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Name

As of 11/20/2024

Price

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 U.S. Quantitative Value ETF

QVAL | Active ETF

$45.51

$385 M

1.30%

$0.59

0.29%

Vitals

YTD Return

13.9%

1 yr return

24.0%

3 Yr Avg Return

8.1%

5 Yr Avg Return

10.9%

Net Assets

$385 M

Holdings in Top 10

20.5%

52 WEEK LOW AND HIGH

$45.4
$37.37
$46.81

Expenses

OPERATING FEES

Expense Ratio 0.29%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 44.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/20/2024

Price

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 U.S. Quantitative Value ETF

QVAL | Active ETF

$45.51

$385 M

1.30%

$0.59

0.29%

QVAL - Profile

Distributions

  • YTD Total Return 13.9%
  • 3 Yr Annualized Total Return 8.1%
  • 5 Yr Annualized Total Return 10.9%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.33%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Alpha Architect U.S. Quantitative Value ETF
  • Fund Family Name
    Alpha Architect
  • Inception Date
    Oct 21, 2014
  • Shares Outstanding
    6100000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Wesley 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”). The Sub-Adviser manages the Fund using proprietary methodology developed by the parent company of the Adviser and Sub-Adviser, Empirical Finance, LLC, dba Alpha Architect.
The Sub-Adviser employs a multi-step, quantitative, rules-based methodology to identify a portfolio of approximately 50 to 200 undervalued U.S. 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 a U.S. exchange. 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, real estate investment trusts, exchange-traded funds (ETFs), American Depositary Receipts, stocks of financial firms, 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, the Sub-Adviser 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,” a firm’s total enterprise value (TEV) divided by a firm’s earnings before interest and taxes (EBIT, often referred to as operating income). 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.
As of September 30, 2023, the Fund had significant exposures to the following sectors: Energy (38.7%), Consumer Discretionary (27.2%), and Industrials (17.8%).
The Sub-Adviser will reallocate the Fund’s portfolio on a periodic basis, generally each month.
The Fund may also invest up to 20% of its assets in cash and cash equivalents, other investment companies, as well as securities and other instruments.
Read More

QVAL - Performance

Return Ranking - Trailing

Period QVAL Return Category Return Low Category Return High Rank in Category (%)
YTD 13.9% 4.8% 31.9% 62.09%
1 Yr 24.0% 14.6% 44.1% 59.62%
3 Yr 8.1%* -1.5% 15.7% 23.96%
5 Yr 10.9%* 0.8% 17.8% 38.92%
10 Yr 7.4%* 1.7% 11.7% 77.07%

* Annualized

Return Ranking - Calendar

Period QVAL Return Category Return Low Category Return High Rank in Category (%)
2023 25.9% -11.3% 33.3% 2.20%
2022 -13.5% -41.6% 2.3% 48.19%
2021 32.7% -41.5% 44.9% 4.19%
2020 -7.9% -29.0% 22.1% 93.18%
2019 21.5% -8.1% 31.2% 51.32%

Total Return Ranking - Trailing

Period QVAL Return Category Return Low Category Return High Rank in Category (%)
YTD 13.9% 4.8% 31.9% 62.09%
1 Yr 24.0% 14.6% 44.1% 59.62%
3 Yr 8.1%* -1.5% 15.7% 23.96%
5 Yr 10.9%* 0.8% 17.8% 38.92%
10 Yr 7.4%* 1.7% 11.7% 77.07%

* Annualized

Total Return Ranking - Calendar

Period QVAL Return Category Return Low Category Return High Rank in Category (%)
2023 28.4% -1.7% 36.5% 1.93%
2022 -11.8% -35.0% 2.4% 84.68%
2021 34.4% 6.2% 48.3% 10.34%
2020 -5.9% -22.9% 23.2% 95.45%
2019 24.1% -3.0% 35.7% 74.19%

QVAL - Holdings

Concentration Analysis

QVAL Category Low Category High QVAL % Rank
Net Assets 385 M 991 K 28 B 65.93%
Number of Holdings 51 8 2308 85.44%
Net Assets in Top 10 70.2 M 319 K 5.52 B 69.78%
Weighting of Top 10 20.49% 4.6% 100.2% 55.22%

Top 10 Holdings

  1. Comcast Corp 2.07%
  2. Terex Corp 2.07%
  3. Liberty Energy Inc 2.06%
  4. APA Corp 2.05%
  5. ATT Inc 2.04%
  6. Allison Transmission Holdings Inc 2.04%
  7. Arch Resources Inc 2.04%
  8. PBF Energy Inc 2.04%
  9. Valero Energy Corp 2.04%
  10. Signet Jewelers Ltd 2.04%

Asset Allocation

Weighting Return Low Return High QVAL % Rank
Stocks 		99.68% 56.67% 103.53% 13.19%
Cash 		0.32% 0.00% 38.75% 75.00%
Preferred Stocks 		0.00% 0.00% 1.68% 89.84%
Other 		0.00% -0.10% 7.30% 91.21%
Convertible Bonds 		0.00% 0.00% 0.02% 88.40%
Bonds 		0.00% 0.00% 19.09% 88.46%

Stock Sector Breakdown

Weighting Return Low Return High QVAL % Rank
Basic Materials 		22.89% 0.00% 23.88% 0.55%
Consumer Cyclical 		22.81% 0.00% 29.62% 2.76%
Industrials 		17.15% 0.00% 29.02% 38.95%
Energy 		14.00% 0.00% 29.17% 4.97%
Technology 		10.85% 0.00% 30.07% 26.80%
Healthcare 		5.90% 0.00% 32.47% 83.43%
Consumer Defense 		4.10% 0.00% 33.79% 76.24%
Communication Services 		2.30% 0.00% 19.80% 52.21%
Utilities 		0.00% 0.00% 24.69% 99.72%
Real Estate 		0.00% 0.00% 40.74% 98.62%
Financial Services 		0.00% 0.00% 60.11% 100.00%

Stock Geographic Breakdown

Weighting Return Low Return High QVAL % Rank
US 		99.68% 56.67% 103.53% 11.26%
Non US 		0.00% 0.00% 33.85% 91.48%

QVAL - Expenses

Operational Fees

QVAL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.29% 0.06% 16.92% 95.59%
Management Fee 0.29% 0.00% 1.20% 5.22%
12b-1 Fee 0.00% 0.00% 1.00% 21.35%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

QVAL 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% 4.00% N/A

Trading Fees

QVAL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

QVAL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 44.00% 0.00% 227.00% 43.67%

QVAL - Distributions

Dividend Yield Analysis

QVAL Category Low Category High QVAL % Rank
Dividend Yield 1.30% 0.00% 22.79% 0.27%

Dividend Distribution Analysis

QVAL Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

QVAL Category Low Category High QVAL % Rank
Net Income Ratio 1.33% -1.84% 4.73% 19.11%

Capital Gain Distribution Analysis

QVAL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

QVAL - Fund Manager Analysis

Managers

Wesley Gray

Start Date

Tenure

Tenure Rank

Oct 22, 2014

7.61

7.6%

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

Oct 22, 2014

7.61

7.6%

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
0.08 35.59 8.16 10.92

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