ETF Research Center

AVDE is an actively managed portfolio of non-US companies from developed markets, of all market capitalizations selected based on prospects for long-term growth of capital.

FUND BASICS
Category	International Equities
Fund Sponsor	American Century
Website	www.avantisinvestors.com
Inception date	Sep 24, 2019
Assets (mns)	$108
Currency	USD
Expense ratio	23 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	3277
Wgt avg mkt cap (mns)	$42,869
Large cap (>$10bn)	64.3%
Mid cap ($2-10bn)	25.6%
Small cap (<$2bn)	10.0%
Developed mkts	99.8%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	7.2 %
NOVARTIS AG-ADR	1.2 %
ROCHE HOLDINGS LTD-SPONS ADR	1.1 %
NESTLE SA-SPONS ADR	0.7 %
BP PLC-SPONS ADR	0.7 %
TOYOTA MOTOR CORP -SPON ADR	0.7 %
GLAXOSMITHKLINE PLC-SPON ADR	0.6 %
ROYAL DUTCH SHELL PLC-ADR	0.6 %
HSBC HOLDINGS PLC-SPONS ADR	0.6 %
ASTRAZENECA PLC-SPONS ADR	0.5 %
ROYAL DUTCH SHELL PLC-ADR	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	20.5 %
	BRITAIN	14.1 %
	CANADA	8.8 %
	SWITZERLAND	8.0 %
	FRANCE	7.5 %
	GERMANY	6.8 %
	AUSTRALIA	5.7 %
	NETHERLANDS	3.4 %
	SPAIN	2.4 %
	SWEDEN	2.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.3%	--	--	--	8.3%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$54.13
30d moving avg.	$53.79
Annualized volatility	0.0%
Short interest (ETF)	2.4%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	23
Turnover	1.2%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$41,440

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Avantis International Equity ETF based on the alternatives' overlap in portfolio holdings with AVDE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AVDE

Expense:

23 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AVDE
Ticker	Fund Name	Overlap¹ vs AVDE (%)	Expense ratio (bp)	Savings vs AVDE (bp)	ALTAR Score™ (%)	ALTAR vs AVDE (%)
IDEV	iShares Core MSCI Int'l Developed Markets	50.6	5	18	6.9	-0.4
VEA	Vanguard Europe Pacific	48.2	5	18	7.0	-0.3
IEFA	iShares Core MSCI EAFE	47.2	7	16	6.8	-0.5
SPDW	SPDR Portfolio World ex-US	45.8	4	19	6.9	-0.4
SCHF	Schwab International Equity	45.5	6	17	7.1	-0.2
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	42.4	39	-16	8.1	+0.8
PBDM	Invesco PureBeta FTSE Developed ex-North America	42.0	7	16	7.3	-0.1
IXUS	iShares Core International Stock	41.9	9	14	7.1	-0.2
ISZE	iShares MSCI Int'l Developed Size Factor	41.3	30	-7	6.6	-0.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity	41.0	39	-16	6.1	-1.2
VXUS	Vanguard Total International Stock	40.9	9	14	7.3	-0.0
EFA	iShares MSCI EAFE	40.5	31	-8	6.7	-0.6
PXF	Invesco FTSE-RAFI Developed ex-US	40.5	45	-22	7.9	+0.6
DBEF	Xtrackers MSCI EAFE Hedged	39.9	35	-12	6.6	-0.7
FNDF	Schwab Fundamental Intl Large Cap	39.5	25	-2	7.5	+0.2
VEU	Vanguard FTSE All-World ex-US	39.0	9	14	7.2	-0.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free	38.7	20	3	6.8	-0.5
GSIE	Goldman Sachs ActiveBeta Int'l Equity	38.5	25	-2	6.3	-1.0
HFXI	IQ 50 Percent Hedged FTSE Int'l	38.2	20	3	7.0	-0.3

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Avantis International Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.3	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	23	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.