At a glance
IVAL charges 0.38% a year. It has $207.8M in assets; it paid 2.86% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +22.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +22.3% a year. At its worst it fell 36.2% in the 2020 crash (S&P 500: 33.7%) and 27.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 10 months after the lows. Its ten largest positions make up 20.5% of the fund, out of 50 in all.
The short version
Alpha Architect International Quantitative Value ETF (IVAL) is an actively managed fund. It uses fixed, computer-driven rules to buy the cheapest stocks it can find in developed markets in Europe, Australia and Asia, after screening out shaky companies. Most broad international funds own thousands of stocks. IVAL held just 50 as of June 30, 2026, each at about 2%, with nearly half in Japan. It charges 0.38% a year and trades heavily.
Price history
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IVAL +22.5% 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 | |
|---|---|---|---|---|---|---|
| IVAL official prospectus, to Dec 31, 2025 | — | +34.59% | — | +7.77% | +6.35% | +5.57% |
| IVAL price data to Oct 27, 2026 | +19.2% | +22.5% | +22.3% | +12.2% | +7.9% | +7.0% |
- Over the year to Oct 27, 2026, IVAL returned +22.5%.
- Its 5-year annualized return was +12.2% and its 10-year +7.9%.
- In the 2020 COVID crash it fell 36.2% and regained its old high 9.2 months after the low.
- Its worst full calendar year was 2018 (-22.5%); its best was 2025 (+35.0%).
- The deepest fall in its price history was 46.1% (Jan 24, 2018 to Mar 23, 2020), recovered by Mar 6, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.2% | — |
| 2025 | +35.0% | +34.59% |
| 2024 | -0.7% | -0.55% |
| 2023 | +25.6% | +20.12% |
| 2022 | -10.1% | -9.55% |
| 2021 | -0.2% | -0.02% |
| 2020 | -4.9% | -5.24% |
| 2019 | +21.2% | +20.59% |
| 2018 | -22.5% | -21.63% |
| 2017 | +31.0% | +30.36% |
| 2016 | +9.5% | +9.01% |
| 2015 | -3.6% | — |
| 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 | Lost 36.2% over that stretch · deepest drop along the way 36.2%, back to its old high 9.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.1% over that stretch · deepest drop along the way 27.1%, back to its old high 9.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7500 | |
| 2025 | $0.8800 | +1.1% |
| 2024 | $0.8700 | -61.4% |
| 2023 | $2.2531 | +28.7% |
| 2022 | $1.7500 | +68.3% |
| 2021 | $1.0400 | +85.7% |
| 2020 | $0.5600 | -23.3% |
| 2019 | $0.7300 | 0.0% |
| 2018 | $0.7300 | +28.1% |
| 2017 | $0.5700 | +11.8% |
| 2016 | $0.5100 | +15.9% |
| 2015 | $0.4400 |
What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 20.48% of assets. It also reported 9.77% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Toyo Suisan Kaisha Ltd | 2.09% | |
| Repsol SA | 2.08% | |
| CyberAgent Inc | 2.08% | |
| Obayashi Corp | 2.07% | |
| Central Japan Railway Co | 2.05% | |
| Sony Group Corp | 2.03% | |
| Fortescue Ltd | 2.02% | |
| Galp Energia SGPS SA | 2.02% | |
| BHP Group Ltd | 2.02% | |
| OMV AG | 2.02% | |
| Otsuka Corp | 2.02% | |
| Equinor ASA | 2.02% | |
| HENKEL AG & CO KGAA Preferred stock | 2.02% | |
| Shimamura Co Ltd | 2.02% | |
| Ono Pharmaceutical Co Ltd | 2.02% |
By country
Japan 49.88%Sweden 9.88%Norway 8.01%Australia 7.95%Germany 7.7%By asset type
Stocks 97.32%Preferred stock 2.02%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $7.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.25%, +3.05%, -3.81%.
How it works
IVAL does not track an index. Its sub-adviser, Alpha Architect, LLC, runs a quantitative, rules-based process. It starts with the largest 1,500 stocks trading in the countries of the MSCI EAFE Index, a standard benchmark of developed markets outside North America. At least 80% of the fund's net assets go into 'value companies': the 500 of those stocks with the lowest enterprise multiple. That ratio divides a company's total enterprise value (stock market value plus debt, minus cash) by its earnings before interest and taxes. A lower number means a cheaper company.
The process takes several steps. It drops illiquid stocks, other ETFs and firms with less than 12 months of financial data. Next it screens out possible 'value traps', meaning stocks that are cheap for good reason. Warning signs include financial distress, doubtful accounting, or net income far above free cash flow. It then ranks what remains by enterprise multiple, also using book-to-market, cash flow to price and earnings to price. Last, quality screens for profitability, stability and recent operating improvements narrow the list to 50 to 200 stocks.
The portfolio is generally reshuffled each month, and the prospectus reports 267% portfolio turnover. Trading costs from that much buying and selling are not part of the expense ratio. As of June 30, 2026, the fund held 50 stocks of roughly 2% each, and Japan made up 49.9% of the portfolio.
What it really costs
- IVAL charges 0.38% a year.
- 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 |
|---|---|---|---|---|
| IVAL | $39 | $122 | $213 | $480 |
In a retirement portfolio
IVAL is a concentrated, high-turnover bet on cheap international stocks, with nearly half its assets in Japan and a past drop of 46%, so it fits better as a smaller add-on than as a foundation.
IVAL could add a tilt toward cheap stocks outside the US. As of October 27, 2026, it yielded 2.86%, paid quarterly. It costs 0.38% a year, or $39 in the first year on $10,000 under the SEC's standard example. The ride has been rough. The fund fell 36.2% in the 2020 COVID crash, though it recovered by December 29, 2020. It fell 27.1% in 2022 and took about 10 months to recover. Its deepest drop was 46.1%, from January 2018 to March 2020, and it did not regain its old high until March 2024, about four years later. Its worst calendar year was 2018, at -21.63%. It launched in December 2014, so it has no record from 2008. Anyone forced to sell shares for spending money during a stretch like that would lock in losses. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a deliberate tilt toward cheap stocks outside the US, chosen by published rules, for 0.38% a year.
- Those comfortable with concentration: 50 stocks as of June 30, 2026, each near 2%, with Japan nearly half the fund.
- Long-term holders who can sit through deep drops like the 46.1% decline from 2018 to 2020, which took about four years to recover.
Look elsewhere if
- Investors who want broad, market-weighted international exposure across thousands of stocks rather than a concentrated value strategy.
- People who rely on steady income, since the 2.86% yield (as of October 27, 2026) is paid only quarterly and depends on company dividends.
- Those uneasy with 267% turnover, monthly reshuffles and a quantitative model whose picks can stay out of favor for years.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does IVAL pay dividends?
Yes. IVAL pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $1.05 per share, a trailing yield of 2.86%. The payout comes from dividends paid by the foreign companies it owns, so it can rise or fall from one quarter to the next. The fund's stated goal is long-term growth, not income, so income-focused investors may want to treat the dividend as a bonus rather than a dependable paycheck.
What is IVAL's expense ratio?
IVAL's expense ratio is 0.38% a year, according to its prospectus filed January 28, 2026. The full amount is the management fee, and there is no fee waiver. Under the SEC's standard example, which assumes $10,000 invested, a 5% annual return and a sale at the end of each period, total costs come to about $39 after one year, $122 after three, $213 after five and $480 after ten years.
Is IVAL an index fund?
No. IVAL is actively managed by Alpha Architect, LLC, though it follows a set quantitative process instead of a manager's judgment calls. It uses the countries in the MSCI EAFE Index only to define where it shops. From the largest 1,500 stocks in those markets, it picks 50 to 200 cheap, financially healthy companies, ranked mainly by enterprise multiple. It reshuffles the portfolio generally each month, which is why its turnover reached 267%.
Why does IVAL have so much in Japan?
IVAL's rules choose the cheapest qualifying stocks wherever they are, without targeting a set country mix. As of June 30, 2026, that put 49.88% of the fund in Japan. Japanese holdings included Toyo Suisan Kaisha, CyberAgent, Obayashi, Central Japan Railway and Sony Group. Sweden, Norway, Australia and Germany came next, at about 8% to 10% each. The prospectus warns that this weight makes the fund more exposed to bad news in Japan than a more evenly spread fund.
How has IVAL performed over the long term?
Results have been positive but uneven. As of December 31, 2025, IVAL returned 34.59% over one year. Its average annual return was 7.77% over five years, 6.35% over ten years and 5.57% since its December 2014 launch. Calendar years have swung widely: up 30.36% in 2017, down 21.63% in 2018 and up 34.59% in 2025. Based on share price, it was up 19.2% for 2026 through October 27.