Category Review
US multifactor funds ran 30 points apart
Fidelity Small-Mid Multifactor ETF
$50.35+0.10 (+0.20%)
- 0.15%
- $2.49B
- +18.1%
- 1.29%
- 154K sh
- low $39.61high $53.48
The ETF.net FSMD Grade
A
Score 74 out of 100
- 16 of 99
Score 74 of 100 falls in the A 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.A83 out of 100Rank 13 of 99Mission
Whether the fund did what it promised, tested against its stated mandate.A95 out of 100Rank 15 of 87Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 68 of 99Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C52 out of 100Rank 41 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A86 out of 100Rank 4 of 98Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B63 out of 100Rank 37 of 99
Our read on FSMD
In short
AMost multifactor ETFs run their screens on the biggest US companies. FSMD points the same four lenses (cheap, high-quality, trending, calmer) at small and mid-cap America, and charges 0.15% a year to do it.
Stated mandate
Seeks to track, before fees and expenses, the Fidelity Small-Mid Multifactor Index by normally investing at least 80% in its securities. The index covers small- and mid-capitalization U.S. companies selected for attractive valuations, high quality, positive momentum, and lower volatility than the broader market.
Why people hold it
Worth knowing
FSMD 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.
FSMD$11,809
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.
| Period | FSMD |
|---|---|
| Year to date | +15.1% |
| 1 month | +2.2% |
| 3 months | −0.6% |
| 1 year | +18.1% |
| 3 years | +19.3% |
| 5 years | +9.1% |
| 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 | FSMD |
|---|---|---|
| 2026 YTD | +15.1% | |
| 2025 | +8.7% | |
| 2024 | +15.2% | |
| 2023 | +17.4% | |
| 2022 | −11.1% | |
| 2021 | +26.4% | |
| 2020 | +9.0% |
FSMD in the news
FSMD Dividends
- 1.29%
- $0.65
- $0.19 per share
- Quarterly
FSMD Risk
- 15.4%
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.
- 0.94
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.
- −22.2%
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.
- 0.95
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.
FSMD Cost
Overpaying vs VYM, tied cheapest in US Multifactor
$2,288
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
FSMD 0.15%
$3,137
VYM 0.04% Tied cheapest
$849
Cost over time
Year by year
| Year | FSMD | VYM | Overpaying |
|---|---|---|---|
| 10 | $274 | $73 | $201 |
| 20 | $1,071 | $288 | $783 |
| 30 | $3,137 | $849 | $2,288 |
Other funds in US Multifactor
- AAVUSAvantis U.S. Equity ETFExpense ratio 0.15%1 year return +17.4%
- AIJKiShares S&P Mid-Cap 400 Growth ETFExpense ratio 0.16%1 year return +13.0%
- AQVMLInvesco S&P 500 QVM Multi-factor ETFExpense ratio 0.11%1 year return +13.3%
- AFLQLFranklin U.S. Large Cap Multifactor Index ETFExpense ratio 0.15%1 year return +11.3%
- AJHMLJohn Hancock Multifactor Large Cap ETFExpense ratio 0.29%1 year return +14.4%
