Avantis AVUC, AVNC and AVTM Review: Should You Buy the New Core ETFs?

Avantis launched three broad equity ETFs in 2026: the Total Equity Markets ETF (AVTM) on January 29, the All International Core Equity ETF (AVNC) on September 28, and the U.S. Core Equity ETF (AVUC) on October 13. Each fund’s prospectus says it expected to acquire securities at launch through in-kind contributions “intended to qualify as tax-deferred transactions governed by Section 351 of the Internal Revenue Code.”¹ Investors handed the new funds appreciated portfolios for fund shares, in transactions structured to defer their gains.

That seeding explains more about these funds than their factor tilts do. AVUC’s prospectus strategy section repeats AVUS’s nearly sentence for sentence, down to the definitions of value and profitability.² What differs is what the seed investors brought with them, and that shows up in the holdings.

What a Section 351 seeding does

Section 351 says no gain or loss is recognized when people transfer property to a corporation solely in exchange for its stock, provided the transferors as a group control at least 80% of the corporation immediately afterward. An ETF is a corporation for tax purposes, so the rule can apply to a fund at launch. Because an ETF is an investment company, the contributed portfolio must also be diversified: no more than 25% of its value in one issuer and no more than 50% in five or fewer.³ The contributor’s old cost basis carries over into the new fund shares, and the fund takes over the contributor’s basis in the securities, so the same built-in gain now exists at two levels: in the contributor’s shares and inside the fund.

The technique spread quickly. Bloomberg’s analysis of SEC filings counted 105 ETFs created this way, more than half of them listed in 2025.⁴ Alpha Architect’s AAUS is an earlier example on this site, and the reasoning in that review carries over: a fund built to receive appreciated portfolios has a reason to exist that its expense ratio does not capture, and that reason applies mainly to the people who contributed. Avantis’s launch announcements for AVTM and AVNC do not mention Section 351; the prospectuses do.⁵

The seed investors are not named, but their footprint is visible. AVUC, a U.S. fund, held 70 non-U.S. stocks on November 9, worth 2.19% of the fund and led by Novartis and Nestlé ADRs. By Avantis’s own country tags, AVUS held none. AVUC’s 70 ETF positions ran from IWF at 6.67% down to an S&P 500 value fund at 0.0003%.⁶ That pattern fits many separate accounts, each with its own mix of index funds and individual stocks, pooled into one fund. The filings do not say who contributed or how many.

AVNC’s September 22 and AVUC’s October 7 prospectuses both say that when the fund acquires other ETFs in the seeding, it “generally expects to hold such ETFs, which may represent a significant portion of the fund’s assets, as long-term investments,” apart from sales to meet redemptions or after market moves that were not anticipated.¹ Two things follow for a buyer.

• The contributed ETFs are likely to stay, with two layers of fees. AVUC charges its 0.15% management fee on the whole fund, including the 18.5% held in other ETFs, whose own expenses appear as the 0.02% acquired-fund line in the fee table.
• The tilt arrives gradually. Selling low-basis positions would realize the gains the seeding deferred, so the portfolio can move toward its target mainly through new cash, redemptions met in kind, and positions that have little or no gain.

AVUC vs AVUS: the same strategy text, a different portfolio

Line by line, AVUC’s strategy section is AVUS’s with two edits: it drops AVUS’s sentences on derivatives and securities lending, and it adds the two seeding sentences. Both seek an “enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies with higher profitability and value characteristics,” both define value mainly as adjusted book-to-price and profitability mainly as adjusted cash from operations to book value, and both charge a 0.15% management fee. AVUC’s total of 0.17% adds 0.02% of estimated acquired-fund fees from the contributed ETFs.^{1, 2}

To see how far the portfolios differ, I took both funds’ daily holdings for November 9, 2026, expanded AVUC’s ETF positions into those ETFs’ own holdings for the same date, and compared each with the other and with iShares IWV as a Russell 3000 proxy. The expanded ETFs cover 84.9% of AVUC’s non-T-bill ETF sleeve; the remaining 2.7% of the fund (QQQ, VTV, VUG and a long tail) is left out and the rest rescaled. The scripts and data are public.⁹

Read the table in two steps. First, both funds sit about the same distance from the index, with active share near 26%, but they depart in different directions. AVUS leans away from the largest companies and toward small ones: 15.0% of it sits in the stocks that make up the smallest 10% of the index. AVUC leans the other way, with 4.3% in that group, less than the index itself, and its directly held stocks alone put 3.8% there. Second, AVUC’s value tilt measured this way is about 2.7 points above the Russell 1000, roughly half of AVUS’s 5.4. Here the ETF sleeve explains most of the gap: AVUC’s directly held stocks score 59.6%, close to AVUS, while IWF and IWD, in the proportions AVUC holds them, lean slightly toward growth (48.8% on the same measure) and pull the total down.

These numbers come from one day’s holdings, and the 2.7% left unexpanded could move them a little. Assigning that slice the least and most favorable stocks puts AVUC’s overlap with AVUS between 65.0% and 67.7%, its weight in the smallest-10% group between 4.1% and 6.9%, and its Russell value share between 56.2% and 59.0%. At either end AVUC holds less in the smallest stocks than the index or AVUS, and scores below AVUS and above the Russell 1000 on value. The Russell value share classifies holdings by style; measuring AVUC’s factor loadings from its returns will take years of data.⁹

Five of the seven largest overweights are household-name large caps: Berkshire Hathaway, JPMorgan, Johnson & Johnson, Mastercard and Procter & Gamble, each at about 2.2 to 3.5 times AVUS’s weight. Philip Morris, which AVUS does not hold, is another. AVUC holds most of each of these directly rather than through its ETFs: Berkshire at 2.33% of the fund, JPMorgan at 2.82% and Johnson & Johnson at 1.80%. The largest underweights are Micron and Amazon. The overweights look like seed positions, and if they arrived with large gains the fund will be slow to trim them.

None of this says AVUC is badly run. A fund seeded this way starts wherever its contributors were, and four weeks after launch it would be surprising to find it already matching AVUS. It may move closer as new cash arrives and redemptions are met in kind, but the commitment to keep contributed ETFs means part of the gap could last for years. Trading costs differ too: on November 9, AVUC’s 30-day median bid-ask spread was 0.06%, against 0.02% for AVUS.⁶ Avantis had not published AVUC’s own portfolio characteristics as of November 10. I will add them to this page when it does.

Where DFAC fits: three tax structures for one kind of portfolio

Dimensional’s US Core Equity 2 ETF (DFAC) is a similar tilted U.S. portfolio from a different manager, at the same 0.17%. Since October 5, 2026, DFAC has been the ETF share class of a Dimensional mutual fund launched in 2005. Its prospectus warns that holders of an ETF class, as opposed to a standalone ETF, “have the potential to experience greater portfolio transaction costs and taxable capital gains distributions as a result of purchases and redemptions by shareholders of the Institutional Class.”¹⁰

Unrealized gains are normal for a successful ETF; AVUS carried $4.36 billion of them on August 31 and still paid no long-term capital gain distributions, helped by redemptions met in kind, which let it hand its lowest-basis lots to authorized participants, and by capital loss carryforwards.¹¹ For new money in a taxable account, AVUS has the plainest tax profile of the three. DFAC is the different-manager choice, and it is the Dimensional fund I would pair with AVUS for tax-loss harvesting.

AVNC vs AVNM, AVDE and AVEM: a lower fee and a larger-cap first portfolio

AVNC’s strategy text follows AVDE’s, Avantis’s developed-markets fund, with added sentences covering emerging markets, the seeding, and permission to hold “a portion” in U.S. companies.¹² AVNM, the Avantis one-fund alternative, covers the same markets but holds other Avantis ETFs instead of stocks, aiming for 70% developed and 30% emerging; its 0.31% is a 0.03% management fee plus 0.28% of underlying fund expenses.¹³ Those ETFs include Avantis’s value funds, 37% of AVNM on September 30, so AVNM tilts harder by design.¹⁴ The closest match to AVNC’s strategy is AVDE plus AVEM. Holding stocks directly is why AVNC costs less than AVNM.

The measured portfolio is where AVNC stands apart. On September 30, two days after launch, its weighted average market cap was $299.0 billion against $226.8 billion for its benchmark, and its weighted book-to-market was 0.34 against 0.39. Its profitability measure was higher, 0.38 against 0.32, so the first portfolio leaned toward profitable companies and away from small and value ones. On the same date a 70/30 mix of AVDE and AVEM worked out to a book-to-market of about 0.50, and AVNM, with its value funds, 0.55.¹⁴

The holdings explain it. On November 9, 9.07% of AVNC sat in Vanguard’s emerging markets ETF (VWO), with smaller positions in VEU, VXUS, Schwab’s fundamental-index funds and three Avantis funds. Another 5.61% was in 38 U.S. stocks, plus 0.78% in two Alpha Architect U.S. equity ETFs, one of them AAUS, itself a Section 351 fund.⁶ With $98.7 million of assets, AVNC also costs more to trade. Its 30-day median bid-ask spread on November 9 was 0.23%, against 0.11% for AVNM and 0.01% and 0.02% for AVDE and AVEM.⁶ At those spreads, buying AVNC and later selling it costs about 0.12 percentage points more than the same round trip in AVNM, three years of AVNC’s 0.04-point fee advantage. Spreads change daily, so check the quote before you trade.

If you want the value and small-company tilt now, my verdict is to wait on AVNC. AVDE and AVEM in a 70/30 split hold the kind of portfolio AVNC’s strategy describes, for 0.26% and with tighter spreads, at the cost of rebalancing two funds; AVNM does it in one ticker with a stronger value tilt. If AVNC’s book-to-market moves above its benchmark’s in the coming quarters, its direct structure and 0.27% fee make it a sensible one-fund international choice.

AVTM vs AVGE: how much of a one-fund portfolio sits in the U.S.

AVTM’s benchmark is 85% Russell 3000 and 15% MSCI ACWI ex USA IMI, and under normal conditions it “expects to invest at least 80% of its assets in equity securities of U.S. companies.”¹⁶ That is a deliberate home-country weighting, well above the U.S. share of world markets. AVTM holds its U.S. stocks directly and its international exposure through Avantis ETFs (AVDE 10.2%, AVEM 4.7% on November 9), plus 3.2% in AVUQ, Avantis’s U.S. quality fund.

Two things separate AVTM from AVGE besides the U.S. weight. The tilt is milder: AVTM’s weighted book-to-market was about a quarter above its benchmark’s on October 31, against nearly half for AVUS and half for AVGE.¹⁵ And AVTM was seeded the same way as AVUC. In its first fiscal period it took in $869.6 million of securities in kind and paid out $216.4 million in kind; on August 31 its tax cost was $302.2 million against $793.0 million of investments, an unrealized gain of 61.9%, about twice AVUS’s share.¹¹ That figure is the gain the fund would realize if it sold everything that day. Whether shareholders ever receive any of it depends on how the fund trades: redemptions met in kind remove low-basis shares without a taxable sale, while cash redemptions and rebalancing sales can realize gains. AVUS shows the in-kind route working, with $4.36 billion of unrealized gains and no long-term capital gain distributions in fiscal 2025 or 2026.

AVTM’s prospectus lists a 0.19% management fee, 0.04% of estimated acquired-fund expenses and a waiver equal to the management fees of the Avantis funds it holds, for 0.22% net.¹⁶ A waiver of only 0.01% against 0.04% of acquired-fund costs implies the estimate assumed some non-Avantis ETFs. On November 9 every ETF in AVTM was an Avantis fund, so the waiver offsets the acquired-fund cost, and Avantis’s October 31 table lists 0.19% net. Its September 30 table still printed the prospectus 0.22%, and the waiver “will fluctuate depending on the fund’s daily allocations to such funds.”¹⁵ Either figure is below AVGE’s 0.23%. AVTM’s 30-day median bid-ask spread was 0.11% on November 9, against 0.09% for AVGE.⁶

If you want global market weights, VT does that for 0.06%. If you want the Avantis tilt with roughly global weights, AVGE is the one-fund choice. AVTM suits someone who has already decided on about 85% U.S. and values a single ticker, and it is the cheaper of the two. In a taxable account, AVUS, AVDE and AVEM in those proportions give a similar mix with a stronger tilt and less embedded gain per dollar (AVUS carried unrealized gains of 30.2% of investments on August 31, against AVTM’s 61.9%), at the cost of rebalancing three funds. The size of the U.S. weight is a separate decision, covered in the VT guide and the case for global diversification.

Taxes for someone buying now

Both new prospectuses warn that “a significant portion of the fund’s initial portfolio may consist of securities with a low tax basis,” so the fund “may be required to distribute capital gains even in the initial year of the fund’s operations.” They also note the funds may create and redeem shares for cash, which can force sales.¹

The evidence so far is reassuring but short. AVTM’s distributions through August 31, 2026 were all ordinary income, with no long-term gain distribution in its first period. AVUS shows what in-kind redemptions can do over time: large unrealized gains, no capital gain distributions.¹¹ As of November 10, Avantis had not posted 2026 capital gain estimates for any of the three funds. I will add them here when it does.

None of this matters in an IRA or 401(k). In a tax-deferred account the comparison comes down to fees and portfolio, and the portfolio-today point still favors AVUS over AVUC for new cash.

When to buy each, and when not to

• You contributed a portfolio at launch. Your exchange was structured to defer your gain, and selling the fund shares would realize it. Holding is the default; a need for cash or a change in your target allocation can still justify selling some.
• You bought shares and they have gained. Selling AVUC to save 0.02 points a year in AVUS would take many years of fee savings to repay the tax on a meaningful gain. AVNM and AVGE cost more than AVNC and AVTM, so moving there saves nothing on fees. The switching guide has a calculator for this.
• New cash, taxable account. AVUS over AVUC; AVDE and AVEM, or AVNM, over AVNC until AVNC’s characteristics show its value tilt; AVGE or VT over AVTM unless you want 85% U.S. in one fund.
• New cash, IRA or 401(k). The embedded-gain issue disappears. AVTM is a reasonable single fund for someone who wants 85% U.S. with a light tilt. AVUC against AVUS becomes a 0.02-point fee difference plus a portfolio further from its stated tilt, so I would still take AVUS.
• You want market weights. None of these. VTI, VXUS and VT cost 0.03% to 0.06%.

What the IRS said on September 28

On the day AVNC launched, the IRS published Revenue Ruling 2026-20. It describes an investor who contributes appreciated securities to a new ETF under a plan in which the ETF then redeems an authorized participant’s shares with those same securities, so that the ETF ends up holding “a portfolio of securities that is consistent with its investment thesis and materially different from the portfolio transferred.” The ruling treats the investor as having made a taxable exchange of the contributed securities that the ETF used to redeem the authorized participant.⁷ It addresses that pattern only: contributing a portfolio and promptly swapping it out through the ETF.

Notice 2026-62, issued the same day, draws the boundary in so many words. It “does not address, and expresses no view regarding, transactions in which a § 351 transaction is used to seed a newly established ETF with assets that are consistent with the ETF’s investment thesis and that are intended and expected to be retained by the ETF absent a substantial change in circumstances.” It also says Treasury and the IRS are considering more guidance on § 351 conversions, and that guidance on the strategies it describes could apply retroactively.⁷

The prospectus sentence quoted earlier, that the funds generally expect to keep contributed ETFs as long-term investments, resembles the seeding the notice leaves unaddressed. The notice does not say that such seedings qualify for deferral; that depends on the facts of each transaction.¹ The May 5, 2026 version of the same prospectus did not contain that sentence; it said only that the funds expected to acquire a significant amount of securities at launch.⁸ The AVNC revision predates the ruling and notice by six days, so the timing alone does not show cause.

What the factor evidence says about these funds

Because AVUC and AVNC run strategies Avantis already offers, the research case is the one behind AVUS and AVDE. Fama and French’s five-factor model added profitability and investment to market, size and value and described average U.S. returns better than the three-factor model.¹⁷ Novy-Marx showed that profitability predicts returns about as well as book-to-market does.¹⁸ Internationally the relationships vary by region; in Japan, average returns show little relation to profitability or investment.¹⁹ And McLean and Pontiff found that across 97 published predictors, portfolio returns were 26% lower out of sample and 58% lower after publication.²⁰

A core fund is a light version of that bet. In my six-factor regressions from October 2019 through June 2026, AVUS loaded +0.16 on value and +0.12 on size, and the model explained 99.4% of its variance; most of AVUS’s month-to-month behavior is the market’s (details in the Alpha Architect review). Weeks of returns from AVUC or AVNC cannot tell skill from luck, and I would not read anything into them. The broader debate is in Is Factor Investing Dead? and the profitability factor guide.

Key Takeaways

• AVUC, AVNC and AVTM were seeded with Section 351 contributions: investors exchanged appreciated portfolios for fund shares in transactions structured to defer their gains.
• AVUC’s prospectus strategy text matches AVUS’s. On November 9, 2026, AVUC held 18.5% in 70 contributed ETFs and, looking through them, shared about 66% of its weight with AVUS (65.0% to 67.7% allowing for the ETFs not expanded).
• That day AVUC held 4.3% in the smallest stocks making up the last 10% of the Russell 3000’s value (IWV as proxy), against 15.0% for AVUS, and about half of AVUS’s value tilt measured by Russell style weights.
• AVNC’s first fact sheet, dated September 30, 2026, showed a larger average market cap, higher profitability and a lower book-to-market than its benchmark, and a book-to-market of 0.34 against about 0.50 for a 70/30 mix of AVDE and AVEM.
• AVTM is about 85% U.S. with a milder tilt than AVGE, and its unrealized gains were 61.9% of its investments on August 31, 2026; whether any of that is distributed depends on how the fund handles redemptions.
• For new cash in a taxable account, the older funds (AVUS, AVNM or AVDE and AVEM, AVGE) run the same or closely related strategies with portfolios already at target.

Frequently asked questions

Is AVUC the same as AVUS?

The strategy is the same on paper: the prospectus strategy sections match apart from AVUC’s seeding sentences and AVUS’s sentences on derivatives and securities lending. The portfolios differ. On November 9, 2026, AVUC held 18.5% in other ETFs, 2.2% in stocks Avantis tags as non-U.S., and, looking through its ETFs, shared 65.7% of its weight with AVUS.

Can I contribute my own portfolio to AVUC or AVNC now?

Nothing public suggests so. The prospectuses describe the in-kind exchange as how each fund acquired its initial portfolio, and Section 351 requires the contributors as a group to control at least 80% of the fund immediately afterward, a condition that fits a launch. Avantis has published no terms for later contributions. Ask a tax adviser about any 351 exchange: Notice 2026-62 says Treasury and the IRS are considering more guidance on § 351 conversions, and that guidance on the strategies it describes could apply retroactively.

Can I tax-loss harvest AVUS into AVUC?

I would not. The same manager and the same strategy text make it a poor partner. The IRS has never defined “substantially identical” for funds, so every pairing is a judgment; Summitward’s tax-loss harvesting guide lists only pairs with a different index or a different manager. DFAC is the usual partner for AVUS.

Why does AVUC own IWF, IWD and QQQ?

Most likely they came with the seed portfolios. The prospectus says that when the fund acquires other ETFs in its seeding, it generally expects to hold them as long-term investments. IWF and IWD together were 12.5% of AVUC on November 9.

Is AVTM a global fund?

It holds international stocks, about 15%, but it is built around an 85% U.S. benchmark. VT was 61.9% U.S. by index weight on August 31, 2026, and AVGE 71.3% on October 31.

Will AVUC, AVNC or AVTM pay a capital gain distribution in 2026?

Unknown as of November 10, 2026; Avantis had not posted estimates. The prospectuses flag the risk because of low-basis seed positions. AVTM paid only ordinary income through August 31, 2026, and AVUS has paid no long-term capital gains in the last two fiscal years.

AVUC or DFAC?

Same 0.17% fee, different managers and structures. DFAC is now an ETF share class of a mutual fund, which its prospectus says can pass gains from mutual fund flows to ETF holders. AVUC carries seeded low-basis lots and contributed ETFs. For new money I would take AVUS over both.

Should I buy a core fund or add AVUV or AVDV?

A core fund such as AVUS applies a light tilt across everything it holds, in one ticker. Pairing a market-weight fund with AVUV or AVDV puts the tilt in a separate small-cap value sleeve that you size and rebalance yourself, which allows a stronger tilt and more control with more moving parts. The AVUV, AVDV and AVGV guide covers that route, and The Rise of Avantis covers the firm’s lineup.

Why does AVNC, an international fund, hold U.S. stocks?

Its prospectus allows “a portion” in U.S. companies when they complement the strategy. On November 9, 5.61% sat in 38 U.S. stocks and 0.78% in U.S. equity ETFs, most likely from contributed portfolios.

Related guides

• AVUC vs AVUS: the U.S. comparison on one page
• AVTM vs AVGE: the two one-fund Avantis portfolios, with DFAW and VT
• The four things you can do with a capital gain: where a Section 351 exchange fits among the other options
• What it costs to launch an ETF: why fund platforms court advisers with Section 351 seedings
• The Rise of Avantis: the firm’s history and its small-cap value funds
• AVGV Review: Avantis’s one-fund global value tilt
• If Dimensional gets sold: sponsor risk and tax lock-in for factor ETF holders

Sources and method

1. Avantis U.S. Core Equity ETF (AVUC), summary prospectus dated Oct 7, 2026: fee table, principal investment strategies, In-Kind Seeding Risk and Cash Transactions Risk. The AVNC summary prospectus (source 12) contains the same seeding language. SEC
2. Avantis U.S. Equity ETF (AVUS), summary prospectus dated Jan 1, 2026. SEC
3. Internal Revenue Code 26 U.S.C. 351(a) and 368(c) (80% control), 351(e)(1) and 368(a)(2)(F)(ii) with Treas. Reg. 1.351-1(c)(6)(i) (25% and 50% diversification tests), 358 (basis of stock received) and 362(a) (the corporation’s carryover basis). Section 351, Section 368, Section 358, Section 362
4. Bloomberg, “The Latest Tax Dodge for the Ultra-Rich Is a Customized ETF”, analysis of SEC filings.
5. American Century Investments newsroom, AVTM launch (Feb 2, 2026) and AVNC launch (Sep 30, 2026).
6. Avantis daily holdings for AVUC, AVUS, AVNC, AVTM, AVDE, AVEM and AVUQ dated Nov 9, 2026, from the fund pages at avantisinvestors.com, for example the AVUC page. Holdings counts as of Oct 31, 2026, and trading data (30-day median bid-ask spread and volume, as of Nov 9, 2026) for these funds and AVNM and AVGE, from the same pages. Totals by sponsor, style and country are my sums (source 9).
7. Internal Revenue Service, Revenue Ruling 2026-20 and Notice 2026-62, both published Sep 28, 2026. Rev. Rul. 2026-20 (PDF), Notice 2026-62 (PDF)
8. American Century ETF Trust, prospectus for AVNC and AVUC dated May 5, 2026 (In-Kind Seeding Risk wording before the September and October revisions). SEC
9. Summitward Research, avantis-avuc-avnc-avtm: holdings files (Avantis, iShares and State Street, all dated Nov 9, 2026), look-through and overlap scripts, bounds for the ETFs not expanded, the 70/30 AVDE and AVEM weighting, and the printed output quoted here. Issuers are matched on the first six CUSIP characters. iShares IWV stands in for the Russell 3000; it holds about 2,590 stocks against the index’s roughly 3,000.
10. Dimensional Fund Advisors, ETF Trust prospectus dated Feb 28, 2026 (DFAX, DFAW fees; DFAW “approximately 71%” U.S.), SEC; ETF share class prospectus dated Feb 28, 2026 (quoted warning), SEC; supplement dated Sep 25, 2026 (DFAC 0.17% from Nov 1, 2026), SEC; and the June 18, 2026 announcement of the share class mergers, Dimensional.
11. American Century ETF Trust, annual report (Form N-CSR) for the year ended Aug 31, 2026, filed Oct 29, 2026: federal tax cost and unrealized appreciation by fund, in-kind subscriptions and redemptions, and the tax character of distributions. SEC
12. Avantis All International Core Equity ETF (AVNC), summary prospectus dated Sep 22, 2026. AVNC’s benchmark, MSCI ACWI ex USA IMI, is named on the fund page and fact sheet. SEC
13. Avantis All International Markets Equity ETF (AVNM) and All Equity Markets ETF (AVGE), summary prospectuses revised Aug 1, 2026 (target allocations; management fee plus acquired fund fees). AVNM, AVGE
14. Avantis fact sheets: AVNC as of Sep 30, 2026 and AVUC as of Oct 15, 2026 (which has no characteristics section), and the Sep 30, 2026 fact sheets for AVNM, AVDE and AVEM. The links serve the latest quarter.
15. Avantis Investors, Monthly ETF Field Guide, October 2026 edition, data as of Oct 31, 2026: expense ratios, assets, and FactSet characteristics and country weights for AVUS, AVTM, AVGE and AVNM against their benchmarks; AVTM’s expense ratios (0.19% net in the Oct 31 table, 0.22% in the Sep 30 standardized table) and the waiver note. The link serves the latest edition. Avantis (PDF)
16. Avantis Total Equity Markets ETF (AVTM), summary prospectus dated Jan 29, 2026. VT figures from Summitward’s VT guide (FTSE Global All Cap Index factsheet, Aug 31, 2026) and the VT summary prospectus. SEC
17. Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1-22. doi:10.1016/j.jfineco.2014.10.010
18. Novy-Marx, R. (2013). The other side of value: The gross profitability premium. Journal of Financial Economics, 108(1), 1-28. doi:10.1016/j.jfineco.2013.01.003
19. Fama, E. F., & French, K. R. (2017). International tests of a five-factor asset pricing model. Journal of Financial Economics, 123(3), 441-463. doi:10.1016/j.jfineco.2016.11.004
20. McLean, R. D., & Pontiff, J. (2016). Does academic research destroy stock return predictability? Journal of Finance, 71(1), 5-32. doi:10.1111/jofi.12365