AVES
Avantis Emerging Markets Value ETF
AVES is an actively managed fund of emerging market equities with lower prices relative to their book values.
Fund Basics
| Fund sponsor | American Century Investments |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 28, 2021 |
| Assets (mns) | $418 |
| Expense ratio | 36 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-annual |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| KIA MOTORS CORPORATION | 1.1 % |
| LARSEN & TOUBRO LIMITED | 1.1 % |
| HYUNDAI MOTOR CO | 1.0 % |
| KB FINANCIAL GROUP INC-ADR | 0.9 % |
| GRUPO FINANCIERO BANORTE-O | 0.9 % |
| POSCO-ADR | 0.8 % |
| NETEASE.COM INC-ADR | 0.8 % |
| CHINATRUST FINANCIAL HOLDING | 0.8 % |
| ANTA SPORTS PRODUCTS LTD | 0.8 % |
| VIPSHOP HOLDINGS LTD SPONSORED ADR | 0.7 % |
Constituent Breakdown
| Number of holdings | 1584 |
| Herfindahl-Hirschman Index | 28 |
| Wgt avg mkt cap (mns) | $13,123 |
| Large cap (>$10bn) | 42.8% |
| Mid cap ($2-10bn) | 37.4% |
| Small cap (<$2bn) | 19.2% |
| Developed mkts. | 10.4% |
| Emerging mkts. | 89.6% |
Country Exposure
 |
INDIA | 19.1 % |
 |
TAIWAN | 17.5 % |
 |
CHINA | 16.1 % |
 |
SOUTH KOREA | 13.8 % |
 |
HONG KONG | 6.3 % |
 |
BRAZIL | 6.0 % |
 |
SOUTH AFRICA | 3.2 % |
 |
MEXICO | 2.9 % |
 |
INDONESIA | 2.0 % |
 |
THAILAND | 1.9 % |
Historical Performance
Standardized Annual Returns (as of 03/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 1.5% | 13.8% | 1.3% | -- | -- | -- | 0.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.79 | 59% |
| MSCI EAFE | 0.94 | 84% |
| MSCI Emg Mkts | 1.00 | 97% |
Liquidity Measures
| Avg. volume (000) | 98 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 0.21% |
| ADV of underlying (mns) | $13,961 |
Technical Indicators
| Recent close | $47.05 |
| 30d moving avg. | $44.74 |
| Annualized volatility | 19.3% |
| Relative strength (RSI) | 67 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. AVES |
Expenses vs. AVES |
ALTAR Score™ vs. AVES |
|---|---|---|---|---|
| AVEM | Avantis Emerging Markets Equity ETF | 46.1% | -3 bp | -3.0% |
| DFEV | Dimensional Emerging Markets Value ETF | 32.6% | +7 bp | -1.2% |
| MFEM | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | 28.6% | +14 bp | -1.6% |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 28.0% | +2 bp | -3.9% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 27.3% | +13 bp | -3.8% |
| ROAM | Hartford Multifactor Emerging Markets ETF | 27.3% | +8 bp | -0.4% |
| DFAE | Dimensional Emerging Core Equity Market ETF | 24.6% | -1 bp | -4.4% |
| DFSE | Dimensional Emerging Markets Sustainability Core 1 ETF | 24.0% | +5 bp | -4.4% |
| FNDE | Schwab Fundamental Emerging Markets Large Co. Index ETF | 24.0% | +3 bp | +0.4% |
| TLTE | FlexShares Morningstar Emerging Markets Factor Tilt Index | 21.8% | +23 bp | -2.6% |
Risk and Returns: AVES vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/24/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
AVES
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
AVES
12.2%
Cat. Avg
7.7%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 12.2% |
Recommendation
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.
Category Overview
There are 163 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.7% and a standard deviation of
3.8%. AVES's ALTAR Score™ is approximately
1.2 standard deviations
above
the category average. This places AVES in the 88th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
AVES
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| AVES | 36.0 | 20.7 | 56.7 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .