IVSSvsAFSMETF Comparison
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Applied Finance IVS US SMID ETF (IVSS) and First Trust Active Factor Small Cap ETF (AFSM) belong to the same industry segment: US Multi-Factor. IVSS's top 3 sector exposures are Finance, Technology and Healthcare. In contrast, AFSM's top sector exposures are Finance, Healthcare and Technology. IVSS is less expensive with a Total Expense Ratio (TER) of 0.59%, versus 0.75% for AFSM. IVSS is up 20.71% year-to-date (YTD) with +$20M in YTD flows. AFSM performs better with 21.93% YTD performance, and +$51M in YTD flows. Run a side-by-side ETF comparison of IVSS and AFSM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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IVSS vs AFSM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/26/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | IVSS AFSM | +5.63%+0.98% | -0.08%+0.24% | +20.71%+21.93% | n/a+22.41% | n/a+81.41% | n/a+56.75% |
| Flows | IVSS AFSM | +$2M+$4M | +$2M+$14M | +$20M+$51M | -+$71M | -+$110M | -+$111M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | IVSS AFSM | +11.76%+12.97% | n/a+17.04% | n/a+19.50% | n/a+20.92% |
| Max drawdown | IVSS AFSM | -8.58%-5.90% | n/a-9.36% | n/a-24.90% | n/a-28.44% |
| Max drawdown duration | IVSS AFSM | 83d72d | n/a46d | n/a303d | n/a815d |
Trading data
IVSS | AFSM | |
Last sale 10/28/2026 at 1:30 PM | $30.28 | $39.99 |
| Previous close 10/27/2026 | $30.40 | $39.89 |
| Consolidated volume 10/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/28/2026 at 1:30 PM
Live
Closed
IVSS | AFSM | |
|---|---|---|
| Last price | $30.28 | $39.99 |
| 1D performance | -0.38% | +0.24% |
| AuM | $29.65 M | $133.72 M |
| E/R | 0.59% | 0.75% |
Characteristics
IVSS | AFSM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Applied Finance | First Trust |
| Benchmark | - | - |
| N° of holdings | 357 | 316 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 3, 2025 | December 3, 2019 |
| ESG | No | No |
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Exposure
Countries
IVSS
USA
90.68%
Other
9.32%
AFSM
USA
89.81%
Other
10.19%
Sectors
IVSS
Finance
19.49%
Technology
17.02%
Healthcare
13.02%
Industrials
9.48%
Energy
8.83%
Other
32.15%
AFSM
Finance
21.66%
Healthcare
20.86%
Technology
16.52%
Industrials
8.35%
Energy
8.13%
Other
24.48%
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Diversification
IVSS
Total weight of top 15 holdings out of 15
20.58%
AFSM
Total weight of top 15 holdings out of 15
11.89%
Top 15 holdings
Data as of August 31, 2026
IVSS
Dave, Inc.
1.78%
InterDigital, Inc.
1.75%
PJT Partners, Inc.
1.67%
HealthEquity, Inc.
1.59%
Sterling Infrastructure, Inc.
1.59%
Sezzle, Inc.
1.46%
BrightSpring Health Services, Inc.
1.36%
Mercury General Corp.
1.24%
ACI Worldwide, Inc.
1.24%
Otter Tail Corp.
1.22%
Amneal Pharmaceuticals, Inc.
1.18%
Coeur Mining, Inc.
1.13%
Lantheus Holdings, Inc.
1.13%
Southwest Gas Holdings, Inc.
1.12%
Qualys, Inc.
1.12%
AFSM
Par Pacific Holdings, Inc.
1.21%
Eton Pharmaceuticals, Inc.
0.96%
National HealthCare Corp.
0.93%
Matson, Inc.
0.86%
Abercrombie & Fitch Co.
0.81%
TrustCo Bank Corp. NY
0.76%
Protagonist Therapeutics, Inc.
0.75%
Kiniksa Pharmaceuticals International Plc
0.75%
Teekay Tankers Ltd.
0.73%
Seneca Foods Corp.
0.72%
Heritage Insurance Holdings, Inc.
0.71%
Interface, Inc.
0.69%
Ames National Corp.
0.68%
Halozyme Therapeutics, Inc.
0.67%
Krystal Biotech, Inc.
0.66%
Frequently asked questions about IVSS and AFSM
How have the IVSS and AFSM ETFs performed in 2026?
As of October 26, 2026, IVSS is up 20.71% year-to-date (YTD), while AFSM has returned 21.93%. That puts AFSM better performer ahead so far this year.
Which ETF is attracting more investor money: IVSS or AFSM?
Year-to-date, the IVSS ETF saw +$20M in flows, compared to +$51M for AFSM.
Which ETF is bigger: IVSS or AFSM?
As of October 26, 2026, IVSS holds $29.65 M in assets under management (AUM), while AFSM manages $133.72 M.
What sectors do the IVSS and AFSM ETFs invest in?
IVSS leans toward sectors like Finance, Technology and Healthcare. Meanwhile, AFSM focuses on Finance, Healthcare and Technology.
What are the top holdings of the IVSS ETF and AFSM ETF?
IVSS top holdings include Dave, Inc., InterDigital, Inc. and PJT Partners, Inc.. AFSM holds in its top three: Par Pacific Holdings, Inc., Eton Pharmaceuticals, Inc. and National HealthCare Corp..
Which ETF is more diversified: IVSS or AFSM?
IVSS holds 357 securities with 20.58% of its assets in the top 15. AFSM has 317 securities and a top 15 weight of 11.89%.
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