At a glance
AVDE charges 0.23% a year, above the 0.2% average of the 8 funds most like it (the 6th cheapest of 9). It has $19.09B in assets, the 6th largest of that group; it paid 2.84% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +21.0% a year. At its worst it fell 35.7% in the 2020 crash (S&P 500: 33.7%) and 28.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows. Its ten largest positions make up 7.4% of the fund, out of 3,328 in all.
The short version
Avantis International Equity ETF (AVDE) is an actively managed fund from American Century Investments. As of May 31, 2026, it held about 3,300 stocks of companies outside the US, ranging from giants like ASML to small firms. It does not track an index. Instead, it leans toward smaller, cheaper and more profitable companies. Its 0.23% yearly fee is more than plain index funds such as Vanguard FTSE Developed Markets ETF, which charges 0.03%.
Price history
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AVDE +15.9% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AVDE official prospectus, to Dec 31, 2024 | — | +4.84% | — | +5.40% | — | +6.68% |
| MSCI World ex USA IMI Index index, same period | — | +4.44% | — | +4.78% | — | +5.99% |
| AVDE price data to Nov 2, 2026 | +10.5% | +15.9% | +21.0% | +9.8% | — | +11.4% |
- Over the year to Nov 2, 2026, AVDE returned +15.9%, 6th of 9 among similar funds.
- Its 5-year annualized return was +9.8%.
- In the 2020 COVID crash it fell 35.7% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2022 (-13.7%); its best was 2025 (+38.0%).
- The deepest fall in its price history was 37% (Jan 17, 2020 to Mar 18, 2020), recovered by Nov 16, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.5% | — |
| 2025 | +38.0% | — |
| 2024 | +4.9% | +4.84% |
| 2023 | +17.2% | +17.13% |
| 2022 | -13.7% | -13.61% |
| 2021 | +13.6% | +13.68% |
| 2020 | +8.3% | +7.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.4% over that stretch · deepest drop along the way 35.7%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.3% over that stretch · deepest drop along the way 28.4%, back to its old high 16.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6000 | |
| 2025 | $2.1900 | +8.4% |
| 2024 | $2.0200 | +11.0% |
| 2023 | $1.8200 | +23.0% |
| 2022 | $1.4800 | -5.1% |
| 2021 | $1.5600 | +67.7% |
| 2020 | $0.9300 |
What's inside
As of Aug 31, 2026, the fund held 3,328 securities; the ten largest made up 7.36% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding NV | 1.32% | |
| Roche Holding AG | 0.93% | |
| Shell PLC | 0.85% | |
| HSBC Holdings PLC | 0.83% | |
| Banco Bilbao Vizcaya Argentaria SA | 0.62% | |
| BHP Group Ltd | 0.61% | |
| UBS Group AG | 0.57% | |
| Allianz SE | 0.56% | |
| Safran SA | 0.54% | |
| Novartis AG | 0.53% | |
| Nestle SA | 0.50% | |
| Rolls-Royce Holdings PLC | 0.48% | |
| BP PLC | 0.47% | |
| Deutsche Telekom AG | 0.46% | |
| ING Groep NV | 0.46% |
By country
Japan 22.26%Canada 11.93%United Kingdom 11.5%Switzerland 7.86%Germany 7.08%By asset type
Stocks 99.64%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.75B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.41%, +1.99%, +2.80%.
How it works
AVDE is actively managed and does not try to copy an index. Its managers start with a broad group of non-US companies of every size and weight each one by market capitalization, meaning the total value of its shares. They then tilt the weights. Smaller companies get more weight. So do companies that look cheap, judged mainly by adjusted book-to-price (the company's accounting net worth compared with its share price), and companies that are highly profitable, judged mainly by cash from operations relative to book value. Large, less profitable, pricier companies are underweighted or left out.
The result is a very spread-out portfolio. As of May 31, 2026, it held 3,295 stocks, and the top 10 made up only 7.05% of assets. The largest were ASML (1.3%), Roche (0.9%), Shell (0.8%) and HSBC (0.8%). Japan was 22% of the fund, Canada 11.7% and the UK 11.2%. The managers review their rules regularly and weigh trading costs and taxes, and turnover was a low 3%.
At least 80% of assets go into stocks. Holdings are priced in foreign currencies, so exchange rates affect returns. The fund may use futures to manage cash and may lend securities. It may also handle creations and redemptions in cash, which can make it less tax-efficient than ETFs that trade in-kind.
What it really costs
- AVDE charges 0.23% a year, versus an average of 0.2% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $24 in the first year and $293 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVDE | $24 | $74 | $130 | $293 |
In a retirement portfolio
It adds thousands of non-US companies, tilted toward smaller and cheaper stocks, to a portfolio that is often weighted heavily toward the US.
AVDE spreads money across companies in Japan, Canada, Europe and Australia, with a tilt toward smaller, value-priced firms. That tilt can help or hurt. The fund launched in September 2019, so it has no 2008 record. In the 2020 COVID crash it fell 35.7% from February 19 to March 18, 2020, and recovered in about eight months. In the 2022 bear market it fell 28.4% and took almost 17 months to regain its peak, in February 2024. Its worst calendar year was 2022, at -13.61%. Anyone pulling money out during stretches like those would be cashing out at low prices. It paid quarterly, with a trailing yield of 2.82% as of October 29, 2026. In the SEC's standard example, costs on $10,000 come to about $293 over ten years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting broad non-US stock exposure across about 3,300 companies, with a deliberate tilt toward smaller, cheaper, more profitable firms.
- People willing to pay 0.23% a year for a rules-driven active approach that beat its MSCI benchmark over five years through 2024.
- Holders who value quarterly income; the trailing yield was 2.82% as of October 29, 2026, with heavy weights in Japan, Canada and the UK.
Look elsewhere if
- Cost-focused investors: Vanguard FTSE Developed Markets ETF charges 0.03% and Schwab International Equity ETF 0.06%, against AVDE's 0.23%.
- Anyone uneasy with steep drops: it fell 37% in early 2020 and 28.4% in 2022, taking almost 17 months to recover.
- Investors who prefer a fund that tracks a published index, or who worry about cash creations making it less tax-efficient in taxable accounts.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AVDE this fund | — | 0.23% | $19.09B | +15.9% | +21.0% |
| DFIC Dimensional International Core Equity 2 ETF | 46% | 0.23% | $14.82B | +17.4% | +20.7% |
| DFAI Dimensional International Core Equity Marke… | 42% | 0.18% | $17.47B | +16.2% | +19.9% |
| SCHF Schwab International Equity ETF | 39% | 0.06% | $69.68B | +17.7% | +20.4% |
| EFA iShares MSCI EAFE ETF | 38% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 37% | 0.07% | $190.11B | +13.7% | +18.5% |
| VEA Vanguard FTSE Developed Markets ETF | 36% | 0.03% | $316.42B | +16.8% | +21.7% |
| PTIN Pacer Trendpilot International ETF | 35% | 0.68% | $184.7M | +16.8% | +15.9% |
Questions investors ask
Is AVDE an index fund?
No. AVDE is an actively managed ETF and does not try to copy any index. Its managers start from market-cap weights across non-US companies of all sizes. They then give more weight to smaller companies and to those with higher profitability and lower prices relative to book value. It compares itself with the MSCI World ex USA IMI Index, which it beat over the five years through December 31, 2024: 5.40% a year versus 4.78%.
What's the difference between AVDE and DFIC?
They are close relatives. Dimensional International Core Equity 2 ETF (DFIC) has the highest holdings overlap with AVDE of any similar fund, at 46%, and it charges the same 0.23% expense ratio. As of October 29, 2026, DFIC returned 17.6% over one year versus 16.2% for AVDE. AVDE led over three years, at 23.1% a year versus 22.8%. By that overlap measure, more than half of each portfolio is different, so their results can diverge.
How often does AVDE pay dividends?
AVDE pays distributions quarterly. Over the 12 months through October 29, 2026, it paid $2.54 per share, a trailing yield of 2.82%. The money comes from dividends paid by its non-US holdings, so the amount can change from quarter to quarter as company payouts and exchange rates move. Some foreign countries also withhold tax on dividends paid to US investors.
Why is AVDE more expensive than VEA?
AVDE charges 0.23% a year, while Vanguard FTSE Developed Markets ETF (VEA) charges 0.03%. The gap pays for active management: AVDE tilts toward smaller, cheaper and more profitable companies, while VEA follows an index. In the SEC's standard example, $10,000 in AVDE earning 5% a year would cost about $293 over ten years. As of October 29, 2026, AVDE returned 23.1% a year over three years versus 22.8% for VEA, but trailed over one year, 16.2% versus 18.0%.
How has AVDE performed since it launched?
It has beaten its benchmark so far. As of December 31, 2024, the prospectus shows AVDE returned 4.84% over one year, 5.40% a year over five years and 6.68% a year since its September 2019 launch. Each figure was ahead of the MSCI World ex USA IMI Index. It gained 38.03% in 2025 and 11.4% in 2026 through October 29. Its worst calendar year was 2022, at -13.61%. Past results don't predict future returns.