EMM invests in companies believed to achieve and maintain a leading position within their respective country, region, industry, products produced, or services provided. The belief is that emerging markets have the potential for higher levels of growth based on socio-economic changes. The fund uses an opportunistic approach targeting companies considered best positioned to benefit from these changes. The investable universe is limited to emerging market stocks, excluding China, that meet minimum market cap and liquidity requirements. The process also considers advantageous competitive strategies and shareholder-beneficial practices and philosophies. The portfolio is constructed using a bottom-up fundamental analysis, subject to a risk management framework. The fund may engage in active and frequent trading. On May 15, 2023, EMM converted from a mutual fund to an actively managed ETF, with $18 million in assets. Before April 1, 2024, the fund appended 'ex-China' to its fund name.