At a glance
AVLV charges 0.15% a year, below the 0.21% average of the 8 funds most like it (the cheapest of 9). It has $21.57B in assets, the 2nd largest of that group; it paid 1.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +30.9% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +23.5% a year. At its worst it fell 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low. Its ten largest positions make up 25.4% of the fund, out of 298 in all.
The short version
Avantis U.S. Large Cap Value ETF (AVLV) is an actively managed fund from American Century Investments. It holds about 275 large U.S. companies and leans toward cheaper, more profitable stocks. It does not track an index, but it compares its results with the Russell 1000 Value Index. Its 0.15% expense ratio is the lowest of nine similar funds, which average 0.20%.
Price history
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AVLV +30.9% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AVLV official prospectus, to Dec 31, 2024 | — | +17.55% | — | — | — | +11.21% |
| Russell 1000® Index index, same period | — | +24.51% | — | — | — | +10.39% |
| Russell 1000® Value Index index, same period | — | +14.37% | — | — | — | +7.71% |
| AVLV price data to Nov 2, 2026 | +25.1% | +30.9% | +23.5% | +13.7% | — | +14.4% |
- Over the year to Nov 2, 2026, AVLV returned +30.9%, 1st of 9 among similar funds.
- Its 5-year annualized return was +13.7%.
- Its worst full calendar year was 2022 (-5.5%); its best was 2024 (+17.5%).
- The deepest fall in its price history was 19.5% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 25, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +25.1% | — |
| 2025 | +15.1% | — |
| 2024 | +17.5% | +17.55% |
| 2023 | +17.4% | +17.37% |
| 2022 | -5.5% | -5.53% |
| 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 14.4% over that stretch · deepest drop along the way 19.3%, back to its old high 4.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7400 | |
| 2025 | $1.0100 | -3.8% |
| 2024 | $1.0500 | -0.9% |
| 2023 | $1.0600 | +6.0% |
| 2022 | $1.0000 |
What's inside
As of Aug 31, 2026, the fund held 298 securities; the ten largest made up 25.39% of assets.
| Holding | Weight | |
|---|---|---|
| Microsoft Corp | 3.29% | |
| Micron Technology Inc | 2.99% | |
| Amazon.com Inc | 2.91% | |
| Meta Platforms Inc | 2.66% | |
| JPMorgan Chase & Co | 2.59% | |
| Apple Inc | 2.58% | |
| ExxonMobil Holdings Corp | 2.36% | |
| Costco Wholesale Corp | 2.31% | |
| Eli Lilly & Co | 2.01% | |
| Verizon Communications Inc | 1.69% | |
| Caterpillar Inc | 1.66% | |
| Union Pacific Corp | 1.64% | |
| Morgan Stanley | 1.52% | |
| Wells Fargo & Co | 1.33% | |
| Goldman Sachs Group Inc | 1.28% |
By country
United States 96.12%Bermuda 1.25%Switzerland 0.87%Ireland 0.73%United Kingdom 0.45%By asset type
Stocks 99.86%By sector
Sectors of the companies held, for the 68.3% 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 $8.08B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.37%, +1.00%, +1.87%.
How it works
AVLV is actively managed, so it does not try to copy an index. Its managers start with large U.S. companies. The fund defines these as companies at least as big as the smallest company in the Russell 1000 Value Index, which was about $1.1 billion as of September 30, 2025. Under normal conditions, at least 80% of its assets must be in these stocks.
Within that group, the managers favor companies with value traits, measured mainly by adjusted book-to-price. That ratio shows how much accounting net worth you get for each dollar of share price. They also favor higher profitability, measured mainly by cash from operations compared with book value. And they lean toward the smaller names in the large-cap group. Each stock's starting weight is based on its market value, and the managers then hold more or less of it depending on these traits. They may also look at past price performance, liquidity, trading costs and taxes.
There is no fixed rebalancing date. The managers review their rules on a regular basis and may sell a stock that no longer fits. Portfolio turnover was 7%. The fund may lend out its securities, and it may create and redeem shares for cash. Under the prospectus, that cash process can make it less tax-efficient than funds that trade in kind.
What it really costs
- AVLV charges 0.15% a year, versus an average of 0.21% for the similar funds below (1st 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 |
|---|---|---|---|---|
| AVLV | $15 | $48 | $85 | $192 |
In a retirement portfolio
It is a low-cost, broadly diversified fund of about 275 large U.S. stocks that could anchor the stock side of a portfolio, with a tilt toward value.
AVLV launched in September 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market, it fell 19.3% from March 29 to September 26, 2022. It was back at its earlier peak by February 2, 2023, about four months later. Its worst calendar year was 2022, at −5.53%. Its deepest drop, 19.5% from November 2024 to April 2025, took about 3.5 months to recover. Anyone who had to sell shares near those lows would have locked in the losses.
The fund pays little income. Its trailing yield was 1.08% as of October 29, 2026, and it pays quarterly. Costs are low. In the SEC's standard example, $10,000 would cost $15 in the first year and $192 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 who want broad large-cap U.S. value exposure for 0.15% a year, below the 0.20% average of similar funds.
- Long-term holders who are comfortable with an active, rules-based tilt toward cheaper, more profitable companies instead of a fund that copies an index.
- People who want a diversified portfolio of about 275 stocks with low turnover (7%) instead of picking individual value stocks.
Look elsewhere if
- Income seekers: the trailing yield was 1.08% as of October 29, 2026, and payments come only quarterly.
- Investors who want a long track record: the fund launched in September 2021 and has no history in the 2008 or 2020 crashes.
- Anyone expecting a traditional value fund: Micron, Amazon, Apple and Meta were its four largest holdings as of May 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AVLV this fund | — | 0.15% | $21.57B | +30.9% | +23.5% |
| AVLC Avantis U.S. Large Cap Equity ETF | 45% | 0.15% | $1.47B | +17.3% | +25.4% |
| AVUS Avantis U.S. Equity ETF | 45% | 0.15% | $14.46B | +17.0% | +22.0% |
| DFVX Dimensional US Large Cap Vector ETF | 44% | 0.19% | $527.0M | +16.1% | — |
| DFLV Dimensional US Large Cap Value ETF | 40% | 0.22% | $6.77B | +27.5% | +23.4% |
| FNDX Schwab Fundamental U.S. Large Company ETF | 37% | 0.25% | $27.57B | +25.0% | +22.7% |
| IUS Invesco RAFI Strategic US ETF | 36% | 0.19% | $983.2M | +25.6% | +24.6% |
| FNDB Schwab Fundamental U.S. Broad Market ETF | 35% | 0.25% | $1.49B | +22.5% | +24.0% |
Questions investors ask
Is AVLV an index fund?
No. AVLV is an actively managed ETF that does not try to copy any index. Its managers choose stocks from a large-cap U.S. universe by looking at value, profitability and company size. They then hold more or less of each stock than its market value alone would suggest. The fund compares its results with the Russell 1000 Value Index but does not track it, so its holdings and returns can differ from the index.
What's the difference between AVLV and DFLV?
Both are actively managed U.S. large-cap value ETFs, but AVLV costs less: 0.15% a year, compared with 0.22% for Dimensional US Large Cap Value ETF (DFLV). Their holdings overlap by about 34%. AVLV's one-year price return was 30.4% as of October 29, 2026, against 27.5% for DFLV as of October 27, 2026. Over three years, AVLV returned 25.4% a year and DFLV 23.4% a year. AVLV is also the larger fund.
Does AVLV pay dividends?
Yes. AVLV pays dividends quarterly. Over the 12 months to October 29, 2026, it paid about $1.02 per share, a trailing yield of 1.08%. That is modest, because the fund's goal is long-term capital growth, not income. Investors who rely on regular cash payouts may find that the yield covers only a small part of their needs.
How has AVLV performed compared with the Russell 1000 Value Index?
It has beaten its benchmark so far. According to the prospectus, AVLV returned 17.55% in the year ended December 31, 2024, while the Russell 1000 Value Index returned 14.37%. From inception to that date, AVLV averaged 11.21% a year, against 7.71% for the index. It trailed the broader Russell 1000 Index in 2024, which returned 24.51%. Its worst calendar year was 2022, at −5.53%.
What is AVLV's expense ratio?
AVLV's expense ratio is 0.15% a year, according to the prospectus filed December 29, 2025. That is the lowest of nine similar funds, which average 0.20%. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $15 after one year, $48 after three, $85 after five and $192 after ten.