AVDE vs IVSX

AVDEAAvantis International Equity ETF

IVSXDApplied Finance IVS International SMID ETF

In short

AVDE Active management at almost-index prices: Avantis runs roughly 3,300 developed-market stocks outside the US without tracking a benchmark, for 0.23% a year. One of the strongest implementations in its active international peer group.

IVSX Applied 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

AVDE Invests in a broad range of stocks of all sizes across non-U.S. developed countries, with active portfolio management rather than replication of a specified index.

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

Why people hold it

• AVDE 0.23% a year, well under half the typical fee in its active international peer group. Active management usually costs more than this.
• Index-like breadth without an index: about 3,300 stocks of all sizes across non-US developed countries, chosen by managers rather than copied from a benchmark.avantisinvestors.com
• A multi-billion-dollar fund that trades actively, so getting in and out tends to be cheap and easy. It pays out quarterly.
• Sits at the top of a crowded field alongside rivals like DFIC and JIRE, priced within a basis point or two of both.

• IVSX Built 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
• The 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.
• Ordinary 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

• AVDE Developed markets only. Emerging markets are a separate purchase if you want them.
• No index to grade the manager against, so results come down to Avantis's own portfolio calls rather than a published benchmark.
• It is all-equity and all-foreign: stock market swings plus currency moves both show up in the price.

• IVSX The 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.
• It started trading in 2026, so there is little live history behind the process in this sleeve, and risk readings rest on a short record.
• A 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.

Full AVDE profile⁠

Full IVSX profile⁠