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Alpha Architect International Quantitative Value ETF
Active ETF
IVAL
Payout Change
Pending
Price as of:
$35.1909
+0.32
+0.93%
primary theme
International Large-Cap Value Equity
IVAL (ETF)
Alpha Architect International Quantitative Value ETF
Payout Change
Pending
Price as of:
$35.1909
+0.32
+0.93%
primary theme
International Large-Cap Value Equity
IVAL (ETF)
Alpha Architect International Quantitative Value ETF
Payout Change
Pending
Price as of:
$35.1909
+0.32
+0.93%
primary theme
International Large-Cap Value Equity
Name
As of 07/14/2026Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Alpha Architect International Quantitative Value ETF
IVAL | Active ETF
$35.19
$208 M
4.57%
$1.59
0.38%
Vitals
YTD Return
13.7%
1 yr return
32.9%
3 Yr Avg Return
17.8%
5 Yr Avg Return
9.1%
Net Assets
$208 M
Holdings in Top 10
22.9%
52 WEEK LOW AND HIGH
$34.9
$27.31
$36.72
Expenses
OPERATING FEES
Expense Ratio 0.38%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 103.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 07/14/2026Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Alpha Architect International Quantitative Value ETF
IVAL | Active ETF
$35.19
$208 M
4.57%
$1.59
0.38%
IVAL - Profile
Distributions
- YTD Total Return 13.7%
- 3 Yr Annualized Total Return 17.8%
- 5 Yr Annualized Total Return 9.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.78%
- Dividend Yield 4.6%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameAlpha Architect International Quantitative Value ETF
-
Fund Family NameAlpha Architect
-
Inception DateDec 16, 2014
-
Shares Outstanding5375000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWesley Gray
Fund Description
The Fund’s Investment Strategy
The Fund is actively managed by Alpha Architect, LLC, the Fund’s investment sub-adviser (“Alpha Architect” or the “Sub-Adviser”). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in exchange-listed companies that meet the Sub-Adviser’s definition of value (“Value Companies”). The Fund defines Value Companies as companies that, within the universe of the largest 1,500 exchange-listed stocks by market capitalization that principally trade on securities exchanges in countries included in the MSCI EAFE Index, are among the 500 with the lowest enterprise multiple. Enterprise multiple is a value-centric metric: a company’s total enterprise value (TEV) divided by earnings before interest and taxes (EBIT). A company’s TEV is the company’s market capitalization plus its debt minus its cash.
The Sub-Adviser employs a multi-step, quantitative, rules-based methodology to identify a portfolio of approximately 50 to 200 undervalued international equity securities with the potential for capital appreciation. A security is considered to be undervalued when it trades at a price below the price at which the Sub-Adviser believes it would trade if the market reflected all factors relating to the company’s worth.
The Sub-Adviser analyzes an initial universe of liquid stocks that principally trade on developed non-U.S. markets securities exchanges in countries included in the MSCI EAFE Index. Typically, the minimum market capitalization for the smallest-capitalization stocks in the initial universe is above $1 billion.
The Sub-Adviser eliminates from the initial universe illiquid securities, exchange-traded funds (ETFs), and stocks of companies with less than twelve months of available financial data. The resulting universe is composed primarily of highly liquid, small-, mid- and large-cap stocks.
The Sub-Adviser then employs proprietary screens, which evaluate among other things, the firms’ accounting practices, to eliminate firms that are potential “value traps.” That is, these screens eliminate firms with, in the Sub-Adviser’s view, negative characteristics. Those could include situations where firms appear to be experiencing financial distress or have manipulated accounting data. For example, we may seek to avoid firms that have large accruals (i.e., their net income greatly exceeds their free cash flow).
Next, the Sub-Adviser employs a value-driven approach to identify the cheapest companies based on a value-centric metric known as the “enterprise multiple”. While enterprise multiples are the focus of the Sub-Adviser’s approach, the Sub-Adviser also incorporates information from other common value metrics, such as book-to-market, cash-flow to price, and earnings to price to identify the cheapest companies. Last, the Sub-Adviser employs an ensemble of quality screens, which consider metrics like current profitability, stability, and recent operational improvements, to select the top 50 to 200 stocks from the cheapest stocks.
The Fund may have significant exposure to one or more of the following sectors: Industrials, Materials, Energy and Consumer Discretionary.
The Sub-Adviser will reallocate the Fund’s portfolio on a periodic basis, generally each month.
IVAL - Performance
Return Ranking - Trailing
| Period | IVAL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.7% | -6.7% | 22.2% | 38.41% |
| 1 Yr | 32.9% | -2.0% | 41.3% | 26.99% |
| 3 Yr | 17.8%* | 2.9% | 26.3% | 65.74% |
| 5 Yr | 9.1%* | 3.1% | 53.1% | 87.68% |
| 10 Yr | 8.1%* | 5.9% | 29.9% | 82.69% |
* Annualized
Return Ranking - Calendar
| Period | IVAL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 31.0% | -8.4% | 51.3% | 46.44% |
| 2024 | -4.1% | -27.8% | 10.7% | 73.56% |
| 2023 | 14.3% | 1.0% | 26.9% | 36.05% |
| 2022 | -16.7% | -22.8% | 166.1% | 91.10% |
| 2021 | -3.9% | -66.6% | 64.4% | 96.52% |
Total Return Ranking - Trailing
| Period | IVAL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.7% | -6.7% | 22.2% | 38.41% |
| 1 Yr | 32.9% | -2.0% | 41.3% | 26.99% |
| 3 Yr | 17.8%* | 2.9% | 26.3% | 65.74% |
| 5 Yr | 9.1%* | 3.1% | 53.1% | 87.68% |
| 10 Yr | 8.1%* | 5.9% | 29.9% | 82.69% |
* Annualized
Total Return Ranking - Calendar
| Period | IVAL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 34.9% | 12.5% | 62.4% | 67.12% |
| 2024 | -0.7% | -18.8% | 15.9% | 85.42% |
| 2023 | 20.6% | 7.4% | 31.0% | 10.54% |
| 2022 | -10.1% | -19.3% | 344.3% | 54.11% |
| 2021 | -0.2% | -0.2% | 75.3% | 100.00% |
IVAL - Holdings
Concentration Analysis
| IVAL | Category Low | Category High | IVAL % Rank | |
|---|---|---|---|---|
| Net Assets | 208 M | 3.42 M | 67.5 B | 82.03% |
| Number of Holdings | 51 | 2 | 2369 | 90.85% |
| Net Assets in Top 10 | 44.8 M | 628 K | 17.9 B | 85.08% |
| Weighting of Top 10 | 22.86% | 6.4% | 100.0% | 61.22% |
Top 10 Holdings
- First American Government Obligations Fund 4.26%
- Regis Resources Ltd 2.11%
- Vault Minerals Ltd 2.09%
- Rio Tinto Ltd 2.09%
- Equinor ASA 2.09%
- Perseus Mining Ltd 2.07%
- OMV AG 2.05%
- Galp Energia SGPS SA 2.04%
- Freenet AG 2.03%
- AKER BP ASA 2.03%
Asset Allocation
| Weighting | Return Low | Return High | IVAL % Rank | |
|---|---|---|---|---|
| Stocks | 96.64% | 3.37% | 99.95% | 51.19% |
| Cash | 4.26% | 0.00% | 37.26% | 23.39% |
| Preferred Stocks | 1.98% | 0.00% | 6.13% | 13.56% |
| Other | 0.00% | -0.15% | 8.55% | 93.90% |
| Convertible Bonds | 0.00% | 0.00% | 0.15% | 97.97% |
| Bonds | 0.00% | 0.00% | 137.31% | 97.97% |
IVAL - Expenses
Operational Fees
| IVAL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.38% | 0.01% | 9.91% | 94.58% |
| Management Fee | 0.38% | 0.00% | 1.25% | 7.82% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 24.82% |
| Administrative Fee | N/A | 0.03% | 0.47% | N/A |
Sales Fees
| IVAL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| IVAL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| IVAL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 103.00% | 2.00% | 127.00% | 88.76% |
IVAL - Distributions
Dividend Yield Analysis
| IVAL | Category Low | Category High | IVAL % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.57% | 0.00% | 13.19% | 0.30% |
Dividend Distribution Analysis
| IVAL | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| IVAL | Category Low | Category High | IVAL % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.78% | 0.18% | 7.85% | 34.83% |
Capital Gain Distribution Analysis
| IVAL | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Monthly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Jun 29, 2026 | $0.399 | OrdinaryDividend |
| Mar 30, 2026 | $0.142 | OrdinaryDividend |
| Dec 23, 2025 | $0.297 | OrdinaryDividend |
| Dec 23, 2025 | $0.297 | OrdinaryDividend |
| Sep 12, 2025 | $0.107 | OrdinaryDividend |
| Jun 13, 2025 | $0.396 | OrdinaryDividend |
| Mar 13, 2025 | $0.066 | OrdinaryDividend |
| Dec 24, 2024 | $0.237 | OrdinaryDividend |
| Sep 12, 2024 | $0.043 | OrdinaryDividend |
| Jun 20, 2024 | $0.438 | OrdinaryDividend |
| Mar 13, 2024 | $0.148 | OrdinaryDividend |
| Dec 20, 2023 | $0.325 | OrdinaryDividend |
| Sep 27, 2023 | $0.653 | OrdinaryDividend |
| Jun 28, 2023 | $0.124 | OrdinaryDividend |
| Mar 29, 2023 | $0.186 | OrdinaryDividend |
| Dec 29, 2022 | $1.752 | OrdinaryDividend |
| Dec 30, 2021 | $0.674 | OrdinaryDividend |
| Sep 13, 2021 | $0.267 | OrdinaryDividend |
| Jun 14, 2021 | $0.098 | OrdinaryDividend |
| Dec 30, 2020 | $0.170 | OrdinaryDividend |
| Sep 14, 2020 | $0.132 | OrdinaryDividend |
| Jun 15, 2020 | $0.113 | OrdinaryDividend |
| Mar 16, 2020 | $0.151 | OrdinaryDividend |
| Dec 30, 2019 | $0.204 | OrdinaryDividend |
| Sep 16, 2019 | $0.141 | OrdinaryDividend |
| Jun 17, 2019 | $0.371 | OrdinaryDividend |
| Mar 18, 2019 | $0.025 | OrdinaryDividend |
| Dec 27, 2018 | $0.220 | OrdinaryDividend |
| Sep 17, 2018 | $0.081 | OrdinaryDividend |
| Jun 18, 2018 | $0.383 | OrdinaryDividend |
| Mar 19, 2018 | $0.048 | OrdinaryDividend |
| Dec 27, 2017 | $0.331 | OrdinaryDividend |
| Sep 18, 2017 | $0.048 | OrdinaryDividend |
| Jun 19, 2017 | $0.193 | OrdinaryDividend |
| Dec 28, 2016 | $0.282 | OrdinaryDividend |
| Jun 20, 2016 | $0.214 | OrdinaryDividend |
| Mar 21, 2016 | $0.024 | OrdinaryDividend |
| Dec 28, 2015 | $0.100 | OrdinaryDividend |
| Sep 16, 2015 | $0.061 | OrdinaryDividend |
| Jun 17, 2015 | $0.223 | OrdinaryDividend |
| Mar 18, 2015 | $0.062 | OrdinaryDividend |
| Dec 29, 2014 | $0.052 | OrdinaryDividend |
IVAL - Fund Manager Analysis
Managers
Wesley Gray
Start Date
Tenure
Tenure Rank
Dec 16, 2014
7.46
7.5%
Wesley R.Gray, Ph.D. has studied and been an active participant in financial markets throughout his career. After serving as a Captain in the USMC, Dr. Gray received a PhD, and was a finance professor at Drexel University. Dr. Gray's interest in entrepreneurship and behavioral finance led him to found Alpha Architect, LLC, an SEC-registered Investment Advisor, where he is the Executive Managing Member. Dr. Gray has published two books: Embedded: A Marine Corps Adviser Inside the Iraqi Army and Quantitative Value: A practitioner's guide to Automating Intelligent Investment and Eliminating Behavioral Errors. His work has been highlighted on CNN, NPR, Motley Fool, WSJ Market Watch, CFA Institute, Institutional Investor, and CBS news. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from the Wharton School at the University of Pennsylvania
John Vogel
Start Date
Tenure
Tenure Rank
Dec 16, 2014
7.46
7.5%
Dr. Vogel is a Managing Member of Empowered Funds, LLC and Empiritrage, where he heads the research department and assists in business development and operations. Dr. Vogel conducts research in empirical asset pricing and behavioral finance, and has collaborated with Dr. Gray on multiple projects. His academic experience involves being an instructor and research assistant at Drexel University in both the Finance and Mathematics departments. Dr. Vogel received a Ph.D. in Finance from Drexel University. He has a M.S. in Mathematics from Drexel University, and graduated summa cum laude with a B.S. in Mathematics and Education from The University of Scranton. Dr. Vogel holds the Series 65 license.
Brandon Koepke
Start Date
Tenure
Tenure Rank
Jun 26, 2020
1.93
1.9%
Mr. Brandon Koepke serves as Chief Technology Officer & Portfolio Manager. Mr. Koepke has a BSc in Computer Science specializing in Software Engineering at the University of Calgary and a BComm in Finance from the Haskayne School of Business.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 29.68 | 7.76 | 0.54 |
