ETF Research Center

AVDV is an actively managed portfolio of developed market, non-US, small cap value companies. The fund seeks long-term capital appreciation.

FUND BASICS
Category	International Equities
Fund Sponsor	American Century
Website	www.avantisinvestors.com
Inception date	Sep 24, 2019
Assets (mns)	$42
Currency	USD
Expense ratio	36 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	810
Wgt avg mkt cap (mns)	$2,042
Large cap (>$10bn)	0.3%
Mid cap ($2-10bn)	51.4%
Small cap (<$2bn)	48.2%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	8.0 %
BE SEMICONDUCTOR INDUSTRIES	1.3 %
DIALOG SEMICONDUCTOR PLC	0.9 %
SIMCORP A/S	0.9 %
VALIANT HOLDING AG-REG	0.8 %
IMI PLC	0.8 %
INCHCAPE PLC	0.7 %
UBI BANCA SCPA	0.7 %
HOLMEN AB-B SHARES	0.7 %
WM MORRISON SUPERMARKETS	0.6 %
BORAL LTD	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	25.6 %
	BRITAIN	15.0 %
	CANADA	8.1 %
	AUSTRALIA	6.0 %
	GERMANY	3.1 %
	ITALY	2.8 %
	SWEDEN	2.6 %
	FRANCE	2.6 %
	BELGIUM	1.9 %
	NETHERLANDS	1.8 %

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.
7.1%	--	--	--	7.1%

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

Technical Indicators
Recent close	$53.47
30d moving avg.	$52.55
Annualized volatility	0.0%
Short interest (ETF)	6.8%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	10
Turnover	1.3%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$3,580

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Avantis International Small Cap Value ETF based on the alternatives' overlap in portfolio holdings with AVDV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AVDV

Expense:

36 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AVDV
Ticker	Fund Name	Overlap¹ vs AVDV (%)	Expense ratio (bp)	Savings vs AVDV (bp)	ALTAR Score™ (%)	ALTAR vs AVDV (%)
DDLS	WisdomTree Dynamic Currency Hedged Int'l SmallCap	21.2	43	-7	8.3	+1.3
DLS	WisdomTree Int'l SmallCap Dividend	21.1	58	-22	8.1	+1.1
FNDC	Schwab Fundamental Intl Small Cap	19.5	39	-3	4.5	-2.5
PDN	Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap	18.8	49	-13	6.4	-0.6
ISCF	iShares FactorSelect MSCI Intl Small-Cap	18.4	40	-4	6.9	-0.2
ISDS	Invesco Strategic Developed ex-US Small Company	16.9	35	1	5.1	-2.0
DXJS	WisdomTree Japan Hedged Small	16.9	58	-22	7.9	+0.9
DFJ	WisdomTree Japan Small Cap Dividend	16.8	58	-22	7.8	+0.8
SCZ	iShares MSCI EAFE Small Cap	16.6	39	-3	6.0	-1.0
GWX	SPDR International SmallCap	16.4	40	-4	4.6	-2.4
FDTS	First Trust Dev Mkts ex-US Small Cap Alpha	15.8	80	-44	9.1	+2.1
SCHC	Schwab Intl Small-Cap Equity	15.4	12	24	6.4	-0.6
SCJ	iShares MSCI Japan Small Cap	15.1	47	-11	6.1	-0.9
DFE	WisdomTree Europe Small Cap Dividend	13.9	58	-22	8.7	+1.7
IEUS	iShares MSCI Europe Small Cap	13.2	40	-4	6.0	-1.0
EWUS	iShares MSCI United Kingdom Small Cap	12.0	59	-23	7.3	+0.3
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	12.0	39	-3	8.3	+1.3
VSS	Vanguard FTSE All World ex-US Small Cap	11.7	12	24	6.5	-0.5
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	10.7	58	-22	7.4	+0.3
AVDE	Avantis International Equity	9.7	23	13	7.5	+0.5

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 Small Cap Value
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	7.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	36	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.