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FMQQ

GradeDNew York Stock Exchange Arca

FMQQ The Next Frontier Internet ETF

Themes · EMQQ Global · Inception 2021-09-27 · SEC filings

$12.41−0.17 (−1.38%)

As of Sep 23, 2026, 2:21 PM EDT

History starts Sep 28, 2021.
Intraday session: down, 28 prints from 12.59 to 12.41. Range 12.21 to 12.59. Use the arrow keys to read each point.$12.20$12.30$12.50$12.6010 AM12 PM2 PM4 PM
Expense ratio
0.86%
Fund size
$20M
1Y return
−19.4%
Yield · Last 12 months
0.67%
Holdings
37
Volume · 30D
0M sh
NAV per share
$12.57
52W range
low $10.78high $15.70

The ETF.net FMQQ Grade

D

27/ 100

Rank 10 of 10 in E-Commerce⁠

Confidence Medium

Six-pillar profile for FMQQ. Scores out of 100: Cost 10, Risk 49, Mission not scored, Tradability 28, Holdings 38, Durability 38. Strongest: Risk (49). Weakest: Cost (10). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 27 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 10
    Category rank10/10 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 49
    Category rank6/10 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 28
    Category rank9/10 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 38
    Category rank8/10 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 38
    Category rank10/10 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on FMQQ

ETF.net Research

DMost e-commerce ETFs stick to familiar markets. FMQQ points the other way: a passive basket of roughly 50 internet and online-commerce companies drawn from emerging and frontier markets, launched in 2021.

Stated mandate

The Fund seeks to track, before fees and expenses, the price and yield performance of the FMQQ The Next Frontier Internet & Ecommerce Index.

Why people hold it

  1. 01A different map. The index reaches into emerging and frontier markets for internet and e-commerce businesses instead of the usual developed-market roster.
  2. 02Rules-based, not gut-based: it passively tracks the FMQQ The Next Frontier Internet & Ecommerce Index, so the lineup follows published index rules.
  3. 03Roughly 50 stocks, so the theme comes through undiluted rather than spread thin across hundreds of names.

Worth knowing

  1. 01Costs more than the neighborhood: 0.86% a year, against a 0.65% cohort median and cheaper builds like EBIZ at 0.50% and OGIG at 0.48%.
  2. 02Small fund, light volume. Spreads can run wider here than in the category's heavyweights, which makes limit orders the sane default.
  3. 03Frontier and emerging listings layer currency moves, local regulation and thinner disclosure onto an already narrow single-theme basket.

FMQQ Holdings

As of Sep 20, 2026, 9:27 AM
Asset class
Stocks
Holdings
37
Top-10 weight
59%
Largest holding
MELI7.6%

Sectors

  • Consumer Discr.35.2%
  • Financials20.4%
  • Technology17.8%
  • Communication11.2%
  • Energy8.1%
  • Industrials4.0%
  • Health Care3.3%

Geography

  • India39.29%
  • Singapore12.81%
  • Uruguay9.52%
  • Brazil8.66%
  • Cayman Islands6.30%
  • Korea (the Republic of)5.84%
  • Luxembourg5.84%
  • Kazakhstan5.27%
  • Other countries (3)6.47%

Developed 21% · Emerging 79% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001MELIMERCADOLIBRE INC7.63%845$2M225
002SESEA LTD7.40%14,778$1M134
003RELIANCE.NSRELIANCE INDUSTRIES LTD ORD7.05%109,936$1M21
004NUNU HOLDINGS LTD6.48%94,612$1M151
005—BAJAJ FINANCE LTD6.28%119,940$1M4
006ALE.WAALLEGRO.EU SA5.63%87,304$1M92
007ETERNAL.NSETERNAL LTD5.42%326,048$1M26
008KSPIKASPI.KZ JSC SPONSORED ADS4.59%9,514$927K20
009XPXP INC4.38%43,848$885K94
010JIOFIN.NSJIO FINANCIAL SERVICES LTD4.00%337,916$808K14
011—PB FINTECH LTD3.44%37,794$695K4
012GRABGRAB HOLDINGS LTD - CL A3.38%242,942$683K80
013PAYTM.NSONE 97 COMMUNICATIONS LTD3.20%35,219$647K17
014LENSKART.NSLENSKART SOLUTIONS LTD2.91%82,967$588K5
015035420.KSNAVER CORP2.82%3,959$570K105

Showing 1–15 of 37 holdings

FMQQ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FMQQ$8,063
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. FMQQ $8,063. SPY $11,723. Use the arrow keys to read each point.$6,550$9,349$12,148Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FMQQ. Periods over one year show the average yearly return.
PeriodFMQQ
Year to date−8.9%
1 month−2.5%
3 months+8.4%
1 year−19.4%
3 years+7.5%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FMQQ
YearReturn barFMQQ
2026 YTD−8.9%
2025+10.8%
2024+12.4%
2023+15.2%
2022−54.0%
2021−15.2%

History from Sep 28, 2021

FMQQ in the news

ETF.net Research hasn’t filed on FMQQ yet — coverage lands here as it’s written.

FMQQ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.67%Last 12 months
Payout per share
$0.08Last 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 26, 2023 $0.01; Dec 30, 2024 $0.06; Dec 30, 2025 $0.08. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.08
Dec 30, 2024Dec 31, 2024$0.06
Dec 26, 2023Dec 29, 2023$0.01

FMQQ Risk

How much the fund’s monthly returns vary, scaled to a year.
16.9%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.14
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−64.5%
59 months · trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.87
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMQQ Cost

Expense ratio0.86%
  • The middle half of E-Commerce funds
  • Median 0.63%

8 of the 10 E-Commerce funds charge less.

FMQQ costs $86.00 a year on $10,000. The median E-Commerce fund costs $62.50.