At a glance
AVMC charges 0.18% a year, the same as the average of the 8 funds most like it (the 5th cheapest of 9). It has $495.9M in assets, the 6th largest of that group; it paid 0.99% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds. Its ten largest positions make up 6.0% of the fund, out of 612 in all.
The short version
Avantis U.S. Mid Cap Equity ETF (AVMC) is an actively managed fund from American Century Investments. As of August 31, 2026, it held 612 U.S. mid-sized company stocks, measured against the Russell Midcap Index. It does not copy that index. It leans toward cheaper, more profitable and smaller companies. Its 0.18% expense ratio matches the peer average but is well above the 0.04% charged by Vanguard Mid-Cap ETF (VO).
Price history
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AVMC +13.5% 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 | |
|---|---|---|---|---|---|---|
| AVMC official prospectus, to Dec 31, 2024 | — | +16.77% | — | — | — | +28.11% |
| Russell 3000® Index index, same period | — | +23.81% | — | — | — | +31.02% |
| Russell Midcap® Index index, same period | — | +15.34% | — | — | — | +26.93% |
| AVMC price data to Oct 27, 2026 | +12.3% | +13.5% | — | — | — | +18.8% |
- Over the year to Oct 27, 2026, AVMC returned +13.5%, 7th of 9 among similar funds.
- Its worst full calendar year was 2025 (+10.0%); its best was 2024 (+16.8%).
- The deepest fall in its price history was 21.8% (Nov 25, 2024 to Apr 8, 2025), recovered by Sep 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +10.0% | — |
| 2024 | +16.8% | +16.77% |
| 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) | $0.5500 | |
| 2025 | $0.8000 | +21.2% |
| 2024 | $0.6600 |
What's inside
As of Aug 31, 2026, the fund held 612 securities; the ten largest made up 5.99% of assets.
| Holding | Weight | |
|---|---|---|
| Western Digital Corp | 0.83% | |
| Devon Energy Corp | 0.71% | |
| State Street Corp | 0.60% | |
| Cheniere Energy Inc | 0.60% | |
| Moderna Inc | 0.57% | |
| Nucor Corp | 0.56% | |
| Ameriprise Financial Inc | 0.55% | |
| Delta Air Lines Inc | 0.53% | |
| Humana Inc | 0.52% | |
| Vistra Corp | 0.51% | |
| Targa Resources Corp | 0.51% | |
| Fifth Third Bancorp | 0.51% | |
| Edwards Lifesciences Corp | 0.51% | |
| Prudential Financial Inc | 0.50% | |
| Flex Ltd | 0.50% |
By country
United States 95.59%Bermuda 1.1%United Kingdom 1.03%Ireland 0.78%Canada 0.54%By asset type
Stocks 99.84%By sector
Sectors of the companies held, for the 41% 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 $84.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.37%, -1.11%, +0.48%.
How it works
AVMC is an actively managed ETF (exchange-traded fund), so it does not try to match an index. Its benchmark is the Russell Midcap Index. The fund treats a company as mid cap if its market value, at the time of purchase, falls within that index's range. As of September 30, 2025, the range ran from $1.1 billion to $127.2 billion. Under normal conditions, at least 80% of assets go into U.S. mid cap stocks.
Each stock starts at its market-value weight. The managers then hold more of companies that look cheap compared with their book value (a company's assets minus its debts). They also favor companies with strong operating cash flow compared with that book value, and smaller firms within the mid cap range. Larger, less profitable, more expensive companies get less weight or are left out. Recent price trends, liquidity, costs and taxes also count. The result is very spread out. As of August 31, 2026, the 10 largest holdings were just 5.99% of the fund, led by Western Digital at 0.83% and Devon Energy at 0.71%.
There is no fixed rebalancing date. The managers review the portfolio regularly and weigh trading costs and taxes before each trade. Turnover was 8%. The fund may create and redeem shares for cash, which can trigger taxable gains that a typical ETF avoids. It may also lend out its securities.
What it really costs
- AVMC charges 0.18% a year, versus an average of 0.18% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVMC | $18 | $58 | $102 | $230 |
In a retirement portfolio
It adds mid-sized U.S. companies, with a tilt toward cheaper and more profitable stocks, to a portfolio that is often dominated by large-cap funds.
AVMC launched in November 2023, so it has no record from the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 21.8%, from November 25, 2024, to April 8, 2025. It regained that earlier peak by September 4, 2025, about five months after the low. Its weakest calendar year so far, 2025, was still a gain of about 10%. Anyone who had to sell shares near the April 2025 low would have locked in a large loss. Income is small. The yield was 0.99% over the 12 months to October 27, 2026, paid quarterly. In the SEC's standard example, costs come to $18 in the first year on $10,000 and $230 over 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 U.S. mid-sized companies with a tilt toward cheaper, more profitable stocks, for 0.18% a year.
- Holders of mostly large-cap funds who want 612 mid caps, with no single stock above 0.83% as of August 31, 2026.
- Long-term investors comfortable with a rules-based active approach and low trading, with 8% portfolio turnover.
Look elsewhere if
- Cost-focused investors: Vanguard Mid-Cap ETF (VO) and iShares Morningstar Mid-Cap ETF (IMCB) charge 0.04%, against AVMC's 0.18%.
- Anyone needing meaningful income: the trailing yield was 0.99% as of October 27, 2026, paid quarterly.
- Investors who want a long track record: launched November 2023, it has not been tested by a bear market like 2008 or 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AVMC this fund | — | 0.18% | $495.9M | +13.5% | — |
| JHMM John Hancock Multifactor Mid Cap ETF | 66% | 0.42% | $5.81B | +13.2% | +19.7% |
| IWS iShares Russell Mid-Cap Value ETF | 64% | 0.23% | $15.65B | +25.6% | +20.7% |
| CVMC Calvert US Mid-Cap Core Responsible Index E… | 63% | 0.15% | $102.8M | +18.6% | +21.1% |
| IWR iShares Russell Midcap ETF | 63% | 0.19% | $56.98B | +16.6% | +19.3% |
| IMCB iShares Morningstar Mid-Cap ETF | 49% | 0.04% | $1.66B | +18.7% | +22.2% |
| ONEO SPDR Russell 1000 Momentum Focus ETF | 49% | 0.2% | $29.0M | +20.3% | +21.9% |
| VO Vanguard Mid-Cap ETF | 48% | 0.04% | $224.06B | +15.5% | +20.7% |
Questions investors ask
Is AVMC an index fund?
No. AVMC is an actively managed ETF that does not try to replicate an index. Its benchmark is the Russell Midcap Index. The managers start from market-value weights, then hold more of smaller mid caps and of companies with stronger cash flow compared with book value and lower prices compared with book value. They hold less of larger, less profitable, pricier companies. Trading is low, with 8% portfolio turnover.
What's the difference between AVMC and JHMM?
Both are mid cap ETFs that tilt toward factors like value and profitability, and about 66% of their holdings overlap. The biggest difference is cost: AVMC charges 0.18% a year and John Hancock Multifactor Mid Cap ETF (JHMM) charges 0.42%. JHMM is much larger, with about $5.8 billion in net assets as of June 30, 2026, against about $496 million for AVMC as of August 31, 2026. Their one-year returns to October 27, 2026, were close: 13.5% for AVMC and 13.2% for JHMM.
Does AVMC pay dividends?
Yes. AVMC pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.78 per share, a trailing yield of 0.99%. That is modest income, because the fund's goal is long-term capital growth, not yield. Investors who rely on regular cash payouts may find the amount small compared with funds built around dividends.
How has AVMC performed since it launched?
AVMC returned 16.77% in 2024, ahead of the Russell Midcap Index's 15.34%, according to its prospectus. It gained 9.99% in 2025 and 12.3% in 2026 through October 27 (a partial year). Its one-year return to October 27, 2026, was 13.5%. That trailed Vanguard Mid-Cap ETF (VO) at 15.5% and iShares Russell Midcap ETF (IWR) at 17.2% (both as of October 30, 2026), ranking 7th of 9 similar funds.
What is AVMC's expense ratio?
AVMC's expense ratio is 0.18%, according to its prospectus filed December 29, 2025. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $18 in the first year, $102 over five years and $230 over 10 years. That equals the peer average and is close to iShares Russell Midcap ETF's 0.19%. Vanguard Mid-Cap ETF and iShares Morningstar Mid-Cap ETF charge 0.04%.