First Trust RiverFront Dynamic Emerging Markets ETF
RFEM
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- First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) is an actively managed exchange-traded fund that seeks capital appreciation by investing at least 80% of its net assets in equity securities of emerging market companies, including common stocks, depositary receipts, and shares of real estate investment trusts; it employs a multi-factor stock selection process emphasizing value, quality, and momentum attributes, with a proprietary optimization approach to construct the portfolio subject to constraints on country, sector, and risk factors such as beta, quality, and volatility; additionally, the fund implements a dynamic currency hedging strategy using forward foreign currency exchange contracts and currency spot transactions to hedge up to 100% of its non-U.S. dollar currency exposure based on quantitative measures like interest rate differentials and central bank balance sheets, as well as qualitative factors including central banker guidance. The portfolio typically includes 100-150 securities across large-, mid-, and small-capitalization companies listed on U.S. or non-U.S. exchanges, with top holdings as of late 2025 featuring Taiwan Semiconductor Manufacturing Co. Ltd. (approximately 12%), Tencent Holdings Ltd., iShares MSCI China ETF, Alibaba Group Holding Ltd., and Industrial and Commercial Bank of China Ltd., spanning sectors like technology (25%), financial services (22%), and consumer cyclical (13%), and regions including emerging Asia (50%), developed Asia (31%), Latin America (7%), and emerging Europe (6%). RFEM operates within the diversified emerging markets equity segment, targeting institutional and retail investors seeking exposure to high-growth emerging economies while mitigating currency risks. Launched on June 14, 2016, and domiciled in the United States with management by First Trust Advisors L.P. and sub-advisory from RiverFront Investment Group, LLC, the fund maintains total net assets of approximately $45-51 million, a net expense ratio of 0.95%, and quarterly distributions, trading on the Nasdaq with shares available for sale primarily in the United States. The fund has not undergone significant structural changes, such as mergers, acquisitions, partnerships, funding rounds, or name changes, in the last 1-2 years, continuing its established active multi-factor and dynamic hedging strategy amid ongoing portfolio reallocations to reflect evolving market conditions in emerging markets.