Alpha Architect (ETF Architect)
Section 351 Exchange Program (4 ETFs)
OpenNext launches in the 351.tax pipeline: AAUD (Alpha Architect US Equity 5, expected 2026-11-19) and Cambria GEX (expected 2026-11-10). Rev. Rul. 2026-20 (2026-09-28) treats a prearranged post-seed swap into a materially different portfolio as taxable. Notice 2026-62 says it does not address seeding with assets that fit the ETF's thesis. Notice 2026-62 comments are due 2026-10-28.
- Assets
- ≈$2.22B
- Fee a year
- 0.09%–0.15%
- Minimum
- Not disclosed
- Tracking error
- Not disclosed
- Investors
- Not disclosed
- Open to
- Anyone
- Lock-up
- None after launch (ETF shares trade daily)
- Holdings
- Not disclosed
- Benchmark
- Not disclosed
- Custodians
- U.S. Bank
- Access
- Through an advisor, sign up directly
- Launched
- 2025
- Assets, in detail
- As of 2026-10. Sum of the net assets of the 4 ETFs launched through the program (2026-10, 351.tax and fund pages). They took $1.25B of in-kind seeds at launch.
- Fee schedule
- Each ETF has its own expense ratio (0.09%-0.15% for the AAUS family).
- Other costs
- Participants keep their cost basis; the seed must pass the 25%/50% diversification test.
- Tracking error, method
- Not applicable at program level.
- Capacity and queue
- Practitioners cite about $50M of eligible assets as a practical floor for one launch.
Assets over time
Funds 4
| Fund | Year | Amount | Note |
|---|---|---|---|
| Alpha Architect US Equity ETF (AAUS) | 2025 | $503M2026-10 | Expense ratio 0.09%. Net assets $502.9M on 2026-10-12 (351.tax). Launch in-kind seed $445.9M on 2025-07-22 (seed from N-CSR or filings). |
| Alpha Architect US Equity 2 ETF (AAEQ) | 2025 | $509M2026-10 | Expense ratio 0.09%. Net assets $508.8M on 2026-10-12 (351.tax). Launch in-kind seed $479.7M on 2025-12-09 (seed from N-CSR or filings). |
| Alpha Architect US Equity 3 ETF (AAUA) | 2026 | $363M2026-10 | Expense ratio 0.15%. Net assets $362.6M on 2026-10-12 (351.tax). Launch in-kind seed $328.6M on 2026-03-18 (seed from N-CSR or filings). |
| Alpha Architect US Equity 4 ETF (AAUB) | 2026 | $850M2026-10 | Expense ratio 0.10%. Net assets $849.5M on 2026-10-14 (fund page). Seed amount not yet in an N-CSR; 351.tax lists it as a syndicated in-kind launch. |
Sources
Checked 2026-10. Confidence: medium. Basis estimated the assets from public data.
- Alpha Architect 351 page
- 351.tax tracker of in-kind seeded ETFs (data 2026-10-12)
- Ropes & Gray: IRS targets ETF seeding transactions (Sept 2026)
- Dechert: Notice 2026-62 and Rev. Rul. 2026-20
- Stance Capital: Section 351 ETF exchange primer
- Alpha Architect AAUS fund page
- SEC N-CSR (EA Series Trust, 2025-09-30)
- stockanalysis: AAUS
- SEC N-CSR (EA Series Trust, 2026-03-31)
- stockanalysis: AAEQ
- Alpha Architect AAUB fund page
Where to get it
The same product costs a different amount through each door. The all-in fee adds the access provider's own fee to the product fee. Placement fees, financing, and fund expenses are extra.
| Through | Their fee | All-in fee | Minimum | Onboarding and queue | Status |
|---|---|---|---|---|---|
| Direct from Alpha Architect (ETF Architect)Manager | 0% | 0.09%–0.15% | Not disclosed | Periodic launch windows. Practitioners cite about $50M of eligible assets as a practical floor for one launch. | Open |
Other §351 etfs
- Eagle Capital Management Eagle Capital Select Equity ETF (EAGL)$4.61B
- Brown Advisory Brown Advisory Flexible Equity ETF (BAFE)$1.73B
- Dimensional Fund Advisors Dimensional US Large Cap Core Equity Market ETF (DFAL)$1.65B
- Sapient Capital (EA Advisers) Sapient Quality Select ETF (SQS)$1.41B
- AllianceBernstein AB US Equity ETF (XCHG)$711M
- Cambria Section 351 ETF Conversion Program (5 ETFs)$709M
- Longview (Hill Investment Group) Longview Advantage ETF (EBI)$676M
- Polen Capital Section 351 Exchange (1 ETF)$88.9M