OneAscent Emerging Markets ETF

OneAscent Emerging Markets ETF (OAEM) is an actively managed fund of emerging-market stocks. It screens out companies tied to abortion, gambling, alcohol, tobacco, pornography and predatory lending. Its 1.25% expense ratio is well above the 0.32% average of five similar funds. Its portfolio is also concentrated: as of May 31, 2026, its 10 largest positions made up about 49% of assets.

• Over the year to Oct 27, 2026, OAEM returned +32.9%, 1st of 6 among similar funds.
• Its worst full calendar year was 2024 (+0.5%); its best was 2025 (+26.6%).
• The deepest fall in its price history was 17% (Oct 18, 2024 to Apr 8, 2025), recovered by Jun 5, 2025.

As of May 31, 2026, the fund held 46 securities; the ten largest made up 49.37% of assets, and 5.42% sat in cash and money-market holdings.

• Over the three months to May 31, 2026, investors added a net $23.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -13.67%, +15.57%, +8.41%.

OAEM doesn't track an index. Its adviser, OneAscent, picks the stocks and uses the MSCI Emerging Markets Index only to define which countries count as emerging markets. In normal conditions, at least 80% of assets go into stocks of companies in those countries, including depositary receipts (certificates that represent foreign shares). The fund aims to hold companies from at least three countries. It usually buys companies worth more than $1 billion. The prospectus sets no fixed country weights.

Every stock must first pass a values-based screen. The adviser avoids companies whose main business involves abortion, adult entertainment, gambling, tobacco, alcohol, cannabis or predatory lending. It also avoids companies with patterns of human rights violations or severe ethics controversies. It looks at ties to forced labor and at environmental mismanagement, too. The screen is proprietary. If a holding later fails it, the adviser intends to sell but isn't required to.

Among the stocks that pass, the team combines number-driven analysis with company-by-company research. It aims for a mix of fast-growing, high-return, income-paying and distressed companies. Portfolio turnover, the share of holdings replaced in a year, was 42%. The fund may hold large amounts of cash or shares of other funds, and those funds' fees would add to costs. As of May 31, 2026, about 5.4% of assets was in cash and the fund held no derivatives.

• OAEM charges 1.25% a year, versus an average of 0.32% for the similar funds below (6th of 6, cheapest first).
• Of that, 0.74% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.03% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $127 in the first year and $1,480 over 10 years (assuming a 5% annual return).

Its high cost, heavy weighting in a few Taiwanese and South Korean technology companies, and larger-than-market swings point to a small slice rather than a core position.

OAEM could add values-screened emerging-market stocks, but its track record is short. It launched on September 15, 2022, so it missed the 2008 crisis, the 2020 COVID crash and most of the 2022 bear market. Its deepest drop was 17%, from October 18, 2024 to April 8, 2025. It recovered by June 5, 2025. Its weakest calendar year was 2024, roughly flat at 0.5%. Swings have been large: one-year volatility (how much returns bounce around) was 28.9% as of October 27, 2026. Anyone who has to sell during a slump could lock in losses. Income is small: the trailing yield was 0.6%, paid once a year. In the SEC's $10,000 example, costs add up to $1,480 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.