Avantis U.S. Mid Cap Value ETF

Avantis U.S. Mid Cap Value ETF (AVMV) is an actively managed American Century fund that held 299 U.S. mid-size stocks as of August 31, 2026. It does not track an index. It tilts toward cheaper, more profitable and smaller companies. It charges 0.20% a year. That is more than Vanguard Mid-Cap Value ETF (0.07%) and slightly less than iShares Russell Mid-Cap Value ETF (0.23%). Its record is short because it launched in November 2023.

• Over the year to Oct 27, 2026, AVMV returned +16.3%, 4th of 4 among similar funds.
• Its worst full calendar year was 2025 (+10.5%); its best was 2024 (+18.4%).
• The deepest fall in its price history was 24.2% (Nov 25, 2024 to Apr 8, 2025), recovered by Nov 28, 2025.

As of Aug 31, 2026, the fund held 299 securities; the ten largest made up 12.28% of assets.

• Over the three months to Aug 31, 2026, investors added a net $143.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.86%, +1.13%, -0.22%.

AVMV is actively managed, so it does not copy an index. Its benchmark is the Russell Midcap Value Index. At least 80% of its assets go into U.S. mid-cap companies. It defines those as companies whose market value at purchase falls within the range of the Russell Midcap Index, which was $1.1 billion to $127.2 billion as of September 30, 2025. To decide whether a company counts as American, the managers look at its headquarters, where it operates and where it earns most of its revenue.

The managers screen for two traits. One is value, measured by adjusted book-to-price, which compares a company's accounting net worth with its share price. The other is profitability, measured by cash from operations relative to book value. They also favor the smaller companies within the mid-cap group. Each stock starts at its market-value weight and is then overweighted or underweighted based on these traits. Stocks that lose these traits may be trimmed or sold, with trading costs and taxes in mind. Instead of a fixed rebalancing date, trading is ongoing. Annual turnover was 28%.

It is a plain stock fund. It held no derivatives and 0.08% cash as of August 31, 2026. Its ten largest holdings, led by Devon Energy at 1.6%, made up just 12.3% of assets. The fund may create and redeem shares for cash, which could make it less tax-efficient than some ETFs. It also lends securities.

• AVMV charges 0.2% a year, versus an average of 0.12% for the similar funds below (3rd of 4, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $21 in the first year and $256 over 10 years (assuming a 5% annual return).

It adds a broad, value-tilted slice of about 300 mid-size U.S. companies that a large-cap index fund holds little of.

AVMV could add mid-size value companies such as Devon Energy, Ameriprise Financial and State Street to a portfolio built around large-cap funds. Because it launched in November 2023, it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 24.2%, from November 25, 2024 to April 8, 2025. It regained its peak on November 28, 2025, about 7.7 months after the low. Anyone selling shares for cash during that slide would have sold at depressed prices. Its weakest calendar year, 2025, still gained 10.5%. The yield was 1.11% over the 12 months to October 27, 2026, paid quarterly, so it is not built for income. In the SEC's standard example, its 0.20% fee costs $21 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.