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DFMC vs IVSS

U.S. Micro Cap Portfolio ETF

DFMCANYSE Arca

Applied Finance IVS US SMID ETF

IVSSCNasdaq

Overlap

Expense ratio

DFMC −0.16pt a year

DFMC0.43%IVSS0.59%

Avg volume · 30D

DFMC 6.7×the volume

DFMC26.2KIVSS3.91K

DFMC vs IVSS Performance

Jul 31, 2026 – Oct 30, 2026

−2.5%DFMC+0.4%IVSS

Jul 31, 2026 to Oct 30, 2026. DFMC −2.5%. IVSS +0.4%. Use the arrow keys to read each point.−6%−4%2%4%Jul 2026Sep 2026Oct 2026
Expense ratio
DFMC 0.43%, better
IVSS 0.59%
Fund size
DFMC $7.6B
IVSS $31M
Holdings
DFMC 1734
IVSS 356
Avg volume (30D)
DFMC 26.2K sh, better
IVSS 3.91K sh
NAV per share
DFMC $58.34
IVSS $30.67
52W range

ETF.net Grade

DFMC: Cost 68, Risk 80, Mission not scored, Tradability 70, Holdings 93, Durability 99. IVSS: Cost 47, Risk 76, Mission not scored, Tradability 34, Holdings 73, Durability 43.
Pillar letters and Scores for DFMC, IVSS, with each pillar’s weight
PillarDFMCIVSS
Cost30% weightB68HigherC47
Mission25% weightNot scoredNot scored
Risk15% weightA80HigherA76
Tradability15% weightA70HigherD34
Holdings10% weightA93HigherA73
Durability5% weightA99HigherC43

Rank among US Active Small/Mid-Cap funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DFMC and IVSS are both graded against the same 47 US Active Small/Mid-Cap funds, so their Grades compare head to head.

US Active Small/Mid-Cap⁠

Category · 47 funds
See all 47 ›

DFMC ranks 3rd and IVSS 21st of 47 funds in the US Active Small/Mid-Cap Category.

  1. Rank 1AAVMCAvantis U.S. Mid Cap Equity ETFScore 89
  2. Rank 2AFEMVFidelity Enhanced Mid Cap Value ETFScore 79
  3. Rank 3ADFMCU.S. Micro Cap Portfolio ETFScore 76
  4. Rank 4AJMEEJPMorgan Small & Mid Cap Enhanced Equity ETFScore 72
  5. Rank 20CDSMCDistillate Small/Mid Cash Flow ETFScore 54
  6. Rank 21CIVSSApplied Finance IVS US SMID ETFScore 53
  7. Rank 22CMSSMMorgan Stanley Pathway Small-Mid Cap Equity ETFScore 51

Our read on each fund

ETF.net Research

DFMCAU.S. Micro Cap Portfolio ETF

IVSSCApplied Finance IVS US SMID ETF

In short

DFMC Dimensional's micro-cap workhorse: a systematic sweep of the smallest US listed companies, a strategy dating to 1981, now in an ETF wrapper. Not an index tracker, and it charges less than the typical active US equity 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

DFMC The Portfolio seeks long-term capital appreciation.

IVSS The Fund seeks long-term capital appreciation.

Why people hold it

  • DFMC Charges 0.43% a year, well under the median for active US equity funds, so the fee takes a smaller bite out of a hard-to-reach corner of the market.
  • The strategy dates to 1981 and now runs as a multi-billion-dollar portfolio: an unusually long run for anything pointed at micro caps.
  • Systematic rather than index-bound. Dimensional sifts the small end of the US market by its own rules instead of copying a published micro-cap benchmark.dimensional.com
  • One of the stronger implementations among the active US equity funds we grade, with risk control and portfolio construction the standout pieces.
  • 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

  • DFMC Thinly traded next to the big index names, so the cost of getting in and out can matter as much as the expense ratio, especially for larger orders.
  • It costs more than Dimensional's broad-market siblings, DFAU at 0.12% and DFAC at 0.17%, which own far bigger, more liquid companies.
  • Micro caps are the choppy end of the US market, and owning them is the entire job here. The mandate is long-term capital appreciation, not income.
  • 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 DFMC profile⁠

Full IVSS profile⁠

DFMC vs IVSS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFMC vs IVSS Cost

Overpaying IVSS vs DFMC

$2,973

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DFMC 0.43%

    $8,662

  • IVSS 0.59%

    $11,635

$10,000
30 years

Cost over time

  • DFMC 0.43%
  • IVSS 0.59%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530IVSS $11,635DFMC $8,662

Year by year

YearDFMCIVSSOverpaying
10$776$1,058$282
20$2,994$4,051$1,057
30$8,662$11,635$2,973

Expense ratio

  • 0.43%DFMC, cheaper
  • 0.59%IVSS
  • Middle half of US Active Small/Mid-Cap funds
  • Median 0.55%

DFMC 15th cheapest of 47 funds

IVSS 25th cheapest of 47 funds

DFMC vs IVSS Dividends

Last 12 months to Oct 30, 2026
Last payment
DFMC $0.15
IVSS $0.02
Ex-dividend
DFMC Sep 29, 2026
IVSS Dec 24, 2025
Paid on
DFMC Oct 1, 2026
IVSS Dec 26, 2025
Frequency
DFMC Quarterly
IVSS Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

DFMCQuarterly · 2 paymentsAll DFMC payments⁠
One bar per payment. 2 payments from 2025 to 2026 YTD. Jun 29, 2026 $0.13; Sep 29, 2026 $0.15. Use the arrow keys to read each point.$0$0.102026YTD
IVSSIrregular · 1 paymentAll IVSS payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 24, 2025 $0.02. Use the arrow keys to read each point.$0$0.102026YTD

DFMC vs IVSS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

Market sensitivityBeta, 5 years
DFMC 0.53IVSS 0.52

DFMC and IVSS in the news

All news⁠

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