AVGE vs BDYN

AVGEAAvantis All Equity Markets ETF

BDYNAiShares Dynamic Equity Active ETF

In short

AVGE Avantis's whole-world equity portfolio in one ticker: a fund built from its own factor ETFs across US, developed and emerging markets, tilted toward smaller and cheaper stocks, at 0.23% a year with no waiver involved.

BDYN A 2017 BlackRock Global Allocation mutual fund that slipped into an ETF wrapper in September 2025. Go-anywhere global stock picking, roughly 240 names, measured against MSCI World.

Stated mandate

AVGE The fund seeks long-term capital appreciation through a broadly diversified equity portfolio. It invests directly or through Avantis ETFs and emphasizes companies expected to offer higher returns or better risk characteristics than a passive, market-cap-weighted index.

BDYN The fund seeks total return through active management of a stock portfolio diversified across regions, sectors, and industries.

Why people hold it

• AVGE One ticker, the whole map: it owns a series of other Avantis ETFs spanning US, developed international and emerging markets.avantisinvestors.com
• 0.23% a year, below the typical global active equity fund, and that is the real number, not a temporary waiver.
• No closet indexing. The mandate emphasizes companies Avantis expects to offer higher returns or better risk traits than a passive, cap-weighted index.ifa.com
• Sits among the strongest implementations in its global active equity peer group, and it pays shareholders quarterly.

• BDYN Not a new launch: it ran as the BlackRock GA Dynamic Equity mutual fund from 2017, converting in September 2025 with the same objective and the same Global Allocation team.ishares.com
• 0.39% net of a waiver through June 30, 2028 (0.40% gross), below the typical global active equity fee. Sibling BDVL matches it, with a waiver to the same date.
• Few guardrails: developed, emerging and frontier markets, any market cap, convertibles, cash and commodity-linked exposure through a Cayman subsidiary, all in one ticker.sec.gov
• Multi-billion-dollar fund inside the iShares lineup, and one of the stronger showings among the global active equity funds we grade.

Worth knowing

• AVGE At the fund level you hold a handful of Avantis ETFs, so the stock-level diversification is look-through and one firm's research drives the entire stack.avantisinvestors.com
• The prospectus targets roughly 70% US equity (band 63% to 77%), so the geographic mix follows Avantis's policy rather than global market weights.ifa.com
• A close sibling, AVTM, covers total equity markets at 0.22% with no waiver attached.

• BDYN Broad-market active rivals cost less: AVTM at 0.22% and AVGE at 0.23%, neither leaning on a waiver.
• No index to hug. The mix moves with the managers' read on growth, resources and politics, so results can diverge from MSCI World in either direction.sec.gov
• Short history as an ETF, so its trading and risk record in this wrapper is still thin. Distributions land annually, not monthly.ishares.com

Full AVGE profile⁠

Full BDYN profile⁠