Fidelity Small-Mid Multifactor ETF
$49.80−0.28 (−0.56%)
- Expense ratio
- 0.15%
- Fund size
- $2.5B
- 1Y return
- +14.9%
- Yield · Last 12 months
- 1.30%
- Holdings
- 602
- Volume · 30D
- 0.1M sh
- NAV per share
- $49.94
- 52W range
The ETF.net FSMD Grade
Score 73 of 100 sits in the A 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.AScore 83Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 96Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 38Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 49Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 87Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 62Category rank
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
- 4%
- P
Sectors
- Financials17.0%
- Industrials16.6%
- Technology16.5%
- Health Care15.8%
- Consumer Discr.10.6%
- Real Estate6.7%
- Energy4.6%
- Cons. Staples3.6%
- Communication3.3%
- Materials3.3%
- Utilities2.1%
Geography
- United States95.84%
- Bermuda1.25%
- United Kingdom0.79%
- Ireland0.72%
- Puerto Rico0.53%
- Cayman Islands0.25%
- Sweden0.21%
- Switzerland0.14%
- 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.
FSMD$11,489
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 | FSMD |
|---|---|
| Year to date | +14.7% |
| 1 month | −3.4% |
| 3 months | −3.4% |
| 1 year | +14.9% |
| 3 years | +17.5% |
| 5 years | +9.9% |
| 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 | +14.7% | |
| 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
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 18, 2026 | Sep 22, 2026 | $0.19 |
| Jun 18, 2026 | Jun 23, 2026 | $0.17 |
| Mar 20, 2026 | Mar 24, 2026 | $0.17 |
| Dec 19, 2025 | Dec 23, 2025 | $0.13 |
| Sep 19, 2025 | Sep 23, 2025 | $0.17 |
| Jun 20, 2025 | Jun 24, 2025 | $0.14 |
| Mar 21, 2025 | Mar 25, 2025 | $0.15 |
| Dec 20, 2024 | Dec 24, 2024 | $0.13 |
| Sep 20, 2024 | Sep 24, 2024 | $0.14 |
| Jun 21, 2024 | Jun 25, 2024 | $0.14 |
| Mar 15, 2024 | Mar 20, 2024 | $0.13 |
| Dec 15, 2023 | Dec 20, 2023 | $0.12 |
FSMD Risk
- 15.9%
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.
- 0.73
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.
- 0.94
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%
12 of the 98 US Multifactor funds charge less.