FMQQ
FMQQ The Next Frontier Internet & Ecommerce ETF
FMQQ is a passively managed fund that invests in internet and e-commerce companies from emerging and frontier markets.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 19.4 M
ASSETS UNDER MGMT
86 bp
EXPENSES
Fund Basics
| Inception date | Sep 27, 2021 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| RELIANCE INDS-SPONS GDR 144A | 31.0 % |
| MERCADOLIBRE INC | 8.7 % |
| BAJAJ FINANCE LTD | 8.3 % |
| NU HOLDINGS LTD. CLASS A | 8.1 % |
| ZOMATO LTD. | 7.6 % |
| SEA LTD. (SINGAPORE) SPONSORED ADR CLASS | 6.0 % |
| KASPI.KZ JSC SPONSORED GDR REGS | 6.0 % |
| GRAB HOLDINGS LTD. (SINGAPORE) CLASS A | 4.0 % |
| BILLIONBRAINS GARAGE VENTURES LTD | 3.9 % |
| JIO FINANCIAL SERVICES LTD | 3.8 % |
Constituent Breakdown
| Number of holdings | 45 |
| Herfindahl-Hirschman Index | 1,416 |
| Wgt avg mkt cap (mns) | $226,180 |
| Large cap (>$10bn) | 71.2% |
| Mid cap ($2-10bn) | 16.7% |
| Small cap (<$2bn) | 1.8% |
| Developed mkts. | 21.5% |
| Emerging mkts. | 78.6% |
Sector Breakdown
Country Exposure
 |
INDIA | 46.9 % |
 |
SINGAPORE | 10.1 % |
 |
SOUTH KOREA | 9.5 % |
 |
ARGENTINA | 8.7 % |
 |
CAYMAN ISLANDS | 8.1 % |
 |
KAZAKHSTAN | 6.0 % |
 |
BRAZIL | 5.6 % |
 |
LUXEMBOURG | 2.3 % |
 |
INDONESIA | 1.4 % |
 |
GERMANY | 1.2 % |
Historical Performance
Standardized Performance (as of 05/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -16.1% | -18.4% | -2.4% | 3.3% | -- | -- | -- | -15.2% |
| Dividend Yield | 0.0% | 0.5% | 0.5% | 0.4% | -- | -- | -- | 0.2% |
| Total Returns | -16.1% | -17.8% | -1.9% | 3.7% | -- | -- | -- | -15.0% | Ann. Volatility | 24.1% | 19.2% | 19.8% | 19.0% | -- | -- | -- | 24.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.14 | 49% |
| MSCI EAFE | 0.90 | 49% |
| MSCI Emg Mkts | 0.70 | 52% |
Liquidity Measures
| Avg. volume (000) | 6 |
| ADV traded (mns) | $0 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.45% |
Technical Indicators
| 30d moving avg. (EMA) | $11.65 |
| Relative strength (RSI) | 46 |
| MACD/Signal | -0.09/-0.12 |
| Bollinger Bands (Upper/Lower) | $12.20/$10.98 |
| Short interest (% of AUM) | 0.1% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FMQQ |
Expenses vs. FMQQ |
ALTAR Score™ vs. FMQQ |
|---|---|---|---|---|
| EMQQ | EMQQ The Emerging Markets Internet & Ecommerce ETF | 69.4% | 0 bp | +13.7% |
| INQQ | India Internet & Ecommerce ETF | 45.2% | 0 bp | -0.1% |
| EPI | WisdomTree India Earnings Fund | 26.4% | -1 bp | +4.2% |
| FLIN | Franklin FTSE India ETF | 24.3% | -67 bp | +3.3% |
| KEMQ | KraneShares Emerging Markets Consumer Technology Index ETF | 17.7% | -26 bp | +8.8% |
| LATR | Corgi Buy Now Pay Later ETF | 17.3% | -51 bp | +3.4% |
| KYC | Corgi Digital Banking & Fintech Infrastructure ETF | 15.0% | -51 bp | +3.8% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 14.6% | -54 bp | +5.9% |
| DGIN | VanEck Digital India ETF | 14.2% | -15 bp | +1.1% |
| BPAY | BlackRock Future Financial and Technology ETF | 12.0% | -16 bp | +5.3% |
Risk and Returns: FMQQ vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 6/3/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
1.3%
ALTAR SCORE™
1st
PERCENTILE
AVOID
ETFRC RATING
There are 217 funds in the Emerging Equity category with an average
ALTAR Score™ of 7.3% and a standard deviation
of 2.2%. FMQQ's ALTAR Score™ is approximately -2.7 standard
deviations above the category average. This places FMQQ in the 1st percentile
among funds in the category.
Sell-Side Consensus
$18.56
PRICE TARGET
+60.6%
UPSIDE
Bid/Ask Spreads
45 bp
AVG SPREAD
13 —
129 bp
RANGE