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)	$547
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)	$383,879
Large cap (>$10bn)	69.4%
Mid cap ($2-10bn)	17.3%
Small cap (<$2bn)	7.7%
Developed mkts	86.6%
Emerging mkts	8.9%

TOP TEN HOLDINGS
Total	95.5 %
AVANTIS US EQUITY ETF	43.6 %
AVANTIS US LARGE CAP VALUE ETF	15.1 %
AVANTIS INTERNATIONAL EQUITY ETF	11.0 %
AVANTIS EMERGING MARKETS EQUITY ET	6.1 %
AVANTIS INTERNATIONAL LARGE CAP VA	5.5 %
AVANTIS US SMALL CAP VALUE ETF	3.6 %
AVANTIS EMERGING MARKETS VALUE ETF	3.5 %
AVANTIS US SMALL CAP EQUITY ETF	3.2 %
AVANTIS REAL ESTATE ETF	2.8 %
AVANTIS U.S. MID CAP EQUITY ETF	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	74.2 %
	JAPAN	4.5 %
	BRITAIN	2.9 %
	CHINA	2.4 %
	TAIWAN	2.3 %
	CANADA	2.2 %
	SWITZERLAND	1.9 %
	INDIA	1.7 %
	FRANCE	1.6 %
	AUSTRALIA	1.6 %

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.
17.5%	18.3%	--	--	20.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	86%
MSCI EAFE	0.66	49%
MSCI Emg. Mkts.	0.52	36%

Technical Indicators
Recent close	$84.24
30d moving avg.	$83.55
Annualized volatility	13.9%
Short interest (ETF)	0.4%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	21
Turnover	0.3%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$149,267

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 5 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™:

6.9%

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 (%)
AVNM	Avantis All International Markets Equity ETF	27.2	3	20	8.5	+1.7
CCMG	CCM Global Equity ETF	11.0	34	-11	8.4	+1.6
AVNV	Avantis All International Markets Value ETF	10.1	3	20	9.6	+2.8
EBI	Longview Advantage ETF	2.4	35	-12	6.5	-0.4
XNAV	FundX Aggressive ETF	1.2	141	-118	4.9	-1.9

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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	13.7	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	23	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.58

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.