At a glance
FRDM charges 0.49% a year. It has $3.60B in assets; it paid 1.84% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +37.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +35.6% a year. At its worst it fell 37.7% in the 2020 crash (S&P 500: 33.7%) and 28.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows. Its ten largest positions make up 56.6% of the fund, out of 126 in all.
The short version
Freedom 100 Emerging Markets ETF (FRDM) is an index fund that tracks the Freedom 100 Emerging Markets Index, a basket of about 100 stocks from emerging market countries. Most emerging markets funds size countries by market value. This one weights them by scores for personal, political and economic freedom and leaves out state-owned companies. China was not in the index as of January 31, 2026. The fund costs 0.49% a year.
Price history
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FRDM +37.4% 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 | |
|---|---|---|---|---|---|---|
| FRDM official prospectus, to Dec 31, 2025 | — | +59.40% | — | +12.83% | — | +14.06% |
| Solactive GBS Emerging Markets Large & Mid Cap Index (reflects no deduction for fees or expenses) index, same period | — | +32.37% | — | +4.62% | — | +8.08% |
| Freedom 100 Emerging Markets Index (reflects no deduction for fees or expenses) index, same period | — | +60.66% | — | +13.21% | — | +14.46% |
| FRDM price data to Oct 27, 2026 | +27.0% | +37.4% | +35.6% | +17.2% | — | +16.2% |
- Over the year to Oct 27, 2026, FRDM returned +37.4%.
- Its 5-year annualized return was +17.2%.
- In the 2020 COVID crash it fell 37.7% and regained its old high 7.5 months after the low.
- Its worst full calendar year was 2022 (-14.5%); its best was 2025 (+61.3%).
- The deepest fall in its price history was 40.5% (Jan 13, 2020 to Mar 23, 2020), recovered by Nov 11, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +27.0% | — |
| 2025 | +61.3% | +59.40% |
| 2024 | +1.7% | +2.52% |
| 2023 | +22.8% | +23.23% |
| 2022 | -14.5% | -15.10% |
| 2021 | +6.1% | +6.94% |
| 2020 | +16.9% | +17.17% |
| 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 | Lost 37.7% over that stretch · deepest drop along the way 37.7%, back to its old high 7.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.4% over that stretch · deepest drop along the way 28.3%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8500 | |
| 2025 | $1.1700 | +42.7% |
| 2024 | $0.8200 | -5.7% |
| 2023 | $0.8700 | +16.0% |
| 2022 | $0.7500 | +4.2% |
| 2021 | $0.7200 | +100.0% |
| 2020 | $0.3600 |
What's inside
As of Jun 30, 2026, the fund held 126 securities; the ten largest made up 56.58% of assets.
| Holding | Weight | |
|---|---|---|
| Samsung Electronics Co Ltd | 13.07% | |
| SK hynix Inc | 12.28% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 8.52% | |
| MediaTek Inc | 5.46% | |
| Latam Airlines Group SA | 3.77% | |
| Delta Electronics Inc | 3.08% | |
| Bank Polska Kasa Opieki SA | 2.66% | |
| Vale SA | 2.65% | |
| Banco de Chile | 2.59% | |
| Hon Hai Precision Industry Co Ltd | 2.50% | |
| Falabella SA | 2.17% | |
| Malayan Banking Bhd | 1.67% | |
| ASE Technology Holding Co Ltd | 1.51% | |
| Banco de Credito e Inversiones SA | 1.44% | |
| United Microelectronics Corp | 1.43% |
By country
South Korea 28.65%Taiwan 26.83%Chile 13.71%Poland 9.04%Brazil 6.87%By asset type
Stocks 99.76%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $158.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +15.73%, +16.80%, +0.45%.
How it works
The fund tracks the Freedom 100 Emerging Markets Index, which Life + Liberty Indexes built in 2017. A country is eligible only if its stock market has been at least 0.15% of world market value in each of the prior three years. Eligible countries are then weighted by Freedom Scores. These are built from 87 measures compiled by the Cato Institute and the Fraser Institute, covering civil freedom (such as absence of torture), political freedom (such as rule of law and a free press) and economic freedom (such as tax rates and sound money). A higher score earns a bigger weight. Countries that score too low are dropped.
Within each country, the index takes the ten largest stocks that pass size and trading-volume tests. It weights them by free-float market capitalization, meaning the value of shares available to the public. Companies with 20% or more government ownership are excluded. As of January 31, 2026, 11 countries qualified, including Taiwan, South Korea, Chile, Poland and Brazil. India was included as of September 30, 2025, but not in January 2026.
The index is rebuilt once a year, after the market close on the third Friday of January. The fund generally holds every index stock in the same proportions. Weights can drift between resets: as of June 30, 2026, Samsung Electronics was 13.07% of assets and SK hynix was 12.28%.
What it really costs
- FRDM charges 0.49% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FRDM | $50 | $157 | $274 | $616 |
In a retirement portfolio
It adds a distinctive, freedom-weighted slice of emerging markets, but its heavy weight in a few Asian chip makers and its large price swings fit a small position better than a core one.
FRDM adds emerging markets stocks without China or state-owned companies, but the ride has been rough. It launched in 2019, so it has no record from the 2008 crisis. Its deepest drop was 40.5%, from January to March 2020, and it took about 7.7 months to recover. In the 2022 bear market it fell 28.3% and needed about 14.5 months to get back. Its worst calendar year was 2022, at -15.1%. Anyone forced to sell shares in a stretch like that would lock in losses. Income is modest: the trailing yield was 1.84% as of October 27, 2026, paid quarterly. In the SEC's standard example, the 0.49% fee costs $50 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want emerging markets stocks without state-owned companies, and without China or India as of January 31, 2026.
- Those comfortable with a heavy chip tilt: Samsung Electronics and SK hynix were 13.07% and 12.28% of assets as of June 30, 2026.
- Long-term holders who can sit through drops like the 40.5% fall in early 2020 while keeping the fund a small slice.
Look elsewhere if
- Investors who want broad emerging markets coverage. South Korea and Taiwan were 28.65% and 26.83% of assets as of June 30, 2026.
- Retirees looking for steady income. The trailing yield was 1.84% as of October 27, 2026, paid quarterly.
- Anyone uneasy with big swings. One-year volatility was 32.3%, and the fund lost 30.04% in the first quarter of 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Why doesn't FRDM own Chinese stocks?
China is in the index's starting universe of countries, but it was not among the included countries as of January 31, 2026. Countries are chosen and weighted by Freedom Scores, which are built from 87 civil, political and economic measures. Low scorers are dropped. The 11 included countries were Taiwan, Chile, South Korea, Poland, South Africa, Brazil, Thailand, Malaysia, Indonesia, Mexico and the Philippines. India was included as of September 30, 2025, but not in January 2026.
Does FRDM pay dividends?
Yes. FRDM pays dividends quarterly. Its trailing 12-month yield was 1.84% as of October 27, 2026, or about $1.18 per share. The payouts come from dividends paid by the companies the fund holds. Because those companies pay in foreign currencies and their earnings vary, the quarterly amounts can rise or fall. Income is a modest part of this fund's return, not its main purpose.
What is FRDM's expense ratio?
FRDM's expense ratio is 0.49% a year, all of it management fee, according to the prospectus filed January 22, 2026. The SEC's standard example assumes $10,000 invested with a 5% yearly return and the shares sold at the end of each period. On that basis, total costs would be about $50 after one year, $157 after three years, $274 after five years and $616 after ten years.
How has FRDM performed compared with the emerging markets index?
FRDM has beaten the broad benchmark by a wide margin so far. As of December 31, 2025, the fund returned 59.4% over one year and 12.83% a year over five years. The Solactive GBS Emerging Markets Large & Mid Cap Index returned 32.37% and 4.62% over the same periods. Since inception, the figures were 14.06% for the fund and 8.08% for the index. The prospectus warns that the freedom approach may underperform other emerging markets funds.
How risky is FRDM?
FRDM is riskier than its broad emerging markets label suggests. Its deepest drop was 40.5%, between January 13 and March 23, 2020, though it recovered by November 2020. Its one-year volatility was 32.3% as of October 27, 2026. Volatility measures how widely returns swing. Concentration adds to the risk: the ten largest holdings were 56.58% of assets as of June 30, 2026, led by Samsung Electronics, SK hynix and Taiwan Semiconductor.