AVMC vs IVSS

AVMCAAvantis U.S. Mid Cap Equity ETF

IVSSCApplied Finance IVS US SMID ETF

In short

AVMC The forgotten middle of the US market, run the Avantis way: roughly 600 mid-cap names tilted toward cheaper stocks with stronger profits, at 0.18% a year. Systematic active management priced like an index fund.

IVSS Most 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

AVMC Seeks long-term capital appreciation through a broad portfolio of U.S. mid-cap companies, emphasizing securities with lower valuations and higher profitability ratios.

IVSS The Fund seeks long-term capital appreciation.

Why people hold it

• AVMC 0.18% a year, against a 0.65% median for active US equity funds. Index-fund pricing on an active mandate.
• Spreads the value-and-profitability tilt across roughly 600 mid-caps, so it leans on the screen rather than a handful of concentrated picks.avantisinvestors.com
• One of the strongest implementations in our active US equity group, sitting with large-cap sibling AVLC and the Dimensional core funds.
• Pure mid-cap exposure with a quarterly distribution, filling the gap most portfolios leave between mega-caps and small caps.

• IVSS Value 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
• 0.59% for genuine active stock picking, below the median fee in the active US equity crowd.
• The 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
• SMID is where analyst coverage thins out, which is the terrain a valuation model is built to comb through.appliedfinance.com

Worth knowing

• AVMC Trades lighter than the giant index ETFs, which can mean wider bid-ask spreads at the moment you transact.
• Launched in 2023, so the live record is short. There's no published index behind it either: outcomes come from Avantis' own valuation and profitability rules.
• All mid-cap, no mega-cap ballast, plus a tilt away from expensive names. Both can put it out of step with a market led by the largest growth stocks.

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

Full AVMC profile⁠

Full IVSS profile⁠