A $25B-AUS Unit Adds 4 ETFs of ETFs
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Wednesday, July 5, 2023

A $25B-AUS Unit Adds 4 ETFs of ETFs

Eduardo Repetto and his $25-billion-AUS team (as of June 15, up from $20 billion back in January) are rolling out a quartet of new funds of funds.

Eduardo A. Repetto
Avantis Investors
Chief Investment Officer
Last week, Repetto, chief investment officer of American Century's Avantis Investors [profile], unveiled the launch of the Avantis All Equity Markets Value ETF (AVGV on the NYSE Arca, Inc.), the Avantis All International Markets Equity ETF (AVNM), the Avantis All International Markets Value ETF (AVNV), and the Avantis Moderate Allocation ETF (AVMA). All four new funds are actively managed ETFs of ETFs, specifically ETFs of other Avantis ETFs, and all four new funds are series of the American Century ETF Trust. Their inception date was June 27.

AVMA comes with an expense ratio of 21 basis points, AVGV costs 26 bps, AVNM costs 31 bps, and AVNV costs 34 bps. Each expense ratio bakes in a 2-bps fee waiver promised through June 21, 2024.

American Century Investment Management, Inc. serves as the four new funds' investment advisor, while American Century Services, LLC (ACS) serves as administrator. The funds' PM team includes: Matthew Dubin, portfolio manager; Mitchell Firestein, senior PM; Daniel Ong, senior PM; Ted Randall, senior PM; and Repetto himself.

Repetto puts the launch of AVGV, AVMA, AVNM, and AVNV in the context of Avantis' "goal to offer a well-rounded suite of value-added funds for investors." Firestein notes that the Avantis team has already "seen significant adoption from investors" of another ETF of ETF, AVGE, which debuted last September.

"I believe this really offers the best of both worlds," Firestein states. "Investors get access to a range of our underlying, low-cost active funds with the added benefit of professional and tax-efficient rebalancing inside a single ETF. It helps streamline allocations for investors."

The new funds' other service providers include: Deloitte & Touche LLP as independent accounting firm; Foreside Fund Services, LLC as distributor; and State Street Bank and Trust Company as custodian, dividend paying agent, securities lending agent, sub-administrator, and transfer agent.

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