AVDS vs TLCI

AVDSAAvantis International Small Cap Equity ETF

TLCIBTouchstone International Equity ETF

In short

AVDS Avantis casts a wide net: roughly 3,000 non-US developed small caps, weighted with an eye on price, profitability and how much cash companies plow back in. Active management that looks a lot like an index fund with its thumb on the scale.

TLCI An international fund that behaves like a stock picker, not an index tracker: sub-adviser The London Company runs roughly 25 to 40 large non-US names chosen for balance sheet strength, at 0.37% net of a waiver through April 29, 2027.

Stated mandate

AVDS The ETF seeks long-term capital appreciation by investing in a broad group of non-U.S. small-cap companies and considering valuation, profitability, and investment levels when selecting and weighting securities.

TLCI The Fund seeks long-term capital appreciation.

Why people hold it

• AVDS Charges 0.30% a year, about half the typical fee in its active international peer group. Cheap is a durable edge in a corner of the market where fees usually run high.
• Roughly 3,000 holdings, so no single stock or country steers the outcome. This is small-cap breadth, not a concentrated stock-picking bet.
• The tilts are the whole design: valuation, profitability and investment levels shape both what it owns and how much of each, measured against MSCI World ex USA Small Cap.avantisinvestors.com
• Sits among the strongest builds in a crowded field of active international equity funds. Broad, systematic, low-fee: the boxes that tend to stay ticked.

• TLCI Priced at 0.37% net of a waiver through April 29, 2027, below the median fee in its active international category.
• Typically holds about 25 to 40 companies, screened for cash return on tangible capital, balance sheet strength and a discount to estimated intrinsic value.sec.gov
• Buy-and-hold by design: the manager targets an average holding period near five years and aims to minimize turnover to reduce transaction costs and taxes.sec.gov
• At least 80% of assets sit in large-cap non-US equities under normal conditions, so the international mandate is written into policy, not just marketing.sec.gov

Worth knowing

• AVDS Thinly traded compared with the big international names. Limit orders and a look at the spread earn their keep here.
• Launched in 2023, so the live record is short even though the approach behind it is not new.
• Costs more than Avantis' broad international fund AVDE (0.23%). Small caps abroad are pricier to research and trade, and they swing harder.

• TLCI That 0.37% leans on a contractual waiver through April 29, 2027. The gross expense ratio is 1.01%, and waived amounts can be recouped later under the agreement.sec.gov
• A 25 to 40 stock book can invest a high percentage in one country or sector, so single names swing results far more than in funds holding thousands of stocks.sec.gov
• Launched in 2025 and thinly traded, with cheaper broad rivals nearby: AVDE at 0.23%, DFIC at 0.22%, and TACN at 0.00% net of a waiver through January 30, 2027.

Full AVDS profile⁠

Full TLCI profile⁠