ETF Filings
Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million
Fidelity Fundamental Small-Mid Cap ETF
$34.020.00 (0.00%)
- 0.43%
- $1.4B
- +21.1%
- 0.49%
- 0.3M sh
- $33.97
- low $28.41high $38.48
The ETF.net FFSM Grade
B
Score 63 out of 100
- 10 of 48
Score 63 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.B69 out of 100Rank 15 of 48Mission
Whether the fund did what it promised, tested against its stated mandate.A80 out of 100Rank 6 of 11Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C40 out of 100Rank 29 of 44Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B59 out of 100Rank 16 of 48Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A74 out of 100Rank 11 of 48Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A88 out of 100Rank 3 of 48
Our read on FFSM
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.
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 Holdings
- Stocks
- 224
- 14%
- ATI
Sectors
- Industrials18.1%
- Financials16.2%
- Technology14.8%
- Health Care13.2%
- Consumer Discretionary11.4%
- Materials6.8%
- Consumer Staples5.8%
- Real Estate5.6%
- Energy5.1%
- Utilities2.4%
- Communication0.6%
Geography
- United States94.37%
- Bermuda1.76%
- Ireland0.83%
- Cayman Islands0.82%
- United Kingdom0.80%
- Canada0.63%
- Puerto Rico0.31%
- Hong Kong0.29%
- 0.19%
FFSM Performance
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$12,111
Returns run to the Oct 12, 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.
| Period | FFSM |
|---|---|
| Year to date | +11.3% |
| 1 month | −4.1% |
| 3 months | −7.7% |
| 1 year | +21.1% |
| 3 years | +18.7% |
| 5 years | +8.4% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FFSM |
|---|---|---|
| 2026 YTD | +11.3% | |
| 2025 | +14.9% | |
| 2024 | +14.4% | |
| 2023 | +17.3% | |
| 2022 | −16.4% | |
| 2021 | +19.8% |
FFSM in the news
FFSM Dividends
- 0.49%
- $0.17
- $0.05 per share
- Quarterly
Distribution history
FFSM Risk
- 18.2%
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.
- 0.75
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.
- −26.7%
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.
- 1.07
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FFSM Cost
0.43%
FFSM0.43%
- The middle half of US Active Small/Mid-Cap funds
- Median 0.59%
14 of the 47 US Active Small/Mid-Cap funds charge less.
Other funds in US Active Small/Mid-Cap
- BMCDSJPMorgan Fundamental Data Science Mid Core ETFExpense ratio 0.35%1 year return +19.5%
- BCGMMCapital Group U.S. Small and Mid Cap ETFExpense ratio 0.51%1 year return +14.8%
- BBRSMMFS Blended Research Small-Mid Cap ETFExpense ratio 0.38%1 year return —
- BTMSLT. Rowe Price Small-Mid Cap ETFExpense ratio 0.55%1 year return +21.1%
- BJMIDJanus Henderson Mid Cap Growth Alpha ETFExpense ratio 0.30%1 year return +11.6%