---
ticker: "FMQQ"
name: "FMQQ The Next Frontier Internet ETF"
url: "https://etf.net/etf/FMQQ"
grade: "D"
score: 27
graded_at: "2026-10-12"
category: "E-Commerce"
category_rank: "10 of 10"
methodology: "https://etf.net/methodology"
---

# FMQQ: FMQQ The Next Frontier Internet ETF

Grade **D**, Score 27 of 100. Rank 10 of 10 in E-Commerce.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 10 | 9 of 10 |
| Mission | Not scored | — |
| Risk | 51 | 6 of 10 |
| Tradability | 28 | 9 of 10 |
| Holdings | 40 | 8 of 10 |
| Durability | 38 | 9 of 10 |

## Top holdings

The fund holds 37 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | MELI | Mercadolibre Inc | 7.82% |
| 2 | NU | Nu Holdings Ltd | 7.47% |
| 3 | XP | Xp Inc | 6.92% |
| 4 | SE | Sea Ltd | 6.89% |
| 5 | RELIANCE.NS | Reliance Industries Ltd Ord | 6.51% |
| 6 | — | Bajaj Finance Ltd | 5.83% |
| 7 | ALE.WA | Allegro.eu SA | 5.64% |
| 8 | ETERNAL.NS | Eternal Ltd | 5.34% |
| 9 | KSPI | Kaspi.kz Jsc Sponsored Ads | 4.33% |
| 10 | GRAB | Grab Holdings Ltd - Class A | 3.79% |
| 11 | JIOFIN.NS | Jio Financial Services Ltd | 3.67% |
| 12 | PAYTM.NS | One 97 Communications Ltd | 2.92% |
| 13 | LENSKART.NS | Lenskart Solutions Ltd | 2.85% |
| 14 | CPNG | Coupang Inc | 2.78% |
| 15 | 035420.KS | Naver Corp | 2.65% |
| 16 | NYKAA.NS | Fsn E-Commerce Ventures Ltd | 2.38% |
| 17 | — | Info Edge India Ltd | 2.37% |
| 18 | SWIGGY.NS | Swiggy Ltd | 2.18% |
| 19 | — | Pb Fintech Ltd | 1.94% |
| 20 | MEESHO.NS | Meesho Ord | 1.80% |
| 21 | MMYT | Makemytrip Ltd | 1.79% |
| 22 | STNE | Stoneco Ltd | 1.61% |
| 23 | GROWW.NS | Billionbrains Garage Ventures Ltd | 1.42% |
| 24 | — | Inter & Co Inc - Bdr | 1.34% |
| 25 | DHER.DE | Delivery Hero SE | 1.04% |
| 26 | 035720.KS | Kakao Corp | 0.99% |
| 27 | PAGS | Pagseguro Digital Ltd | 0.98% |
| 28 | — | Jubilant Foodworks Ltd Ord | 0.92% |
| 29 | GOTO.JK | Goto Gojek Tokopedia Tbk Pt | 0.87% |
| 30 | ANGELONE.NS | Angel One Ltd | 0.70% |

Source: etf.net, https://etf.net/etf/FMQQ. Please cite the page URL.