At a glance
AVMA charges 0.21% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $88.2M in assets, the 8th largest of that group; it paid 2.46% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +17.4% a year. Its ten largest positions make up 92.2% of the fund, out of 17 in all.
The short version
Avantis Moderate Allocation ETF (AVMA) is a "fund of funds" from American Century Investments, meaning it owns other funds: about 17 Avantis ETFs, with targets of roughly two-thirds stocks and one-third bonds. Those underlying funds favor securities expected to earn more than a plain market-weighted index, including dedicated value and small-company funds. The prospectus filed December 29, 2025 lists an expense ratio of 0.21%. The fund is young and small, with $88 million in net assets as of August 31, 2026.
Price history
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AVMA +12.2% 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 | |
|---|---|---|---|---|---|---|
| AVMA official prospectus, to Dec 31, 2024 | — | +10.09% | — | — | — | +12.45% |
| MSCI ACWI IMI Index index, same period | — | +16.37% | — | — | — | +16.90% |
| Bloomberg U.S. Aggregate Bond Index index, same period | — | +1.25% | — | — | — | +2.90% |
| 65% MSCI ACWI IMI Index / 35% Bloomberg U.S. 1-5 Year Government / Credit Bond Index index, same period | — | +11.88% | — | — | — | +12.69% |
| AVMA price data to Oct 27, 2026 | +10.7% | +12.2% | +17.4% | — | — | +13.8% |
- Over the year to Oct 27, 2026, AVMA returned +12.2%, 4th of 8 among similar funds.
- Its worst full calendar year was 2024 (+10.0%); its best was 2025 (+16.7%).
- The deepest fall in its price history was 11.8% (Dec 4, 2024 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.7% | — |
| 2025 | +16.7% | — |
| 2024 | +10.0% | +10.09% |
| 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) | $1.0300 | |
| 2025 | $1.4700 | +10.5% |
| 2024 | $1.3300 |
What's inside
As of Aug 31, 2026, the fund held 17 securities; the ten largest made up 92.23% of assets.
| Fund held | Weight | |
|---|---|---|
| Avantis US Equity ETF | 28.55% | |
| Avantis Core Fixed Income ETF | 17.67% | |
| Avantis US Large Cap Value ETF | 10.23% | |
| Avantis Credit ETF | 7.96% | |
| Avantis Short-Term Fixed Income ETF | 7.91% | |
| Avantis International Equity ETF | 7.01% | |
| Avantis Emerging Markets Equity ETF | 4.46% | |
| Avantis International Large Cap Value ETF | 3.67% | |
| Avantis US Small Cap Equity ETF | 2.42% | |
| Avantis U.S. Small Cap Value ETF | 2.35% | |
| Avantis Emerging Markets Value ETF | 2.10% | |
| Avantis Real Estate ETF | 1.67% | |
| Avantis US Mid Cap Equity ETF | 0.92% | |
| Avantis US Mid Cap Value ETF | 0.92% | |
| Avantis International Small Cap Value ETF | 0.78% |
By country
United States 99.91%By asset type
Stocks 99.91%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $18.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.41%, -0.43%, +1.58%.
How it works
AVMA is actively managed and does not track an index. Its managers spread money across other Avantis ETFs to hit target weights. As of the December 29, 2025 prospectus, those targets were 47% U.S. stocks (allowed range 40% to 60%), 12% developed foreign stocks (7% to 20%), 6% emerging-market stocks (3% to 10%), 2% real estate (0% to 5%) and 33% bonds (30% to 40%). The split between U.S. and foreign stocks follows each region's share of world stock market value, with a "home bias" that gives the U.S. extra weight.
As of August 31, 2026, the largest holdings were Avantis U.S. Equity ETF (28.5%), Avantis Core Fixed Income ETF (17.7%), Avantis U.S. Large Cap Value ETF (10.2%), Avantis Credit ETF (8.0%) and Avantis Short-Term Fixed Income ETF (7.9%). The top 10 made up 92.2% of the fund. The managers can change the underlying funds when they see a reason to.
The managers review the mix regularly. To limit trading costs and taxable gains, they may let weights drift within the ranges instead of resetting them to target. Portfolio turnover was 0%, according to the prospectus. Two mechanics are worth knowing. Holders pay the underlying funds' expenses indirectly. And because the fund may create and redeem shares for cash, it may realize gains that make it less tax-efficient than some ETFs.
What it really costs
- AVMA charges 0.21% 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 $22 in the first year and $291 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVMA | $22 | $72 | $128 | $291 |
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 packages a global mix of about two-thirds stocks and one-third bonds into one low-cost fund, so it can serve as the center of a portfolio.
AVMA launched June 27, 2023, so it missed the 2008, 2020 and 2022 downturns entirely. Its weakest full calendar year, 2024, was still a gain of about 10%. Its deepest drop was 11.8%, from December 4, 2024 to April 8, 2025, and it was back to its old high by June 3, 2025. That short record has never faced a long bear market, so a retiree who has to draw on savings in a bad year could see bigger losses than the fund has shown so far. The trailing 12-month yield was 2.46% as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, costs total $22 after one year and $291 after 10 years. Past results don't predict future returns, 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 one fund that holds about two-thirds stocks and one-third bonds across U.S., developed and emerging markets.
- Cost-conscious investors: the expense ratio is 0.21% per the December 29, 2025 prospectus, far below the 0.79% to 0.95% charged by the buffer ETFs it was compared with.
- Investors who believe a tilt toward value and smaller companies may pay off over time, and who accept that the tilt can trail for long stretches.
Look elsewhere if
- Investors who want a long track record: AVMA launched June 27, 2023 and has never been through a bear market.
- Investors who want built-in downside protection: unlike the buffer ETFs it was compared with, AVMA uses no options to limit losses.
- Investors who prefer large, heavily traded funds: net assets were about $88 million as of August 31, 2026, the smallest of the eight funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AVMA this fund | 0.21% | $88.2M | +12.2% | +17.4% |
| 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
Is AVMA good for retirement?
It may suit retirees who want one fund that holds a global stock and bond mix, but its history is short. AVMA launched in June 2023 and has never been through a bear market. Its deepest drop was 11.8%, from December 2024 to April 2025, and it recovered by June 3, 2025. It pays income quarterly and yielded 2.46% over the 12 months to October 27, 2026. A real downturn could hit it harder than anything it has seen so far.
How has AVMA performed?
Results so far are positive but short. Per the prospectus, AVMA returned 10.09% in 2024, behind the 11.88% of its blended benchmark (65% MSCI ACWI IMI Index, 35% Bloomberg U.S. 1-5 Year Government/Credit Bond Index). From launch through December 31, 2024, it returned 12.45% a year, compared with 12.69% for the benchmark. Based on prices, it gained 16.7% in 2025, 12.2% over one year and 17.4% a year over three years, as of October 27, 2026.
What is AVMA's expense ratio?
The prospectus filed December 29, 2025 lists an expense ratio of 0.21%, with a 0.05% management fee and a 0.02% fee waiver. Because AVMA owns other Avantis funds, holders also pay those funds' expenses indirectly. In the SEC's standard example, $10,000 earning 5% a year would cost about $22 after one year, $72 after three, $128 after five and $291 after 10, assuming the shares are cashed out at the end of each period.
Does AVMA pay dividends?
Yes. AVMA pays distributions quarterly. Over the trailing 12 months it paid $1.78 per share, a yield of 2.46% as of October 27, 2026. The income comes from its underlying stock and bond funds, so the amount can change from one payment to the next. About a third of the fund sits in bond funds such as Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF. That share helps support the payout, but the fund aims mainly for long-term growth, not income.
What's the difference between AVMA and BUFR?
They take very different approaches. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund. It uses options to soften some losses in exchange for capping gains. AVMA uses no options. It simply holds a mix of Avantis stock and bond funds. AVMA's expense ratio is 0.21%, while BUFR's is 0.95%. As of October 27, 2026, AVMA returned 12.2% over one year and 17.4% a year over three years, compared with 11.6% and 16.8% for BUFR.