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FEMV vs IVSS

Fidelity Enhanced Mid Cap Value ETF

FEMVANYSE Arca

Applied Finance IVS US SMID ETF

IVSSCNasdaq

Overlap

Expense ratio

FEMV −0.36pt a year

FEMV0.23%IVSS0.59%

Avg volume · 30D

IVSS 2.6×the volume

FEMV1.5KIVSS3.91K

FEMV vs IVSS Performance

Jul 31, 2026 – Oct 30, 2026

+1.9%FEMV+0.4%IVSS

Jul 31, 2026 to Oct 30, 2026. FEMV +1.9%. IVSS +0.4%. Use the arrow keys to read each point.−6%−4%−2%4%Jul 2026Sep 2026Oct 2026
Expense ratio
FEMV 0.23%, better
IVSS 0.59%
Fund size
FEMV $7M
IVSS $31M
Holdings
FEMV 270
IVSS 356
Avg volume (30D)
FEMV 1.5K sh
IVSS 3.91K sh, better
NAV per share
FEMV $27.59
IVSS $30.67
52W range

ETF.net Grade

FEMV: Cost 97, Risk 93, Mission not scored, Tradability 47, Holdings 82, Durability 35. IVSS: Cost 47, Risk 76, Mission not scored, Tradability 34, Holdings 73, Durability 43.
Pillar letters and Scores for FEMV, IVSS, with each pillar’s weight
PillarFEMVIVSS
Cost30% weightA97HigherC47
Mission25% weightNot scoredNot scored
Risk15% weightA93HigherA76
Tradability15% weightC47HigherD34
Holdings10% weightA82HigherA73
Durability5% weightD35C43Higher

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. FEMV 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 ›

FEMV ranks 2nd 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 20CDSMCDistillate Small/Mid Cash Flow ETFScore 54
  5. Rank 21CIVSSApplied Finance IVS US SMID ETFScore 53
  6. Rank 22CMSSMMorgan Stanley Pathway Small-Mid Cap Equity ETFScore 51

Our read on each fund

ETF.net Research

FEMVAFidelity Enhanced Mid Cap Value ETF

IVSSCApplied Finance IVS US SMID ETF

In short

FEMV Active mid-cap value, priced like an index fund. FEMV hunts capital appreciation in the Russell Midcap Value corner of the US market for 0.23% a year, a fraction of the typical active US equity ETF fee.

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

FEMV The fund seeks capital appreciation and targets the U.S. mid-cap value segment of the equity market.

IVSS The Fund seeks long-term capital appreciation.

Why people hold it

  • FEMV 0.23% a year, well under the going rate for active US equity ETFs. At that price, cost stops being the argument against going active.
  • The mandate is stated plainly: US mid-cap value, measured against the Russell Midcap Value index, aiming at capital appreciation. Little guesswork about what you own.fidelity.com
  • The portfolio mix and risk profile screen well against other active US stock ETFs, with no leverage, derivatives quirks or unusual wrapper features flagged in the structure.
  • Part of Fidelity's Enhanced lineup, whose large-cap sibling FELC (0.18%) ranks among the strongest active US equity funds in the peer group.
  • 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

  • FEMV Launched in 2026, so there is no long record to lean on and the risk read rests on a short history.
  • A small asset base and thin trading volume are the trade-off for being early. Spreads can run wider than at a mega-fund, especially in fast markets.
  • Distributions land once or twice a year, not monthly. This is a growth-of-capital mandate, not an income schedule.
  • 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 FEMV profile⁠

Full IVSS profile⁠

FEMV 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.

FEMV vs IVSS Cost

Overpaying IVSS vs FEMV

$6,876

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

  • FEMV 0.23%

    $4,759

  • IVSS 0.59%

    $11,635

$10,000
30 years

Cost over time

  • FEMV 0.23%
  • 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 $11,635FEMV $4,759

Year by year

YearFEMVIVSSOverpaying
10$419$1,058$639
20$1,630$4,051$2,421
30$4,759$11,635$6,876

Expense ratio

  • 0.23%FEMV, cheaper
  • 0.59%IVSS
  • Middle half of US Active Small/Mid-Cap funds
  • Median 0.55%

FEMV 2nd cheapest of 47 funds

IVSS 25th cheapest of 47 funds

FEMV vs IVSS Dividends

Last 12 months to Oct 30, 2026
Last payment
FEMV $0.09
IVSS $0.02
Ex-dividend
FEMV Sep 18, 2026
IVSS Dec 24, 2025
Paid on
FEMV Sep 22, 2026
IVSS Dec 26, 2025
Frequency
FEMV Quarterly
IVSS Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

FEMVQuarterly · 2 paymentsAll FEMV payments⁠
One bar per payment. 2 payments from 2025 to 2026 YTD. Jun 18, 2026 $0.07; Sep 18, 2026 $0.09. 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

FEMV vs IVSS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

Market sensitivityBeta, 5 years
FEMV −0.05IVSS 0.52

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