About 2017-09-22T12:56:01+00:00

We are…

  • SEC-Registered Investment Advisor

  • NFA-Registered CTA and CPO

  • Employee-Owned

  • $600mm+ Firm AUM (As of 6/30/2017)

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Our Story

Our Team

Management and Operations Team

Wesley R. Gray, PhD


After serving as a Captain in the United States Marine Corps, Dr. Gray earned a Ph.D., and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management that delivers affordable active exposures for tax-sensitive investors. Dr. Gray has published four books and a number of academic articles. Wes is a regular contributor to multiple industry outlets, to include the following: Wall Street Journal, Forbes, ETF.com, and the CFA Institute. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania.

Jack R. Vogel, PhD


Dr. Vogel conducts research in empirical asset pricing and behavioral finance. Dr. Vogel is a co-author of DIY FINANCIAL ADVISOR: A Simple Solution to Build and Protect Your Wealth and QUANTITATIVE MOMENTUM: A Practitioner’s Guide to Building a Momentum-Based Stock Selection System. His academic background includes experience as an instructor and research assistant at Drexel University in both the Finance and Mathematics departments, as well as a Finance instructor at Villanova University He has a Ph.D. in Finance and an MS in Mathematics from Drexel University. Dr. Vogel graduated summa cum laude with a BS in Mathematics and Education from The University of Scranton.

Patrick R. Cleary


Mr. Cleary is currently a Managing Member of Alpha Architect, where he assists in business development, firm operations, and strategic initiatives. Previously, Mr. Cleary served as Director of Strategy and Corporate Development for Algeco Scotsman, a multinational leasing and manufacturing company. Before Algeco Scotsman, he was a Project Leader for the Boston Consulting Group. In that capacity, he advised clients across a variety of industries in the US, Europe, and Africa. Mr. Cleary also served as a Captain in the United States Marine Corps. He holds an M.B.A. from Harvard Business School and a B.S. in Economics from The Wharton School of the University of Pennsylvania.

Tao Wang, CFA®

Portfolio Manager

Mr. Wang is currently a Managing Member of Alpha Architect, where he heads the trading department and assists in quantitative research. His research focus is aon tactical asset allocation, long/short commodity strategies, and volatility index arbitrage. Mr. Wang has an MS in Finance from Drexel University and graduated with a BA in Economic Journalism and BL in International Business Law from Shanghai University of Finance & Economics. Tao is a contributor to multiple financial media outlets, to include wallstreetcn.com and xueqiu.com.

Yang Xu

Portfolio Manager

Mr. Xu is currently a managing member of Alpha Architect, where he leads the capital markets group and assists in quantitative research. Mr. Xu has unique skills related to “big data” analysis. His recent research investigates various proprietary trading algorithms, tactical asset allocation models, and longer-term security selection models. Prior to joining Alpha Architect, Mr. Xu was a Principal Data Analyst at Capital One, where he was a member of the Basel II data analysis team. Mr. Xu graduated from Drexel University with an M.S. in Finance, and from the University of International Business and Economics in Beijing, China, where he earned a BA in Economics.

Dave Babulak

Strategic Advisor

Dave Babulak is a Palo Alto-based independent investor and advisor to innovative financial firms including Robinhood, a zero commission, mobile-based brokerage firm and Alpha Architect, an asset manager, RIA and ETF issuer. Previously, Mr. Babulak spent ten years at Getco, LLC, (now KCG) where he was a Member of the Board and held a variety of roles including Chief Strategy Officer, Global Head of Fixed Income and Co-Head of Chicago Trading. Prior experience includes co-founding Blink Trading, an electronic trading firm later purchased by Getco, work as a quant at Hull Trading (now part of Goldman Sachs) and time as an assistant trader on the floor of the Chicago Board Options Exchange. Mr. Babulak served as an Engineer Officer in the United States Army and holds engineering degrees from the University of Michigan and Stanford University. Outside of work Mr. Babulak competes in powerlifting and serves on the board of Second Harvest Food Bank.

Kyle Baxter


Mr. Baxter is currently a Director of Portfolio Services at Alpha Architect, where he assists with operations, compliance, and accounting. He graduated with an MS in Finance from Zicklin School of Business at Baruch College in NYC and a BS in Chemistry from the University of Maryland. Mr. Baxter passed the CFA Level III exam in 2017. He previously served as Assistant Director of Operations for Baxter Properties, a family real estate business, managing several commercial and residential buildings.

Doug Pugliese


Mr. Pugliese is a Director of Portfolio Services at Alpha Architect, where he heads up the firm’s 1042 ESOP solutions practice. In this role, Doug is responsible for assisting clients to implement tax efficient strategies for monetizing their business holdings to create diversified, investible wealth. Previously, he was Director, Wealth Transition Strategies, at SEI Private Wealth Management, a multifamily office, where he focused on advising business owners. Prior to joining SEI, Mr. Pugliese was employed by Marshall & Stevens, Inc., a financial consultancy, where he was an Executive Managing Director and Principal, managing activities in the Northeast region, including the firm’s New York and Philadelphia offices. Previously, Mr. Pugliese was a Managing Director in the Investment Banking Division at Bear, Stearns & Co. Inc. During his twelve years’ tenure there he developed and executed strategic merger & acquisition and financing transactions worth more than $12 billion and was based in the Firm’s New York and London offices. Prior to that, Mr. Pugliese served as an officer and pilot in the United States Navy. Mr. Pugliese received his B.A. in Economics and Spanish Literature (with honors) from the University of Pennsylvania and his MBA from the Stern School of Business at New York University, where he was a Dean’s Scholar and a Stern Scholar.

Michael Pagano, PhD

ETF Trustee

Dr. Pagano is The Robert J. and Mary Ellen Darretta Endowed Chair in Finance at Villanova University where he has received awards for both teaching excellence and academic scholarship. Prof. Pagano is also involved with various professional organizations such as FINRA’s Market Regulation Committee and Citadel FCU’s board of directors. He holds the Chartered Financial Analyst (CFA®) designation and has experience both in commercial lending activities at Citibank and in investment valuation analysis at a financial consulting firm, International Capital Markets Corp., as well as Reuters PLC. Professor Pagano has also been interviewed by various media sources such as the Wall Street Journal, New York Times, Financial Times, Associated Press, CNBC, Bloomberg.

Daniel Dorn, PhD

ETF Trustee

My research interests are investments and behavioral finance. My research output has been recognized by awards such as the European Central Bank’s Lamfalussy Fellowship, published in leading academic journals such as the Journal of Finance and Management Science, and discussed in media outlets such as the New York Times and the Wall Street Journal. I have developed new courses in behavioral finance and portfolio management and taught at the undergraduate, graduate, doctoral, and executive levels both in the U.S. and in Europe. Since 2007, I have served as a faculty advisor to the Dragon Fund, Drexel University’s student-managed investment fund.

Larry Dunn, PhD


Dr. Larry Dunn serves as a part-time Director of Strategy Education for Alpha Architect. He also currently holds the position of Assistant Director of Industry & Innovation Programs for the National Science Foundation-funded NASCENT Nanosystems Engineering Research Center at the University of Texas at Austin. Prior to joining NASCENT, Larry served as Senior Scientist, Technical Product Manager, and Director of Marketing at Atonometrics, Inc., a leading manufacturer of test and measurement equipment for the photovoltaic industry. Larry earned his Ph.D. in physics from the University of Texas at Austin in 2008, for which he was awarded the Ben Streetman Prize for outstanding research in electronic and photonic materials and devices, his M.A. in physics from the University of Texas at Austin in 2004, and his B.A. in physics cum laude from Hendrix College in 2002. Larry has co-authored 15 peer reviewed and popular scientific articles and is a co-inventor on 3 issued patents and 5 pending patent applications. Larry is an enthusiastic value investor, has successfully completed the series 65 exam, and is a registered Investment Adviser Representative in the state of Texas.

Adam Tkaczuk


A physicist by training and Director of Portfolio Services at Alpha Architect, Adam assists family offices, Fortune 100 firms and middle market companies reduce their tax exposure across their investments and business operations. Prior to joining Alpha Architect, Adam was the Northeast Practice Leader for Duff & Phelps’ Business Incentives Advisory practice in Manhattan. He earned his MBA from Rensselaer Polytechnic Institute, has a BS in physics from the University of Massachusetts and studied portfolio theory at the National University of Singapore.

Educational Content Regular Contributors

Elisabetta Basilico, PhD, CFA®

Aaron Brask, PhD

Tommi Johnsen, PhD

Andrew Miller, CFA®, CFP®

Larry Swedroe

Academic Advisory Team

Hui Chen, PhD

Gil Sadka, PhD

Steve Crawford, PhD

Richard Price, PhD

Casey Dougal, PhD

Thought Leadership

Academic Research Insight: Does Past Performance Matter in Investment Manager Selection?

September 26th, 2017|0 Comments


Factor Timing Investigation: Interest Rates, Value Spreads, and Factor Premiums

September 22nd, 2017|0 Comments

Now that the Federal Reserve has begun the process of raising interest rates, and has announced their intention to begin to unwind their [...]

Academic Research Insight: Does Gender Matter on Wall Street?

September 18th, 2017|0 Comments


Why We March

September 15th, 2017|0 Comments

This weekend around 70 of us from the finance community (many from "finance twitter") will be meeting at the National Guard Training Center [...]

Compound Your Face Off

 Invest Like the Best Podcast  7/25/2017

Factor Timing is Almost Impossible

 Meb Faber Podcast  7/12/2017

The People’s Quant

 Wall Street Journal  6/2/2017

Wesley Gray Interview with Michael Covel on Trend Following

 Trend Following with Michael Covel  01/01/2017

Wes Gray: Even God would get Fired as an Active Investor

 Meb Faber Podcast  06/29/2016

Interview With Wesley Gray: Masters in Business (Audio)

Bloomberg  06/24/2016

Battlefields of War and Financial Markets

 Huffington Post  06/07/2016

Wesley Gray: “DIY Financial Advisor”

 Google Talk  03/18/2016

ETF Roundtable: How to Beat the Benchmark

 Barrons  03/12/2016

Broomall firm testing robo-adviser for launch

 Philly  10/19/2015

How to Pick an ETF

 WSJ  10/07/2015

Will Robo Advisers Eat the Middleman in Finance?

 WSJ  09/09/2015

How the marines shaped our fiduciary ethos

 IMCA  08/02/2015

Quality stocks everyone hates

 CNBC  05/22/2015

Simple Methods to Improve the Piotroski F-Score

 aaii.com  05/01/2015

SBA Names Eastern Pa. 2015 Veteran-Owned Small Business Of Year

 SBA.gov  04/30/2015

Thriving in the ‘Wharton Effect’

 Whartonmagazine.com  04/27/2015

Beware High Dividend Yield Stocks

 Whartonmagazine.com  04/16/2015

Alpha Architect is a unique option for value-oriented investors.

 Lebow.drexel.edu  04/15/2015

Many metrics can be used to value markets. Which should you trust?

 Washingtonpost.com  03/07/2015

Monday Money Tip: Broomall investment start-up focuses on tax efficiency

 Philly.com  01/27/2015

Stick to the FACTS: A Framework for Evaluating Investments

 Cfainstitute.org  01/20/2015

This Guy Took A Four-Year Break From A Finance Ph.D. Program To Fight With The Marines In Iraq

 Businessinsider.com  11/09/2014

Mission Impossible: Beating the Market Forever

 Cfainstitute.org  11/06/2014