Freedom 100 Emerging Markets ETF

The Freedom 100 Emerging Markets ETF (FRDM), launched on May 22, 2019 and listed on the Chicago Board Options Exchange (CBOE), is an exchange-traded fund managed by Empowered Funds, LLC that seeks to track the total return performance of the Life + Liberty Freedom 100 Emerging Markets Index — the world's first freedom-weighted emerging markets index, named Index of the Year 2019 by ETF.com. The fund employs a distinctive freedom-weighted investment strategy, using quantitative personal and economic freedom metrics as primary factors in its selection process, allocating higher weights to freer markets while excluding state-owned enterprises (with over 20% state ownership) and countries with the worst human rights records. With approximately $3.7 billion in assets under management and a net expense ratio of 0.49%, FRDM invests in a portfolio of roughly 100 equity securities across emerging market countries — with top exposures in Taiwan, South Korea, Chile, Poland, and South Africa — spanning key sectors such as Technology (36.5%) and Financial Services (23.2%). Rated 5 stars by Morningstar in the Diversified Emerging Markets category for both its 3- and 5-year periods, the fund has significantly outperformed traditional passive emerging market ETFs since inception, driven in part by its high exposure to semiconductors and its structural exclusion of China and autocratic regimes.