ETF Evaluator:
Applied Finance IVS US SMID ETF ()
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(as of Aug 26)
Best Performing in Mid-Cap Blend Over the Last Year
| 58.8% | Castellan Targeted Equity ETF (CTEF) |
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| 40.8% | Optimize Strategy Index ETF (OPTZ) |
| 37.3% | Tema U.S. Manufacturing & Reshoring ETF (WELD) |
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ETF Details
Applied Finance IVS US SMID ETF Overview
Applied Finance IVS US SMID ETF (IVSS) is an actively managed U.S. Equity Mid-Cap Blend exchange-traded fund (ETF). Applied Finance launched the ETF in 2025.
The investment seeks long term capital appreciation.
Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities of U.S. small to mid (“SMID”) capitalization companies. The fund is actively managed and does not seek to replicate an index. The Adviser anticipates generally holding at least 150 different positions in the fund’s portfolio. The fund is non-diversified.
About Applied Finance IVS US SMID ETF (IVSS)
There are 4 members of the management team with an average tenure of 0.66 years: Paul Blinn (2025), Rafael Resendes (2025), Andrew Hicks (2025) and Qiao Duan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Applied Finance IVS US SMID ETF has 357 securities in its portfolio. The top 10 holdings constitute 16.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Applied Finance IVS US SMID ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Applied Finance IVS US SMID ETF has 2.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.5% There is 2.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Applied Finance IVS US SMID ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $28 million in total assets, which is below the $4 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IVSS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Applied Finance IVS US SMID ETF expense ratio is average compared to funds in the Mid-Cap Blend category. Applied Finance IVS US SMID ETF has an expense ratio of 0.59%, which is 31% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Applied Finance IVS US SMID ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around / 25.0 years. By way of comparison, the average portfolio turnover is 84% for the Mid-Cap Blend category.
Recently, in the month of July 2026, Applied Finance IVS US SMID ETF returned 1.5%, which earned it a grade of B, as the Mid-Cap Blend category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Applied Finance IVS US SMID ETF has a trailing yield of 0.00%, which is below the 0.85% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Applied Finance IVS US SMID ETF Grades
Year to date, the ETF has returned 20.4%, 6.4 percentage points better than the category, which translates into a grade of A.
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IVSS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IVSS Return (NAV) | 1.5% | 8.6% | na | na | na | na |
| IVSS Return (Price) | 1.4% | 8.5% | na | na | na | na |
| NAV +/- Price Return | 0.047% | 0.086% | na | na | na | na |
| Mid-Cap Blend Avg | -1.6% | 4.4% | 20.8% | 14.8% | 8.8% | 11.6% |
| IVSS Grade (NAV) | B | A | na | na | na | na |
| +/- Category (NAV) | 3.1% | 4.3% | na | na | na | na |
| IVSS Tax-Cost Ratio | na | na | na | na | na | na |
IVSS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IVSS Return (NAV) | 20.4% | na | na | na | na | na | na | na | na | na | na |
| IVSS Return (Price) | 20.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.004% | na | na | na | na | na | na | na | na | na | na |
| Mid-Cap Blend Avg | 14.0% | 10.6% | 16.1% | 16.9% | -14.4% | 23.3% | 15.6% | 27.4% | -9.1% | 19.1% | 14.8% |
| IVSS Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 6.4% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 28 Mil |
| Share Class Assets: | $ 28 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.59% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Blinn Paul (2025), Resendes Rafael (2025), Hicks Andrew (2025), Duan Qiao (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 357 |
| % in Top 10 Holdings: | 16.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.5% |
Portfolio Allocation |
|
| Domestic Stock: | 97.5% |
| Foreign Stock: | 2.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Applied Finance |
| Phone Number: | 833-356-0909 |
| Website: | |
| Inception Date: | December 3, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.45% |
