ETF Evaluator:
Polen Dividend Income ETF (DIVZ)
Follow This ETF
(as of Jul 31)
Best Performing in Large Value Over the Last Year
| 80.0% | iShares MSCI USA Value Factor ETF (VLUE) |
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| 35.3% | Avantis US Large Cap Value ETF (AVLV) |
| 35.1% | LSV Disciplined Value ETF (LSVD) |
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ETF Details
Polen Dividend Income ETF Overview
Polen Dividend Income ETF (DIVZ) is an actively managed U.S. Equity Large Value exchange-traded fund (ETF). Polen Capital launched the ETF in 2021.
The investment seeks to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index.
The fund is an actively-managed ETF that seeks to achieve its investment objective by purchasing 25-35 stocks of companies that pay dividends and expect to grow the dividends over time and are trading at attractive valuations at the time of the investment. Under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, will be invested in equity securities, including common stocks and American Depositary Receipts ("ADRs").
About Polen Dividend Income ETF (DIVZ)
There are 1 members of the management team with an average tenure of 5.42 years: Austin Graff (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Polen Dividend Income ETF has 31 securities in its portfolio. The top 10 holdings constitute 48.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Polen Dividend Income ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Polen Dividend Income ETF has 9.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.3% There is 9.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Polen Dividend Income ETF has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $266 million in total assets, which is below the $5 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DIVZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Polen Dividend Income ETF expense ratio is above average compared to funds in the Large Value category. Polen Dividend Income ETF has an expense ratio of 0.65%, which is 76% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Polen Dividend Income ETF has a portfolio turnover rate of 80%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Large Value category.
Recently, in the month of June 2026, Polen Dividend Income ETF returned 0.2%, which earned it a grade of D, as the Large Value category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Polen Dividend Income ETF has a trailing yield of 2.59%, which is above the 1.74% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Polen Dividend Income ETF Grades
Year to date, the ETF has returned 4.1%, 7.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 9.8% over the past year (grade of F), 14.1% over the past three years (grade of D) and 9.5% per year over the past five years (grade of D).
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DIVZ Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DIVZ Return (NAV) | 0.2% | 0.9% | 9.8% | 14.1% | 9.5% | na |
| DIVZ Return (Price) | 0.3% | 1.1% | 9.6% | 14.1% | 9.5% | na |
| NAV +/- Price Return | -0.087% | -0.191% | 0.205% | -0.007% | -0.008% | na |
| Large Value Avg | 1.1% | 9.8% | 22.0% | 16.7% | 11.0% | 12.2% |
| DIVZ Grade (NAV) | D | F | F | D | D | na |
| +/- Category (NAV) | -0.9% | -8.9% | -12.2% | -2.6% | -1.5% | na |
| DIVZ Tax-Cost Ratio | na | na | 1.1% | 1.2% | 1.4% | na |
DIVZ Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DIVZ Return (NAV) | 4.1% | 16.6% | 18.4% | -0.6% | 3.6% | na | na | na | na | na | na |
| DIVZ Return (Price) | 4.1% | 16.7% | 18.4% | -0.5% | 3.5% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.001% | 0.006% | 0.002% | -0.145% | -0.046% | na | na | na | na | na | na |
| Large Value Avg | 11.9% | 14.8% | 15.5% | 13.1% | -6.5% | 26.7% | 5.4% | 27.4% | -6.6% | 17.7% | 15.7% |
| DIVZ Grade (NAV) | F | B | A | F | A | na | na | na | na | na | na |
| +/- Category | -7.7% | 1.8% | 2.9% | -13.7% | 10.2% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.45 |
| R-Squared: | 31% |
| Standard Deviation: | 10.6% |
| Category Risk Index: | 0.87 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.87 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.6% |
| Total Assets: | $ 267 Mil |
| Share Class Assets: | $ 267 Mil |
| Turnover: | 80.0% |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.4 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Graff Austin (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 48.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.5% |
Portfolio Allocation |
|
| Domestic Stock: | 88.3% |
| Foreign Stock: | 9.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Polen Capital |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | January 27, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.37% |
