AFMC vs FEMV

AFMCBFirst Trust Active Factor Mid Cap ETF

FEMVAFidelity Enhanced Mid Cap Value ETF

In short

AFMC Most factor investing happens in large caps, on autopilot. AFMC blends four factors (value, quality, momentum, low volatility) across roughly 300 mid-cap stocks, actively managed with risk controls layered on top.

FEMV Active mid-cap value, priced like an index fund. FEMV hunts capital appreciation in the Russell Midcap Value corner of the US market for 0.23% a year, a fraction of the typical active US equity ETF fee.

Stated mandate

AFMC The fund seeks capital appreciation by investing at least 80% of its assets in U.S.-listed equity securities of mid-capitalization companies. It is actively managed using a multi-factor quantitative approach with active risk management.

FEMV The fund seeks capital appreciation and targets the U.S. mid-cap value segment of the equity market.

Why people hold it

• AFMC Four factors in one wrapper: value, quality, momentum and low volatility, blended together rather than betting the fund on one style.ftportfolios.com
• Mid caps get the factor treatment large caps usually hog: at least 80% of assets go to US-listed mid-cap equities.ftportfolios.com
• Roughly 300 holdings, so no single name carries the portfolio, with active risk management sitting on top of the quantitative screens.
• Trading since 2019 and paying quarterly, so it has a live record through real markets, not a backtest.

• FEMV 0.23% a year, well under the going rate for active US equity ETFs. At that price, cost stops being the argument against going active.
• The mandate is stated plainly: US mid-cap value, measured against the Russell Midcap Value index, aiming at capital appreciation. Little guesswork about what you own.fidelity.com
• The portfolio mix and risk profile screen well against other active US stock ETFs, with no leverage, derivatives quirks or unusual wrapper features flagged in the structure.
• Part of Fidelity's Enhanced lineup, whose large-cap sibling FELC (0.18%) ranks among the strongest active US equity funds in the peer group.

Worth knowing

• AFMC At 0.68%, it runs slightly above the typical active US equity fund and well above large-cap core rivals like AVLC (0.15%) and DFAC (0.17%).
• One of the more thinly traded names in its category and smaller by assets, so spreads can widen and limit orders are the standard tool.
• Active and multi-factor means no index to hug: the portfolio can look quite different from a plain mid-cap benchmark in any given stretch.

• FEMV Launched in 2026, so there is no long record to lean on and the risk read rests on a short history.
• A small asset base and thin trading volume are the trade-off for being early. Spreads can run wider than at a mega-fund, especially in fast markets.
• Distributions land once or twice a year, not monthly. This is a growth-of-capital mandate, not an income schedule.

Full AFMC profile⁠

Full FEMV profile⁠