Alpha Architect
Alpha Architect is a research-intensive, evidence-based asset manager that delivers systematic value, momentum, and trend-following factor strategies through AA-branded ETFs, separately managed accounts, a 1042 QRP ESOP rollover solution, and a white-label ETF platform serving financial advisors, RIAs, institutional clients, and third-party ETF sponsors.
- Company typePrivate
- Founded2010
- HeadquartersBroomall, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Alpha Architect does
Alpha Architect, LLC is a research-intensive, evidence-based asset management firm founded in 2010 by Wesley R. Gray, PhD (CEO & Co-CIO, who studied under Nobel laureate Eugene Fama at the University of Chicago) and John Vogel, PhD (CFO & Co-CIO). The firm designs and runs systematic, factor-based investment strategies centered on high-conviction value and momentum exposures, codified as proprietary indexes (Quantitative Value, Quantitative Momentum, Trend Following) and replicated in managed portfolios. The company also operates a specialized 1042 Qualified Replacement Property strategy for ESOP rollovers, using a 250+ holding cap-weighted US equity index to deliver tax deferral. The firm is privately held, owned by holding company Empirical Finance, LLC, headquartered in Newtown Square, PA (suburbs of Philadelphia), and is described as service-disabled and minority-owned.
Alpha Architect distributes its strategies through three product channels: AA-branded ETFs, Separately Managed Accounts (SMAs), and ETF white-label services operated through its wholly-owned subsidiary Empowered Funds, LLC (dba ETF Architect). As of June 26, 2025, the firm has approximately $20B+ in total AUM (with $8B+ in AA-branded ETF AUM, $800mm+ in SMA AUM, and $10B+ in white-label ETF AUM). Revenue is generated through management fees on AUM across all three channels, with no public fee disclosure. Customer segments are financial advisors and RIAs (primary distribution channel), individual/retail investors (reached via the firm's large content library), business owners executing ESOP sales (1042 QRP), and third-party asset managers or entrepreneurs launching ETFs through the white-label platform. GTM is a hybrid of direct advisor sales (led by VP Sales Mike Fedak and President Ryan Kirlin) and a community/thought-leadership motion built on 1,000+ blog posts, four published books, academic papers, video content, and the "Compound Your Knowledge" series.
The firm's competitive identity rests on academic credibility, transparency, and the "Affordable Alpha" positioning that targets high-fee closet-indexing active managers. Intangible IP includes published peer-reviewed research, four books (Embedded, Quantitative Value, DIY Financial Advisor, Quantitative Momentum), and proprietary systematic strategies. The management team is small but PhD-pedigreed and includes senior operators from NYSE's ETF Group, Bear Stearns, Caesars Entertainment, and major ETF wholesalers. Corporate structure separates intellectual property (Alpha Architect, LLC) from ETF operations (Empowered Funds / ETF Architect), with both entities filing independent ADVs as SEC-registered investment advisors.
Alpha Architect firmographics
Firmographics- Name
- Alpha Architect
- Legal name
- Alpha Architect, LLC
- Website
- https://alphaarchitect.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Alpha Architect is a research-intensive, evidence-based asset manager that delivers systematic value, momentum, and trend-following factor strategies through AA-branded ETFs, separately managed accounts, a 1042 QRP ESOP rollover solution, and a white-label ETF platform serving financial advisors, RIAs, institutional clients, and third-party ETF sponsors.
- Ownership category
- akta.pro rank
Alpha Architect industry classification
Industry- Product category
- Asset Management / Investment Advisory
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Endowments (Universities, Foundations, Nonprofits) (FSAAAGAC)
- akta.pro secondary industry
- Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)
Keywords
Where Alpha Architect is headquartered
LocationHeadquarters
- HQ city
- Broomall
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Alpha Architect business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- ETF Management Fees: Alpha Architect serves as advisor providing traditional SMA advisory services and sub-advises ETFs. The firm manages Alpha Architect-branded ETFs with $8B+ in AUM. Revenue is generated through management fees on ETF assets under management.
- Separately Managed Accounts (SMAs): The firm manages separately managed accounts with $800mm+ in AUM. SMAs provide personalized investment management services to high-net-worth individuals and institutional clients.
- ETF White-Label Services: Through ETF Architect (affiliated entity), the firm offers white-label ETF launch and management services. ETF Architect focuses on facilitating asset management operations while Alpha Architect provides the intellectual property driving investment decisions. White Label ETF AUM is $10B+.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels8 records
Alpha Architect product offering
Product offeringCore offering
Alpha Architect is a research-intensive asset management firm that designs and delivers systematic, evidence-based investment strategies built on academic factor research (value, momentum, and trend-following). Its products include proprietary exchange-traded funds (ETFs), Separately Managed Accounts (SMAs), 1042 Qualified Replacement Property (QRP) solutions for ESOP rollovers, and white-label ETF launch services for third-party asset managers through its Empowered Funds, LLC (ETF Architect) subsidiary.
Product overview
Alpha Architect is a research-intensive asset management firm offering a suite of investment products centered on evidence-based factor investing. The core offerings include Alpha Architect branded ETFs, Separately Managed Accounts (SMAs), and 1042 QRP Solutions for tax-deferred ESOP rollovers. Additionally, the firm provides ETF white-label services through its ETF Architect subsidiary. The product portfolio is unified by systematic value and momentum factor investment strategies, with the firm delivering Affordable Alpha through highly differentiated investment approaches at lower costs. Educational resources including research blogs, academic papers, and published books (Quantitative Value, DIY Financial Advisor, Quantitative Momentum) support the firm's mission of empowering investors through education.
Differentiator
Problem solved
Functional benefit
Brands
- 1042 QRP Solutions: Qualified Replacement Property strategies for tax-deferred ESOP rollovers
- Alpha Architect ETFs
- Alpha Architect SMAs
Products and services
- Alpha Architect ETFs Exchange-Traded Funds (ETFs) offering high-conviction value and momentum factor exposures. The firm's proprietary ETFs deliver "Affordable Alpha" through systematic, evidence-based strategies and are distributed through financial advisors and institutional channels.
- Separately Managed Accounts (SMAs) Personalized portfolio management delivered through Separately Managed Accounts using Alpha Architect's systematic investment intellectual property. Targeted at high-net-worth individuals and institutional clients.
- 1042 QRP Solutions Qualified Replacement Property strategies that allow closely held C-Corp business owners selling to an ESOP to defer long-term capital gains taxes. The 1042 QRP Solution offers 250+ holdings of the largest, cap-weighted US equities designed to maximize tax deferral through equity-based QRP.
- ETF White-Label Services (ETF Architect) White-label ETF launch and management services offered through Empowered Funds, LLC (ETF Architect), an affiliated entity. Alpha Architect provides the investment intellectual property while ETF Architect delivers operational infrastructure for third-party asset managers and entrepreneurs launching their own ETFs.
- Quantitative Value (Book) A book by Wes Gray and Jack Vogel on quantitative value investing with an algorithm, published by Wiley in 2012, documenting systematic approaches to value stock selection.
- DIY Financial Advisor (Book) A book by Wes Gray and Jack Vogel on endowment investing made simple, published by Wiley in 2015, presenting DIY portfolio construction for individual investors.
- Quantitative Momentum (Book) A book by Wes Gray and Jack Vogel on momentum investing with an algorithm, published by Wiley in 2016, covering momentum-based stock selection systems.
Companies that use Alpha Architect
Customer profileSegments4 records
Ideal customer profiles4 records
Alpha Architect technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Alpha Architect partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Empirical Finance, LLCcoreEmpirical Finance, LLC is a holding company that owns 100% of Alpha Architect, LLC. This is the corporate parent structure for the firm.
- ETF Architect (Empowered Funds, LLC)coreEmpowered Funds, LLC (ETF Architect) is owned 100% by Alpha Architect. Alpha Architect contracts with ETF Architect to operate its ETF and SMA operations. Alpha Architect provides the intellectual property; ETF Architect provides operational infrastructure. ETF Architect files independent ADVs.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Alpha Architect competitors and assessment
Company assessmentDirect peers
- Avantis Investors: Avantis Investors offers factor-based ETFs (small-cap value, international value, etc.) founded by former Dimensional executives. It is a direct competitor in the factor-ETF category and shares Alpha Architect's evidence-based, systematic orientation.
- WisdomTree: WisdomTree is an asset manager offering factor and thematic ETFs (e.g., small-cap dividend, international quality). It competes with Alpha Architect-branded ETFs in the systematic factor space and serves a similar advisor channel.
- Research Affiliates: Research Affiliates is a smart-beta and factor-research firm behind the RAFI fundamental indexing methodology. It is closely comparable to Alpha Architect for its academic-anchored factor IP and ETF licensing model.
- AQR Capital Management: AQR is a quantitative asset manager applying academic factor research — including value, momentum, and trend-following — across liquid alternatives and long-only strategies. It directly parallels Alpha Architect's Quantitative Value, Quantitative Momentum, and Trend Following strategies.
- Dimensional Fund Advisors: Dimensional Fund Advisors is a global asset manager built on academic research (Fama-French) executing systematic value, size, and profitability factor strategies. It is the closest philosophical and operational peer to Alpha Architect, with comparable evidence-based factor products delivered via funds and SMAs.
Broad incumbents
- BlackRock (iShares): BlackRock's iShares franchise is the world's largest ETF issuer and offers factor strategies (e.g., iShares MSCI Value/Quality ETFs). It is a broad incumbent competitor with scale-driven cost advantages that pressures fees across the factor-ETF category.
- State Street Global Advisors: State Street Global Advisors operates the SPDR ETF franchise and offers factor ETFs (e.g., SPDR S&P Value, Russell Small Cap Completeness). It is a broad incumbent with factor-ETF offerings that compete for the same RIA and institutional allocator dollars.
- Vanguard: Vanguard operates the second-largest ETF family and offers factor products (e.g., Vanguard Value, Small Value, Multifactor). It is a broad incumbent competitor with a structural cost advantage and aggressive fee posture across factor strategies.
- Invesco: Invesco offers QQQ and a suite of factor and thematic ETFs (e.g., Invesco S&P 500 Pure Value, S&P SmallCap Quality). It is a broad incumbent with overlapping factor-ETF products competing for advisor wallet share.
Emerging players
- Bridgeway Capital Management: Bridgeway is a smaller, evidence-based asset manager offering factor-oriented mutual funds (e.g., Bridgeway Small-Cap Value, Aggressive Investors). It is comparable as a niche systematic factor manager serving advisors, though at meaningfully smaller AUM scale than Alpha Architect.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Alpha Architect social profiles
Digital presenceAlpha Architect financial estimates
Financial estimateRevenue estimate
Valuation estimate
Alpha Architect leadership team
Management profileNumber of profiles
Profiles10 records
Alpha Architect subsidiaries and ownership
Company hierarchySubsidiaries1 record
Alpha Architect funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Alpha Architect M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Alpha Architect
What does Alpha Architect do?
Alpha Architect is a research-intensive asset management firm that designs and delivers systematic, evidence-based investment strategies built on academic factor research (value, momentum, and trend-following). Its products include proprietary exchange-traded funds (ETFs), Separately Managed Accounts (SMAs), 1042 Qualified Replacement Property (QRP) solutions for ESOP rollovers, and white-label ETF launch services for third-party asset managers through its Empowered Funds, LLC (ETF Architect) subsidiary.
Is Alpha Architect a public or private company?
Alpha Architect is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Alpha Architect founded?
Alpha Architect was founded in 2010. It employs 11 to 50 people.
Where is Alpha Architect based?
Alpha Architect is headquartered in Broomall, United States, in the North America region.
How does Alpha Architect make money?
Three revenue lines are on record. ETF Management Fees are the primary driver. The others are separately Managed Accounts (SMAs) and ETF White-Label Services.
Who are Alpha Architect's main competitors?
Direct peers on record are Avantis Investors, WisdomTree, Research Affiliates, AQR Capital Management and Dimensional Fund Advisors. Broad incumbents are BlackRock (iShares), State Street Global Advisors, Vanguard and Invesco. Bridgeway Capital Management is listed as an emerging player.
Does Alpha Architect have an API?
No public API is recorded for Alpha Architect.
What industry is Alpha Architect in?
Alpha Architect's product category is Asset Management / Investment Advisory. Its primary akta.pro industry code is FSAAAGAC, Endowments (Universities, Foundations, Nonprofits), with a secondary code of FSAAACAG, Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions). Its NAICS code is 523940 and its SIC code is 6282.