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AVES vs FEMS

Avantis Emerging Markets Value ETF

AVESANYSE Arca

First Trust Emerging Markets Small Cap AlphaDEX Fund

FEMSDNasdaq

Overlap

Expense ratio

AVES −0.44pt a year

AVES0.36%FEMS0.80%

Avg volume · 30D

AVES 2.6×the volume

AVES98.2KFEMS37.9K

5Y return · a year

AVES +3.7pt

AVES+7.6%FEMS+3.9%

AVES vs FEMS Performance

Nov 2, 2021 – Nov 2, 2026

+44.1%AVES+21.3%FEMS

Nov 2, 2021 to Nov 2, 2026. AVES +44.1%. FEMS +21.3%. Use the arrow keys to read each point.−20%0%60%Nov 2021May 2024Nov 2026
Expense ratio
AVES 0.36%, better
FEMS 0.80%
Fund size
AVES $1.45B
FEMS $195M
1Y total return
AVES +7.7%, better
FEMS −2.7%
Yield (12M)
AVES 3.70%
FEMS 4.55%, better
Holdings
AVES 1997
FEMS 211
Avg volume (30D)
AVES 98.2K sh, better
FEMS 37.9K sh
NAV per share
AVES $60.00
FEMS $39.84
52W range

ETF.net Grade

AVES: Cost 68, Risk 52, Mission not scored, Tradability 92, Holdings 88, Durability 57. FEMS: Cost 3, Risk 24, Mission not scored, Tradability 65, Holdings 74, Durability 67.
Pillar letters and Scores for AVES, FEMS, with each pillar’s weight
PillarAVESFEMS
Cost30% weightB68HigherF3
Mission25% weightNot scoredNot scored
Risk15% weightC52HigherF24
Tradability15% weightA92HigherB65
Holdings10% weightA88HigherA74
Durability5% weightB57B67Higher

Rank among Emerging Markets Multifactor funds

Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AVES and FEMS are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

See all 20 ›

AVES ranks 2nd and FEMS 17th of 20 funds in the Emerging Markets Multifactor Category.

  1. Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 75
  2. Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
  3. Rank 3AFDEMFidelity Emerging Markets Multifactor ETFScore 70
  4. Rank 15DEMMFWisdomTree Emerging Markets Multifactor FundScore 37
  5. Rank 17DFEMSFirst Trust Emerging Markets Small Cap AlphaDEX FundScore 33
  6. Rank 18DTLTENorthern Trust Morningstar Emerging Markets Factor Tilt ETFScore 31

Our read on each fund

ETF.net Research

AVESAAvantis Emerging Markets Value ETF

FEMSDFirst Trust Emerging Markets Small Cap AlphaDEX Fund

In short

AVES Avantis starts with the emerging markets universe and tilts it: cheap valuations, profitable companies, roughly 1,800 names from megacaps down to small caps. Broad EM exposure with a deliberate value-and-quality slant, priced under the typical multifactor rival.

FEMS Emerging market small caps, chosen by First Trust's AlphaDEX growth-and-value rules instead of ranked by size. A narrow, off-the-beaten-path slice of EM that has been running since 2012.

Stated mandate

AVES The fund seeks long-term capital appreciation.

FEMS The Fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX® Emerging Markets Small CapTM Index.

Why people hold it

  • AVES Charges 0.36% a year, below the 0.48% median for emerging markets multifactor funds. EM is where fee gaps usually run widest.
  • Two screens, not one: it tilts toward cheap valuations and toward high profitability, so the deep-value bucket gets a quality filter on the way in.avantisinvestors.com
  • Roughly 1,800 holdings across the MSCI Emerging Markets IMI Value opportunity set, meaning small caps ride along rather than getting screened out.
  • Portfolio build sits in the top quartile of its EM multifactor peer group in our review, and the fund is a multi-billion-dollar, regularly traded name.
  • FEMS Goes small in emerging markets: roughly 220 stocks, so no single name or state champion carries the fund.
  • AlphaDEX picks and weights by growth and value rank, not market cap, so the biggest company in the index isn't automatically the biggest position.ftportfolios.com
  • Live since 2012, with the same rules-based index mandate through multiple EM cycles. Pays quarterly.
  • Holdings are spread widely enough that the portfolio reads as a genuine small-cap basket rather than a handful of bets.

Worth knowing

  • AVES Value in emerging markets means leaning into cheaper, cyclical corners of the market, plus currency swings. A bumpier ride than a plain broad EM index.
  • Cost is not the floor here: peer EMGF runs a multifactor EM portfolio for 0.26%, ten basis points less.
  • Launched in 2021, so its live record is shorter than the older EM factor funds it lines up against.
  • FEMS Cost is the sore spot: 0.80% a year, well above EM factor peers such as EMGF (0.26%) and AVES (0.36%). That gap compounds against you.
  • Thinly traded. Spreads can widen, and large orders can move the price more than in the big EM funds.
  • Small caps plus emerging markets is a bumpy combination, and this has been among the more volatile funds in its peer group.

Full AVES profile⁠

Full FEMS profile⁠

AVES vs FEMS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AVES vs FEMS Cost

Overpaying FEMS vs AVES

$8,026

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • AVES 0.36%

    $7,320

  • FEMS 0.80%

    $15,346

$10,000
30 years

Cost over time

  • AVES 0.36%
  • FEMS 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FEMS $15,346AVES $7,320

Year by year

YearAVESFEMSOverpaying
10$652$1,422$770
20$2,522$5,393$2,871
30$7,320$15,346$8,026

Expense ratio

  • 0.36%AVES, cheaper
  • 0.80%FEMS
  • Middle half of Emerging Markets Multifactor funds
  • Median 0.44%

AVES 8th cheapest of 20 funds

FEMS 19th cheapest of 20 funds

AVES vs FEMS Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
AVES 3.70%
FEMS 4.55%, better
Payout (12M)
AVES $2.23
FEMS $1.80
Last payment
AVES $0.62
FEMS $0.40
Ex-dividend
AVES Sep 8, 2026
FEMS Sep 24, 2026
Paid on
AVES Sep 10, 2026
FEMS Sep 30, 2026
Frequency
AVES Quarterly
FEMS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AVESQuarterly · 12 paymentsAll AVES payments⁠
One bar per payment. 12 payments from 2017 to 2026 YTD. Dec 16, 2021 $0.32; Jun 21, 2022 $0.48; Dec 15, 2022 $1.03; Jun 20, 2023 $0.49; Dec 18, 2023 $1.33; Jun 24, 2024 $0.48; Dec 17, 2024 $1.41; Jun 24, 2025 $0.74; Dec 16, 2025 $1.10; Mar 10, 2026 $0.07; Jun 9, 2026 $0.44; Sep 8, 2026 $0.62. Use the arrow keys to read each point.$0$12017202020232026YTD
FEMSQuarterly · 37 paymentsAll FEMS payments⁠
One bar per payment. 37 payments from 2017 to 2026 YTD. Jun 22, 2017 $0.29; Sep 21, 2017 $0.74; Dec 21, 2017 $0.44; Mar 22, 2018 $0.18; Jun 21, 2018 $0.49; Sep 14, 2018 $0.42; Dec 18, 2018 $0.41; Jun 14, 2019 $0.38; Sep 25, 2019 $0.70; Dec 13, 2019 $0.65; Mar 26, 2020 $0.18; Jun 25, 2020 $0.34; Sep 24, 2020 $0.42; Dec 24, 2020 $0.25; Mar 25, 2021 $0.51; Jun 24, 2021 $0.43; Sep 23, 2021 $0.73; Dec 23, 2021 $0.84; Mar 25, 2022 $0.12; Jun 24, 2022 $0.81; Sep 23, 2022 $0.75; Dec 23, 2022 $0.09; Mar 24, 2023 $0.10; Jun 27, 2023 $0.66; Sep 22, 2023 $0.65; Dec 22, 2023 $0.37; Mar 21, 2024 $0.17; Jun 27, 2024 $0.54; Sep 26, 2024 $0.34; Dec 13, 2024 $0.45; Mar 27, 2025 $0.09; Jun 26, 2025 $0.52; Sep 25, 2025 $0.53; Dec 12, 2025 $0.65; Mar 26, 2026 $0.30; Jun 25, 2026 $0.45; Sep 24, 2026 $0.40. Use the arrow keys to read each point.$0$12017202020232026YTD

AVES vs FEMS Risk

Fall from peak · 5 years

  • AVES
  • FEMS
Nov 2, 2021 to Nov 2, 2026. Worst fall: AVES −27.4% · Oct 2022. Use the arrow keys to read each point.−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
AVES 14.7%FEMS 14.2%, better
Return per unit of riskSharpe ratio, 3 years
AVES 0.88, betterFEMS 0.29
Worst fallMax drawdown, 5 years
AVES −27.4%FEMS −21.2%, better
Market sensitivityBeta, 5 years
AVES 0.98FEMS 0.61

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