0.71% yield, as of that date, adds little income. Past results don't predict future ones.