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Launched

Fidelity Enhanced Mid Cap ETF

FMDENYSE ArcaFidelityC

$41.64+0.08 (+0.19%)

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

C51/ 100

Rank 10 of 13 in US Mid-Cap

C51/100Rank 10 of 13inUS Mid-Cap
Intraday session: up, 79 prints from 41.56 to 41.64. Range 41.64 to 42.02. Use the arrow keys to read each point.41.7041.8041.9042.0010 AM12 PM2 PM4 PM
Expense ratio
0.23%
Fund size
$8.09B
1Y total return
+17.9%
Yield · Last 12 months
1.04%
Holdings
537
Avg volume · 30D
914K sh
52W range
low $34.33high $42.97
Launched

The ETF.net FMDE Grade

Based on 5 of 6 pillars

C

Score 51 out of 100

Category
US Mid-Cap⁠
Rank
10 of 13
Six-pillar profile for FMDE. Scores out of 100: Cost 35, Risk 69, Mission not scored, Tradability 65, Holdings 50, Durability 65. Strongest: Risk (69). Weakest: Cost (35). Based on 5 of 6 pillars.

Score 51 of 100 falls in the C 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.
    D35 out of 100
    Rank 9 of 13

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B69 out of 100
    Rank 2 of 13

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B65 out of 100
    Rank 4 of 13

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C50 out of 100
    Rank 8 of 13

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 5 of 13

Our read on FMDE

ETF.net Research

In short

CA 2007-vintage Fidelity quant strategy that spent 16 years as a mutual fund, then reorganized into an ETF in 2023 at roughly half the old fee. Same multifactor machinery, aimed at the mid-cap tier.

Stated mandate

The fund seeks to outperform its benchmark through a quantitative investment process that balances risk and return. It uses multifactor statistical models to select companies with desirable fundamental characteristics.

Why people hold it

  • The record predates the ticker. This strategy launched as a Fidelity Enhanced Index mutual fund in 2007 and was reorganized into an ETF in November 2023 with identical objective, policies and strategy.fidelity.comsec.gov
  • Costs 0.23% a year, under the typical US multifactor equity fund, and the ETF conversion cut the fee roughly in half versus the mutual fund it replaced.fidelity.com
  • Most multifactor shelves are stacked with large caps (VONV, VYM, IUSG). This one points valuation, growth and profitability screens at mid caps, holding roughly 300 of the Russell Midcap's ~800 names.sec.gov
  • It arrived with the mutual fund's assets intact, now a multi-billion-dollar fund that trades actively, which tends to keep spreads narrow for ordinary retail-size orders.

Worth knowing

  • Active quant, not index replication. Managers can own names outside the Russell Midcap and tilt weights, so results diverge from the benchmark in both directions.sec.gov
  • Mid-cap territory brings its own weather: Fidelity's own disclosures note medium-size issuers can be more volatile than larger ones and can perform unlike the broad market.fidelity.com
  • Distributions land quarterly and fall out of a capital-appreciation mandate, not a yield target.sec.gov

FMDE Performance

Launched Dec 20, 2007

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.Not enough history yet.Not enough history yet.
FMDE$11,787
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. FMDE $11,787. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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 FMDE. Periods over one year show the average yearly return.
PeriodFMDE
Year to date+15.4%
1 month+1.6%
3 months+1.6%
1 year+17.9%
3 yearsHistory unavailableper yearNo data
5 yearsHistory unavailableper yearNo data
10 yearsHistory unavailableper 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 FMDE
YearReturn barFMDE
2026 YTD+15.4%
2025+12.2%
2024+21.8%
2023+8.9%

History from Nov 20, 2023

FMDE in the news

FMDE 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 Nov 2, 2026.
1.04%Last 12 months
Payout per share
$0.43Last 12 months
Last payment
$0.12 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 19 payments from 2017 to 2026 YTD. Dec 7, 2018 $0.38; Dec 20, 2019 $0.34; Dec 18, 2020 $0.24; Dec 17, 2021 $0.20; Dec 16, 2022 $0.24; Oct 13, 2023 $0.16; Nov 14, 2023 $0.06; Dec 28, 2023 $0.03; Mar 15, 2024 $0.09; Jun 21, 2024 $0.08; Sep 20, 2024 $0.10; Dec 20, 2024 $0.10; Mar 21, 2025 $0.11; Jun 20, 2025 $0.11; Sep 19, 2025 $0.12; Dec 19, 2025 $0.11; Mar 20, 2026 $0.11; Jun 18, 2026 $0.10; Sep 18, 2026 $0.12. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Sep 22, 2026$0.12
Jun 18, 2026Jun 23, 2026$0.10
Mar 20, 2026Mar 24, 2026$0.11
Dec 19, 2025Dec 23, 2025$0.11
Sep 19, 2025Sep 23, 2025$0.12
Jun 20, 2025Jun 24, 2025$0.11
Mar 21, 2025Mar 25, 2025$0.11
Dec 20, 2024Dec 24, 2024$0.10
Sep 20, 2024Sep 24, 2024$0.10
Jun 21, 2024Jun 25, 2024$0.08
Mar 15, 2024Mar 20, 2024$0.09
Dec 28, 2023Jan 3, 2024$0.03

See all 27 payments⁠

$10,000 in FMDE 3 years ago paid $490 in dividends.⁠

FMDE Risk

Risk pillarB69 out of 100Rank 2 of 13 in US Mid-Cap
How much the fund’s monthly returns vary, scaled to a year.
13.2%
Annualised · 35 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.
1.10
vs 3-month T-bills · 35 months 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.
−21.1%
35 months · trough Apr 2025
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.
0.91
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.

FMDE Cost

Compare FMDE and VO

Overpaying vs VO, tied cheapest in US Mid-Cap

$4,121

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

  • FMDE 0.23%

    $4,759

  • VO 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • FMDE 0.23%
  • VO 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530FMDE $4,759VO $638

Year by year

YearFMDEVOOverpaying
10$419$55$364
20$1,630$216$1,414
30$4,759$638$4,121

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