At a glance
AVDS charges 0.3% a year, above the 0.29% average of the 6 funds most like it (the 3rd cheapest of 7). It has $353.7M in assets, the 7th largest of that group; it paid 2.63% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.2% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +23.6% a year. Its ten largest positions make up 2.5% of the fund, out of 3,051 in all.
The short version
Avantis International Small Cap Equity ETF (AVDS) is an actively managed fund from American Century Investments. As of August 31, 2026, it held 3,051 small companies outside the US, led by Japan, Canada and the UK. It does not track an index. Instead, it leans toward cheaper, more profitable small firms. Its 0.30% expense ratio is between Schwab's index-based SCHC (0.11%) and Dimensional's DFIS (0.39%).
Price history
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AVDS +16.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AVDS official prospectus, to Dec 31, 2024 | — | +3.31% | — | — | — | +4.71% |
| MSCI World ex USA Index index, same period | — | +4.70% | — | — | — | +5.53% |
| MSCI World ex USA Small Cap Index index, same period | — | +2.76% | — | — | — | +3.51% |
| AVDS price data to Oct 27, 2026 | +12.4% | +16.2% | +23.6% | — | — | +16.8% |
- Over the year to Oct 27, 2026, AVDS returned +16.2%, 3rd of 7 among similar funds.
- Its worst full calendar year was 2024 (+3.2%); its best was 2025 (+38.2%).
- The deepest fall in its price history was 13.5% (Mar 19, 2025 to Apr 7, 2025), recovered by Apr 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.4% | — |
| 2025 | +38.2% | — |
| 2024 | +3.2% | +3.31% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1600 | |
| 2025 | $1.6500 | +3.8% |
| 2024 | $1.5900 |
What's inside
As of Aug 31, 2026, the fund held 3,051 securities; the ten largest made up 2.52% of assets.
| Holding | Weight | |
|---|---|---|
| DPM Metals Inc | 0.28% | |
| Hudbay Minerals Inc | 0.27% | |
| Enlight Renewable Energy Ltd | 0.27% | |
| IAMGOLD Corp | 0.26% | |
| Eldorado Gold Corp | 0.25% | |
| Hiscox Ltd | 0.24% | |
| NKT A/S | 0.24% | |
| Lion Finance Group PLC | 0.23% | |
| Balfour Beatty PLC | 0.23% | |
| Umicore SA | 0.23% | |
| Taiyo Yuden Co Ltd | 0.23% | |
| Beazley PLC | 0.23% | |
| Perseus Mining Ltd | 0.23% | |
| Vault Minerals Ltd | 0.23% | |
| Capstone Copper Corp | 0.22% |
By country
Japan 32.44%Canada 10.82%United Kingdom 10.24%Australia 9.02%Sweden 4.11%By asset type
Stocks 99.67%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $43.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.47%, +1.18%, +5.57%.
How it works
AVDS is an actively managed ETF, so it does not try to copy an index. The managers start with non-US small companies across many countries and sectors. Each stock begins at its market-cap weight, which means bigger companies get bigger slots. The managers then add weight to stocks that look cheap and profitable and cut or drop the rest. "Cheap" mainly means a high adjusted book-to-price ratio: a company's accounting net worth compared with its share price. "Profitable" mainly means high cash from operations compared with book value. They may also weigh recent price performance, trading volume, costs and taxes.
At least 80% of assets must be in small caps. Here that means companies no larger than the largest company in the MSCI World ex USA Small Cap Index, which was $26.9 billion as of September 30, 2025. Size is judged country by country, so a company counted as small in one market may not be in another. The result is very spread out. As of August 31, 2026, the top 10 holdings made up just 2.52% of the fund. Portfolio turnover was 6%.
The fund has no fixed rebalancing date. The managers review their criteria regularly and trade with costs and taxes in mind. The fund may create and redeem shares for cash instead of swapping stocks in kind. That can force it to sell holdings and pass on taxable gains. It also lends out securities and holds stocks priced in foreign currencies, so exchange rates affect returns.
What it really costs
- AVDS charges 0.3% a year, versus an average of 0.29% for the similar funds below (3rd of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVDS | $31 | $97 | $169 | $381 |
In a retirement portfolio
It adds thousands of small non-US companies, mostly in Japan, Canada, the UK and Australia, that a portfolio built on US stocks usually lacks.
AVDS launched in July 2023, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 13.5%, from March 19 to April 7, 2025, and it had recovered by April 28, 2025. Its weakest calendar year, 2024, was still a 3.31% gain. That short and mostly rising history may understate how far foreign small caps can fall. Anyone who may need to sell shares in a bad year should allow for deeper and longer declines than this record shows. The trailing yield was 2.63% as of October 27, 2026, and the fund pays quarterly. On the SEC's standard $10,000 example, costs come to $381 over 10 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 seeking broad non-US small-cap exposure: 3,051 stocks, with no single holding above about 0.3% as of August 31, 2026.
- People wanting a tilt toward cheaper, more profitable small companies at 0.30% a year, less than Dimensional's DFIS at 0.39%.
- Holders comfortable with Japan at 32% of assets, plus Canada, the UK and Australia at roughly 9–11% each.
Look elsewhere if
- Cost-focused investors: Vanguard's VSS (0.08%) and Schwab's SCHC (0.11%) charge far less for international small-cap exposure.
- Anyone who wants a long track record. AVDS launched in July 2023, after the 2020 and 2022 downturns.
- Investors who want plain index tracking or maximum tax efficiency, since cash creations and redemptions can trigger taxable gains.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AVDS this fund | — | 0.3% | $353.7M | +16.2% | +23.6% |
| SCHC Schwab International Small-Cap Equity ETF | 33% | 0.11% | $5.77B | +9.3% | +21.4% |
| DFIS Dimensional International Small Cap ETF | 33% | 0.39% | $5.74B | +14.0% | +23.1% |
| SCZ iShares MSCI EAFE Small-Cap ETF | 27% | 0.4% | $13.20B | +13.1% | +18.3% |
| AVDV Avantis International Small Cap Value ETF | 27% | 0.36% | $20.50B | +22.1% | +27.1% |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 24% | 0.08% | $13.55B | +7.2% | +18.0% |
| DISV Dimensional International Small Cap Value E… | 23% | 0.42% | $4.94B | +20.9% | +27.2% |
Questions investors ask
Is AVDS an index fund?
No. AVDS is an actively managed ETF from American Century Investments, offered under its Avantis brand, and it does not try to copy an index. The managers start from market-value weights. They then lean toward smaller companies and those with higher profitability and lower prices relative to book value (accounting net worth). The process trades little: the prospectus filed December 29, 2025 reported portfolio turnover of 6%. It compares results with the MSCI World ex USA Small Cap Index.
What stocks and countries does AVDS hold?
AVDS held 3,051 holdings outside the US as of August 31, 2026, so no single company drives results. The largest positions were DPM Metals, Hudbay Minerals and Enlight Renewable Energy, each about 0.3% of assets. The top 10 together made up just 2.52%. Japan was the biggest country at 32.44%, followed by Canada (10.82%), the United Kingdom (10.24%) and Australia (9.02%). Mining companies such as IAMGOLD, Eldorado Gold and Capstone Copper appear among the top holdings.
What is the AVDS expense ratio?
AVDS charges 0.30% a year. That expense ratio is the yearly fee taken from fund assets, according to the prospectus filed December 29, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $31 in the first year and $381 over 10 years. That is close to the 0.29% average of six similar funds and below the 0.39% charged by Dimensional International Small Cap ETF (DFIS). Two similar funds cost much less: Vanguard's VSS at 0.08% and Schwab's SCHC at 0.11%.
Is AVDS good for retirement income?
Not mainly. AVDS pays dividends quarterly, but its stated goal is long-term capital appreciation, not income. Its trailing 12-month yield, meaning the past year's dividends divided by the share price, was 2.63% as of October 27, 2026. The fund may suit retirees who want a growth holding spread across non-US small companies and can accept currency swings and sharp drops. Its deepest decline since its July 2023 launch was 13.5%, from March 19 to April 7, 2025. It has not yet been tested by a long bear market.
What's the difference between AVDS and DFIS?
AVDS is cheaper and much smaller. Both hold international small-cap stocks, and they shared about 33% of their holdings in their latest SEC reports. AVDS charges 0.30% a year versus 0.39% for Dimensional International Small Cap ETF (DFIS). As of October 27, 2026, AVDS returned 16.2% over one year and 23.6% a year over three years, versus 14% and 23.1% for DFIS. DFIS had $5.74 billion in assets as of July 31, 2026, against $353.7 million for AVDS as of August 31, 2026.