FEDM vs UMMA

FEDMANorthern Trust ESG & Climate Developed Markets ex-US Core ETF

UMMAFWahed Dow Jones Islamic World ETF

In short

FEDM Northern Trust writes the index and runs the fund: a developed-ex-US core holding screened on its own ESG and climate scoring, at 0.12% net of a waiver through March 1, 2027.

UMMA Faith-based investing with a passport. UMMA screens international stocks against Dow Jones Islamic Market rules, so Shariah compliance and non-US equity exposure arrive in a single ticker.

Stated mandate

FEDM The Fund seeks to track, before fees and expenses, the performance of the Northern Trust ESG & Climate Developed Markets ex-US Core Index.

UMMA The Fund seeks long-term capital appreciation.

Why people hold it

• FEDM At 0.12% net of a waiver through March 1, 2027, it sits at the low end of its peer group, matching DMXF (0.12%) and undercutting ESGD (0.20%).
• Optimized, not just screened: the index limits how far any stock, sector or region can drift from its developed-ex-US parent, so it still behaves like core foreign equity.flexshares.com
• Northern Trust scores companies on its own ESG Vector Score instead of licensing a third party ratings index, and manages the fund in-house.flexshares.com
• Roughly 300 large and mid-cap names across developed markets outside the US, paid out quarterly.flexshares.com

• UMMA The Shariah screen is the product, not a bolt-on: the portfolio is anchored to the Dow Jones Islamic Market International Titans 100 Index.
• At 0.65%, it undercuts the median fee among global active equity funds, and it sits in the upper half of that peer group on our review.
• Wide net for one holding: roughly 110 stocks across developed, emerging and frontier markets outside the US, with cash paid out quarterly.

Worth knowing

• FEDM Thinly traded next to the category giants, so spreads can widen. Limit orders matter more here than with the household-name alternatives.
• The 0.12% is net of a waiver through March 1, 2027; the gross fee is 0.16%, so the discount depends on that waiver being extended.
• ESG and climate screens change what it owns versus a plain developed-ex-US index, so results can drift from the broad market in either direction.sec.gov

• UMMA Thinly traded. Spreads and limit orders matter more here than with the heavyweights of the global-equity aisle.
• Unscreened global funds go cheaper: GSWO runs 0.15% and DFAW 0.24%. The faith screen and active management are what the extra fee buys.
• Roughly 110 names, so single stocks and sectors swing the fund more than they would in a thousand-stock world index.

Full FEDM profile⁠

Full UMMA profile⁠