At a glance
AVNM charges 0.31% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $756.7M in assets, the 8th largest of that group; it paid 2.89% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.1% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +23.3% a year.
The short version
Avantis All International Markets Equity ETF (AVNM) is an actively managed "fund of funds" from American Century Investments. It holds seven other Avantis ETFs, which together cover stocks in developed and emerging markets outside the US. Several of those funds focus on value and small-company stocks. All of them lean toward stocks expected to earn higher returns instead of simply weighting companies by size. Its expense ratio, which includes the underlying funds' costs, was 0.31% per the December 29, 2025 prospectus.
Price history
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AVNM +16.1% 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 | |
|---|---|---|---|---|---|---|
| AVNM official prospectus, to Dec 31, 2024 | — | +5.53% | — | — | — | +9.27% |
| MSCI ACWI ex USA IMI Index index, same period | — | +5.23% | — | — | — | +8.13% |
| AVNM price data to Oct 27, 2026 | +12.3% | +16.1% | +23.3% | — | — | +18.9% |
- Over the year to Oct 27, 2026, AVNM returned +16.1%, 1st of 8 among similar funds.
- Its worst full calendar year was 2024 (+5.5%); its best was 2025 (+38.3%).
- The deepest fall in its price history was 14% (Mar 19, 2025 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +38.3% | — |
| 2024 | +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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3400 | |
| 2025 | $2.0300 | +5.2% |
| 2024 | $1.9300 |
What's inside
As of Aug 31, 2026, the fund held 7 securities; the ten largest made up 99.92% of assets.
| Fund held | Weight | |
|---|---|---|
| Avantis International Equity ETF | 39.98% | |
| Avantis International Large Cap Value ETF | 20.54% | |
| Avantis Emerging Markets Equity ETF | 18.53% | |
| Avantis Emerging Markets Value ETF | 9.92% | |
| Avantis International Small Cap Value ETF | 7.04% | |
| Avantis International Small Cap Equity ETF | 2.04% | |
| Avantis Emerging Markets Small Cap Equity ETF | 1.87% |
By country
United States 99.92%By asset type
Stocks 99.92%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $87.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.69%, -0.24%, +4.09%.
How it works
AVNM does not track an index. It is an actively managed "fund of funds," which means it owns other Avantis ETFs, and those funds own the stocks. The prospectus sets a target of 70% in developed markets outside the US, with an allowed range of 60% to 85%. The other 30% goes to emerging markets, with a range of 15% to 40%. Under normal conditions, at least 80% of assets sit in equity ETFs. As of August 31, 2026, the largest positions were Avantis International Equity ETF (AVDE) at about 40%, Avantis International Large Cap Value ETF (AVIV) at 21% and Avantis Emerging Markets Equity ETF (AVEM) at 19%. Smaller stakes in emerging-market value and international small-company funds made up the rest.
Most index funds weight companies by market value (share price times shares outstanding). The underlying funds don't. They aim to pick or overweight stocks expected to deliver higher returns or better risk characteristics. AVNM measures itself against the MSCI ACWI ex USA IMI Index.
The managers review the allocations regularly. They don't rebalance on a fixed schedule. Instead, they may let weights drift within the target ranges to manage risk, costs and taxable gains. The prospectus reported 0% portfolio turnover. The fund may also handle creations and redemptions in cash. That can force it to realize gains, which can make it less tax-efficient than funds that swap securities in kind.
What it really costs
- AVNM charges 0.31% 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 $32 in the first year and $417 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AVNM | $32 | $104 | $184 | $417 |
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 combines developed and emerging markets outside the US in one broadly diversified fund, so it could serve as the international stock portion of a portfolio.
AVNM could cover the non-US stock portion of a portfolio in a single fund. Its record is short. It launched June 27, 2023, so it did not exist during the 2008, 2020 or 2022 sell-offs. Its weakest calendar year, 2024, still gained 5.5%. Its deepest drop was 14%, from March 19 to April 8, 2025, and it recovered by May 2, 2025, in under a month. A longer slump could force someone drawing income to redeem shares at a loss. The trailing yield was 2.89% as of October 27, 2026, paid quarterly. Under the SEC's standard example, the 0.31% expense ratio works out to $32 in the first year and $417 over 10 years on $10,000. 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 wanting developed and emerging markets outside the US in one fund, split roughly 70/30 across seven Avantis ETFs.
- Long-term holders comfortable with a tilt toward value and smaller companies, which can lead or lag a plain market-cap-weighted index.
- Retirees wanting some quarterly income from international stocks; the trailing yield was 2.89% as of October 27, 2026.
Look elsewhere if
- Investors who want a passive index fund; AVNM is actively managed, and its results depend partly on the managers' allocation choices.
- Anyone wanting downside protection or a long record; AVNM holds only stocks, fell 14% in early 2025 and launched in June 2023.
- Those focused on the lowest cost or highest tax efficiency; underlying-fund costs lift its expense ratio to 0.31%, and cash redemptions can trigger gains.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AVNM this fund | 0.31% | $756.7M | +16.1% | +23.3% |
| 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
Does AVNM pay dividends?
Yes. AVNM pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $2.35 per share, a trailing yield of 2.89%. The payouts come from dividends on the stocks held by its underlying Avantis funds. Amounts can vary from quarter to quarter with company earnings, currency moves and the fund's mix of developed and emerging markets.
What does AVNM hold?
AVNM holds seven other Avantis ETFs, not individual stocks. As of August 31, 2026, Avantis International Equity ETF (AVDE) made up about 40%, Avantis International Large Cap Value ETF (AVIV) 21%, Avantis Emerging Markets Equity ETF (AVEM) 19% and Avantis Emerging Markets Value ETF (AVES) 10%. Smaller positions were international small-cap value, international small-cap and emerging-markets small-cap funds. About 70% was in developed markets and 30% in emerging markets.
What is AVNM's expense ratio?
AVNM's expense ratio is 0.31%, according to the prospectus filed December 29, 2025. The fund's own management fee is just 0.05%, less a 0.02% waiver. On top of that, holders indirectly pay the expenses of the underlying Avantis funds. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total about $32 after one year, $184 after five years and $417 after 10 years.
What's the difference between AVNM and AVDE?
AVDE is one of AVNM's building blocks, making up about 40% of its assets as of August 31, 2026. AVDE covers developed markets outside the US. AVNM combines it with value, small-cap and emerging-markets Avantis funds, aiming for roughly 70% developed and 30% emerging markets. So AVNM gives broader coverage in one ticker, with the managers handling the mix. AVDE on its own leaves out emerging markets.
How has AVNM performed compared with its benchmark?
AVNM slightly beat its benchmark in its first full calendar year. According to the prospectus, it returned 5.53% in 2024, against 5.23% for the MSCI ACWI ex USA IMI Index. From its June 2023 launch through December 31, 2024, it returned 9.27% a year, against 8.13% for the index. Based on market prices, it gained 38.26% in 2025 and 12.28% in 2026 through October 27. A record of a few years says little about the future.