AVGV vs FPAG

AVGVAAvantis All Equity Markets Value ETF 9

FPAGBFPA Global Equity ETF

In short

AVGV One ticker for the world's value stocks: AVGV stacks six Avantis value funds into a 60% US, 30% developed, 10% emerging mix, small caps included, for 0.26% all in.

FPAG FPA's contrarian value desk in ETF form: about 40 out-of-favor global large and mid caps, no sector constraints, 0.49% net of a waiver through January 31, 2027.

Stated mandate

AVGV The fund seeks long-term capital appreciation through a fund-of-funds structure investing in other Avantis ETFs. Those underlying funds are broadly diversified equity portfolios that select or overweight securities expected to offer higher returns or better risk characteristics than a passive market-cap-weighted index.

FPAG The Fund seeks long-term growth of principal and income. It normally invests at least 95% of assets in equities, primarily publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including emerging-market companies.

Why people hold it

• AVGV Holds US large, mid and small value plus developed and emerging value in one ticker, at 60/30/10 target weights the managers can flex within stated ranges.sec.gov
• The 0.26% headline covers the underlying Avantis funds too, and sits below the category median and below SFGV's 0.33% net of a waiver through March 31, 2027.sec.gov
• Small and mid caps ride alongside large caps, so the value tilt reaches corners of the market a large-cap-only value fund leaves out.sec.gov

• FPAG The ETF wrapper for a strategy FPA has run for years: bottom-up fundamental research, global large and mid caps, bought when businesses look out of favor, with no sector constraints on the portfolio.fpa.com
• 0.49% net of a waiver through January 31, 2027 sits below the global value category median, and just under First Eagle's FEGE at 0.50% net of a waiver through December 31, 2026.
• Genuinely active, not index-hugging: roughly 40 positions, cash typically under 5%, and active share FPA describes as typically above 90% versus its MSCI ACWI reference.fpa.com
• Prospectus keeps it simple: normally at least 95% of assets in equities, mid- and large-cap U.S. and non-U.S. names, emerging markets included. One of the stronger builds on a crowded global value shelf.

Worth knowing

• AVGV Value and size tilts are built in, so results can diverge from a market-cap global index for long stretches.sec.gov
• Every holding is an Avantis fund, so one firm's definition of value and one team's allocation calls drive the whole portfolio.sec.gov
• Around 40% of the target sits outside the US, bringing currency moves and emerging market risk; the fund also only launched in 2023.sec.gov

• FPAG That 0.49% is a waived rate. Gross is 0.86%, so what you pay after January 31, 2027 depends on FPA extending the waiver.
• One of the thinner-traded funds in its category. Spreads can widen, and the open and close are the rougher moments of the day.
• A focused, unconstrained book of about 40 names with no sector limits can look nothing like a global index, and move nothing like one either. Income arrives quarterly.fpa.com

Full AVGV profile⁠

Full FPAG profile⁠