ETF Research Center

Avantis All International Mkts Val ETF seeks to achieve long-term capital appreciation by investing primarily in stocks of companies located outside the U.S. that are deemed to be undervalued.

FUND BASICS
Category	International Equities
Fund Sponsor	Avantis
Website	www.avantisinvestors.com/avantis-investments/avantis-all-international-markets-value-etf/
Inception date	Jun 27, 2023
Assets (mns)	$25
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	4
Wgt avg mkt cap (mns)	$45,598
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 LARGE CAP VA	46.4 %
AVANTIS EMERGING MARKETS VALUE ETF	29.3 %
AVANTIS INTERNATIONAL SMALL CAP VA	24.2 %

TOP COUNTRY EXPOSURE
	JAPAN	18.1 %
	BRITAIN	9.6 %
	CANADA	9.1 %
	TAIWAN	6.2 %
	GERMANY	6.0 %
	SWITZERLAND	5.7 %
	AUSTRALIA	5.7 %
	CHINA	5.5 %
	INDIA	5.4 %
	FRANCE	4.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
33.4%	30.3%	--	--	19.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	59%
MSCI EAFE	0.88	90%
MSCI Emg. Mkts.	0.76	77%

Technical Indicators
Recent close	$73.78
30d moving avg.	$72.39
Annualized volatility	11.1%
Short interest (ETF)	2.3%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	9
Turnover	2.6%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$0

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

AVNV

Expense:

3 bp

ALTAR Score™:

9.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AVNV
Ticker	Fund Name	Overlap¹ vs AVNV (%)	Expense ratio (bp)	Savings vs AVNV (bp)	ALTAR Score™ (%)	ALTAR vs AVNV (%)
AVNM	Avantis All International Markets Equity ETF	40.7	3	0	8.3	-1.0
AVGE	Avantis All Equity Markets ETF	10.1	23	-20	6.7	-2.5
SFGV	Sequoia Global Value ETF	8.9	23	-20	8.2	-1.1
XNAV	FundX Aggressive ETF	4.8	141	-138	4.2	-5.1

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 Value 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	11.6	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	9.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.64

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.