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IVSX

GradeDNASDAQ Global Market

Applied Finance IVS International SMID ETF

Active Equity · Applied Finance · Inception 2026-02-19

$25.82−0.43 (−1.64%)

As of Sep 23, 2026, 10:26 AM EDT

History starts Feb 20, 2026.History starts Feb 20, 2026.
Intraday session: down, 5 prints from 26.25 to 25.82. Range 25.82 to 25.93. Use the arrow keys to read each point.$25.85$25.88$25.90$25.9310 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$5M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$26.05
52W range
low $22.42high $26.56

The ETF.net IVSX Grade

D

26/ 100

Rank 51 of 57 in International Active Equity⁠

Confidence Medium

Six-pillar profile for IVSX. Scores out of 100: Cost 33, Risk 34, Mission not scored, Tradability 6, Holdings not scored, Durability 25. Strongest: Risk (34). Weakest: Tradability (6). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 26 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned26This cap took−0Published score26 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 33
    Category rank39/57 · 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.
    DScore 34
    Category rank44/57 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 6
    Category rank56/57 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 25
    Category rank55/57 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

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 Sep 20, 2026, 8:42 AM
Asset class
Stocks
Holdings
—
Top-10 weight
17%
Largest holding
Leopalace21 Corporation2.8%

Geography

  • United States66.02%
  • Switzerland8.53%
  • United Kingdom6.35%
  • France5.69%
  • Canada4.13%
  • Jersey2.58%
  • Argentina1.64%
  • Israel1.60%
  • Other countries (4)3.47%
The fund’s holdings, weight-ordered — page 1 of 17.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Leopalace21 Corporation2.80%20,391$139K1
002—RELO GROUP INC2.33%7,965$115K1
003SQN.SWSWISSQUOTE GROUP HOLDING SA1.92%2,040$95K57
004—U.S. Bank Money Market Deposit Account1.67%82,405$82K3
005—TEMENOS GROUP AG-REG1.64%999$81K1
006—IONOS SE1.63%2,058$81K1
007IGITALGAS SPA1.44%7,374$71K11
008—LOTTOMATICA GROUP SPA1.39%2,167$69K1
009—WALLENIUS WILHELMSEN ASA1.30%3,306$64K3
010—DIPLOMA PLC1.22%619$61K1
011PRUPerseus Mining Limited1.20%13,030$59K338
012PLXPLUXEE FRANCE SA /EUR/1.20%3,421$59K41
013—STARTS CORP INC1.17%1,889$58K1
014—Sumitomo Chemical Co. Ltd.1.13%14,634$56K1
015AFAIR FRANCE-KLM1.10%4,124$54K9

Showing 1–15 of 251 holdings

IVSX Performance

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

IVSX$10,706
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. IVSX $10,706. SPY $10,415. Use the arrow keys to read each point.$9,719$10,253$10,787Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – 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 IVSX. Periods over one year show the average yearly return.
PeriodIVSX
Year to dateFund launched this year—
1 month+1.0%
3 months+7.1%
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 IVSX
YearReturn barIVSX
2026 YTD+3.8%

History from Feb 20, 2026

IVSX in the news

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

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 Sep 22, 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.
0.74
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 0.58%

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 $58.00.