Fidelity Enhanced Mid Cap ETF
$40.95−0.09 (−0.21%)
- Expense ratio
- 0.23%
- Fund size
- $8.2B
- 1Y return
- +14.3%
- Yield · Last 12 months
- 1.06%
- Holdings
- 316
- Volume · 30D
- 0.9M sh
- NAV per share
- $41.06
- 52W range
The ETF.net FMDE Grade
Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.DScore 35Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 65Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 64Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 53Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 64Category rank
Our read on FMDE
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.
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.institutional.fidelity.com
- Distributions land quarterly and fall out of a capital-appreciation mandate, not a yield target.sec.gov
FMDE Holdings
- Stocks
- 316
- 10%
- SECURITIES LENDING CF
Sectors
- Technology22.3%
- Industrials17.6%
- Financials12.0%
- Health Care11.3%
- Consumer Discr.11.0%
- Energy6.1%
- Real Estate5.6%
- Utilities4.4%
- Materials4.4%
- Cons. Staples2.8%
- Communication2.6%
Geography
- United States95.97%
- Ireland1.57%
- United Kingdom0.88%
- Switzerland0.72%
- Cayman Islands0.32%
- Netherlands0.16%
- Bermuda0.13%
- Puerto Rico0.12%
- 0.13%
FMDE Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | FMDE |
|---|---|
| Year to date | +13.8% |
| 1 month | −2.9% |
| 3 months | +2.1% |
| 1 year | +14.3% |
| 3 years | — |
| 5 years | — |
| 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 | FMDE |
|---|---|---|
| 2026 YTD | +13.8% | |
| 2025 | +12.2% | |
| 2024 | +21.8% | |
| 2023 | +8.9% |
FMDE in the news
ETF.net Research hasn’t filed on FMDE yet — coverage lands here as it’s written.
FMDE Dividends
- 1.06%
- $0.43
- $0.12 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 18, 2026 | Sep 22, 2026 | $0.12 |
| Jun 18, 2026 | Jun 23, 2026 | $0.10 |
| Mar 20, 2026 | Mar 24, 2026 | $0.11 |
| Dec 19, 2025 | Dec 23, 2025 | $0.11 |
| Sep 19, 2025 | Sep 23, 2025 | $0.12 |
| Jun 20, 2025 | Jun 24, 2025 | $0.11 |
| Mar 21, 2025 | Mar 25, 2025 | $0.11 |
| Dec 20, 2024 | Dec 24, 2024 | $0.10 |
| Sep 20, 2024 | Sep 24, 2024 | $0.10 |
| Jun 21, 2024 | Jun 25, 2024 | $0.08 |
| Mar 15, 2024 | Mar 20, 2024 | $0.09 |
| Dec 28, 2023 | Jan 3, 2024 | $0.03 |
FMDE Risk
- 13.2%
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.
- 1.20
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.
- −21.1%
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.
- 0.92
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMDE Cost
- The middle half of US Mid-Cap funds
- Median 0.15%
8 of the 13 US Mid-Cap funds charge less.