At a glance
AVLC charges 0.15% a year, above the 0.1% average of the 8 funds most like it (the 7th cheapest of 9). It has $1.47B in assets, the 8th largest of that group; it paid 0.87% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +17.3% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +25.4% a year. Its ten largest positions make up 29.6% of the fund, out of 849 in all.
The short version
Avantis U.S. Large Cap Equity ETF (AVLC) is an actively managed fund from American Century Investments. It holds hundreds of large U.S. companies and measures itself against the Russell 1000 Index. It starts from market-value weights, then tilts toward companies that are more profitable and cheaper relative to their book value. Its 0.15% expense ratio is higher than the 0.03% charged by S&P 500 index funds such as VOO and IVV.
Price history
The interactive chart needs JavaScript.
AVLC +17.3% 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 | |
|---|---|---|---|---|---|---|
| AVLC official prospectus, to Dec 31, 2024 | — | +22.70% | — | — | — | +29.33% |
| Russell 1000® Index index, same period | — | +24.51% | — | — | — | +30.52% |
| AVLC price data to Oct 27, 2026 | +16.7% | +17.3% | +25.4% | — | — | +22.9% |
- Over the year to Oct 27, 2026, AVLC returned +17.3%, 1st of 9 among similar funds.
- Its worst full calendar year was 2025 (+17.6%); its best was 2024 (+22.8%).
- The deepest fall in its price history was 19.6% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.7% | — |
| 2025 | +17.6% | — |
| 2024 | +22.8% | +22.70% |
| 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) | $0.5700 | |
| 2025 | $0.7400 | +1.4% |
| 2024 | $0.7300 |
What's inside
As of Aug 31, 2026, the fund held 849 securities; the ten largest made up 29.6% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 5.47% | |
| Apple Inc | 5.38% | |
| Microsoft Corp | 4.65% | |
| Amazon.com Inc | 3.80% | |
| Micron Technology Inc | 2.16% | |
| Meta Platforms Inc | 1.89% | |
| Broadcom Inc | 1.82% | |
| Alphabet Inc | 1.73% | |
| JPMorgan Chase & Co | 1.36% | |
| Alphabet Inc Class C | 1.34% | |
| Eli Lilly & Co | 1.22% | |
| ExxonMobil Holdings Corp | 1.13% | |
| Advanced Micro Devices Inc | 0.79% | |
| Costco Wholesale Corp | 0.76% | |
| Lam Research Corp | 0.75% |
By country
United States 97.55%Ireland 0.87%Bermuda 0.39%Switzerland 0.37%United Kingdom 0.27%By asset type
Stocks 99.84%By sector
Sectors of the companies held, for the 78.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. 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 $189.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.54%, -0.84%, +2.37%.
How it works
AVLC is actively managed, so it does not try to copy an index. Its managers use the Russell 1000 Index, a broad list of large U.S. stocks, as a benchmark. In normal markets the fund keeps at least 80% of its assets in large U.S. companies. It counts a company as large if it is at least as big as the smallest company in the Russell 1000. That cutoff was about $1.1 billion as of September 30, 2025.
Each stock's starting weight is its market capitalization, meaning the total value of its shares. The managers then hold more of companies with stronger "value" traits, measured mainly by adjusted book value (a company's accounting net worth) compared with its share price. They also hold more of companies with higher "profitability," measured mainly by cash from operations compared with book value. Weaker companies get less weight or are left out. Recent price trends, liquidity, trading costs and taxes also count. As of May 31, 2026, the fund held 887 stocks, and the top 10 made up 30.41% of assets. The largest were Apple (5.4%), NVIDIA (5.3%) and Microsoft (4.1%).
The fund has no fixed rebalancing date. The managers review their criteria regularly and trade with costs and taxes in mind. Portfolio turnover was 1%. The fund may create and redeem shares for cash instead of swapping stocks, which can force sales that lead to taxable gains. It may also lend out its securities.
What it really costs
- AVLC charges 0.15% a year, versus an average of 0.1% for the similar funds below (7th of 9, 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 |
|---|---|---|---|---|
| AVLC | $15 | $48 | $85 | $192 |
In a retirement portfolio
AVLC spreads its money across 887 large U.S. companies (as of May 31, 2026), and its beta of 1.02 shows it has moved roughly in step with the overall market.
AVLC could serve as the main U.S. stock holding in a long-term portfolio, with a mild tilt toward profitable, lower-priced companies. Its record is short. It launched on September 26, 2023, so it has no history through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 19.6%, from February 19 to April 8, 2025, and it was back at its old high by June 27, 2025, about 2.6 months later. Both of its full calendar years were gains: 22.8% in 2024 and 17.6% in 2025. A retiree who has to sell shares in a downturn should expect losses about as large as the market's.
Income is modest: the trailing yield was 0.87% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested would cost $15 in fees in the first year and $192 over 10 years. 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 wanting one broad large-cap U.S. holding: 887 stocks as of May 31, 2026, tilted toward profitable, lower-priced companies.
- People who accept that a value and profitability tilt can trail the Russell 1000, as it did in 2024 (22.7% versus 24.51%).
- Long-term holders comfortable with market-like swings: a beta of 1.02 and a 19.6% drop in early 2025 that recovered in about 2.6 months.
Look elsewhere if
- Cost-focused investors: the 0.15% expense ratio is well above the 0.03% charged by VOO, IVV and USPX.
- Income seekers: the trailing yield was 0.87% as of October 27, 2026, paid quarterly, which provides little cash flow on its own.
- Those wanting a long track record: launched in September 2023, the fund has no history through the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AVLC this fund | — | 0.15% | $1.47B | +17.3% | +25.4% |
| AVUS Avantis U.S. Equity ETF | 88% | 0.15% | $14.46B | +17.0% | +22.0% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 75% | 0% | $5.47B | +13.4% | +25.4% |
| DFUS Dimensional U.S. Equity Market ETF | 75% | 0.09% | $20.88B | +11.7% | +22.0% |
| DCOR Dimensional US Core Equity 1 ETF | 75% | 0.14% | $3.34B | +15.8% | +23.9% |
| USPX Franklin U.S. Equity Index ETF | 74% | 0.03% | $1.98B | +12.9% | +24.9% |
| JHML John Hancock Multifactor Large Cap ETF | 74% | 0.29% | $1.17B | +14.6% | +22.9% |
| SPY SPDR S&P 500 ETF Trust | 74% | 0.0945% | $781.19B | +11.5% | +21.9% |
Questions investors ask
Is AVLC an index fund?
No. AVLC is an actively managed ETF that does not try to copy an index. It uses the Russell 1000 Index as a benchmark. Its managers start with market-value weights, then hold more of companies with higher profitability and value traits and less of the rest. In its first full calendar year, 2024, the fund returned 22.7%, while the Russell 1000 returned 24.51%, according to the prospectus filed December 29, 2025.
What's the difference between AVLC and AVUS?
Both are Avantis ETFs with the same 0.15% expense ratio, and their holdings overlap by 84% in the latest N-PORT reports. AVLC keeps at least 80% of its assets in large U.S. companies. AVUS is much bigger, with $14.5 billion in net assets as of August 31, 2026, compared with AVLC's $1.26 billion as of May 31, 2026. AVUS returned 18.1% over one year and 24.5% a year over three years as of October 29, 2026. AVLC returned 17.3% and 25.4% as of October 27, 2026.
How does AVLC compare with VOO?
VOO tracks the S&P 500 for 0.03% a year. AVLC charges 0.15% and tilts toward profitable, lower-priced stocks. Their holdings overlap by 75%. AVLC has done better lately: it returned 17.3% over one year and 25.4% a year over three years as of October 27, 2026. VOO returned 13.2% and 24.9% as of October 29, 2026. The tilt can also hold the fund back, as it did against the Russell 1000 in 2024.
Does AVLC pay dividends?
Yes. AVLC pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.79 per share, a trailing yield of 0.87%. That income comes from the dividends paid by the large U.S. companies the fund owns, such as Apple, NVIDIA and Microsoft. The amount can change from quarter to quarter. At this level, the fund is mainly a growth holding, not an income source.
What is AVLC's expense ratio?
AVLC's expense ratio is 0.15%, according to its prospectus filed December 29, 2025. All of it is the management fee, with no fee waiver. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $15 after one year, $48 after three, $85 after five and $192 after ten. Similar funds average 0.09%, and AVLC ranks 7th of 9 on cost in its comparison group.