IVSSvsFESMETF Comparison
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Applied Finance IVS US SMID ETF (IVSS) belongs to the US Multi-Factor segment. Fidelity Enhanced Small Cap ETF (FESM) is part of the US Small Cap segment. IVSS's top 3 sector exposures are Finance, Technology and Healthcare. In contrast, FESM's top sector exposures are Finance, Healthcare and Technology. IVSS is more expensive with a Total Expense Ratio (TER) of 0.59%, versus 0.28% for FESM. IVSS is up 20.71% year-to-date (YTD) with +$20M in YTD flows. FESM performs better with 21.85% YTD performance, and +$2.56B in YTD flows. Run a side-by-side ETF comparison of IVSS and FESM 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 FESM 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 FESM | +5.63%+1.17% | -0.08%-2.73% | +20.71%+21.85% | n/a+22.09% | n/an/a | n/an/a |
| Flows | IVSS FESM | +$2M+$284M | +$2M+$923M | +$20M+$2.56B | -+$2.98B | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | IVSS FESM | +11.76%+13.67% | n/a+18.16% | n/an/a | n/an/a |
| Max drawdown | IVSS FESM | -8.58%-9.37% | n/a-10.11% | n/an/a | n/an/a |
| Max drawdown duration | IVSS FESM | 83d72d | n/a81d | n/an/a | n/an/a |
Trading data
IVSS | FESM | |
Last sale 10/28/2026 at 1:30 PM | $30.28 | $45.88 |
| Previous close 10/27/2026 | $30.40 | $45.67 |
| 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 | FESM | |
|---|---|---|
| Last price | $30.28 | $45.88 |
| 1D performance | -0.38% | +0.46% |
| AuM | $29.65 M | $6.73 B |
| E/R | 0.59% | 0.28% |
Characteristics
IVSS | FESM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Applied Finance | Fidelity |
| Benchmark | - | - |
| N° of holdings | 357 | 794 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 3, 2025 | November 20, 2023 |
| ESG | No | No |
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Exposure
Countries
IVSS
USA
90.68%
Other
9.32%
FESM
USA
96.11%
Other
3.89%
Sectors
IVSS
Finance
19.49%
Technology
17.02%
Healthcare
13.02%
Industrials
9.48%
Energy
8.83%
Other
32.15%
FESM
Finance
22.73%
Healthcare
21.4%
Technology
17.24%
Industrials
11.07%
Other
27.55%
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Diversification
IVSS
Total weight of top 15 holdings out of 15
20.58%
FESM
Total weight of top 15 holdings out of 15
9.91%
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%
FESM
Commercial Metals Co.
0.77%
Installed Building Products, Inc.
0.71%
Oscar Health, Inc.
0.71%
Tenable Holdings, Inc.
0.70%
Option Care Health, Inc.
0.68%
Plexus Corp.
0.66%
HealthEquity, Inc.
0.65%
Tutor Perini Corp.
0.65%
Kodiak Gas Services, Inc.
0.64%
Griffon Corp.
0.64%
Glaukos Corp.
0.63%
EnerSys
0.63%
OUTFRONT Media, Inc.
0.62%
Phillips Edison & Co., Inc.
0.62%
Balchem Corp.
0.60%
Frequently asked questions about IVSS and FESM
How have the IVSS and FESM ETFs performed in 2026?
As of October 26, 2026, IVSS is up 20.71% year-to-date (YTD), while FESM has returned 21.85%. That puts FESM better performer ahead so far this year.
Which ETF is attracting more investor money: IVSS or FESM?
Year-to-date, the IVSS ETF saw +$20M in flows, compared to +$2.56B for FESM.
Which ETF is bigger: IVSS or FESM?
As of October 26, 2026, IVSS holds $29.65 M in assets under management (AUM), while FESM manages $6.73 B.
What sectors do the IVSS and FESM ETFs invest in?
IVSS leans toward sectors like Finance, Technology and Healthcare. Meanwhile, FESM focuses on Finance, Healthcare and Technology.
What are the top holdings of the IVSS ETF and FESM ETF?
IVSS top holdings include Dave, Inc., InterDigital, Inc. and PJT Partners, Inc.. FESM holds in its top three: Commercial Metals Co., Installed Building Products, Inc. and Oscar Health, Inc..
Which ETF is more diversified: IVSS or FESM?
IVSS holds 357 securities with 20.58% of its assets in the top 15. FESM has 795 securities and a top 15 weight of 9.91%.
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Latest news about IVSS & FESM
Key Takeaways from the 2024 Trackinsight Global ETF Survey: Active ETFs
February 16, 2024
FESM
Fidelity Continues Trend of Mutual Fund Conversions to ETFs
November 27, 2023
FESM
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