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Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Freedom 100 Emerging Markets ETF

FRDM | ETF

$33.30

$750 M

2.06%

$0.69

0.49%

Vitals

YTD Return

3.0%

1 yr return

4.4%

3 Yr Avg Return

3.5%

5 Yr Avg Return

6.2%

Net Assets

$750 M

Holdings in Top 10

45.8%

52 WEEK LOW AND HIGH

$33.0
$30.02
$37.30

Expenses

OPERATING FEES

Expense Ratio 0.49%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Freedom 100 Emerging Markets ETF

FRDM | ETF

$33.30

$750 M

2.06%

$0.69

0.49%

FRDM - Profile

Distributions

  • YTD Total Return 3.0%
  • 3 Yr Annualized Total Return 3.5%
  • 5 Yr Annualized Total Return 6.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.49%
DIVIDENDS
  • Dividend Yield 2.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Freedom 100 Emerging Markets ETF
  • Fund Family Name
    Alpha Architect
  • Inception Date
    May 23, 2019
  • Shares Outstanding
    6800000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brandon Koepke

Fund Description

The Fund uses a “passive management” (or indexing) approach to seek to track the total return performance, before fees and expenses, of the Index. The Freedom 100 Emerging Markets Index is a freedom-weighted emerging markets equity index.
Freedom 100 Emerging Markets Index
The Index is designed to track the performance of a portfolio of approximately 100 equity securities, which included preferred stocks, in emerging market countries. Country inclusion and weights are determined based on third-party quantified data covering 83 personal and economic freedom variables. Variables can be categorized into three main types of freedom metrics: civil freedom (such as absence of terrorism, human trafficking, torture, disappearances and detainments), political freedom (such as rule of law, due process, freedom of the press, freedom of expression, freedom of religion, and freedom of assembly), and economic freedom (such as marginal tax rates, access to international trade, business regulations, soundness of the money supply, and size of government). A quantitative model is used to assign country weights based on the above metrics as described below. Securities within each included country are selected using minimum market capitalization (“market cap”) and liquidity (90-day average daily value of shares traded on a public exchange) requirements, and are subsequently market cap-weighted. For clarification, country weights are established first, then security weights are established (within previously established country weights). The Index excludes state owned enterprises
(“SOEs”). The Index was developed in 2017 by Life + Liberty Indexes, LLC, the Fund’s index provider (the “Index Provider”).
The Initial Index Universe Index construction begins with an initial universe of common and preferred stocks (or their depositary receipts) with headquarters domiciled in emerging market countries. As of September 30, 2023, the initial country universe includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey, United Arab Emirates (collectively, the “Initial Country Universe”).
Market Capitalization Screens The Index Provider determines the countries eligible to be included in the Index at the time of each annual reconstitution of the Index based on the market capitalization of each emerging market relative to world market capitalization (market capitalization ratio). Countries with a market capitalization ratio of at least 0.15% of current world market capitalization and an average market capitalization ratio of at least 0.15% for the prior three years are eligible to be included in the Index (the “Eligible Universe”).
Country Selection and Weighting
 Countries in the eligible universe are freedom-weighted by their country level freedom scores (“Freedom Scores”). Freedom Scores are composed of 83 quantified personal and economic freedom variables compiled by independent third party think-tanks - the Cato Institute and the Fraser Institute. Freedom Scores are used by the Index Provider to derive country weights and inclusions. Based on Index rules, the higher a country’s Freedom Score, the higher its weight in the Index. The lower a country’s Freedom Score, the lower its weight in the Index. Countries with a negative weight are excluded from the Index. As of September 30, 2023, the following ten Emerging Markets were included in the Index: Taiwan, South Korea, Chile, Poland, South Africa, Brazil, Malaysia, Indonesia, Mexico, and the Philippines. (the “included countries”).
Component Selection and Weighting
The Index securities universe includes all companies domiciled in each of the included countries as determined by the index calculator. Securities must meet minimum market capitalization and liquidity requirements to be eligible for inclusion. Securities with fewer than six months of trading history are excluded from the Index. The ten largest securities within each included country are selected and weighted based on free-float market capitalization. To be clear, country weights are established first, then individual security weights are established (within previously established country weights). Either local shares or depositary receipts can be used in the Index with preference given to depositary receipts for new additions. SOEs, which are defined by the Index Provider as companies with 20% or more government ownership, are excluded from the Index. The Index may include small-, mid-, and large-capitalization companies; however, the rules of the Index will naturally favor large-capitalization companies with high liquidity.
Index Rebalance The Index is assessed annually in January of each year at which time the Index is reconstituted and rebalanced by the Index Provider. Component changes are made after the market close on the third Friday of January and become effective at the market open on the next trading day.
The Fund’s Investment Strategy
Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities.
The Fund will generally use a “replication” strategy to seek to achieve its investment objective, meaning the Fund will invest in all of the component securities of the Index in the same approximate proportions as in the Index, but may, when the Adviser believes it is in the best interests of the Fund, use a “representative sampling” strategy, meaning the Fund may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole.
The Fund will not concentrate its investments in a particular industry or group of industries, as that term is used in the Investment Company Act of 1940, as amended (the “Investment Company Act”), except that the Fund
will invest more than 25% of its total assets in securities of the same industry to approximately the same extent that the Index concentrates in the securities of a particular industry or group of industries.
The Fund may also invest up to 20% of its assets in cash and cash equivalents, other investment companies, as well as securities and other instruments not included in the Index but which the Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions and deletions). 
As of September 30, 2023, the Fund had significant exposure to the following sectors: Information Technology (28.1%) and Financials (25.1%). As of the same date, the Fund had significant exposure to Taiwan (21.9%), Republic of Korea (19.2%), Chile (17.4%) and Poland (15.2%).
Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities economically tied to emerging market countries. The Fund’s 80% policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change.
For purposes of the Fund’s 80% policy, the securities of a company are considered to be economically tied to an emerging market country if one or more of the following attributes are tied to an emerging markets country: stock exchange listing; where it is registered, organized or incorporated; where its headquarters are located; where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or where at least 50% of its assets are located.
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FRDM - Performance

Return Ranking - Trailing

Period FRDM Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -22.8% 34.0% 79.57%
1 Yr 4.4% -21.1% 31.8% 84.00%
3 Yr 3.5%* -13.3% 10.7% 7.24%
5 Yr 6.2%* -7.1% 10.4% 9.46%
10 Yr N/A* -1.3% 8.6% 64.72%

* Annualized

Return Ranking - Calendar

Period FRDM Return Category Return Low Category Return High Rank in Category (%)
2023 19.3% -6.5% 35.5% 6.85%
2022 -16.7% -50.1% -2.4% 8.25%
2021 3.9% -33.1% 22.5% 12.17%
2020 15.4% -22.1% 80.1% 54.49%
2019 N/A -0.7% 42.0% N/A

Total Return Ranking - Trailing

Period FRDM Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -22.8% 34.0% 79.57%
1 Yr 4.4% -21.1% 31.8% 84.00%
3 Yr 3.5%* -13.3% 10.7% 7.24%
5 Yr 6.2%* -7.1% 10.4% 9.46%
10 Yr N/A* -1.3% 8.6% N/A

* Annualized

Total Return Ranking - Calendar

Period FRDM Return Category Return Low Category Return High Rank in Category (%)
2023 22.8% -1.0% 42.0% 5.14%
2022 -14.5% -42.2% 1.9% 8.10%
2021 6.1% -32.5% 33.1% 16.85%
2020 16.9% -20.0% 81.6% 56.77%
2019 N/A 2.3% 42.0% N/A

FRDM - Holdings

Concentration Analysis

FRDM Category Low Category High FRDM % Rank
Net Assets 750 M 682 K 111 B 40.74%
Number of Holdings 113 9 7534 41.88%
Net Assets in Top 10 385 M 290 K 23.8 B 35.75%
Weighting of Top 10 45.84% 2.9% 101.1% 10.70%

Top 10 Holdings

  1. Taiwan Semiconductor Manufacturing Co Ltd 10.36%
  2. First American Government Obligations Fund 6.40%
  3. Samsung Electronics Co Ltd 5.73%
  4. Hon Hai Precision Industry Co Ltd 4.96%
  5. Bank Polska Kasa Opieki SA 3.50%
  6. Sociedad Quimica y Minera de Chile SA 3.28%
  7. MediaTek Inc 3.25%
  8. SK Hynix Inc 3.04%
  9. Banco de Chile 2.81%
  10. Latam Airlines Group SA 2.51%

Asset Allocation

Weighting Return Low Return High FRDM % Rank
Stocks 		99.79% 0.00% 103.28% 8.69%
Cash 		6.40% -2.03% 98.08% 3.56%
Preferred Stocks 		0.00% 0.00% 13.31% 67.95%
Other 		0.00% -1.11% 39.53% 43.45%
Convertible Bonds 		0.00% 0.00% 7.40% 23.10%
Bonds 		0.00% 0.00% 95.13% 29.34%

Stock Sector Breakdown

Weighting Return Low Return High FRDM % Rank
Technology 		24.83% 0.00% 47.50% 36.51%
Financial Services 		22.50% 0.00% 48.86% 45.60%
Basic Materials 		20.01% 0.00% 30.03% 1.59%
Consumer Cyclical 		8.10% 0.00% 48.94% 89.03%
Communication Services 		8.08% 0.00% 39.29% 58.30%
Industrials 		6.91% 0.00% 43.53% 35.93%
Consumer Defense 		5.48% 0.00% 25.90% 66.67%
Healthcare 		2.26% 0.00% 16.53% 76.19%
Energy 		0.94% 0.00% 24.80% 84.99%
Utilities 		0.89% 0.00% 39.12% 60.03%
Real Estate 		0.00% 0.00% 17.15% 87.59%

Stock Geographic Breakdown

Weighting Return Low Return High FRDM % Rank
Non US 		79.79% 0.00% 100.52% 73.08%
US 		20.00% 0.00% 100.95% 18.23%

FRDM - Expenses

Operational Fees

FRDM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.49% 0.03% 29.98% 91.43%
Management Fee 0.49% 0.00% 2.00% 9.70%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.85% N/A

Sales Fees

FRDM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

FRDM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FRDM Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 189.00% N/A

FRDM - Distributions

Dividend Yield Analysis

FRDM Category Low Category High FRDM % Rank
Dividend Yield 2.06% 0.00% 9.74% 33.90%

Dividend Distribution Analysis

FRDM Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

FRDM Category Low Category High FRDM % Rank
Net Income Ratio 2.49% -1.98% 17.62% 9.76%

Capital Gain Distribution Analysis

FRDM Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

FRDM - Fund Manager Analysis

Managers

Brandon Koepke

Start Date

Tenure

Tenure Rank

Jun 26, 2020

1.93

1.9%

Mr. Brandon Koepke serves as Chief Technology Officer & Portfolio Manager. Mr. Koepke has a BSc in Computer Science specializing in Software Engineering at the University of Calgary and a BComm in Finance from the Haskayne School of Business.

Richard Shaner

Start Date

Tenure

Tenure Rank

Jan 31, 2022

0.33

0.3%

Mr. Richard Shaner has been portfolio manager of the Fund since 2021. Mr. Shaner has advised on trading and execution matters for the Adviser since January 2021, where he supports trading operations and assists in quantitative research. Prior to Mr. Shaner’s tenure with the Adviser, Mr. Shaner executed various trading strategies for a private family office. Mr. Shaner has a B.Sc in Kinesiology and Applied Physiology from the University of Colorado. He is also a CFA® Charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 33.71 6.68 13.42

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