Applied Finance IVS US SMID ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About IVSS

Undernormal circumstances, the Fund will invest at least 80% of its net assets in equity securities of US small to mid (“SMID”)capitalization companies. The Fund defines SMID cap companies as companies with market capitalizations less than $15 billion,measured at the time of purchase. In choosing investments, the Adviser typically selects SMID cap equity securities that it believesoffer superior return potential and may consider, among other factors, a company’s valuation, projected future earnings,dividends, financing activity, growth potential, recent performance, and business strategy. To select securities for the Fund,the Adviser utilizes its proprietary research and valuation models that employ the factors described above to identify appropriatesecurities for the Fund. TheAdvisor incorporates its Intrinsic Value Stewardship (“IVS”) analytical model as part of its investment process tounderstand a company’s attractiveness for possible investment. Intrinsic Value is derived from the Adviser’s proprietaryvaluation process that considers, among other factors, a company’s profitability, competition, growth rate and cost of capital.Stewardship reflects how a firm utilizes its capital and considers, among other factors, a company’s profitability, costof capital, and financing activities. TheFund is actively managed and does not seek to replicate an index. The Adviser anticipates generally holding at least 150 differentpositions in the Fund’s portfolio. Although the Fund generally holds at least 150 different positions across a broad spectrumof sectors, it may at times take larger positions (greater than 5%) in certain holdings and/or sectors when its research and valuationmodels indicate that such investments are appropriate. As a result, the Fund will operate as a “non-diversified” fund,which means it can invest in fewer securities at any one time than a diversified fund. TheFund may also invest in convertible securities, preferred stocks, rights and warrants, real estate investment trusts (“REITs”)and American depositary receipts (“ADRs”). TheAdviser will typically sell a company from the Fund’s portfolio when the Adviser believes it no longer offers superior investmentpotential. The Adviser may also sell positions that have grown too large relative to the overall portfolio. The Fund’s investmentswill be the responsibility of the Adviser and the Fund’s sub-adviser, Tidal Investments, LLC.

IVSS News

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