ETF Research Center

AVGE is an actively managed fund-of-funds providing exposure to global equity markets.

FUND BASICS
Category	Global Equities
Fund Sponsor	Avantis
Website	www.avantisinvestors.com/content/avantis/en/investments/avantis-all-equity-markets-etf.html
Inception date	Sep 27, 2022
Assets (mns)	$445
Currency	USD
Expense ratio	23 bp
Distributions

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	15
Wgt avg mkt cap (mns)	$323,729
Large cap (>$10bn)	67.9%
Mid cap ($2-10bn)	19.2%
Small cap (<$2bn)	7.6%
Developed mkts	86.4%
Emerging mkts	9.2%

TOP TEN HOLDINGS
Total	95.5 %
AVANTIS US EQUITY ETF AVANTIS U.S.	43.6 %
AVANTIS US LARGE CAP VALUE ETF AVA	14.8 %
AVANTIS INTERNATIONAL EQUITY E AVA	10.5 %
AVANTIS EMERGING MARKETS EQUIT AVA	6.1 %
AVANTIS INTERNATIONAL LARGE CA AVA	5.2 %
AVANTIS U.S. SMALL CAP VALUE E AVA	3.9 %
AVANTIS EMERGING MARKETS VALUE AVA	3.6 %
AVANTIS US SMALL CAP EQUITY ET AVA	3.5 %
AVANTIS REAL ESTATE ETF AVANTIS RE	3.1 %
AVANTIS US MID CAP EQUITY ETF AVAN	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	65.5 %
	JAPAN	3.6 %
	BRITAIN	2.5 %
	TAIWAN	1.9 %
	INDIA	1.9 %
	SWITZERLAND	1.8 %
	CHINA	1.7 %
	CANADA	1.6 %
	FRANCE	1.4 %
	SOUTH KOREA	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.7%	25.4%	--	--	19.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	88%
MSCI EAFE	0.90	82%
MSCI Emg. Mkts.	0.61	48%

Technical Indicators
Recent close	$74.64
30d moving avg.	$73.65
Annualized volatility	15.6%
Short interest (ETF)	0.1%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	25
Turnover	0.4%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$206,273

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 1 potential alternatives to the Avantis All Equity Markets ETF ETF based on the alternatives' overlap in portfolio holdings with AVGE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AVGE

Expense:

23 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AVGE
Ticker	Fund Name	Overlap¹ vs AVGE (%)	Expense ratio (bp)	Savings vs AVGE (bp)	ALTAR Score™ (%)	ALTAR vs AVGE (%)
CCMG	CCM Global Equity ETF	11.8	34	-11	7.6	+1.2

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.7	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	23	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.53

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.