Avantis Core Municipal Fixed Income ETF
AVMU
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- Avantis Core Municipal Fixed Income ETF (AVMU) is an actively managed exchange-traded fund that seeks current income exempt from federal income tax by investing at least 80% of its net assets in investment-grade municipal fixed income securities with tax-exempt interest payments. The fund focuses on a broad set of municipal debt obligations, including general obligation bonds, revenue bonds, and pre-refunded securities issued by U.S. states, territories, and local governments; it employs a systematic approach considering economic conditions, interest rates, credit metrics, and alternative investments to construct a diversified portfolio benchmarked against the S&P National AMT-Free Municipal Bond Index. With a net expense ratio of 0.15%, monthly dividend distributions, and approximately $148 million in assets under management, AVMU trades on the NYSE Arca and targets investors seeking tax-efficient fixed income exposure with moderate interest-rate sensitivity and mid-credit quality. Launched on December 8, 2020, the ETF is managed by a team at Avantis Investors—including Daniel Ong, Mitchell Handa, Hozef Arif, and Eduardo Repetto—and operates primarily within the U.S. municipal bond market, holding over 500 securities such as those from San Antonio Public Facilities Corp., Miami Beach Resort Tax Revenue, and Pennsylvania Turnpike Commission. Avantis Investors, established in 2019 and headquartered at 360 East 2nd Street in Los Angeles, California, serves as the investment adviser and is an affiliate of American Century Investments, a global asset manager with over $200 billion in assets; the firm offers a suite of low-cost, diversified equity, fixed income, and multi-asset strategies distributed globally. Geographically, AVMU's portfolio is concentrated in U.S. bonds (99.07%), with cash equivalents comprising the remainder, catering to institutional and advisory clients pursuing tax-advantaged income. In recent developments, Avantis Investors surpassed $100 billion in assets under management as of December 2025, driven by nearly $27 billion in net new investments through the first 11 months of the year and expansion into international markets including Australia and Europe. The firm formed a strategic alliance with CIBC Asset Management Inc. in November 2025 to launch eight Avantis CIBC ETFs in Canada, marking its entry into new product offerings tailored for Canadian investors. These milestones reflect ongoing growth in Avantis' ETF platform, which continues to emphasize active oversight, low turnover, and value-added solutions amid sustained inflows.