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. Both ETFs have the same top 3 sector exposures: Finance, Technology and Healthcare. IVSS is more expensive with a Total Expense Ratio (TER) of 0.59%, versus 0.28% for FESM. IVSS is up 20.81% year-to-date (YTD) with +$19M in YTD flows. FESM performs better with 25.34% YTD performance, and +$1.68B 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 07/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | IVSS FESM | +2.69%-1.59% | +8.31%+11.04% | +20.81%+25.34% | n/a+43.36% | n/an/a | n/an/a |
| Flows | IVSS FESM | +$757K+$32M | +$3M+$736M | +$19M+$1.68B | -+$2.71B | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | IVSS FESM | +12.54%+18.43% | n/a+19.37% | n/an/a | n/an/a |
| Max drawdown | IVSS FESM | -3.51%-4.69% | n/a-10.11% | n/an/a | n/an/a |
| Max drawdown duration | IVSS FESM | 19d16d | n/a81d | n/an/a | n/an/a |
Trading data
IVSS | FESM | |
Last sale 7/29/2026 at 3:21 PM | $30.63 | $46.93 |
| Previous close 07/28/2026 | $30.71 | $47.11 |
| Consolidated volume 07/28/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 7/29/2026 at 3:21 PM
Live
Closed
IVSS | FESM | |
|---|---|---|
| Last price | $30.63 | $46.93 |
| 1D performance | -0.27% | -0.38% |
| AuM | $28.15 M | $6.05 B |
| E/R | 0.59% | 0.28% |
Characteristics
IVSS | FESM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Applied Finance | Fidelity |
| Benchmark | - | - |
| N° of holdings | 361 | 655 |
| 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
92.96%
Other
7.04%
FESM
USA
96.65%
Other
3.35%
Sectors
IVSS
Finance
18.87%
Technology
17.26%
Healthcare
14.15%
Industrials
12.54%
Energy
7.26%
Other
29.91%
FESM
Finance
21.69%
Technology
19.76%
Healthcare
17.83%
Industrials
13.24%
Other
27.48%
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Diversification
IVSS
Total weight of top 15 holdings out of 15
22.94%
FESM
Total weight of top 15 holdings out of 15
11.5%
Top 15 holdings
Data as of June 30, 2026
IVSS
Sterling Infrastructure, Inc.
2.87%
Sezzle, Inc.
2.09%
Dave, Inc.
1.87%
BrightSpring Health Services, Inc.
1.64%
Nextpower, Inc.
1.63%
HealthEquity, Inc.
1.50%
InterDigital, Inc.
1.50%
PJT Partners, Inc.
1.41%
Mercury General Corp.
1.31%
Lantheus Holdings, Inc.
1.25%
Otter Tail Corp.
1.23%
Amneal Pharmaceuticals, Inc.
1.18%
ACI Worldwide, Inc.
1.18%
Southwest Gas Holdings, Inc.
1.14%
Tanger, Inc.
1.13%
FESM
Guardant Health, Inc.
1.19%
ACM Research, Inc.
0.82%
Kulicke & Soffa Industries, Inc.
0.80%
MaxLinear, Inc.
0.79%
Kodiak Gas Services, Inc.
0.79%
EnerSys
0.76%
StoneX Group, Inc.
0.76%
Plexus Corp.
0.75%
Commercial Metals Co.
0.72%
Extreme Networks, Inc.
0.70%
HealthEquity, Inc.
0.70%
Tenable Holdings, Inc.
0.69%
Axsome Therapeutics, Inc.
0.68%
Lumen Technologies, Inc. (Louisiana)
0.68%
Glacier Bancorp, Inc.
0.67%
Frequently asked questions about IVSS and FESM
How have the IVSS and FESM ETFs performed in 2026?
As of July 27, 2026, IVSS is up 20.81% year-to-date (YTD), while FESM has returned 25.34%. 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 +$19M in flows, compared to +$1.68B for FESM.
Which ETF is bigger: IVSS or FESM?
As of July 27, 2026, IVSS holds $28.15 M in assets under management (AUM), while FESM manages $6.05 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, Technology and Healthcare.
What are the top holdings of the IVSS ETF and FESM ETF?
IVSS top holdings include Sterling Infrastructure, Inc., Sezzle, Inc. and Dave, Inc.. FESM holds in its top three: Guardant Health, Inc., ACM Research, Inc. and Kulicke & Soffa Industries, Inc..
Which ETF is more diversified: IVSS or FESM?
IVSS holds 362 securities with 22.94% of its assets in the top 15. FESM has 656 securities and a top 15 weight of 11.5%.
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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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