Category Review
US multifactor funds ran 30 points apart
Fidelity Small-Mid Multifactor ETF
$49.94+0.09 (+0.18%)
- 0.15%
- $2.5B
- +19.4%
- 1.30%
- 0.1M sh
- $49.80
- low $41.86high $53.48
The ETF.net FSMD Grade
A
Score 74 out of 100
- 15 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.A84 out of 100Rank 12 of 99Mission
Whether the fund did what it promised, tested against its stated mandate.A95 out of 100Rank 14 of 86Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C40 out of 100Rank 62 of 97Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C51 out of 100Rank 42 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A87 out of 100Rank 3 of 98Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B61 out of 100Rank 38 of 99
Our read on FSMD
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.
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
- 0.15% a year, well under the typical fee in the multifactor aisle. Less cost drag means the factor tilt has a smaller hurdle to clear.
- Four screens working together (value, quality, momentum, lower volatility) rather than one, so a single factor's cold streak doesn't set the whole portfolio's direction.
- Roughly 600 small and mid-cap US names, so any one stock's bad week is a rounding error. Pays quarterly.
- The heavyweights of its peer group (VONV, VYM, IUSG) all fish in large caps. FSMD is one of the stronger builds carrying the multifactor idea down the cap ladder.
Worth knowing
- Small and mid-caps move harder than large caps in both directions. The low-volatility screen aims to soften that ride, not flatten it.
- Fidelity builds the index the fund tracks, so there's no outside benchmark provider setting the rules for what gets in.
- Volume is moderate rather than heavy, so spreads can run wider than the household-name small-cap funds, especially in choppy markets.
FSMD Holdings
- Stocks
- 602
- 5%
- P
Sectors
- Technology17.8%
- Industrials16.6%
- Financials16.5%
- Health Care15.8%
- Consumer Discretionary10.2%
- Real Estate6.6%
- Energy4.5%
- Consumer Staples3.5%
- Communication3.3%
- Materials3.2%
- Utilities2.1%
Geography
- United States95.81%
- Bermuda1.21%
- United Kingdom0.84%
- Ireland0.69%
- Puerto Rico0.51%
- Cayman Islands0.32%
- Sweden0.20%
- Switzerland0.15%
- 0.26%
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$11,936
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 | FSMD |
|---|---|
| Year to date | +14.2% |
| 1 month | −1.5% |
| 3 months | −3.0% |
| 1 year | +19.4% |
| 3 years | +17.7% |
| 5 years | +9.4% |
| 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 | FSMD |
|---|---|---|
| 2026 YTD | +14.2% | |
| 2025 | +8.7% | |
| 2024 | +15.2% | |
| 2023 | +17.4% | |
| 2022 | −11.1% | |
| 2021 | +26.4% | |
| 2020 | +9.0% |
FSMD in the news
FSMD Dividends
- 1.30%
- $0.65
- $0.19 per share
- Quarterly
Distribution history
FSMD Risk
- 15.8%
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.
- 0.78
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.
FSMD Cost
0.15%
FSMD0.15%
- The middle half of US Multifactor funds
- Median 0.30%
11 of the 99 US Multifactor funds charge less.
Other funds in US Multifactor
- ADCORU.S. Core Equity 1 Portfolio ETF Class SharesExpense ratio 0.17%1 year return +21.5%
- AIJKiShares S&P Mid-Cap 400 Growth ETFExpense ratio 0.16%1 year return +20.0%
- ASMLFiShares U.S. Small-Cap Equity Factor ETFExpense ratio 0.15%1 year return +19.5%
- AQVMLInvesco S&P 500 QVM Multi-factor ETFExpense ratio 0.11%1 year return +20.7%
- AONEOState Street SPDR Russell 1000 Momentum Focus ETFExpense ratio 0.20%1 year return +23.0%