Avantis Emerging Markets ex-China Equity ETF

Avantis Emerging Markets ex-China Equity ETF (AVXC) is an actively managed fund from American Century Investments. It holds nearly 2,900 emerging-market stocks, mainly in Taiwan, South Korea and India, and leaves out companies based in China. It doesn't track an index. Instead, it leans toward smaller, cheaper and more profitable companies. Its 0.33% expense ratio is below the 0.41% average of similar funds but above index-based rivals such as EMXC at 0.25%.

• Over the year to Oct 27, 2026, AVXC returned +26.5%, 3rd of 8 among similar funds.
• Its worst full calendar year was 2025 (+31.4%); its best was 2025 (+31.4%).
• The deepest fall in its price history was 20.4% (Sep 26, 2024 to Apr 8, 2025), recovered by Jun 10, 2025.

As of Aug 31, 2026, the fund held 2,872 securities; the ten largest made up 27.04% of assets.

• Over the three months to Aug 31, 2026, investors added a net $58.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.71%, -9.47%, +6.33%.

AVXC does not track an index. Its managers start with the stocks in the MSCI Emerging Markets IMI Index, a broad benchmark of emerging-market companies of all sizes, and remove companies based in China. That leaves markets such as Taiwan, South Korea, India, Brazil, South Africa and Saudi Arabia. To decide whether a company belongs to an emerging market, the managers look at where it has its headquarters, where it operates, where it earns most of its revenue and where it trades.

Each stock starts at its market-capitalization weight, so bigger companies get bigger positions. The managers then hold more of smaller, more profitable and lower-priced companies. They hold less of, or skip, large companies with weak profits and high prices. Price is judged mainly by book-to-price, which compares a company's net assets with its share price. Profit is judged mainly by cash from operations compared with book value. Recent performance, liquidity, costs and taxes also count.

There is no fixed rebalancing date. The managers review their criteria regularly and keep trading costs and taxes in mind. The prospectus lists portfolio turnover of 1%. The fund may hold depositary receipts (ADRs and GDRs), which are foreign shares that trade on other exchanges. It may also lend out its securities. It can issue and redeem its own shares for cash, which may make it less tax-efficient than ETFs that swap securities instead.

• AVXC charges 0.33% a year, versus an average of 0.41% for the similar funds below (4th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $34 in the first year and $419 over 10 years (assuming a 5% annual return).

It adds emerging-market stocks outside China with a tilt toward smaller, cheaper companies, but its heavy weight in Taiwan and South Korea and its short record make it a supporting piece rather than a core.

AVXC adds exposure to emerging economies outside the US and China. It launched on March 19, 2024, so it missed the 2008 crisis, the 2020 COVID crash and the 2022 bear market. Its only full calendar year, 2025, returned 31.45%. Its deepest drop was 20.4%, from September 26, 2024, to April 8, 2025. It regained its old high by June 10, 2025, about two months later. A longer or deeper slump is possible, and anyone drawing on savings in a bad year could face bigger losses than this history shows.

Its trailing 12-month yield was 2.32% as of October 27, 2026, and it pays distributions quarterly. It costs 0.33% a year. In the SEC's standard example, that's $34 in the first year on a $10,000 investment. 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.