ETF Evaluator:
FMQQ The Next Frontier Internet ETF ()
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(as of Aug 26)
Best Performing in Diversified Emerging Mkts Over the Last Year
| 114.0% | Nomura Focused Emerging Mrkts Eq ETF (EMEQ) |
| 81.0% | FT EM Human Flourishing ETF (FTHF) |
| 68.7% | First Trust Bloomberg Emr Mkt Dem ETF (EMDM) |
| 67.8% | Freedom 100 Emerging Markets ETF (FRDM) |
| 59.4% | Pacific NoS Global EM Equity Active ETF (GEME) |
Risk
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ETF Details
FMQQ The Next Frontier Internet ETF Overview
FMQQ The Next Frontier Internet ETF (FMQQ) is a passively managed International Equity Diversified Emerging Mkts exchange-traded fund (ETF). FMQQ launched the ETF in 2021.
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the FMQQ The Next Frontier Internet IndexTM (the "index").
The fund invests in securities comprising the index or in depositary receipts representing securities of the index. The index was designed by EMQQ Global LLC to measure the performance of an investable universe of publicly traded emerging market and frontier market internet and ecommerce companies. Under normal circumstances, the fund will invest at least 80% of its net assets in the securities of internet companies. The fund is non-diversified.
About FMQQ The Next Frontier Internet ETF (FMQQ)
There are 4 members of the management team with an average tenure of 4.28 years: Andrew Serowik (2021), Gabriel Tan (2021), Todd Alberico (2021) and Brian Cooper (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI Frontier Markets NR USD index with a weighting of 100% and FMQQ The Next Frontier Internet TR USD index with a weighting of 100%. FMQQ The Next Frontier Internet ETF has 44 securities in its portfolio. The top 10 holdings constitute 59.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
FMQQ The Next Frontier Internet ETF is part of the Equity global asset class and is within the International Equity ETF group. FMQQ The Next Frontier Internet ETF has 98.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.9% There is 98.1% 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). FMQQ The Next Frontier Internet ETF has -1.0% of the portfolio in cash.
Assets Under Management
The fund has $21 million 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.
FMQQ 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 FMQQ The Next Frontier Internet ETF expense ratio is high compared to funds in the Diversified Emerging Mkts category. FMQQ The Next Frontier Internet ETF has an expense ratio of 0.86%, which is 66% higher than its category average, making the fund expense ratio grade a F. 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. FMQQ The Next Frontier Internet ETF has a portfolio turnover rate of 21%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 44% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, FMQQ The Next Frontier Internet ETF returned 6.3%, which earned it a grade of A, as the Diversified Emerging Mkts category had an average return of -3.0%. 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.
FMQQ The Next Frontier Internet ETF has a trailing yield of 0.67%, which is below the 2.41% category average.
The fund normally distributes its income annually.
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.
FMQQ The Next Frontier Internet ETF Grades
Year to date, the ETF has returned -9.1%, 26.2 percentage points worse than the category, which translates into a grade of F. The fund has returned -11.2% over the past year (grade of F) and 3.5% over the past three years (grade of F).
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FMQQ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FMQQ Return (NAV) | 6.3% | 4.8% | -11.2% | 3.5% | na | na |
| FMQQ Return (Price) | 6.1% | 3.8% | -11.6% | 2.9% | na | na |
| NAV +/- Price Return | 0.267% | 1.081% | 0.361% | 0.607% | na | na |
| Diversified Emerging Mkts Avg | -3.0% | 3.0% | 31.9% | 16.6% | 7.1% | 7.8% |
| FMQQ Grade (NAV) | A | B | F | F | na | na |
| +/- Category (NAV) | 9.4% | 1.9% | -43.1% | -13.1% | na | na |
| FMQQ Tax-Cost Ratio | na | na | 0.3% | 0.2% | na | na |
FMQQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FMQQ Return (NAV) | -9.1% | 10.2% | 12.9% | 15.6% | -53.9% | na | na | na | na | na | na |
| FMQQ Return (Price) | -9.5% | 10.8% | 12.5% | 15.1% | -54.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.042% | 0.060% | -0.033% | -0.032% | 0.003% | na | na | na | na | na | na |
| Diversified Emerging Mkts Avg | 17.1% | 29.2% | 6.7% | 12.8% | -18.8% | 2.3% | 12.7% | 18.2% | -14.6% | 33.7% | 10.9% |
| FMQQ Grade (NAV) | F | F | A | B | F | na | na | na | na | na | na |
| +/- Category | -26.2% | -19.1% | 6.2% | 2.9% | -35.1% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.83 |
| R-Squared: | 43% |
| Standard Deviation: | 17.6% |
| Category Risk Index: | 1.09 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.44 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 21 Mil |
| Share Class Assets: | $ 21 Mil |
| Turnover: | 21.0% |
| Expense Ratio: | 0.86% |
| Index Fund: | Yes |
| Index Tracked: | MSCI Frontier Markets NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Serowik Andrew (2021), Tan Gabriel (2021), Alberico Todd (2021), Cooper Brian (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 59.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 98.1% |
Portfolio Allocation |
|
| Domestic Stock: | 2.9% |
| Foreign Stock: | 98.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | FMQQ |
| Phone Number: | 855-888-9892 |
| Website: | www.exchangetradedconcepts.com |
| Inception Date: | September 27, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.86% (Rating: High) |
| Category Average Expense Ratio (%): | 0.52% |
