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Fund Name:

Ticker:

Investment Objective

Polen Capital Emerging Markets ex-China Growth ETF (PCEM) seeks to achieve long-term growth of capital. The advisor seeks to achieve long-term growth of capital by building a concentrated portfolio of competitively advantaged emerging markets businesses domiciled outside of China with sustainable, above-average earnings growth.

  • Global emerging markets growth strategy with a strong emphasis on sustainable earnings growth
  • Focus on companies with high returns on capital and deep competitive moats
  • Concentrated portfolio of approximately 25-40 growth companies
  • Low portfolio turnover with long-term holding periods

Due Diligence Toolkit


Prospectus

Fact Sheet

Founded in 1979, Polen Capital is a global investment manager offering equity and credit strategies to a wide range of clients across five continents. Polen delivers growth and income solutions, building high-conviction, concentrated, competitively advantaged, active portfolios with the potential to compound and outperform over the long-term. The firm has a distinctive culture and is committed to attracting, developing, and retaining exceptional professionals who are aligned with the firm’s mission of preserving and growing clients'' assets to protect their present and enable their future.
Target Manager Allocation: 100.00%
Stock-Picking Style:

Dafydd Lewis, CFA

Polen Capital
Portfolio Manager & Analyst

Damian Bird, CFA

Polen Capital
Head of Team,
Portfolio Manager & Analyst

PCEM

53700T710

US53700T7101

09/10/2024

Emerging Markets

Active ETF

1.00%


State Street Bank

ALPS Distributors

NYSE Arca

iM Global Partner Fund Management

Polen Capital

$10.7790

As of 11/26/2025

0.22 (2.06%)

As of 11/26/2025

10.40%

As of 11/26/2025

1.00%

Asset Class

Equity

Share Class inception Date

09/10/2024

Benchmark

MSCI EM ex China Index

CUSIP

53700T710

Registered Locations

US

Polen Capital Emerging Markets ex-China Growth ETF Value of Hypothetical $10,000
The value of a hypothetical $10,000 investment in the Polen Capital Emerging Markets ex-China Growth ETF compared with the Polen Capital Emerging Markets ex-China Growth ETF (Price), Morningstar Diversified Emerging Markets Category, MSCI EM ex China Index.

  • Growth of Investment
  • Annualized
  • Calendar Year

* The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.
Performance quoted does not include a deduction for taxes that a shareholder would pay on the redemption of fund shares.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Short term performance is not a good indication of the fund’s future performance and should not be the sole basis for investing in the fund. Indexes are unmanaged, do not incur fees, and cannot be invested in directly. Returns less than one year are not annualized. To obtain the performance of the funds as of the most recently completed calendar month, please visit www.imgp.com/us/

Date Security Name CUSIP Ticker Shares Qty Market Value Weight
11/28/2025 KRW999999 53700T710 - 102,414,311 $ -69,873.99 -0.01
11/28/2025 NEW TAIWAN DOLLAR 53700T710 - 2 $ 0.06 0
11/28/2025 SOUTH KOREAN WON 53700T710 - 123 $ 0.08 0
11/28/2025 EURO CURRENCY 53700T710 - 10 $ 11.20 0
11/28/2025 INDIAN RUPEE 53700T710 - 16,674 $ 186.78 0.01
11/28/2025 NET OTHER ASSETS 53700T710 - 0 $ 7,182.59 0.27
11/28/2025 US DOLLAR 53700T710 - 15,237 $ 15,236.84 0.57
11/28/2025 BANK CENTRAL ASIA TBK PT COMMON STOCK IDR12.5 53700T710 BBCA 56,254 $ 28,447.78 1.06
11/28/2025 WIZZ AIR HOLDINGS PLC COMMON STOCK GBP.0001 53700T710 WIZZ 1,880 $ 29,761.00 1.1
11/28/2025 SANIL ELECTRIC CO LTD COMMON STOCK KRW500.0 53700T710 A062040 409 $ 38,787.61 1.44
11/28/2025 PARK SYSTEMS CORP COMMON STOCK KRW500.0 53700T710 A140860 249 $ 39,073.48 1.45
11/28/2025 FPT CORP COMMON STOCK VND10000.0 53700T710 FPT 13,260 $ 49,768.36 1.85
11/28/2025 INDIAN HOTELS CO LTD COMMON STOCK INR1.0 53700T710 IH 6,143 $ 50,372.34 1.87
11/28/2025 SAREGAMA INDIA LTD COMMON STOCK INR1.0 53700T710 SARE 11,893 $ 50,626.23 1.88
11/28/2025 PHU NHUAN JEWELRY JSC COMMON STOCK VND10000.0 53700T710 PNJ 15,600 $ 51,572.20 1.91
11/28/2025 NAGACORP LTD COMMON STOCK USD.0125 53700T710 3918 81,024 $ 52,090.06 1.93
11/28/2025 ASPEED TECHNOLOGY INC COMMON STOCK TWD10.0 53700T710 5274 250 $ 52,820.55 1.96
11/28/2025 DISCOVERY LTD COMMON STOCK ZAR.001 53700T710 DSY 4,348 $ 56,311.02 2.09
11/28/2025 BAJAJ AUTO LTD COMMON STOCK INR10.0 53700T710 BJAUT 551 $ 56,517.33 2.1
11/28/2025 GENTING SINGAPORE LTD COMMON STOCK 53700T710 G13 101,600 $ 59,131.24 2.19
11/28/2025 KRW999999 53700T710 - -86,991,978 $ 59,351.83 -0
11/28/2025 RIYADH CABLES GROUP CO COMMON STOCK SAR10.0 53700T710 4142 1,900 $ 62,257.71 2.31
11/28/2025 DINO POLSKA SA COMMON STOCK PLN.01 53700T710 DNP 5,680 $ 65,048.98 2.41
11/28/2025 NASPERS LTD N SHS COMMON STOCK ZAR.02 53700T710 NPN 1,050 $ 69,752.30 2.59
11/28/2025 SK SQUARE CO LTD COMMON STOCK KRW500.0 53700T710 A402340 348 $ 69,873.99 2.59
11/28/2025 SALIK CO PJSC COMMON STOCK AED.01 53700T710 SALIK 44,320 $ 70,108.83 2.6
11/28/2025 HUGEL INC COMMON STOCK KRW500.0 53700T710 A145020 470 $ 70,386.16 2.61
11/28/2025 INPOST SA COMMON STOCK EUR.01 53700T710 INPST 6,374 $ 72,175.52 2.68
11/28/2025 ICICI LOMBARD GENERAL INSURA COMMON STOCK INR10.0 53700T710 ICICIGI 3,239 $ 73,147.93 2.71
11/28/2025 NU HOLDINGS LTD/CAYMAN ISL A COMMON STOCK USD.000006667 53700T710 NU 4,263 $ 73,536.75 2.73
11/28/2025 TOTVS SA COMMON STOCK 53700T710 TOTS3 9,700 $ 77,856.01 2.89
11/28/2025 HDFC BANK LIMITED COMMON STOCK INR1.0 53700T710 HDFCB 7,208 $ 81,148.67 3.01
11/28/2025 MEDIATEK INC COMMON STOCK TWD10.0 53700T710 2454 2,000 $ 82,980.93 3.08
11/28/2025 NEXON CO LTD COMMON STOCK 53700T710 3659 3,530 $ 83,292.52 3.09
11/28/2025 MOBILE WORLD INVESTMENT CORP COMMON STOCK VND10000.0 53700T710 MWG 27,900 $ 84,830.72 3.15
11/28/2025 WEG SA COMMON STOCK 53700T710 WEGE3 10,260 $ 85,150.80 3.16
11/28/2025 KAROOOOO LTD COMMON STOCK 53700T710 KARO 1,940 $ 87,513.40 3.25
11/28/2025 DLOCAL LTD COMMON STOCK USD.002 53700T710 DLO 7,084 $ 92,446.20 3.43
11/28/2025 MERCADOLIBRE INC COMMON STOCK USD.001 53700T710 MELI 48 $ 97,599.36 3.62
11/28/2025 ACCTON TECHNOLOGY CORP COMMON STOCK TWD10.0 53700T710 2345 3,452 $ 110,062.97 4.08
11/28/2025 RAIA DROGASIL SA COMMON STOCK 53700T710 RADL3 26,000 $ 114,597.61 4.25
11/28/2025 SAMSUNG ELECTRONICS CO LTD COMMON STOCK KRW100.0 53700T710 A005930 1,920 $ 134,663.30 5
11/28/2025 TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK TWD10.0 53700T710 2330 6,500 $ 298,731.35 11.09
11/28/2025 TOTAL NET ASSETS 53700T710 - - $ 2,694,741.98 -

* Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Net Assets of the Fund (11/26/2025) $2,694,742

Shares Outstanding (11/26/2025) 250,000

Last Market Price (11/26/2025) $10.81

Change in Last Market Price (11/26/2025) $0.17

Premium/Discount (11/26/2025) 0.03

30-Day Median Bid-Ask Spread (11/26/2025) -

Disclosure:

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 800-960-0188 or visiting www.imgpfunds.com. Read it carefully before investing.   Polen Capital Emerging Markets ex-China Growth ETF Risks: Investing involves risk. Principal loss is possible.   The Fund invests in emerging market and foreign securities. Investment in foreign (non‑U.S.) securities and emerging market securities may cause the Fund to experience more rapid and extreme changes in value due to economic, political and social instability of such countries.   The value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies.   Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer.   Because the Fund may take into consideration the environmental, social and governance characteristics of portfolio companies in which it may invest, the Fund may select or exclude securities of certain issuers for reasons other than potential performance.   The Fund is newly formed and has no operating history.   A commission may apply when buying or selling an ETF.   Index Definitions | Industry Terms and Definitions   The Polen Capital Emerging Markets ex-China Growth ETF is distributed by ALPS Distributors, Inc.