At a glance
AVGE charges 0.23% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $1.22B in assets, the 7th largest of that group; it paid 1.73% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +23.3% a year. Its ten largest positions make up 95.4% of the fund, out of 14 in all.
The short version
Avantis All Equity Markets ETF (AVGE) is a "fund of funds" from American Century Investments. It is one ETF that holds 14 other Avantis stock ETFs, covering the US, other developed markets, emerging markets and real estate. Unlike a plain index fund, it is actively managed and leans toward stocks its managers expect to earn more, such as value stocks and smaller companies. The prospectus lists its expense ratio at 0.23%.
Price history
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AVGE +18.5% 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 | |
|---|---|---|---|---|---|---|
| AVGE official prospectus, to Dec 31, 2024 | — | +13.95% | — | — | — | +20.19% |
| MSCI ACWI IMI Index index, same period | — | +16.37% | — | — | — | +21.02% |
| AVGE price data to Oct 27, 2026 | +16.4% | +18.5% | +23.3% | — | — | +19.4% |
- Over the year to Oct 27, 2026, AVGE returned +18.5%, 1st of 8 among similar funds.
- Its worst full calendar year was 2024 (+14.0%); its best was 2025 (+20.8%).
- The deepest fall in its price history was 17.1% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.4% | — |
| 2025 | +20.8% | — |
| 2024 | +14.0% | +13.95% |
| 2023 | +19.1% | +19.17% |
| 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) | $0.9800 | |
| 2025 | $1.4300 | +2.9% |
| 2024 | $1.3900 | +11.2% |
| 2023 | $1.2500 |
What's inside
As of Aug 31, 2026, the fund held 14 securities; the ten largest made up 95.38% of assets.
| Fund held | Weight | |
|---|---|---|
| Avantis US Equity ETF | 42.79% | |
| Avantis US Large Cap Value ETF | 15.41% | |
| Avantis International Equity ETF | 10.66% | |
| Avantis Emerging Markets Equity ETF | 6.59% | |
| Avantis International Large Cap Value ETF | 5.49% | |
| Avantis U.S. Small Cap Value ETF | 3.52% | |
| Avantis US Small Cap Equity ETF | 3.47% | |
| Avantis Emerging Markets Value ETF | 3.32% | |
| Avantis Real Estate ETF | 2.75% | |
| Avantis US Mid Cap Value ETF | 1.37% | |
| Avantis US Mid Cap Equity ETF | 1.35% | |
| Avantis International Small Cap Value ETF | 1.22% | |
| Avantis International Small Cap Equity ETF | 1.06% | |
| Avantis Emerging Markets Small Cap Equity ETF | 0.91% |
By country
United States 99.92%By asset type
Stocks 99.92%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $212.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.51%, -0.22%, +2.29%.
How it works
AVGE does not track an index. It buys other Avantis ETFs, which the prospectus calls the underlying funds. Those funds hold thousands of stocks. Each one gives extra weight to shares that its managers expect to have higher returns or better risk traits than a plain market-cap weighted index would give them. (A market-cap weighted index sizes each company by its total stock market value.) Under normal conditions, at least 80% of AVGE's assets go into stock ETFs.
The prospectus sets target weights, each with a range: 70% US stocks (63% to 77%), 17% other developed markets (10% to 24%), 10% emerging markets (3% to 17%) and 3% real estate (1% to 6%). The split between US and non-US stocks follows each region's share of world stock market value, with a deliberate tilt toward the US, called a home bias. As of August 31, 2026, the largest holdings were Avantis U.S. Equity ETF (AVUS) at about 42.8%, Avantis U.S. Large Cap Value ETF (AVLV) at 15.4% and Avantis International Equity ETF (AVDE) at 10.7%.
The managers review the mix regularly. They can move within the ranges to manage risk, costs and taxes. They can also change the ranges or the underlying funds. The fund may handle share creations and redemptions in cash. That can force it to sell holdings and pass on taxable gains.
What it really costs
- AVGE charges 0.23% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.05% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $24 in the first year and $317 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVGE | $24 | $79 | $139 | $317 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It packs global stocks of every size and region into one diversified, low-cost fund that could serve as the main stock holding in a long-term portfolio.
AVGE launched on September 27, 2022, so it has never been through a test like 2008, 2020 or the 2022 bear market. Its worst calendar year was 2024, and it still gained about 14% that year. Its deepest drop was 17.1%, from February 18 to April 8, 2025. It took about two months to recover, regaining its old high by June 6, 2025. A real bear market could cut much deeper and last much longer. Anyone who may need to sell shares in a bad year should plan for that. The trailing yield was 1.73% as of October 27, 2026, paid quarterly, so this is mainly a growth fund. In the SEC's standard example, $10,000 would cost $24 in the first year and $317 over 10 years. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US, international, emerging-market and real estate stocks in one fund, with about 70% in the US at the prospectus target weights.
- People who accept a tilt toward value and smaller-company stocks over a plain market-weighted mix, at an expense ratio of 0.23%.
- Long-term savers who are fine with a mostly-growth fund paying a modest quarterly income, with a trailing yield of 1.73% as of October 27, 2026.
Look elsewhere if
- Investors who want a fund with a long record: AVGE launched in September 2022 and has not been through a full bear market.
- People who want a passive fund that tracks an index; AVGE is actively managed, and the managers can change its weights and underlying funds.
- Retirees who need meaningful income or protection from drops: it holds almost all stocks and fell 17.1% in early 2025.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AVGE this fund | 0.23% | $1.22B | +18.5% | +23.3% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does AVGE hold?
AVGE holds other Avantis ETFs, not individual stocks. As of August 31, 2026, it owned 14 of them, and they made up about 99.9% of assets. The largest were Avantis U.S. Equity ETF (AVUS) at 42.8%, Avantis U.S. Large Cap Value ETF (AVLV) at 15.4%, Avantis International Equity ETF (AVDE) at 10.7% and Avantis Emerging Markets Equity ETF (AVEM) at 6.6%. Its top 10 holdings made up about 95% of the fund.
What is AVGE's expense ratio?
AVGE's expense ratio is 0.23%, according to the prospectus filed December 29, 2025. Its own management fee is 0.05%. The rest of the total reflects the costs of the Avantis funds it holds. In the SEC's standard example, $10,000 earning 5% a year would cost about $24 after one year, $79 after three years, $139 after five years and $317 after 10 years.
Does AVGE pay dividends?
Yes. AVGE pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $1.71 per share, a trailing yield of 1.73%. The money comes from dividends on the stocks held by its underlying Avantis funds. Because the fund holds almost entirely stocks, its income will rise and fall with company payouts. It is built mainly for long-term growth, not steady income.
How has AVGE performed compared with the MSCI ACWI IMI?
AVGE has trailed its benchmark slightly. The benchmark is the MSCI ACWI IMI Index, a broad index of large, mid and small stocks worldwide. In the year to December 31, 2024, the fund returned 13.95% against 16.37% for the index. Since its September 2022 launch through that date, it returned 20.19% a year against 21.02%. Its tilt toward value and smaller stocks will help in some periods and hurt in others.
Is AVGE an index fund?
No. AVGE is an actively managed ETF and does not try to copy an index. Its managers allocate among Avantis funds around set targets: 70% US stocks, 17% other developed markets, 10% emerging markets and 3% real estate. They can move within set ranges and change the underlying funds. The prospectus also notes a possible conflict of interest, because the managers choose funds run by their own firm, American Century.