At a glance
AVIG charges 0.15% a year, above the 0.1% average of the 7 funds most like it (the 6th cheapest of 8). It has $2.00B in assets, the 8th largest of that group; it paid 4.44% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.5% with distributions reinvested, the weakest of those 8 funds; over three years it returned +5.5% a year. At its worst it fell 16.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 35 months after the low. Its ten largest positions make up 13.5% of the fund, out of 860 in all.
The short version
Avantis Core Fixed Income ETF (AVIG) is an actively managed bond fund from American Century Investments. It holds mostly investment-grade corporate bonds, U.S. Treasuries and government-backed mortgage securities, and it keeps its interest-rate risk close to that of the Bloomberg U.S. Aggregate Bond Index. It does not copy that index. Its managers tilt toward bond groups they expect to return more. Its 0.15% expense ratio is five times the 0.03% charged by BND and AGG.
Price history
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AVIG -1.5% 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 | |
|---|---|---|---|---|---|---|
| AVIG official prospectus, to Dec 31, 2024 | — | +1.73% | — | — | — | -1.95% |
| Bloomberg U.S. Aggregate Bond Index index, same period | — | +1.25% | — | — | — | -1.94% |
| AVIG price data to Oct 27, 2026 | -1.3% | -1.5% | +5.5% | -0.2% | — | -0.2% |
- Over the year to Oct 27, 2026, AVIG returned -1.5%, 8th of 8 among similar funds.
- Its 5-year annualized return was -0.2%.
- Its worst full calendar year was 2022 (-13.9%); its best was 2025 (+8.0%).
- The deepest fall in its price history was 19.4% (Aug 3, 2021 to Oct 20, 2022), recovered by Feb 23, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.3% | — |
| 2025 | +8.0% | — |
| 2024 | +1.5% | +1.73% |
| 2023 | +6.4% | +6.25% |
| 2022 | -13.9% | -13.82% |
| 2021 | — | -2.06% |
| 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 | Lost 15.7% over that stretch · deepest drop along the way 16%, back to its old high 35 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3300 | |
| 2025 | $1.8300 | -3.2% |
| 2024 | $1.8900 | +11.2% |
| 2023 | $1.7000 | +61.9% |
| 2022 | $1.0500 |
What's inside
As of Aug 31, 2026, the fund held 860 securities; the ten largest made up 13.52% of assets.
| Holding | Weight | |
|---|---|---|
| Ginnie Mae Mortgage-backed securities | 1.84% | |
| Ginnie Mae Mortgage-backed securities | 1.64% | |
| Ginnie Mae Mortgage-backed securities | 1.32% | |
| U.S. TREASURY Bonds and notes | 1.25% | |
| U.S. TREASURY Bonds and notes | 1.25% | |
| U.S. TREASURY Bonds and notes | 1.25% | |
| U.S. TREASURY Bonds and notes | 1.25% | |
| U.S. TREASURY Bonds and notes | 1.25% | |
| U.S. TREASURY Bonds and notes | 1.24% | |
| U.S. TREASURY Bonds and notes | 1.24% | |
| Federal National Mortgage Association Mortgage-backed securities | 1.17% | |
| Ginnie Mae Mortgage-backed securities | 0.84% | |
| U.S. TREASURY Bonds and notes | 0.79% | |
| U.S. TREASURY Bonds and notes | 0.78% | |
| Ginnie Mae Mortgage-backed securities | 0.76% |
By country
United States 107.13%Canada 4.38%United Kingdom 1.22%Netherlands 0.57%Ireland 0.42%By issuer
Companies 62.89%US Treasury 34.64%US government agencies 18.52%Foreign governments 0.16%The bonds mature in 9.2 years on average (weighted by size), with an average coupon of 4.12%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $170.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.11%, -1.21%, +0.21%.
How it works
AVIG is an actively managed ETF, so it does not try to copy an index. Its goal is to maximize total return, which means interest income plus price gains. Under normal conditions, it keeps at least 80% of net assets in bonds from U.S. and foreign companies, governments and their agencies. Most holdings must be investment grade, the higher tiers of credit ratings. Duration measures how much a bond's price reacts to rate changes. The fund keeps its duration within 2 years of the Bloomberg U.S. Aggregate Bond Index.
The managers sort the bond universe into groups by sector, credit rating, duration, country and currency. They estimate each group's expected return from its yield curve. To do this they weigh yield, duration and option-adjusted spread, which is the extra yield over Treasuries after allowing for features like early repayment. Groups with higher expected returns get larger weights. There is no set rebalancing date. The managers trade continually and factor in trading costs and taxes. Portfolio turnover was 332%.
As of May 31, 2026, the fund had 819 holdings, and the top 10 made up 13.02% of assets. The largest were 30-year Ginnie Mae and Fannie Mae mortgage securities and short-term Treasury bills. Exposures add up to more than 100% because the fund can agree to buy mortgage securities that settle later. Derivatives, including a credit default swap index and a Treasury bond future, were 0.05% of assets.
What it really costs
- AVIG charges 0.15% a year, versus an average of 0.1% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVIG | $15 | $48 | $85 | $192 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It aims to cover the broad investment-grade U.S. bond market and keeps its interest-rate risk close to the Bloomberg U.S. Aggregate Bond Index, the usual bond anchor of a balanced portfolio.
AVIG launched in October 2020, so it has no record for the 2008 crisis or the 2020 COVID crash. Its real test came in 2022. Rising interest rates pushed it down 16% between January 3 and October 10, and it lost 13.82% for the year, its worst calendar year. Its deepest drop, 19.4% from August 2021 to October 2022, took about 40 months to recover, ending in February 2026. Anyone who had to draw on it in 2022 would have locked in losses. It pays monthly. Its trailing 12-month yield was 4.44% as of October 27, 2026. Costs are 0.15% a year, or $192 over 10 years in the SEC's $10,000 example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one core bond fund whose interest-rate risk stays within 2 years of the Bloomberg U.S. Aggregate Bond Index.
- Retirees who value monthly income. The trailing 12-month yield was 4.44% as of October 27, 2026.
- People open to an active, return-seeking approach. It beat its benchmark in 2024, returning 1.73% against the index's 1.25%.
Look elsewhere if
- Cost-focused investors. BND, AGG and BIV each charge 0.03%, compared with AVIG's 0.15%, and the gap adds up over decades.
- Anyone who needs steady prices when rates jump. It lost 13.82% in 2022 and took about 40 months to recover its 19.4% drop.
- Taxable-account holders who worry about tax efficiency. Its 332% turnover and possible cash redemptions may make it less tax-efficient than some ETFs.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AVIG this fund | 9.2 yrs | 0.15% | $2.00B | -1.5% | +5.5% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| AGG iShares Core U.S. Aggregate Bond ETF | 12.4 yrs | 0.03% | $138.32B | -0.4% | +4.7% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 12.5 yrs | 0.03% | $10.60B | -1.1% | +5.2% |
Questions investors ask
Does AVIG pay monthly dividends?
Yes. AVIG pays income monthly. Over the 12 months to October 27, 2026, it paid $1.78 per share, a trailing yield of 4.44%. This income comes mostly from interest on the bonds and mortgage securities it holds. The amount can change from month to month as rates and holdings shift. Income from bond funds is generally taxed differently from qualified stock dividends, so the account type you hold it in can matter.
What's the difference between AVIG and AGG?
The biggest differences are cost, size and approach. AVIG charges 0.15% a year and AGG charges 0.03%. AVIG had $1.87 billion in net assets as of May 31, 2026, against AGG's $138 billion as of August 31, 2026. AVIG is actively managed and tilts toward bonds its managers expect to return more. Over three years, AVIG returned 5.5% a year against AGG's 5.2%. Over one year, it lost 1.5% while AGG lost 0.7%.
Is AVIG an index fund?
No. AVIG is an actively managed ETF and does not try to replicate any index. It measures itself against the Bloomberg U.S. Aggregate Bond Index and keeps its duration, or rate sensitivity, within 2 years of that index. Within that limit, its managers shift weights among sectors, credit ratings and maturities based on expected returns. This leads to heavy trading. Portfolio turnover was 332%, and the fee is 0.15%.
How much did AVIG lose in 2022?
AVIG lost 13.82% in 2022, according to its prospectus, its worst calendar year so far. Its worst quarter was the first quarter of 2022, at -6.72%. Bond prices fall when interest rates rise, and rates climbed fast that year. From its August 2021 peak to its October 2022 low, it fell 19.4%. It took about 40 months to get back to its old high, in February 2026.
Is AVIG good for retirement?
It can serve as a core bond holding in a retirement portfolio, but it is not free of risk. It holds mostly investment-grade bonds, and it pays monthly, with a 4.44% trailing yield as of October 27, 2026. Over the past year, its beta was 0.14, meaning its price moved little with the stock market. Even so, it fell 16% during the 2022 rate shock. Low-cost funds like BND and AGG charge 0.03% against its 0.15%.