IVAL Fees and Costs — Alpha Architect International Quantitative Value ETF
Data updated: 2026-08-26
The net expense ratio is 0.38%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $296K in broker commissions, 0.1979% of average net assets, and portfolio turnover was 267%.
IVAL Fees and Expenses
Annual operating expenses and sales charges of IVAL. Prospectus, as of February 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.38% |
| Fee waiver | — |
| Net expense ratio | 0.38% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
IVAL Costs Over Time
On $10,000 invested in IVAL, assuming 5% a year before costs, total costs come to $365 over 5 years, cutting the return by 0.61% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.38%) | $40 | $125 | $218 |
| Trading costs (broker commissions) | $21 | $65 | $113 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $61 | $200 | $365 |
| Value after costs | $10,439 | $11,377 | $12,398 |
| Impact on return, per year | 0.61% | 0.61% | 0.61% |
IVAL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.1979%
- Total broker commissions: $296K
- Bought from dealers (principal trades, not a cost): $17
- Portfolio turnover (prospectus): 267%
- Securities on loan, average value: $1.2M
- Net income from securities lending: $3K (0.002% of average net assets)
IVAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $260K | 87.63% |
| SG AMERICAS SECURITIES LLC | $20K | 6.83% |
| COWEN AND COMPANY LLC | $13K | 4.49% |
| MISCHLER FINANCIAL GROUP, INC. | $2K | 0.65% |
| CITIGROUP GLOBAL MARKETS INC. | $1K | 0.40% |
IVAL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $17 | 100.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.