AVGE vs FGSM: Grades, Fees and Holdings Compared

Avantis All Equity Markets ETF

AVGEANYSE Arca

Frontier Asset Global Small Cap Equity ETF

FGSMCNYSE Arca

Overlap

4.7%by weight

Expense ratio

AVGE −0.59pt a year

AVGE0.23%FGSM0.82%

Avg volume · 30D

AVGE 24.3×the volume

AVGE82.7KFGSM3.41K

AVGE vs FGSM Performance

Oct 31, 2025 – Nov 2, 2026

+18.9%AVGE+19.5%FGSM

Expense ratio: AVGE 0.23%, better; FGSM 0.82%
Fund size: AVGE $1.26B; FGSM $47M
1Y total return: AVGE +18.9%; FGSM +19.5%, better
Yield (12M): AVGE 1.75%, better; FGSM 1.41%
Holdings: AVGE 16; FGSM 7
Avg volume (30D): AVGE 82.7K sh, better; FGSM 3.41K sh
NAV per share: AVGE $98.29; FGSM $34.46
52W range

ETF.net Grade

Pillar letters and Scores for AVGE, FGSM, with each pillar’s weight
Pillar	AVGE	FGSM
Cost30% weight	A95Higher	D26
Mission25% weight	A74	Not scored
Risk15% weight	A72Higher	B65
Tradability15% weight	A83Higher	C52
Holdings10% weight	D35Higher	D31
Durability5% weight	A78Higher	D35

Rank among Global Active Equity funds

How we build Categories ›

Same Category. AVGE and FGSM are both graded against the same 44 Global Active Equity funds, so their Grades compare head to head.

Global Active Equity⁠

Category · 44 funds

See all 44 ›

AVGE ranks 1st and FGSM 27th of 44 funds in the Global Active Equity Category.

Rank 1AAVGEAvantis All Equity Markets ETFScore 79
Rank 1AAVTMAvantis Total Equity Markets ETF 1Score 79
Rank 26CINFLHorizon Kinetics Inflation Beneficiaries ETFScore 41
Rank 27CFGSMFrontier Asset Global Small Cap Equity ETFScore 40
Rank 28DCDIGCity Different Investments Global Equity ETFScore 39

Our read on each fund

ETF.net Research

AVGEAAvantis All Equity Markets ETF

FGSMCFrontier Asset Global Small Cap Equity 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.

FGSM No data

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.

FGSM No data

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.

FGSM No data

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.

FGSM No data

Full AVGE profile⁠

Full FGSM profile⁠

AVGE vs FGSM Holdings

How AVGE and FGSM differ

Overlap by weight

4.7%

Shared holdings make up 39.1% of FGSM and 4.7% of AVGE.

Level by level

Holdings2 in both4.7%
Countryby domicile77.4%
Sector11 Sectors81.4%
Asset classEquity100%

Sector

Sector weights in AVGE and FGSM, widest gap first
Sector	More in AVGEMore in FGSM	AVGE	FGSM
Technology	AVGE +9.9 points	21.4%	11.5%
Industrials	FGSM +6.8 points	12.4%	19.2%
Materials	FGSM +6.0 points	4.7%	10.7%
Financials	AVGE +3.6 points	19.5%	15.9%
Communication	AVGE +3.5 points	6.4%	2.9%
Consumer Discretionary	FGSM +3.1 points	11.1%	14.2%
Health Care	FGSM +1.5 points	6.5%	8.0%
Real Estate	FGSM +1.1 points	3.3%	4.4%
Energy	AVGE +1.1 points	8.5%	7.4%
Consumer Staples	AVGE +0.5 points	4.5%	4.0%
Utilities	FGSM +0.1 points	1.8%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in AVGE and FGSM, widest gap first
Country	More in AVGEMore in FGSM	AVGE	FGSM
United States	AVGE +13.2 points	71.0%	57.8%
Japan	FGSM +8.6 points	4.4%	13.0%
Taiwan	AVGE +3.0 points	3.0%	0.0%
United Kingdom	FGSM +2.9 points	2.4%	5.3%
Canada	FGSM +2.4 points	2.3%	4.7%
Australia	FGSM +2.2 points	1.4%	3.6%
South Korea	AVGE +2.0 points	2.0%	0.0%
China	AVGE +1.6 points	1.8%	0.2%
Other countries (31)	FGSM +3.7 points	11.8%	15.5%

Outside the US: AVGE 64% developed, 36% emerging. FGSM 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

AVGE95.5%
FGSM100.0%

Securities held

AVGE15
FGSM6

Asset class

AVGE: Equity
FGSM: Equity

Holdings

Only in AVGE13
In both2
Only in FGSM4

Only in AVGE

13 securities, 95.3% of AVGE by weight

Avantis Us Equity Etf Avantis U.s. Equity Etf43.40%
Avantis Us Large Cap Value Etf Avantis Us Large Cap Value15.79%
Avantis International Equity E Avantis International Equity10.41%
Avantis Emerging Markets Equit Avantis Emerging Markets Eq6.13%
Avantis International Large Ca Avantis Intl Lrg Cap Val Etf5.37%
Avantis Us Small Cap Equity Et Avantis Us Small Cap Equity3.50%
Avantis Emerging Markets Value Avantis Emerging Markets Val3.09%
Avantis Real Estate Etf Avantis Real Estate Etf2.86%
Avantis Us Mid Cap Value Etf Avantis Us Mid Cap Val Etf1.40%
Avantis Us Mid Cap Equity Etf Avantis Us Mid Cap Eq Etf1.38%
Avantis International Small Ca Avantis Intl Sm Cap Eq Etf1.03%
Avantis Emerging Markets Small Avantis Em Mkt Sm Cap Eq Etf0.84%
Ssc Government Mm Gvmxx0.08%

Only in FGSM

4 securities, 60.7% of FGSM by weight

Ishares Core S&P Small-Cap E21.90%
Ishares Us Smallcap Equity F18.55%
Ishares International Small14.02%
Neuberger Small-Mid Cap Etf6.28%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in AVGE and FGSM, widest gap first
Holding	More in AVGEMore in FGSM	AVGE	FGSM
Avantis International Small Ca Avantis Intl S/C Value EtfAVDV	FGSM +26.30 points	1.16%	27.46%
Avantis U.s. Small Cap Value E Avantis Us Small Cap ValueAVUV	FGSM +8.07 points	3.57%	11.64%

All 14 AVGE holdings⁠All FGSM 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.

AVGE vs FGSM Cost

Overpaying FGSM vs AVGE

$10,930

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

AVGE 0.23%
$4,759
FGSM 0.82%
$15,689

Amount$10,000

Years30 years

Cost over time

AVGE 0.23%
FGSM 0.82%
Overpaying

Year by year

Year	AVGE	FGSM	Overpaying
10	$419	$1,457	$1,038
20	$1,630	$5,519	$3,889
30	$4,759	$15,689	$10,930

Expense ratio

0.23%AVGE, cheaper
0.82%FGSM

AVGE0.23%FGSM0.82%

0.22%1.19%

Middle half of Global Active Equity funds
Median 0.69%

AVGE 2nd cheapest of 44 funds

FGSM 33rd cheapest of 44 funds

AVGE vs FGSM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): AVGE 1.75%, better; FGSM 1.41%
Payout (12M): AVGE $1.72; FGSM $0.49
Last payment: AVGE $0.33; FGSM $0.05
Ex-dividend: AVGE Sep 10, 2026; FGSM Sep 29, 2026
Paid on: AVGE Sep 14, 2026; FGSM Oct 6, 2026
Frequency: AVGE Quarterly; FGSM Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

AVGEQuarterly · 10 paymentsAll AVGE payments⁠

FGSMQuarterly · 7 paymentsAll FGSM payments⁠

AVGE vs FGSM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AVGE 11.9%FGSM 12.1%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: AVGE 1.40FGSM 1.23since Jan 2025
Worst fallMax drawdown, 5 years: AVGE −17.1%since Sep 2022FGSM −17.7%since Dec 2024
Market sensitivityBeta, 5 years: AVGE 0.94FGSM 0.73; Market = 1

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