Avantis All Equity Markets Value ETF

Avantis All Equity Markets Value ETF (AVGV) is a fund of funds from American Century Investments. That means it owns other funds instead of individual stocks: six Avantis ETFs that together hold US, other developed-market and emerging-market shares. Its main difference from a plain global index fund is a deliberate tilt toward value stocks (shares priced low relative to measures such as earnings) and smaller companies. The total expense ratio is 0.26%, per the prospectus filed December 29, 2025.

• Over the year to Oct 27, 2026, AVGV returned +22.6%, 1st of 8 among similar funds.
• Its worst full calendar year was 2024 (+11.3%); its best was 2025 (+22.6%).
• The deepest fall in its price history was 17% (Nov 29, 2024 to Apr 8, 2025), recovered by Jun 6, 2025.

As of Aug 31, 2026, the fund held 6 securities; the ten largest made up 99.92% of assets.

• Over the three months to Aug 31, 2026, investors added a net $109.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.28%, +0.89%, +2.43%.

AVGV is actively managed. It does not try to track an index. It invests in other Avantis ETFs, and under normal conditions at least 80% of its assets go into equity ETFs. The prospectus sets three target weights. US stocks get 60% (allowed range 50% to 70%) through the Avantis U.S. Large Cap, Mid Cap and Small Cap Value ETFs. Non-US developed markets get 30% (range 20% to 40%) through the Avantis International Large Cap and Small Cap Value ETFs. Emerging markets get 10% (range 5% to 20%) through the Avantis Emerging Markets Value ETF.

The split between US and non-US stocks starts from each region's share of the global stock market, with extra weight on smaller companies. The underlying funds pick or overweight stocks they expect to deliver higher returns or better risk traits than a market-cap-weighted index. As of August 31, 2026, the largest holding was Avantis US Large Cap Value ETF (AVLV) at 36.9%. Next came International Large Cap Value (AVIV) at 18.0%, U.S. Small Cap Value (AVUV) at 18.0%, Emerging Markets Value (AVES) at 10.3%, International Small Cap Value (AVDV) at 9.5% and US Mid Cap Value (AVMV) at 7.2%.

The managers review these weights regularly and may shift them within the ranges to manage risk, costs and taxes. Holders also pay the underlying funds' expenses indirectly. The fund may handle creations and redemptions in cash, which the prospectus says can make it less tax-efficient than ETFs that do this in kind.

• AVGV charges 0.26% 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 $27 in the first year and $354 over 10 years (assuming a 5% annual return).

It packages US, international and emerging-market stocks into one low-cost ticker, but it holds only stocks and tilts toward value and smaller companies.

AVGV could serve as the stock portion of a long-term portfolio. It spreads money across US, international and emerging-market shares with a value and small-company tilt, for a total expense ratio of 0.26%. It pays distributions quarterly. The trailing 12-month yield was 2% as of October 27, 2026.

Its track record is short. The fund launched in June 2023, so it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Its weakest calendar year, 2024, was still a gain of about 11%. Its deepest drop, 17%, ran from November 29, 2024 to April 8, 2025, and it was back at its old peak by June 6, 2025. Stocks have fallen much further in past crises. Anyone who may need to sell shares or draw income in a bad year may want cash or bonds held elsewhere. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.