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Launched

Applied Finance IVS International SMID ETF

IVSXNasdaqD

$25.64+0.17 (+0.68%)

At close: Oct 13, 2026, 4:00 PM

D29/ 100

Rank 50 of 57 in International Active Equity

D29/100Rank 50 of 57inInternational Active Equity
Intraday session: up, 2 prints from 25.47 to 25.64. Range 25.63 to 25.64. Use the arrow keys to read each point.25.5025.5525.6010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$5M
1Y total return
—
Yield · Last 12 months
—
Holdings
260
Avg volume · 30D
0M sh
NAV per share
$25.45
52W range
low $22.42high $26.56
Launched

The ETF.net IVSX Grade

Based on 4 of 6 pillars

D

Score 29 out of 100

Category
International Active Equity⁠
Rank
50 of 57
Six-pillar profile for IVSX. Scores out of 100: Cost 33, Risk 32, Mission not scored, Tradability 20, Holdings not scored, Durability 25. Strongest: Cost (33). Weakest: Tradability (20). Based on 4 of 6 pillars.

Score 29 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
29
This cap took
−0
Published Score
29 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D33 out of 100
    Rank 38 of 57

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D32 out of 100
    Rank 46 of 57

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F20 out of 100
    Rank 52 of 57

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D25 out of 100
    Rank 55 of 57

Our read on IVSX

ETF.net Research

DApplied Finance aims its intrinsic-value engine at a corner most international funds skim past: small and mid-cap companies listed overseas. A boutique valuation shop's process, wrapped in a 2026-launch ETF.

Stated mandate

Seeks to invest at least 80% of its net assets in equity securities of small- to mid-capitalization (SMID) companies.

Why people hold it

  1. 01Built on Applied Finance's Economic Margin work, which values a company using a firm-specific profit horizon instead of the perpetuity assumptions baked into standard DCF math.appliedfinance.comappliedfinance.com
  2. 02The mandate is specific: at least 80% of net assets in small- and mid-cap equities. You get the SMID exposure named on the tin, not quiet drift into familiar large caps.
  3. 03Ordinary 1940 Act fund structure, the same plumbing as a mainstream index ETF, so there is no exotic wrapper to decode before you look at the holdings.

Worth knowing

  1. 01The 0.75% fee sits above the middle of its active international peer group, and rules-based foreign small-cap options run cheaper (AVDS charges 0.30%). That is the toll for stock picking.
  2. 02It started trading in 2026, so there is little live history behind the process in this sleeve, and risk readings rest on a short record.
  3. 03A small asset base and light trading mean spreads can widen at the wrong moment, and funds that stay subscale are the ones issuers tend to close.

IVSX Holdings

As of Oct 12, 2026
Asset class
Stocks
Holdings
260
Top-10 weight
17%
Largest holding
Euro3.7%

Geography

  • United States69.82%
  • Switzerland6.91%
  • United Kingdom5.71%
  • Australia3.61%
  • Israel3.34%
  • Canada2.41%
  • France2.32%
  • Argentina1.83%
  • Other countries (4)4.06%
The fund’s holdings, weight-ordered — page 1 of 18.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Euro3.72%160,482$180K189
002—Leopalace21 Corporation1.92%14,643$93K1
003EDENEdenred1.91%2,913$92K7
004—Relo Group Inc1.60%5,098$78K1
005SQN.SWSwissquote Group Holding SA1.55%1,788$75K57
006—Ono Pharma1.52%5,143$73K1
007—Lottomatica Group Spa1.39%2,447$67K1
008—Persol Holdings Co Ltd /Jpy/1.09%29,317$53K1
009—Cts Eventim AG & Co Kgaa1.00%737$48K2
010STJSt Jamess Place PLC1.00%3,526$48K5
011PRUPerseus Mining Limited1.00%10,857$48K334
012—Temenos Group Ag-Reg1.00%579$48K1
013—Ionos SE0.97%1,266$47K1
014—Lion Finance Group PLC Common Stock Gbp 10.96%283$46K1
015—Starts Corp Inc0.92%1,575$45K1

Showing 1–15 of 260 holdings

IVSX Performance

Launched Feb 19, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
IVSX$10,258
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. IVSX $10,258. SPY $10,332. Use the arrow keys to read each point.$9,589$10,123$10,658Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 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 IVSX. Periods over one year show the average yearly return.
PeriodIVSX
Year to dateFund launched this year—
1 month−1.4%
3 months+2.6%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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 IVSX
YearReturn barIVSX
2026 YTD+0.7%

History from Feb 20, 2026

IVSX in the news

Filtered to IVSX · International Active Equity

IVSX 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 Oct 12, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Feb 2026. No distributions yet.

IVSX Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Feb 2026; 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 Feb 2026; 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 Feb 2026; 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.
0.76
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.

IVSX Cost

Expense ratio0.75%
  • The middle half of International Active Equity funds
  • Median 0.59%

36 of the 55 International Active Equity funds charge less.

IVSX costs $75.00 a year on $10,000. The median International Active Equity fund costs $59.00.

Other funds in International Active Equity

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