What is the difference between 'Foreign Large Blend' and 'Foreign Large Value' categories?

The category 'Foreign Large Blend', as seen with AVDE, implies the fund holds companies based on factors rather than style, potentially mixing value and growth characteristics. In contrast, 'Foreign Large Value', the category for FNDF, explicitly targets companies considered undervalued. These categories describe the investment methodology and potential market behaviour, helping investors understand the fundamental approach each ETF uses to select international equities.

How does fund size (net assets) affect an ETF?

Net assets represent the total value of the fund's holdings. FNDF holds $26.4 billion, while AVDE holds $19.1 billion. Generally, larger funds like FNDF benefit from economies of scale, potentially offering tighter bid-ask spreads and lower transaction costs for investors. While $19.1 billion is still a substantial amount for AVDE, the difference in scale can influence liquidity and trading efficiency, making it a factor to consider when comparing two ETFs of this nature.

What does 'Index tracked: not available' mean for these ETFs?

This designation indicates that neither AVDE nor FNDF is explicitly stated to track a specific, named public index in the provided data. This is common for actively managed or systematically invested funds that may follow proprietary methodologies or rules-based screens rather than benchmark indices. Consequently, performance comparisons might be harder to standardise against common benchmarks, as the funds do not have a disclosed index objective.

How do the expense ratios compare, and what is the difference?

AVDE has an expense ratio of 0.23%, whereas FNDF has an expense ratio of 0.25%. This means AVDE is 0.02 percentage points cheaper per annum. The expense ratio is an annual fee that is deducted from the fund's assets. While a 0.02% difference may seem negligible, compound effects over long investment horizons can result in small but measurable differences in net returns. Both rates are competitive for international equity funds.

What are the dividend yields, and how do they compare?

The current annualised dividend yield for AVDE is 2.74%, compared to 2.96% for FNDF. A higher dividend yield indicates that, for the same capital amount, FNDF pays out slightly more in regular income. These yields fluctuate with share price and payout levels. Yield is not the same as total return, as capital appreciation or depreciation also contributes to the fund's performance, but it is a key metric for income-focused investors.

Which fund has a longer track record, and why does this matter?

FNDF has a longer track record, with an inception date of 15 August 2013, compared to AVDE's inception date of 24 September 2019. A longer history allows investors to observe performance through different market cycles and economic conditions. AVDE is a newer fund, meaning its performance data covers a shorter period. While past performance does not guarantee future results, a longer history can provide more context for risk and return analysis.

How much overlap exists between the top holdings of AVDE and FNDF?

Based on the listed top holdings, there is no overlap between the two funds. AVDE lists specific holdings like ASML and Shelling, whereas FNDF's top holdings data is currently 'not available'. The lack of shared top-10 holdings suggests that the funds employ significantly different selection criteria or invest in distinct companies within the international large-cap universe, which may lead to different performance outcomes.

Why is transparency of holdings important for AVDE?

AVDE provides specific details on top holdings, such as ASML at 1.27%. However, the data lists 'not available' for sector weights, limiting transparency. For an investor, knowing top holdings provides visibility into concentration risks. The combination of active management and the short inception date (Sep 2019) means past tracking against benchmarks may be inconsistent. Lack of sector data adds to uncertainty regarding market exposure.

What are the risks associated with FNDF's strategy?

FNDF is categorised as 'Foreign Large Value'. This strategy targets undervalued stocks, which can underperform during growth-led market cycles where growth stocks drive returns. The lack of disclosed top holdings and sector weights (data not available) makes it difficult to assess immediate portfolio composition. However, its longer inception (2013) provides a more extensive history for evaluating performance through various market phases.

What should a beginner note about liquidity and size?

Liquidity is a key practical consideration. FNDF, with $26.4 billion in net assets, is larger than AVDE ($19.1 billion). While both are substantial, the larger asset base of FNDF may suggest higher trading volumes and liquidity advantages, potentially leading to narrower spreads when buying or selling shares. Beginners should understand that these metrics influence how easily they can trade the funds on the secondary market.

How should one interpret the lack of index tracking?

When 'Index tracked' is not available, as is the case for both AVDE and FNDF in the provided data, investors cannot rely on standard index replication for performance evaluation. Instead, the funds follow their own specific methodologies—AVDE appears to hold specific names like BBVA and BP, while FNDF relies on its value category strategy. This requires investors to assess the funds based on their own stated objectives and outcomes rather than benchmark tracking.

AVDE vs FNDF

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare Avantis International Equity ETF (AVDE) and Schwab Fundamental International Equity ETF (FNDF). This page reviews fees, holdings, dividends and how each fund tracks its market. AVDE has a 0.23% expense ratio, while FNDF is 0.25%. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

AVDE

Metric

FNDF

0.23%

Expense Ratio

0.25%

2.74%

Dividend Yield

2.96%

$19.06B

Net Assets

$26.38B

3,336

Holdings

905

Sep 24, 2019

Inception Date

Aug 15, 2013

–

Index Tracked

–

Foreign Large Blend

Fund Category

Foreign Large Value

AVDE costs about $2.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

AVDE

Pros

The fund maintains a competitive expense ratio of 0.23%, which is relatively low for an actively managed international equity strategy.
It holds $19.1 billion in net assets, indicating sufficient liquidity and scale for most institutional and retail investors.
The portfolio offers a dividend yield of 2.74%, providing a moderate income stream alongside capital appreciation potential.

Considerations

The fund's inception date of September 24, 2019, means it has a shorter track record compared to more established ETFs.
Concentration risk is present as top holdings are capped at 1.27%, but the lack of disclosed sector weights limits transparency.
Active management approach means the fund does not track a specific index, leading to potential tracking differences against benchmarks.

FNDF

Pros

The fund offers a higher dividend yield of 2.96% compared to the alternative, appealing to income-focused investors.
With $26.4 billion in net assets, the fund is larger, suggesting high liquidity and trading volume advantages.
It has a longer inception date of August 15, 2013, providing a more extensive historical performance record.

Considerations

The expense ratio of 0.25% is slightly higher than the alternative fund, though still reasonable for this asset class.
Information on top holdings is not available in the provided data, reducing immediate visibility into portfolio composition.
The fund focuses on Foreign Large Value, which may underperform during growth-led market cycles compared to blended approaches.

About AVDE and FNDF

AVDE (AVDE)

The Avantis International Equity ETF (AVDE) is an exchange-traded fund that aims to provide investors with access to quality companies located outside the United States. With an inception date of September 24, 2019, this fund has grown significantly, managing net assets of USD 19.06 billion. It boasts a broad portfolio of 3,336 holdings, diversified across various regions. Operating with a competitive expense ratio of 0.23%, AVDE is categorised as a Foreign Large Blend fund. Currently, it offers a dividend yield of 2.74%, appealing to investors seeking international diversification and potential income. The fund's strategy focuses on identifying companies with strong fundamentals, offering exposure to global markets beyond the US.

FNDF (FNDF)

The Schwab Fundamental International Equity ETF (FNDF) is a foreign large value fund designed to provide investors with exposure to international markets based on fundamental measures rather than just market capitalisation. By focusing on large non-US companies, it aims to track performance through metrics like cash flow, book value, revenue, and dividends. Launched in August 2013, the fund holds 905 positions and currently manages approximately USD 26.38 billion in assets. With a competitive expense ratio of 0.25% and a dividend yield of 2.96%, it offers a cost-effective way to diversify portfolios globally. Investors should remember that international investments carry currency risk and geopolitical factors, and while the fundamental approach seeks potential long-term value, capital values can fall as well as rise, meaning returns are not guaranteed.

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AVDE vs FNDF

Fund Snapshot