ETF Evaluator:
Freedom 100 Emerging Markets ETF (FRDM)
Follow This ETF
(as of Jul 31)
Best Performing in Diversified Emerging Mkts Over the Last Year
| 137.8% | Nomura Focused Emerging Mrkts Eq ETF (EMEQ) |
| 92.9% | FT EM Human Flourishing ETF (FTHF) |
| 82.9% | Freedom 100 Emerging Markets ETF (FRDM) |
| 75.3% | First Trust Bloomberg Emr Mkt Dem ETF (EMDM) |
| 70.8% | Strive Emerging Markets Ex-China ETF (STXE) |
Risk
Index
Risk
Index
ETF Details
Freedom 100 Emerging Markets ETF Overview
Freedom 100 Emerging Markets ETF (FRDM) is a passively managed International Equity Diversified Emerging Mkts exchange-traded fund (ETF). Life + Liberty Investments, LLC launched the ETF in 2019.
The investment seeks to track the total return performance, before fees and expenses, of the Freedom 100 Emerging Markets Index (the "index").
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 index is designed to track the performance of a portfolio of approximately 100 equity securities in emerging market countries.
About Freedom 100 Emerging Markets ETF (FRDM)
There are 2 members of the management team with an average tenure of 3.92 years: Richard Shaner (2022) and Joshua Russell (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Solactive GBS EM L&M Cap TR USD index with a weighting of 100% and Freedom 100 EM TR USD index with a weighting of 100%. Freedom 100 Emerging Markets ETF has 137 securities in its portfolio. The top 10 holdings constitute 56.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Freedom 100 Emerging Markets ETF is part of the Equity global asset class and is within the International Equity ETF group. Freedom 100 Emerging Markets ETF has 99.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 99.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Freedom 100 Emerging Markets ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is below the $3 billion average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FRDM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Freedom 100 Emerging Markets ETF expense ratio is average compared to funds in the Diversified Emerging Mkts category. Freedom 100 Emerging Markets ETF has an expense ratio of 0.49%, which is 5% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Freedom 100 Emerging Markets ETF has a portfolio turnover rate of 19%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 44% for the Diversified Emerging Mkts category.
Recently, in the month of June 2026, Freedom 100 Emerging Markets ETF returned 0.5%, which earned it a grade of B, as the Diversified Emerging Mkts category had an average return of -1.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Freedom 100 Emerging Markets ETF has a trailing yield of 1.53%, which is below the 2.36% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Freedom 100 Emerging Markets ETF Grades
Year to date, the ETF has returned 42.1%, 21.0 percentage points better than the category, which translates into a grade of A. The fund has returned 82.9% over the past year (grade of A), 35.7% over the past three years (grade of A) and 19.2% per year over the past five years (grade of A).
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FRDM Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FRDM Return (NAV) | 0.5% | 35.8% | 82.9% | 35.7% | 19.2% | na |
| FRDM Return (Price) | 1.0% | 34.0% | 84.2% | 35.9% | 19.5% | na |
| NAV +/- Price Return | -0.532% | 1.775% | -1.230% | -0.169% | -0.205% | na |
| Diversified Emerging Mkts Avg | -1.0% | 19.4% | 37.6% | 19.9% | 6.5% | 8.4% |
| FRDM Grade (NAV) | B | A | A | A | A | na |
| +/- Category (NAV) | 1.5% | 16.4% | 45.3% | 15.8% | 12.7% | na |
| FRDM Tax-Cost Ratio | na | na | 0.8% | 1.0% | 1.0% | na |
FRDM Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FRDM Return (NAV) | 42.1% | 59.4% | 2.5% | 23.2% | -15.1% | 6.9% | 17.2% | na | na | na | na |
| FRDM Return (Price) | 43.5% | 61.3% | 1.7% | 22.8% | -14.5% | 6.1% | 16.9% | na | na | na | na |
| NAV +/- Price Ret | 0.032% | 0.032% | -0.321% | -0.018% | -0.041% | -0.117% | -0.016% | na | na | na | na |
| Diversified Emerging Mkts Avg | 21.1% | 29.2% | 6.7% | 12.8% | -18.8% | 2.3% | 12.7% | 18.2% | -14.6% | 33.7% | 10.9% |
| FRDM Grade (NAV) | A | A | F | A | B | B | B | na | na | na | na |
| +/- Category | 21.0% | 30.2% | -4.1% | 10.5% | 3.7% | 4.6% | 4.5% | na | na | na | na |
| Risk Measures | |
| Beta: | 1.43 |
| R-Squared: | 77% |
| Standard Deviation: | 22.6% |
| Category Risk Index: | 1.41 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.86 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 1.5% |
| Total Assets: | $ 3,602 Mil |
| Share Class Assets: | $ 3,602 Mil |
| Turnover: | 19.0% |
| Expense Ratio: | 0.49% |
| Index Fund: | Yes |
| Index Tracked: | Solactive GBS EM L&M Cap TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.4 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Shaner Richard (2022), Russell Joshua (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 137 |
| % in Top 10 Holdings: | 56.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 99.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 99.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Life + Liberty Investments, LLC |
| Phone Number: | 215-882-9983 |
| Website: | www.valueshares.com |
| Inception Date: | May 22, 2019 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.52% |
