ETF Research Center

Avantis All International Mkts Eq ETF seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities from companies outside the United States.

FUND BASICS
Category	International Equities
Fund Sponsor	Avantis
Website	www.avantisinvestors.com/avantis-investments/avantis-all-international-markets-equity-etf/
Inception date	Jun 27, 2023
Assets (mns)	$308
Currency	USD
Expense ratio	3 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	6
Wgt avg mkt cap (mns)	$49,809
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	99.9 %
AVANTIS INTERNATIONAL EQUITY ETF	41.3 %
AVANTIS INTERNATIONAL LARGE CAP VA	20.5 %
AVANTIS EMERGING MARKETS EQUITY ET	17.9 %
AVANTIS EMERGING MARKETS VALUE ETF	11.5 %
AVANTIS INTERNATIONAL SMALL CAP VA	8.7 %

TOP COUNTRY EXPOSURE
	JAPAN	14.6 %
	BRITAIN	8.1 %
	CANADA	6.4 %
	CHINA	6.4 %
	TAIWAN	6.0 %
	FRANCE	5.7 %
	SWITZERLAND	5.7 %
	GERMANY	5.5 %
	INDIA	5.0 %
	AUSTRALIA	4.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.2%	18.9%	--	--	16.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.61	46%
MSCI EAFE	0.62	53%
MSCI Emg. Mkts.	0.69	55%

Technical Indicators
Recent close	$65.31
30d moving avg.	$64.13
Annualized volatility	11.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.5%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$0

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 4 potential alternatives to the Avantis All International Markets Equity ETF ETF based on the alternatives' overlap in portfolio holdings with AVNM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AVNM

Expense:

3 bp

ALTAR Score™:

9.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AVNM
Ticker	Fund Name	Overlap¹ vs AVNM (%)	Expense ratio (bp)	Savings vs AVNM (bp)	ALTAR Score™ (%)	ALTAR vs AVNM (%)
AVNV	Avantis All International Markets Value ETF	40.7	3	0	10.5	+1.3
AVGE	Avantis All Equity Markets ETF	27.2	23	-20	7.2	-2.0
CCMG	CCM Global Equity ETF	9.4	34	-31	8.8	-0.5
XNAV	FundX Aggressive ETF	4.5	141	-138	5.3	-3.9

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 International Markets Equity ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.4	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	9.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.62

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.