AVLC vs LDRX

AVLCAAvantis U.S. Large Cap Equity ETF

LDRXCSGI Enhanced Market Leaders ETF

In short

AVLC Active management with index-fund manners: roughly 900 U.S. large caps, with the dial turned toward cheaper, more profitable companies. Avantis charges 0.15% a year to do it.

LDRX A 1976 swap fund reborn: the Chestnut Street Exchange Fund was reorganized into this active ETF in 2025. Large-cap "market leaders" plus an overlay that sells deep out-of-the-money puts and calls expiring in 1-7 days, for 0.59% a year.

Stated mandate

AVLC The fund seeks long-term capital appreciation. It invests broadly in U.S. large-capitalization companies while using active decisions to overweight lower valuations and higher profitability.

LDRX Seeks capital appreciation and current income. It actively manages a portfolio concentrated in large-capitalization companies and uses short-dated, deep-out-of-the-money put and call writing to generate additional income.

Why people hold it

• AVLC 0.15% a year against a 0.65% median for active U.S. equity funds. That is passive-style pricing on an actively run book.
• Holds about 900 names against the Russell 1000, so the value and profitability tilts sit on top of broad market exposure instead of a concentrated bet.avantisinvestors.com
• One of the stronger builds in the active U.S. equity group, priced in the same neighborhood as the Dimensional core funds (DFAU, DFAC) it competes with.
• A multi-billion-dollar fund that trades steadily, so spreads and liquidity are rarely the sticking point. Distributions are paid quarterly.

• LDRX 0.59% a year, gross and net, no waiver doing the work. That sits below the median fee for active US equity funds.
• The overlay writes deep out-of-the-money puts and calls expiring in 1-7 days, collecting premium on contracts meant to expire worthless. Pays quarterly.sec.gov
• Real pedigree: the 1976 Chestnut Street Exchange Fund, a California limited partnership, became this ETF in a 2025 reorganization structured as tax-free.sec.govsec.gov 2
• The stock sleeve keeps at least 80% in Russell 1000 or S&P 500 names, screened on earnings quality, debt and valuation.sec.gov

Worth knowing

• AVLC Launched in 2023. The tilt philosophy is well worn at Avantis, but this fund's own live record is still short.
• Active, not index-tracking. The Russell 1000 is a reference point, not a leash, so holdings and weights can drift from it.
• Leaning toward cheaper, higher-profitability companies means stretches where it moves differently from the plain cap-weighted market, in either direction.avantisinvestors.com

• LDRX One of the more thinly traded funds in its peer group, which can show up as wider bid-ask spreads.
• Short calls trim upside in a fast rally; short puts add exposure in a sharp drop. Deep strikes make that less likely, not impossible.sec.gov
• The current strategy only began in May 2025, so the live record is short and earlier returns came from the predecessor's different approach.sec.gov

Full AVLC profile⁠

Full LDRX profile⁠