At a glance
AAVM charges 0.38% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $25.3M in assets, the 8th largest of that group; it paid 1.8% of its price in distributions over the past 12 months, annual. Over the past year it returned +19.2% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
Alpha Architect Global Factor Equity ETF (AAVM) is an actively managed fund of funds. It holds four Alpha Architect ETFs, which own US and international stocks that look cheap (value) or have risen steadily (momentum). Its own model shifts more money toward whichever of the four has the strongest recent momentum. Total expenses are 0.38% a year. With about $25 million in net assets as of June 30, 2026, it is a small fund.
Price history
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AAVM +19.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AAVM official prospectus, to Dec 31, 2025 | — | +18.41% | — | +4.95% | — | +3.72% |
| AAVM price data to Oct 27, 2026 | +15.0% | +19.2% | — | — | — | +18.1% |
- Over the year to Oct 27, 2026, AAVM returned +19.2%, 1st of 8 among similar funds.
- The deepest fall in its price history was 17.8% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.0% | — |
| 2025 | — | +18.41% |
| 2024 | — | +12.13% |
| 2023 | — | -0.30% |
| 2022 | — | -7.28% |
| 2021 | — | +3.74% |
| 2020 | — | +4.65% |
| 2019 | — | +4.59% |
| 2018 | — | -15.71% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jan 31, 2025 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Jan 31, 2025 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 4 securities; the ten largest made up 99.49% of assets.
| Fund held | Weight | |
|---|---|---|
| Alpha Architect International Quantitative Momentum ETF | 29.62% | |
| Alpha Architect International Quantitative Value ETF | 26.79% | |
| Alpha Architect US Quantitative Momentum ETF | 22.74% | |
| Alpha Architect US Quantitative Value ETF | 20.34% |
By country
United States 99.49%By asset type
Stocks 99.49%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $3.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.68%, +3.11%, -3.24%.
How it works
AAVM is actively managed by its sub-adviser, Alpha Architect, LLC. It is a fund of funds: instead of owning companies, it owns four other Alpha Architect ETFs. As of June 30, 2026, those were International Quantitative Momentum (IMOM, 29.62%), International Quantitative Value (IVAL, 26.79%), US Quantitative Momentum (QMOM, 22.74%) and US Quantitative Value (QVAL, 20.34%). A proprietary model gives more money to the funds that have done better lately compared with the others. The mix is generally reset quarterly but can change up to twice a month.
Each underlying ETF picks stocks by fixed rules. The starting pool is larger companies, such as those worth over $1 billion. They trade in the US or in the developed markets covered by the MSCI EAFE Index, and hard-to-trade names are removed. The momentum funds look for stocks with the highest returns over the past 12 months, skipping the latest month, then favor those that climbed most steadily. The value funds drop companies at risk of poor financial results. Then they seek the cheapest stocks using a measure similar to the enterprise multiple: a company's total value, including debt, divided by its earnings before interest and taxes. Quality checks on profitability and stability come last. All four generally rebalance monthly.
The prospectus warns that the method leaves the fund with relatively few holdings, so any one of them can move its value more.
What it really costs
- AAVM charges 0.38% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.05% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAVM | $39 | $122 | $213 | $480 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It is an all-stock fund that relies on value and momentum strategies through four Alpha Architect ETFs, a narrower approach with a more uneven record than a broad core stock fund.
AAVM launched in May 2017, so it missed the 2008 financial crisis. It lost 16.79% in the first quarter of 2020, then finished that year up 4.65%. It fell 7.28% in 2022, and its worst calendar year was 2018, with a 15.71% loss. In the price history available from January 31, 2025, its deepest drop was 17.8%, from February 18 to April 8, 2025. It recovered by June 2, 2025, in under two months. Anyone who had to withdraw money during a slide like that would have locked in losses.
Income is modest. The trailing 12-month yield was 1.8% as of October 27, 2026, and the fund pays once a year. Total costs are 0.38% a year. In the SEC's standard example on $10,000, that comes to $39 over one year and $480 over 10 years. Past results don't predict future returns, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting value and momentum stock picking in one fund, with more than half in the two international ETFs as of June 30, 2026.
- Investors drawn to Alpha Architect's rules-based methods who would rather hold one ticker than balance IMOM, IVAL, QMOM and QVAL themselves.
- Patient holders comfortable with an uneven record: losses in 2018 and 2022, then gains of 12.13% in 2024 and 18.41% in 2025.
Look elsewhere if
- Investors seeking a plain, broad index fund. AAVM's 0.38% expense ratio pays for active value and momentum tilts, not tracking the whole market.
- Income seekers: the yield was 1.8% as of October 27, 2026, and distributions arrive only once a year.
- Investors wary of small funds: AAVM had about $25 million in net assets as of June 30, 2026, and small ETFs can cost more to trade.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AAVM this fund | 0.38% | $25.3M | +19.2% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does AAVM invest in?
AAVM invests in four other Alpha Architect ETFs rather than in individual stocks. As of June 30, 2026, it held International Quantitative Momentum (IMOM, 29.62%), International Quantitative Value (IVAL, 26.79%), US Quantitative Momentum (QMOM, 22.74%) and US Quantitative Value (QVAL, 20.34%), with 0.21% in cash. Those funds own stocks traded in the US and in the developed markets of the MSCI EAFE Index. They pick stocks that look cheap (value) or that have risen strongly and steadily (momentum).
How has AAVM performed since it launched?
Its long-term record is modest, with stronger results in later years. Through December 31, 2025, AAVM returned 3.72% a year on average since its May 2017 launch and 4.95% a year over five years, according to its prospectus. Calendar years ranged from a 15.71% loss in 2018 to an 18.41% gain in 2025. Based on market prices, it was up 15% in 2026 through October 27, 2026, and up 19.2% over the 12 months to that date. Past results don't predict future returns.
Does AAVM pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $0.61 per share, a trailing yield of 1.8%. The trailing yield is the past year's payouts divided by the share price. Because the fund pays only once a year, it is not built for investors who want steady monthly or quarterly income from a holding.
What's the difference between AAVM and owning QVAL, QMOM, IVAL and IMOM separately?
The main difference is who sets and adjusts the mix. AAVM holds those four Alpha Architect ETFs. Its model gives more weight to the ones with stronger recent momentum, generally rebalancing quarterly. Holding them separately leaves the investor to set and rebalance the weights, which in a taxable account can trigger capital gains. AAVM's own management fee is 0.05%, and its total expense ratio is 0.38%. For a fund of funds, that total typically includes the underlying ETFs' costs.
Is AAVM good for retirement?
AAVM may fit a retirement portfolio as a smaller, higher-risk satellite holding next to broad core funds, rather than as the main stock fund. It is almost entirely stocks. It lost 15.71% in 2018 and 7.28% in 2022, and it dropped 16.79% in the first quarter of 2020. Its yield was 1.8% as of October 27, 2026, paid once a year, so it is a weak fit for income needs. Past results don't predict future returns, and the whole portfolio matters more than any one fund.