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Launched · SEC filings

Fidelity Fundamental Small-Mid Cap ETF

FFSMCboeFidelityB

$34.40+0.30 (+0.88%)

At close: Nov 2, 2026, 4:00 PM ET

B62/ 100

Rank 13 of 47 in US Active Small/Mid-Cap

B62/100Rank 13 of 47inUS Active Small/Mid-Cap
Intraday session: up, 78 prints from 34.10 to 34.40. Range 34.38 to 34.80. Use the arrow keys to read each point.34.2034.6034.8010 AM12 PM2 PM4 PM
Expense ratio
0.43%
Fund size
$1.44B
1Y total return
+16.1%
Yield · Last 12 months
0.49%
Holdings
216
Avg volume · 30D
429K sh
52W range
low $28.59high $38.48
Launched
Filings
SEC EDGAR

The ETF.net FFSM Grade

B

Score 62 out of 100

Category
US Active Small/Mid-Cap⁠
Rank
13 of 47
Six-pillar profile for FFSM. Scores out of 100: Cost 68, Risk 35, Mission 80, Tradability 61, Holdings 73, Durability 88. Strongest: Durability (88). Weakest: Risk (35). Leans toward Durability.

Score 62 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B68 out of 100
    Rank 15 of 47

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A80 out of 100
    Rank 6 of 11

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D35 out of 100
    Rank 30 of 44

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B61 out of 100
    Rank 12 of 47

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A73 out of 100
    Rank 12 of 47

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A88 out of 100
    Rank 3 of 47

Our read on FFSM

ETF.net Research

In short

BFidelity's stock pickers turned loose on the Russell 2500. Small and mid caps are the corner of the US market where research still digs up overlooked names, and this one charges 0.43% a year to go looking.

Stated mandate

The fund seeks long-term capital growth. It normally invests in equity securities of companies with small to medium market capitalizations.

Why people hold it

  • 0.43% a year undercuts the 0.65% median for active US equity ETFs, and it is the cheapest of the three funds measured against the Russell 2500 (CGMM runs 0.51%, NBSM 0.75%).
  • Stays in its declared lane: the prospectus commits it to equity of small and medium-cap companies, so there is no quiet drift up into mega caps.
  • Rare shape for active small-mid: a multi-billion-dollar fund that trades regularly, so the usual small-cap-active worry about thin markets is smaller here.
  • Scores as one of the stronger builds in a crowded active US equity field, with high confidence in the underlying evidence.

Worth knowing

  • Small and mid caps move harder than large caps in both directions, and this fund holds that exposure straight up, with no hedge or buffer.
  • Cheap for active, not cheap outright. Systematic peers such as DFAU (0.12%) and AVLC (0.15%) charge a fraction as much for broad US equity.
  • Launched in 2021, so the record behind the stock picking is short by fund-history standards. Payouts land quarterly, not monthly.

FFSM Performance

Launched Feb 2, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
FFSM$11,613
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FFSM $11,613. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FFSM. Periods over one year show the average yearly return.
PeriodFFSM
Year to date+11.5%
1 month+0.8%
3 months−7.1%
1 year+16.1%
3 yearsper year+20.4%
5 yearsper year+7.8%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FFSM
YearReturn barFFSM
2026 YTD+11.5%
2025+14.9%
2024+14.4%
2023+17.3%
2022−16.4%
2021+19.8%

History from Feb 4, 2021

FFSM in the news

FFSM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.49%Last 12 months
Payout per share
$0.17Last 12 months
Last payment
$0.05 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2021–2026

One bar per payment. 23 payments from 2021 to 2026 YTD. Mar 19, 2021 $0.01; Jun 18, 2021 $0.02; Sep 17, 2021 $0.04; Dec 17, 2021 $0.03; Mar 18, 2022 $0.02; Jun 17, 2022 $0.03; Sep 16, 2022 $0.04; Dec 16, 2022 $0.03; Mar 17, 2023 $0.04; Jun 16, 2023 $0.03; Sep 15, 2023 $0.03; Dec 15, 2023 $0.04; Mar 15, 2024 $0.03; Jun 21, 2024 $0.04; Sep 20, 2024 $0.04; Dec 20, 2024 $0.06; Mar 21, 2025 $0.05; Jun 20, 2025 $0.05; Sep 19, 2025 $0.04; Dec 19, 2025 $0.04; Mar 20, 2026 $0.04; Jun 18, 2026 $0.04; Sep 18, 2026 $0.05. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Sep 22, 2026$0.05
Jun 18, 2026Jun 23, 2026$0.04
Mar 20, 2026Mar 24, 2026$0.04
Dec 19, 2025Dec 23, 2025$0.04
Sep 19, 2025Sep 23, 2025$0.04
Jun 20, 2025Jun 24, 2025$0.05
Mar 21, 2025Mar 25, 2025$0.05
Dec 20, 2024Dec 24, 2024$0.06
Sep 20, 2024Sep 24, 2024$0.04
Jun 21, 2024Jun 25, 2024$0.04
Mar 15, 2024Mar 20, 2024$0.03
Dec 15, 2023Dec 20, 2023$0.04

See all 23 payments⁠

$10,000 in FFSM 5 years ago paid $297 in dividends.⁠

FFSM Risk

Risk pillarD35 out of 100Rank 30 of 44 in US Active Small/Mid-Cap
How much the fund’s monthly returns vary, scaled to a year.
17.7%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.89
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−26.7%
Trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.07
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FFSM Cost

Compare FFSM and AVMC

Overpaying vs AVMC, cheapest in US Active Small/Mid-Cap

$4,913

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FFSM 0.43%

    $8,662

  • AVMC 0.18% Cheapest

    $3,749

$10,000
30 years

Cost over time

  • FFSM 0.43%
  • AVMC 0.18%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530FFSM $8,662AVMC $3,749

Year by year

YearFFSMAVMCOverpaying
10$776$328$448
20$2,994$1,281$1,713
30$8,662$3,749$4,913

Other funds in US Active Small/Mid-Cap

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