ETF Research Center

AVUS is an actively managed diverse portfolio of U.S. large-, mid-, and small-cap stocks aiming to find those with lower price relative to valuations.

FUND BASICS
Category	US Equities
Fund Sponsor	American Century
Website	www.avantisinvestors.com
Inception date	Sep 24, 2019
Assets (mns)	$159
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2013
Wgt avg mkt cap (mns)	$200,716
Large cap (>$10bn)	78.0%
Mid cap ($2-10bn)	16.4%
Small cap (<$2bn)	5.7%
Developed mkts	100.0%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	15.9 %
APPLE INC	3.3 %
MICROSOFT CORP	3.0 %
AMAZON.COM INC	1.9 %
FACEBOOK	1.5 %
JPMORGAN CHASE & CO	1.3 %
JOHNSON & JOHNSON	1.2 %
VERIZON COMMUNICATIONS INC	1.0 %
ALPHABET INC. CLASS C	1.0 %
ALPHABET INC. CLASS A	0.9 %
MASTERCARD INC-CLASS A	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	IRELAND	1.5 %
	BRITAIN	0.9 %
	BERMUDA	0.6 %
	SWITZERLAND	0.4 %
	CANADA	0.1 %
	PUERTO RICO	0.1 %
	SINGAPORE	0.1 %

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.
5.8%	--	--	--	5.8%

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

Technical Indicators
Recent close	$52.62
30d moving avg.	$52.16
Annualized volatility	0.0%
Short interest (ETF)	0.5%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	17
Turnover	0.6%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$189,044

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

AVUS

Expense:

15 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AVUS
Ticker	Fund Name	Overlap¹ vs AVUS (%)	Expense ratio (bp)	Savings vs AVUS (bp)	ALTAR Score™ (%)	ALTAR vs AVUS (%)
SCHB	Schwab U.S. Broad Market	73.8	3	12	5.7	-0.4
ITOT	iShares Core S&P Total US	73.8	3	12	5.6	-0.5
VTI	Vanguard Total Market	73.5	3	12	5.7	-0.5
IWV	iShares Russell 3000	73.5	20	-5	5.5	-0.6
VTHR	Vanguard Russell 3000	73.5	15	0	5.6	-0.5
JHML	John Hancock Multifactor Large Cap	72.7	34	-19	6.0	-0.2
IYY	iShares DJ US Total Market	72.3	20	-5	5.7	-0.4
TILT	Flexshares Morningstar US Market Factor Tilt	71.6	25	-10	5.9	-0.2
SCHK	Schwab 1000 Index	71.6	5	10	5.9	-0.3
IWB	iShares Russell 1000	71.1	15	0	5.7	-0.4
SPTM	SPDR Portfolio Total Stock Market	70.9	3	12	5.7	-0.5
VONE	Vanguard Russell 1000	70.9	12	3	5.8	-0.3
SCHX	Schwab U.S. Large-Cap	70.0	3	12	5.8	-0.3
PBUS	Invesco PureBeta MSCI USA	69.0	4	11	6.0	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity	68.6	2	13	5.9	-0.2
VV	Vanguard Large-Cap ETF	67.9	4	11	5.8	-0.3
PBP	Invesco S&P 500 Buy/Write	67.3	49	-34	5.5	-0.6
HSPX	Global X S&P 500 Covered Call	67.2	65	-50	5.3	-0.8
SPY	S&P 500 SPDR	67.1	9	6	5.9	-0.2
SPLG	SPDR Portfolio Large Cap	66.9	3	12	5.8	-0.3

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 U.S. Equity
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	14.9	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.56

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.