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)	$100
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	3303
Wgt avg mkt cap (mns)	$41,341
Large cap (>$10bn)	63.6%
Mid cap ($2-10bn)	25.9%
Small cap (<$2bn)	10.5%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	7.3 %
NOVARTIS AG-ADR	1.3 %
ROCHE HOLDINGS LTD-SPONS ADR	1.1 %
BP PLC-SPONS ADR	0.7 %
TOYOTA MOTOR CORP -SPON ADR	0.7 %
NESTLE SA-SPONS ADR	0.7 %
ROYAL DUTCH SHELL PLC-ADR	0.6 %
GLAXOSMITHKLINE PLC-SPON ADR	0.6 %
HSBC HOLDINGS PLC-SPONS ADR	0.6 %
ROYAL DUTCH SHELL PLC-ADR	0.6 %
ASTRAZENECA PLC-SPONS ADR	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	21.3 %
	BRITAIN	13.8 %
	CANADA	8.7 %
	SWITZERLAND	7.5 %
	FRANCE	7.5 %
	GERMANY	6.9 %
	AUSTRALIA	5.6 %
	NETHERLANDS	3.2 %
	SPAIN	2.4 %
	SWEDEN	2.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.2%	--	--	--	5.2%

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

Technical Indicators
Recent close	$52.49
30d moving avg.	$52.13
Annualized volatility	0.0%
Short interest (ETF)	3.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.5%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$47,260

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™:

7.5%

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	49.0	5	18	7.1	-0.5
VEA	Vanguard Europe Pacific	47.0	5	18	7.3	-0.3
IEFA	iShares Core MSCI EAFE	46.1	7	16	7.0	-0.5
SPDW	SPDR Portfolio World ex-US	44.5	4	19	7.1	-0.4
SCHF	Schwab International Equity	44.4	6	17	7.3	-0.2
IXUS	iShares Core International Stock	41.4	9	14	7.4	-0.1
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	40.9	39	-16	8.3	+0.8
PBDM	Invesco PureBeta FTSE Developed ex-North America	40.8	7	16	7.5	-0.1
VXUS	Vanguard Total International Stock	39.7	9	14	7.5	-0.0
PXF	Invesco FTSE-RAFI Developed ex-US	39.6	45	-22	8.1	+0.6
EFA	iShares MSCI EAFE	39.4	31	-8	6.9	-0.6
ISZE	iShares MSCI Int'l Developed Size Factor	39.2	30	-7	6.7	-0.8
DBEF	Xtrackers MSCI EAFE Hedged	38.9	35	-12	6.9	-0.6
FNDF	Schwab Fundamental Intl Large Cap	38.8	25	-2	7.5	-0.0
EFAX	SPDR MSCI EAFE Fossil Fuel Free	38.6	20	3	7.0	-0.6
VEU	Vanguard FTSE All-World ex-US	38.1	9	14	7.5	+0.0
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity	37.7	39	-16	6.2	-1.4
GSIE	Goldman Sachs ActiveBeta Int'l Equity	37.3	25	-2	6.5	-1.0
ACWX	iShares MSCI ACWI ex-US	37.3	31	-8	7.3	-0.2
HFXI	IQ 50 Percent Hedged FTSE Int'l	37.2	20	3	7.3	-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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	1.3	x
Less: Expense ratio	23	bp
Equals: ALTAR Score	7.5	%

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.