ETF Filings
Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million
Fidelity Enhanced Mid Cap ETF
$41.42+0.09 (+0.22%)
- 0.23%
- $8.1B
- +19.7%
- 1.05%
- 0.9M sh
- $41.33
- low $34.33high $42.97
The ETF.net FMDE Grade
C
Score 51 out of 100
- 9 of 13
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 100Rank 9 of 13Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B69 out of 100Rank 3 of 13Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B65 out of 100Rank 3 of 13Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C48 out of 100Rank 10 of 13Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B64 out of 100Rank 5 of 13
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
- 509
- 10%
- Cash Cf
Sectors
- Technology23.7%
- Industrials17.7%
- Health Care12.7%
- Financials11.9%
- Consumer Discretionary10.0%
- Energy5.9%
- Real Estate5.6%
- Utilities4.3%
- Materials3.4%
- Consumer Staples2.7%
- Communication2.2%
Geography
- United States95.84%
- Ireland1.50%
- United Kingdom0.89%
- Switzerland0.71%
- Cayman Islands0.47%
- Netherlands0.16%
- Puerto Rico0.16%
- Bermuda0.13%
- 0.14%
FMDE 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.Not enough history yet.Not enough history yet.
FMDE$11,974
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 | FMDE |
|---|---|
| Year to date | +14.6% |
| 1 month | 0.0% |
| 3 months | +2.1% |
| 1 year | +19.7% |
| 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 | +14.6% | |
| 2025 | +12.2% | |
| 2024 | +21.8% | |
| 2023 | +8.9% |
FMDE in the news
FMDE Dividends
- 1.05%
- $0.43
- $0.12 per share
- Quarterly
Distribution history
FMDE Risk
- 13.4%
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.
- 1.05
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.
- 0.94
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
0.23%
FMDE0.23%
- The middle half of US Mid-Cap funds
- Median 0.15%
8 of the 13 US Mid-Cap funds charge less.
Other funds in US Mid-Cap
- BQQQJInvesco NASDAQ Next Gen 100 ETFExpense ratio 0.15%1 year return +28.4%
- CEZMWisdomTree U.S. MidCap FundExpense ratio 0.38%1 year return +16.2%
- CCZAInvesco Zacks Mid-Cap ETFExpense ratio 0.69%1 year return +14.4%
- CFNYFirst Trust Mid Cap Growth AlphaDEX FundExpense ratio 0.73%1 year return +10.2%
- FSMCPSMART Mid Cap ETFExpense ratio 0.79%1 year return —