Avantis U.S. Equity ETF

Avantis U.S. Equity ETF (AVUS) is an actively managed fund from American Century Investments. As of May 31, 2026, it held 1,875 U.S. stocks of all sizes. Unlike an index fund, it leans toward smaller companies and toward companies that are more profitable and cheaper relative to their book value. That tilt costs 0.15% a year, compared with 0.03% for S&P 500 funds such as VOO and IVV.

• Over the year to Nov 2, 2026, AVUS returned +17.0%, 2nd of 9 among similar funds.
• Its 5-year annualized return was +11.5%.
• In the 2020 COVID crash it fell 37% and regained its old high 5.2 months after the low.
• Its worst full calendar year was 2022 (-13.8%); its best was 2021 (+28.7%).
• The deepest fall in its price history was 37% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 27, 2020.

As of Aug 31, 2026, the fund held 1,901 securities; the ten largest made up 29.29% of assets.

By sector

• Over the three months to Aug 31, 2026, investors added a net $854.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.84%, -0.51%, +2.02%.

AVUS does not track an index. Its managers measure the fund against the Russell 3000 Index, a broad gauge of the U.S. stock market. Each eligible stock starts with a weight based on its market capitalization, which is the total value of its shares. The managers then give more weight to smaller, more profitable and cheaper companies. They give less weight to large companies with weak profitability and less attractive valuations, or leave them out.

Value is measured mainly by an adjusted book-to-price ratio, which compares a company's accounting net worth with its share price. Profitability is measured mainly by cash from operations relative to book value. The managers may also consider recent price performance, liquidity, industry, taxes and trading costs. The result is a broad portfolio. As of May 31, 2026, NVIDIA (5.5%), Apple (5.4%) and Microsoft (3.8%) were the largest holdings, and the top 10 made up 29.7% of assets.

There is no fixed rebalancing date. The managers review the portfolio regularly and weigh costs and taxes before trading. The prospectus filed December 29, 2025, lists portfolio turnover of 2%. At least 80% of assets go into U.S. stocks. The fund may use futures to manage cash coming in and out, and it may lend securities. It may also create and redeem shares for cash rather than for securities. That can make it less tax-efficient than ETFs that exchange the securities themselves.

• AVUS charges 0.15% a year, versus an average of 0.08% for the similar funds below (7th 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).

It spreads money across 1,875 U.S. stocks of all sizes in one fund, with a systematic tilt toward smaller, cheaper and more profitable companies.

AVUS could serve as a broad U.S. stock core, but it holds almost nothing except stocks. It launched in September 2019, so it has no 2008 record. In the 2020 COVID crash it fell 37% between February 19 and March 23. It was back to its peak by August 27, 2020, about five months later. In the 2022 bear market it fell 22.2% and took about 14 months to recover, until December 13, 2023. Its worst calendar year was 2022, at −13.8%. Anyone drawing income in a year like that may have had to sell shares at low prices. The yield was 0.92% as of October 29, 2026, paid quarterly, so this is not an income fund. In the SEC's standard example, its 0.15% expense ratio costs $192 over 10 years on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

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