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IVSS

GradeCNASDAQ Global Market

Applied Finance IVS US SMID ETF

Active Equity · Applied Finance · Inception 2025-12-03 · SEC filings

$29.08−0.27 (−0.92%)

As of Sep 23, 2026, 2:37 PM EDT

History starts Dec 4, 2025.History starts Dec 4, 2025.
Intraday session: down, 12 prints from 29.35 to 29.08. Range 29.07 to 29.21. Use the arrow keys to read each point.$29.10$29.15$29.2010 AM12 PM2 PM4 PM
Expense ratio
0.59%
Fund size
$27M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$29.26
52W range
low $25.05high $31.38

The ETF.net IVSS Grade

C

53/ 100

Rank 20 of 48 in US Active Small/Mid-Cap⁠

Confidence Medium

Six-pillar profile for IVSS. Scores out of 100: Cost 48, Risk 79, Mission not scored, Tradability 29, Holdings 72, Durability 43. Strongest: Risk (79). Weakest: Tradability (29). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 53 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 48
    Category rank25/48 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 79
    Category rank5/44 · top 11%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 29
    Category rank38/48 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 72
    Category rank15/48 · top 31%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 43
    Category rank34/48 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on IVSS

ETF.net Research

CMost value funds screen for a low P/E. Applied Finance models what a company is actually worth, then buys the US small and mid caps trading below that number. Roughly 150 names, actively managed, launched in 2025.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  1. 01Value here means price versus a modeled intrinsic value, not a cheap multiple. The IVS model weighs profitability, competition, growth, cost of capital and financing activity.sec.govappliedfinance.com
  2. 020.59% for genuine active stock picking, below the median fee in the active US equity crowd.
  3. 03The adviser expects to hold at least 150 positions, all sub-$15 billion at purchase, so one small-cap stumble does not steer the portfolio.sec.gov
  4. 04SMID is where analyst coverage thins out, which is the terrain a valuation model is built to comb through.appliedfinance.com

Worth knowing

  1. 01It opened in December 2025. Live track record is short and the fund is still building its asset base.
  2. 02Trading is light compared with big index funds, so bid-ask spreads can run wider.
  3. 03Classified non-diversified, meaning it is permitted to hold larger stakes in individual names than a diversified fund. Distributions come annually or semiannually.sec.gov

IVSS Holdings

As of Sep 20, 2026, 8:42 AM
Asset class
Stocks
Holdings
—
Top-10 weight
17%
Largest holding
CASH AND CASH EQUIVALENTS3.7%

Geography

  • United States93.86%
  • Bermuda3.23%
  • Monaco0.81%
  • Ireland0.52%
  • Puerto Rico0.41%
  • United Kingdom0.37%
  • France0.32%
  • Israel0.29%
  • Other countries (2)0.19%
The fund’s holdings, weight-ordered — page 1 of 24.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH AND CASH EQUIVALENTS3.73%0$1M120
002DAVEDAVE INC.1.82%1,386$494K121
003STRLSTERLING INFRASTRUCTURE INC COMMON STOCK USD.011.75%944$477K191
004IDCCINTERDIGITAL INC1.73%1,463$471K188
005HQYHEALTHEQUITY INC1.60%4,600$435K161
006PJTPJT PARTNERS INC - A1.44%2,591$392K119
007SEZLSEZZLE INC.1.40%3,375$382K117
008BTSGBRIGHTSPRING HLTH SERVICES INC1.36%6,519$369K153
009AMRXAMNEAL PHARMACEUTICALS INC COMMON STOCK USD 0.011.27%18,876$345K129
010MCYMERCURY GENERAL CORP1.26%3,397$342K152
011OTTROTTER TAIL CORP1.23%3,778$335K121
012ACIWACI WORLDWIDE INC1.22%6,483$332K144
013NXTNEXTPOWER INC-CL A1.16%3,783$315K213
014LNTHLANTHEUS HOLDINGS INC1.15%3,116$314K142
015SWXSOUTHWEST GAS HOLDINGS INC COMMON STOCK USD 11.13%3,554$307K147

Showing 1–15 of 358 holdings

IVSS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

IVSS$11,638
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. IVSS $11,638. SPY $11,430. Use the arrow keys to read each point.$9,046$10,838$12,630Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for IVSS. Periods over one year show the average yearly return.
PeriodIVSS
Year to date+16.4%
1 month−4.1%
3 months+0.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for IVSS
YearReturn barIVSS
2026 YTD+16.4%
2025−0.0%

History from Dec 4, 2025

IVSS in the news

ETF.net Research hasn’t filed on IVSS yet — coverage lands here as it’s written.

IVSS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.02 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 24, 2025 $0.02. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.02

IVSS Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.52
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

IVSS Cost

Expense ratio0.59%
  • The middle half of US Active Small/Mid-Cap funds
  • Median 0.55%

24 of the 47 US Active Small/Mid-Cap funds charge less.

IVSS costs $59.00 a year on $10,000. The median US Active Small/Mid-Cap fund costs $55.00.