The IVSS ETF is an actively managed ETF that invests mainly in U.S. small and mid-cap listed companies and seeks long-term capital growth. Instead of tracking an index, it uses a selection process centered on proprietary intrinsic value, evaluating a company's profitability, competitive environment, growth prospects, cost of capital, and capital allocation together.

It suits investors who want diversified long-term exposure to U.S. small and mid-cap stocks and who can accept the manager's stock-selection judgment rather than an index-tracking approach.

It is an ETF run with an active (actively managed) approach by Applied Finance.

This product selects its investments from U.S. small and mid-cap stocks by reviewing profitability, competitiveness, growth prospects, cost of capital, and capital allocation together. Position weights are adjusted according to management judgment, and exposure to particular issuers or sectors can become large, so the path of performance and risk may differ from that of index-tracking ETFs.

• Company-by-company intrinsic value assessment instead of index replication
• Active selection centered on U.S. small and mid-cap stocks

Assets under management (AUM) stand at $30.4M, and the total expense ratio is 0.59% per year.

The IVSS ETF can be bought and sold on an exchange at market price, and the market price may differ from the net asset value. Investors should also check how much of a track record has accumulated and what trading conditions look like before investing.

The performance of the IVSS ETF can vary significantly depending on earnings outlooks for small and mid-sized companies, expectations for economic activity, and interest rate and liquidity conditions. Small and mid-cap stocks can move more sharply or erratically than large caps, and investors should also consider the possibility that valuation-based selection results will diverge from the market's leading trends.

For this product, fund flows and changes in trading volume can affect trading conditions. During periods of market volatility, trading conditions can weaken along with the liquidity of the underlying holdings, and the gap between market price and net asset value may widen. Investors who trade frequently should check bid-ask spreads and transaction costs.

Its hallmark is value-centered active selection, but investors should also weigh small and mid-cap volatility, management judgment risk, and cost burden.

Among the products in the table, the VIG ETF represents a dividend growth orientation, the SCHD ETF represents dividend-focused selection, and the VYM ETF represents exposure to U.S. stocks with high dividend tendencies. The DFAC ETF is closer to a broad U.S. equity core approach, and the RDVY ETF targets dividend-growing companies. The IVSS ETF, by contrast, is an active approach that selects U.S. small and mid-cap stocks using proprietary intrinsic value assessments, so when comparing it with these ETFs, investors should also examine differences in investment scope, management approach, and fee burden. Information on products outside the comparison table that could directly replace the same investment objective is limited, so no additional alternatives are listed.

Before approaching the IVSS ETF, investors should check its selection structure, which differs from index-tracking products, the volatility of U.S. small and mid-cap stocks, and the possibility of a gap between market price and net asset value. They should also confirm that the distribution policy, total expense ratio, and trading conditions when buying and selling fit their investment goals.

The IVSS ETF can be influenced more heavily by the manager's value judgments and stock-selection results than index-tracking products. The volatility typical of small and mid-cap stocks, exposure to particular issuers or sectors, and gaps between market price and net asset value can raise the possibility of short-term losses.

The IVSS ETF can be a candidate for review by investors who want to approach U.S. small and mid-cap stocks through a value-centered active strategy. However, because management judgment, cost burden, and trading conditions have a greater influence than with index-tracking products, it is appropriate to decide in line with your long-term investment goals and risk tolerance.