ASCE vs FEMV

ASCEBAllspring SMID Core ETF

FEMVAFidelity Enhanced Mid Cap Value ETF

In short

ASCE Active stock picking aimed at the part of the US market most active core ETFs skip: small and mid caps. Allspring launched it in 2025 with a plain mandate (US equities, long-term capital appreciation) and a fee under half a percent.

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

ASCE The Fund seeks long-term capital appreciation.

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

Why people hold it

• ASCE 0.38% a year, well below the 0.65% median for active US equity ETFs. Active management without the traditional active markup.
• The SMID mandate is the separator. The top-scoring active US equity ETFs (DFAU, DFAC, AVLC, FELC) are large-cap and total-market builds; this one works the smaller end.
• No riddle to decode: the prospectus mandate is US companies, equity securities, long-term capital appreciation. What you see is what the manager is hunting.
• Despite the short life, it already stands in the upper tier of the active US equity ETF field on our overall read of cost, holdings and tradability.

• 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

• ASCE It opened in July 2025, so there is barely a track record to judge. Any risk read here rests on a thin slice of history.
• Small asset base and moderate turnover mean spreads can be wider than on mega-funds, and trading costs weigh more on small orders.
• Distributions come once or twice a year. This is built for capital appreciation, not a paycheck.

• 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 ASCE profile⁠

Full FEMV profile⁠